U.S. stocks were in the red on Tuesday, a volatile day in which the Dow Jones Industrial Average was up more than 900 points during the morning, but closed in negative territory. The DJIA fell 0.12% to 22,654, the S&P 500 Index declined 0.16% to 2,659 and the Nasdaq Composite Index slid 0.33% to 7,887.
Non-index stocks have also posted gains and losses recently.Shares of Lindsay Corp. (NYSE:LNN) climbed more than 3% on Tuesday after the company announced second-quarter results. It posted earnings of 51 cents per share, beating estimates by 7 cents. Revenue of $113.8 million registered a 4.2% year-over-year increase, but fell short of analysts’ expectations.
“We were pleased to see improved performance in our irrigation business while market conditions remain challenged,” President and CEO Tim Hassinger said. “Solid performance in our infrastructure business was driven by revenue growth and a favorable mix of higher margin revenue. In addition, our Foundation for Growth initiative continues to contribute to improved performance and margin expansion in both businesses.”
The irrigation segment recorded $92.1 million in sales for the quarter, a decrease of $3.7 million, or 4%, from the prior-year quarter. The operating margin was 10.4% of sales, higher than 7.9%of sales in fiscal 2019. The infrastructure segment posted revenue of $21.7 million, an increase of $8.3 million, or 62%, compared to a year ago. The operating margin was 29.3% of sales. North America irrigation sales were $65.7 million, up $8 million, or 14%. Further, international irrigation revenue was $26.4 million, a 31% decline from last year.
While the company cannot predict the impact of the coronavirus pandemic, it has a strong balance sheet and sufficient liquidity.
During the quarter ended Dec. 31, Chuck Royce trimmed his holding by 2% to 865,531 shares and Jim Simons’ Renaissance Technologies reduced its position by 51% to 68,587 shares.
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