Business Services Industry
Omaha, Neb.-Based Manufacturer Blames Drop in Profits on Rising Steel Prices.
Knight Ridder/Tribune Business News, March, 2004
By Virgil Larson, Omaha World-Herald, Neb. Knight Ridder/Tribune Business News
Mar. 24--Lindsay Manufacturing Co. blamed rising steel prices Tuesday as it reported that second-quarter profits fell 29 percent to $3.5 million, 29 cents a share, compared with a year ago, even as revenue rose 7 percent to $51.48 million.
Higher steel prices drove the cost of sales up and reduced the operating margin to 22.6 percent in the quarter that ended Feb. 29, compared with 25.5 percent in the second quarter of fiscal 2003.
Second-quarter profits a year ago were $4.95 million, 42 cents a share, on revenue of $48.13 million.
"Steel costs have continued to rise with unprecedented speed, and we have not been able to pass on the increased costs...
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