Lindsay Expects Modest Growth In U.S. Irrigation Business

(RTTNews) - Lindsay Corp. (LNN) said that it expects modest growth in its U.S. irrigation business in the upcoming year. The company also expects continued growth in international irrigation markets.

Rick Parod, President and Chief Executive Officer, commented, "Commodity prices have stabilized, but are expected to remain under pressure as generally favorable weather conditions during the 2017 growing season are expected to result in above average crop production levels and ending stocks. The latest USDA estimate of net farm income for 2017 is projected to be 3% higher than last year, following three years of significant decline. Grower sentiment in the U.S. is showing signs of improvement and we expect modest growth in our U.S. irrigation business in the upcoming year."

The company also expects continued growth in international irrigation markets. In infrastructure business, the company expects continued global growth in Road Zipper system sales and leasing as well as road safety products. The longer-term drivers for our markets of population growth, expanded food production and efficient water use, and infrastructure upgrades and expansion support expectations for growth.