Strong Revenue Growth
Consolidated revenues for the third quarter increased by 22% to $169.5 million compared to $139.2 million in the prior year, with growth in both the Irrigation and Infrastructure segments.
International Irrigation Success
International irrigation revenues increased by 60% to $74.7 million compared to $46.6 million in the prior year, driven by large projects in the MENA region and higher sales in Brazil and South America.
New Project in the Middle East
Secured a new project in the Middle East valued at over $20 million, to begin shipping in the fiscal fourth quarter.
Infrastructure Segment Improvement
Infrastructure segment revenues increased by 6% to $25.7 million, driven by higher sales of road safety products.
Operational Efficiencies and Margins
Irrigation segment operating income increased 39%, with an operating margin of 18.9% of sales, indicating improved operational efficiencies.