Lindsay says sees no 'meaningful improvement' in irrigation market in 2017
Rick Parod, president and CEO, commented, "We ended our fiscal year with improved fourth quarter performance in both Irrigation and Infrastructure. The irrigation market remains challenging as lower commodity prices and farm income continue to restrain demand for our irrigation products. In spite of these market conditions we have been able to improve gross margin levels and deliver solid operating income for the year. The Infrastructure segment continues to perform well as market activity reflects improving demand." Parod continued, "Estimated record production for both corn and soybeans from the fall harvest in the U.S. will continue downward pressure on commodity prices. Accordingly, we are not expecting any meaningful improvement in the overall irrigation market in fiscal 2017 and will continue to manage our cost structure while investing in productivity improvement and selected growth initiatives. The longer term drivers for our markets of population growth, expanded food production and efficient water use, and infrastructure upgrades and expansion support our expectations for growth."