
As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q3. Today, we are looking at agricultural machinery stocks, starting with Lindsay (NYSE: LNN).
Agricultural machinery companies are investing to develop and produce more precise machinery, automated systems, and connected equipment that collects analyzable data to help farmers and other customers improve yields and increase efficiency. On the other hand, agriculture is seasonal and natural disasters or bad weather can impact the entire industry. Additionally, macroeconomic factors such as commodity prices or changes in interest rates–which dictate the willingness of these companies or their customers to invest–can impact demand for agricultural machinery.
The 6 agricultural machinery stocks we track reported a mixed Q3. As a group, revenues along with next quarter’s revenue guidance were in line with analysts’ consensus estimates.
While some agricultural machinery stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 1.4% since the latest earnings results.
Lindsay (NYSE: LNN)
A pioneer in the field of center pivot and lateral move irrigation, Lindsay (NYSE: LNN) provides a variety of proprietary water management and road infrastructure products and services.
Lindsay reported revenues of $153.6 million, flat year on year. This print exceeded analysts’ expectations by 1.6%. Despite the top-line beat, it was still a slower quarter for the company with a significant miss of analysts’ adjusted operating income estimates.
“In the fourth quarter, our international irrigation business continued to deliver strong growth, led by marked improvement in South America and further supported by an increase in project revenues in the Middle East and North Africa (MENA) region," said Randy Wood, President and Chief Executive Officer.

The stock is down 3.9% since reporting and currently trades at $117.87.
Read our full report on Lindsay here, it’s free for active Edge members.
Best Q3: Titan International (NYSE: TWI)
Acquiring Goodyear’s farm tire business in 2005, Titan (NSYE:TWI) is a manufacturer and supplier of wheels, tires, and undercarriages used in off-highway vehicles such as construction vehicles.
Titan International reported revenues of $466.5 million, up 4.1% year on year, outperforming analysts’ expectations by 1.7%. The business had a strong quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.

Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 1.5% since reporting. It currently trades at $7.83.
Is now the time to buy Titan International? Access our full analysis of the earnings results here, it’s free for active Edge members.
Weakest Q3: Alamo (NYSE: ALG)
Expanding its markets through acquisitions since its founding, Alamo (NSYE:ALG) designs, manufactures, and services vegetation management and infrastructure maintenance equipment for governmental, industrial, and agricultural use.
Alamo reported revenues of $420 million, up 4.7% year on year, exceeding analysts’ expectations by 3.1%. Still, it was a slower quarter as it posted a significant miss of analysts’ EBITDA estimates and a significant miss of analysts’ EPS estimates.
As expected, the stock is down 3% since the results and currently trades at $167.87.
Read our full analysis of Alamo’s results here.
AGCO (NYSE: AGCO)
With a history that features both organic growth and acquisitions, AGCO (NYSE: AGCO) designs, manufactures, and sells agricultural machinery and related technology.
AGCO reported revenues of $2.48 billion, down 4.7% year on year. This result lagged analysts' expectations by 0.5%. Taking a step back, it was a mixed quarter as it also produced full-year EPS guidance exceeding analysts’ expectations but a significant miss of analysts’ organic revenue estimates.
AGCO had the slowest revenue growth among its peers. The stock is down 1.7% since reporting and currently trades at $104.32.
Read our full, actionable report on AGCO here, it’s free for active Edge members.
The Toro Company (NYSE: TTC)
Ceasing all production to support the war effort during World War II, Toro (NYSE: TTC) offers outdoor equipment for residential, commercial, and agricultural use.
The Toro Company reported revenues of $1.07 billion, flat year on year. This number surpassed analysts’ expectations by 2%. Zooming out, it was a mixed quarter as it also recorded an impressive beat of analysts’ EBITDA estimates but full-year EPS guidance missing analysts’ expectations significantly.
The stock is up 8.4% since reporting and currently trades at $78.72.
Read our full, actionable report on The Toro Company here, it’s free for active Edge members.
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