OMAHA, Neb.--(BUSINESS WIRE)--Lindsay Corporation (NYSE: LNN), a leading provider of irrigation systems and infrastructure products, announced today that its Board of Directors has declared a regular quarterly cash dividend of $0.27 per share, payable August 29, 2014, to shareholders of record on August 15, 2014. This quarterly cash dividend rate represents a 4% increase over the previous quarterly indicated rate of $0.26 per share. The new annual indicated rate is $1.08 per share, up from the previous annual indicated rate of $1.04 per share.
The Board of Directors doubled the Company’s dividend in January 2014 as part of the Capital Allocation Plan announced at that time, and which reflected the strength of earnings growth. This dividend increase returns the Company to its historical dividend increase timing and reflects confidence in long-term cash flows despite recent cyclical decreases in equipment demand.
About the Company
Lindsay manufactures and markets irrigation equipment primarily used in agricultural markets which increase or stabilize crop production while conserving water, energy, and labor. The Company also manufactures and markets infrastructure and road safety products under the Lindsay Transportation Solutions trade name. At June 24, 2014 Lindsay had approximately 12.7 million shares outstanding, which are traded on the New York Stock Exchange under the symbol LNN.
For more information regarding Lindsay Corporation, see the Company’s Web site at www.lindsay.com.
Concerning Forward-looking Statements
This release contains forward-looking statements that are subject to risks and uncertainties and which reflect management’s current beliefs and estimates of future economic circumstances, industry conditions, company performance and financial results. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that the Company files with the Securities and Exchange Commission. Forward-looking statements include information concerning possible or assumed future results of operations of the Company and those statements preceded by, followed by or including the words “anticipate,” “estimate,” “believe,” “intend,” "expect," "outlook," "could," "may," "should," “will,” or similar expressions. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company undertakes no obligation to update any forward-looking information contained in this press release.