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Lindsay(LNN) - 2021 Q4 - Annual Report
2021-10-21 20:21
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (MARK ONE) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended August 31, 2021 incorporation or organization) Identification No.) or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-13419 Lindsay Corporation (Exact name of registrant as specified in its charter) Delaware 47-0554096 (State or other jur ...
Lindsay(LNN) - 2021 Q4 - Earnings Call Transcript
2021-10-21 17:30
Financial Data and Key Metrics Changes - Total revenues for Q4 FY2021 increased by 20% to $153.6 million compared to $128.4 million in the same quarter last year [19] - Net earnings for Q4 were $5.8 million or $0.53 per diluted share, down from $14.7 million or $1.35 per diluted share in the prior year, impacted by an after-tax LIFO charge of approximately $4.5 million [19] - For the full fiscal year 2021, total revenues increased by 20% to $567.6 million compared to $474.7 million in the prior year, with net earnings rising to $42.6 million or $3.88 per share from $38.6 million or $3.56 per diluted share [20] Business Line Data and Key Metrics Changes - Irrigation segment revenues for Q4 increased by 63% to $125.3 million compared to $77 million in the same quarter last year, with North America irrigation revenues up by 30% [21] - International irrigation revenues for Q4 increased by 100% to $71.7 million, driven by higher unit sales volumes and favorable foreign currency translation [22] - Infrastructure segment revenues for Q4 decreased by 45% to $28.4 million, primarily due to lower Road Zipper system sales [26] Market Data and Key Metrics Changes - The domestic irrigation market showed strong commodity and farm income projections, with net farm income projected to increase by 19.5% in 2021 [10] - Shipment records were set in Turkey and Brazil, with activity more than doubling year-over-year in each market [13] - The Europe, Africa, and Middle East region continued to ship a large project into Egypt without disruption, indicating strong market opportunities [15] Company Strategy and Development Direction - The company is focused on capacity and efficiency investments in Brazil, China, Turkey, and the US to meet demand and leverage its global footprint [7] - The innovation pipeline includes the development of the Smart Pivot platform in irrigation and the Road Connect platform in infrastructure, with positive feedback from users [7] - The company is optimistic about growth potential tied to the needs for food security and efficient resource utilization [76] Management's Comments on Operating Environment and Future Outlook - Management noted that while there are inflationary pressures impacting farmers, the return on investment for irrigation equipment remains favorable, supporting demand [59] - The company expects some growth in the infrastructure segment driven by non-Road Zipper business and potential stimulus funding [39] - Management remains optimistic about the passage of infrastructure legislation, which could provide a positive tailwind for the infrastructure business [17] Other Important Information - The company published its third sustainability report, outlining a five-point focus on sustainable technologies and operational improvements [9] - Total available liquidity at the end of the fiscal year was $196.7 million, with a strong position to invest in growth opportunities [29][30] Q&A Session Summary Question: Expectations for LIFO charges in fiscal 2022 - Management indicated that if raw material prices stabilize, they do not expect additional LIFO headwinds, and some benefits may be realized as inventory quantities decline [33][34] Question: Revenue expectations for the infrastructure segment - Management clarified that while Road Zipper projects are moving slowly, they expect traditional revenue patterns in the non-Road Zipper part of the infrastructure business [38][39] Question: Impact of pricing on segment revenues - Management noted that pricing had a significant impact on North America Pivot business, with price growth above 30% in Q4, while infrastructure pricing was approaching 10% overall [45][46] Question: Demand destruction due to rising costs - Management acknowledged some "sticker shock" among customers but noted that strong farm income is supporting continued demand for irrigation equipment [58][59] Question: Breakdown of project sales between leasing and buying - Management indicated that most Road Zipper installations are permanent, leading to a preference for purchases over leases [68][69] Question: Anticipated end-of-year demand from tax-related purchases - Management is preparing for a potential bump in demand as farmers look to make capital investments before year-end, especially given limited availability of other capital equipment [71][72]
Lindsay(LNN) - 2021 Q4 - Earnings Call Presentation
2021-10-21 14:23
/LINDSAY" ammunimmunummunummum 4th Quarter Fiscal 2021 Earnings Slide Deck Safe-Harbor Statement This presentation 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, financial results and planned financing. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that the Company files wit ...
Lindsay(LNN) - 2021 Q3 - Quarterly Report
2021-07-01 20:11
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended May 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-13419 Lindsay Corporation (Exact name of registrant as specified in its charter) Delaware 47-0554096 (State or other jurisdiction of incorporation o ...
Lindsay(LNN) - 2021 Q3 - Earnings Call Transcript
2021-07-01 18:52
Lindsay Corporation (NYSE:LNN) Q3 2021 Results Conference Call July 1, 2021 11:00 AM ET Company Participants Randy Wood - President and CEO Brian Ketcham - CFO Conference Call Participants Ryan Connors - Boenning & Scattergood Brian Drab - William Blair Jon Braatz - Kansas City Capital Adam Farley - Stifel Chris Shaw - Monness Crespi Operator Good morning. My name is Betsy and I will be your conference operator today. At this time, I would like to welcome everyone to the Lindsay Corporation’s Third Quarter ...
Lindsay(LNN) - 2021 Q3 - Earnings Call Presentation
2021-07-01 17:01
/LINDSAY" emmunimmunumumummunum 3rd Quarter Fiscal 2021 Earnings Slide Deck Safe-Harbor Statement This presentation 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, financial results and planned financing. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that the Company files wi ...
Lindsay(LNN) - 2021 Q2 - Quarterly Report
2021-04-06 20:10
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended February 28, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-13419 Lindsay Corporation (Exact name of registrant as specified in its charter) Delaware 47-0554096 (State or other jurisdiction of incorporat ...
Lindsay(LNN) - 2021 Q2 - Earnings Call Transcript
2021-04-06 18:21
Lindsay Corporation (NYSE:LNN) Q2 2021 Earnings Conference Call April 6, 2021 11:00 AM ET Company Participants Randy Wood - President and Chief Executive Officer Brian Ketcham - Senior Vice President and Chief Financial Officer Conference Call Participants Nathan Jones - Stifel Nicolaus Brian Drab - William Blair Ryan Connors - Boenning & Scattergood Jon Braatz - Kansas City Capital Chris Shaw - Monness Crespi and Hardt William Baldwin - Baldwin Anthony Securities Operator Good morning. My name is Tom and I ...
Lindsay(LNN) - 2021 Q2 - Earnings Call Presentation
2021-04-06 15:09
/LINDSAY" ennummining minution minuting 2™ Quarter Fiscal 2021 Earnings Slide Deck Safe-Harbor Statement This presentation 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, financial results and planned financing. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that the Company fi ...
Lindsay(LNN) - 2021 Q1 - Earnings Call Presentation
2021-03-05 18:53
/LINDSAY" ennummining minution minuting 1st Quarter Fiscal 2021 Earnings Slide Deck Safe-Harbor Statement This presentation 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, financial results and planned financing. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that the Company f ...