Lindsay Corporation (LNN) delivered adjusted earnings per share of $1.41 in third-quarter fiscal 2024 (ended on May 31, 2024), beating the Zacks Consensus Estimate of $1.25. The bottom line fell 8% year over year. Operational Update The Irrigation segment's revenues fell 19% year over year to around $115 million in the fiscal third quarter. North America irrigation revenues decreased 9% from the year-ago quarter to $68 million due to lower unit sales volumes and reduced sales of replacement parts. Including ...

Financial Performance - Operating revenues for the three months ended May 31, 2024, were $139,199 thousand, a decrease of 15.4% compared to $164,553 thousand for the same period in 2023[7] - Gross profit for the nine months ended May 31, 2024, was $145,356 thousand, down 9.4% from $160,499 thousand in the prior year[7] - Net earnings for the three months ended May 31, 2024, increased to $20,379 thousand, compared to $16,881 thousand for the same period in 2023, representing a growth of 20.5%[8] - Basic earnings per share for the nine months ended May 31, 2024, was $4.86, a slight increase from $4.83 in the same period of 2023[7] - Net earnings for the nine months ended May 31, 2024, were $53,521 thousand, compared to $53,150 thousand for the same period in 2023, reflecting a growth of 0.7%[20] - Total comprehensive income for the nine months ended May 31, 2024, was $49,529 thousand, down from $52,016 thousand in the previous year, indicating a decrease of approximately 4.8%[20] Assets and Liabilities - Total assets as of May 31, 2024, were $758,101 thousand, an increase from $723,618 thousand as of May 31, 2023[11] - Total liabilities decreased to $278,105 thousand as of May 31, 2024, from $286,822 thousand as of May 31, 2023[11] - Shareholders' equity increased to $479,996 thousand as of May 31, 2024, compared to $436,796 thousand a year earlier, reflecting a growth of 9.9%[11] - Cash and cash equivalents increased to $140,221 thousand as of May 31, 2024, compared to $131,577 thousand a year earlier[11] - The balance of retained earnings increased to $678,261 thousand as of May 31, 2024, from $620,922 thousand as of May 31, 2023, representing a growth of 9.2%[20] Cash Flow and Dividends - Cash dividends paid increased to $11,557 thousand for the nine months ended May 31, 2024, compared to $11,228 thousand in the same period of 2023, representing a rise of 2.9%[20] - The company declared cash dividends of $0.35 per share for the three months ended May 31, 2024, up from $0.34 in the same period of 2023[7] - Operating activities provided net cash of $42,650 thousand for the nine months ended May 31, 2024, down from $59,168 thousand in the prior year, a decrease of 28.0%[20] Stock and Shareholder Actions - The company repurchased common stock amounting to $17,900 thousand during the nine months ended May 31, 2024, while there were no repurchases in the same period of the previous year[20] - As of May 31, 2024, the Company had repurchased 154 thousand shares for $17.9 million, with $46.0 million remaining available for future repurchases[66][67] Revenue Segments - Irrigation segment revenues decreased 19% to $114.8 million, while infrastructure segment revenues increased 11% to $24.4 million for the three months ended May 31, 2024[77] - The irrigation segment accounted for 83% of the Company's revenue during the three months ended May 31, 2024, down from 87% in the same period of 2023[87] - International irrigation revenues for the three months ended May 31, 2024, decreased by 31% to $46.6 million from $67.5 million in the same period in 2023[89] Tax and Regulatory Matters - The effective income tax rate for the three months ended May 31, 2024, was -1.0%, compared to 34.4% for the same period in 2023, due to a discrete tax benefit of $4.8 million recognized in Brazil[94] - The company recorded an income tax benefit of $0.2 million for the three months ended May 31, 2024, compared to an expense of $8.9 million in the same period of 2023[39] Market Conditions and Future Outlook - U.S. corn prices decreased approximately 24% and U.S. soybean prices decreased approximately 7% from May 2023 levels, impacting demand for irrigation equipment[80] - The USDA estimated 2024 U.S. net farm income to be $116.1 billion, a decrease of 26% from the forecasted 2023 level of $155.9 billion[80] - The Company announced a multi-year supply agreement for irrigation systems in the MENA region, valued at over $100 million, expected to be recognized from Q4 fiscal 2024 through Q1 fiscal 2026[82] Environmental and Legal Matters - The total environmental remediation liabilities as of May 31, 2024, amounted to $10,632,000, down from $12,300,000 on May 31, 2023, indicating a decrease of approximately 13.6%[61] - The company is involved in multiple product liability lawsuits related to its X-Lite® end terminal, which may lead to additional lawsuits in the future[53]

Lindsay Corporation (NYSE:LNN) Q3 2024 Earnings Conference Call June 27, 2024 11:00 AM ET Company Participants Randy Wood - President & CEO Brian Ketcham - CFO Conference Call Participants Ryan Connors - Northcoast Research Jon Braatz - Kansas City Capital Adam Farley - Stifel Blake Keating - William Blair Brett Kearney - American Rebirth Opportunity Partners Operator Hello, and welcome to the Lindsay Corporation Fiscal Third Quarter 2024 Earnings Conference Call. All participants will be in listen-only mod ...

3rd Quarter Fiscal 2024 Earnings Slide Deck Investors should understand that a number of factors could cause future economic and industry conditions and the Company's actual financial condition and results of operations to differ materially from management's beliefs expressed in the forward-looking statements contained in this presentation. These factors include those outlined in the "Risk Factors" section of the Company's most recent annual report on Form 10-K filed with the Securities and Exchange Commiss ...

Lindsay (LNN) reported $139.2 million in revenue for the quarter ended May 2024, representing a year-overyear decline of 15.4%. EPS of $1.41 for the same period compares to $1.53 a year ago. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. View all Key Company Metrics for Lindsay here>>> While investors scrutinize revenue and earnings ...

This quarterly report represents an earnings surprise of 12.80%. A quarter ago, it was expected that this irrigation equipment maker would post earnings of $1.52 per share when it actually produced earnings of $1.64, delivering a surprise of 7.89%. Lindsay, which belongs to the Zacks Manufacturing - Farm Equipment industry, posted revenues of $139.2 million for the quarter ended May 2024, missing the Zacks Consensus Estimate by 8.68%. This compares to year-ago revenues of $164.55 million. The company has to ...

Exhibit 99.1 18135 BURKE ST. OMAHA, NE 68022 TEL: 402-829-6800 FAX: 402-829-6836 Lindsay Corporation Reports Third Quarter Fiscal 2024 Results Infrastructure results support consolidated margin performance, partially offsetting global irrigation market softness OMAHA, Neb., June 27, 2024—Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, today announced results for its third quarter ended on May 31, 2024. Key Highlights " ...

OMAHA, Neb., June 25, 2024 /PRNewswire/ -- Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation, infrastructure equipment and technology, recently installed its first TAU-XR Xpress Repair Crash Cushion, the latest innovation in its proven lineup of crash cushion systems. The TAU-XR is designed for swift installation and rapid repair, enhancing both efficiency and protection for road maintenance teams. As a severe-duty, low-maintenance crash cushion, it delivers except ...

Analysts on Wall Street project that Lindsay (LNN) will announce quarterly earnings of $1.25 per share in its forthcoming report, representing a decline of 18.3% year over year. Revenues are projected to reach $152.44 million, declining 7.4% from the same quarter last year. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe. Before a company reveals its e ...

Shares of this Zacks Rank #4 (Sell) company have lost 6.9% in the past year compared with the industry's decline of 10.3%. Image Source: Zacks Investment Research Low Commodity Prices to Weigh on Farm Income: The USDA (U.S. Department of Agriculture) projects net farm income at $116.1 billion for 2024, indicating a decline of 27.1% from that reported in 2023. Moreover, the estimated net farm income for 2024 is 1.7% below its 20-year average (2003-2022) of $118.2 billion. The decline has mainly been resultin ...