Lindsay (LNN) came out with quarterly earnings of $1.57 per share, beating the Zacks Consensus Estimate of $1.34 per share. This compares to earnings of $1.36 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 17.16%. A quarter ago, it was expected that this irrigation equipment maker would post earnings of $1.04 per share when it actually produced earnings of $1.17, delivering a surprise of 12.50%.Over the last four quarters, th ...

[Fiscal 2025 First Quarter Results Overview](index=1&type=section&id=Fiscal%202025%20First%20Quarter%20Results%20Overview) Lindsay Corporation reported strong Q1 FY25 results with revenue growth, expanded net earnings, and strategic investments in irrigation and infrastructure [Key Highlights](index=1&type=section&id=Key%20Highlights) Lindsay Corporation reported revenue growth and expanded net earnings in Q1 FY25, driven by international irrigation projects. The company also announced a significant Road Zipper System contract and a strategic minority investment in Pessl Instruments GmbH to enhance water management solutions - Revenue growth and expansion to net earnings achieved despite cyclical challenges in mature irrigation markets, supported by international irrigation business[2](index=2&type=chunk) - Infrastructure business revenues were slightly lower, but diligent cost management and manufacturing efficiency led to expanded margins and higher operating income[2](index=2&type=chunk) - Finalized a Road Zipper System™ contract valued at over **$20 million**, expected to be fully delivered in fiscal second quarter[2](index=2&type=chunk) - Closed acquisition of a minority interest in Pessl Instruments GmbH, aiming to accelerate innovations in water management, increase global reach, and provide new solutions[2](index=2&type=chunk) [First Quarter Consolidated Financial Summary](index=1&type=section&id=First%20Quarter%20Summary) For the first quarter of fiscal 2025, Lindsay Corporation reported a 3% increase in total revenues to $166.3 million, primarily due to international irrigation growth. Net earnings rose by 14% and diluted EPS by 15%, benefiting from increased other income and a lower effective tax rate, despite a slight decrease in operating income Consolidated Financial Summary (Q1 FY2025 vs Q1 FY2024) | (dollars in millions, except per share amounts) | FY2025 | FY2024 | $ Change | % Change | | :------------------------------------ | :----- | :----- | :------- | :------- | | Total revenues | $166.3 | $161.4 | $4.9 | 3% | | Operating income | $20.9 | $21.1 | ($0.2) | (1%) | | Operating margin | 12.6% | 13.1% | | | | Net earnings | $17.2 | $15.0 | $2.1 | 14% | | Diluted earnings per share | $1.57 | $1.36 | $0.21 | 15% | - Revenue growth was driven by an increase in international irrigation revenues, partially offset by decreases in North America irrigation and infrastructure revenues[3](index=3&type=chunk) - Net earnings and diluted earnings per share increased by **14%** and **15%** respectively, benefiting from an increase in other income and a lower effective income tax rate[5](index=5&type=chunk) [Segment Performance](index=2&type=section&id=Segment%20Performance) The company's segments showed mixed performance, with strong international irrigation growth offsetting North America declines, while infrastructure improved margins despite lower revenue, leading to a significant backlog increase [Irrigation Segment](index=2&type=section&id=Irrigation%20Segment) The Irrigation segment's total revenues increased by 5% to $147.1 million, primarily due to strong international performance, which offset a decline in North America. Operating income for the segment decreased by 2% to $24.7 million, with operating margin contracting due to a higher proportion of lower-margin international project revenues Irrigation Segment Revenues (Q1 FY2025 vs Q1 FY2024) | (dollars in millions) | FY2025 | FY2024 | $ Change | % Change | | :-------------------- | :----- | :----- | :------- | :------- | | North America | $77.7 | $89.4 | ($11.7) | (13%) | | International | $69.4 | $50.8 | $18.6 | 37% | | Total revenues | $147.1 | $140.2 | $6.9 | 5% | Irrigation Segment Operating Income (Q1 FY2025 vs Q1 FY2024) | (dollars in millions) | FY2025 | FY2024 | $ Change | % Change | | :-------------------- | :----- | :----- | :------- | :------- | | Operating income | $24.7 | $25.3 | ($0.6) | (2%) | | Operating margin | 16.8% | 18.1% | | | - The decrease in operating income and operating margin resulted primarily from a higher proportion of international project revenues, which were dilutive to overall margin[8](index=8&type=chunk) [North America Irrigation](index=2&type=section&id=North%20America%20Irrigation) North America irrigation revenues declined by 13% due to lower unit sales volume, a less favorable product mix, and slightly lower average selling prices, influenced by a projected reduction in net farm income - North America irrigation revenues decreased by **$11.7 million**, or **13%**, to **$77.7 million**[6](index=6&type=chunk) - The decrease was primarily due to lower unit sales volume, a less favorable mix of shorter machines, and slightly lower average selling prices, driven by lower demand due to a projected reduction in net farm income for calendar 2024[6](index=6&type=chunk) [International Irrigation](index=2&type=section&id=International%20Irrigation) International irrigation revenues surged by 37%, largely driven by a major project in the MENA region and increased sales in Europe and parts of Latin America, despite some headwinds from lower sales in Brazil and unfavorable foreign currency translation - International irrigation revenues increased by **$18.6 million**, or **37%**, to **$69.4 million**[7](index=7&type=chunk) - The increase resulted primarily from revenues related to a large project in the MENA region, along with higher sales in Europe and certain regions of Latin America, partially offset by lower sales in Brazil[7](index=7&type=chunk) - Revenues were unfavorably impacted by foreign currency translation of approximately **$2.1 million**[7](index=7&type=chunk) [Infrastructure Segment](index=2&type=section&id=Infrastructure%20Segment) The Infrastructure segment experienced a 9% revenue decrease to $19.2 million, mainly due to project timing and lower road safety product sales. However, operating income increased by 14% to $4.1 million, with operating margin expanding significantly to 21.5%, driven by improved manufacturing efficiency and reduced operating expenses Infrastructure Segment Performance (Q1 FY2025 vs Q1 FY2024) | (dollars in millions) | FY2025 | FY2024 | $ Change | % Change | | :-------------------- | :----- | :----- | :------- | :------- | | Total revenues | $19.2 | $21.2 | ($2.0) | (9%) | | Operating income | $4.1 | $3.6 | $0.5 | 14% | | Operating margin | 21.5% | 17.1% | | | - Revenue decrease primarily resulted from a difference in the timing of Road Zipper System lease revenues and lower sales of road safety products[9](index=9&type=chunk) - Increased operating income and operating margin resulted primarily from improved manufacturing efficiency and lower operating expenses[10](index=10&type=chunk) [Backlog](index=2&type=section&id=Backlog) The company's backlog of unfulfilled orders significantly increased to $168.2 million at November 30, 2024, more than doubling from the prior year, primarily driven by a large international irrigation project Backlog of Unfulfilled Orders | Date | Backlog (millions) | | :--------------- | :----------------- | | November 30, 2024 | $168.2 | | November 30, 2023 | $86.8 | - The increase in backlog was primarily due to the addition of the large project in the MENA region[11](index=11&type=chunk) - Included in the November 30, 2024 backlog is **$17.4 million** for orders not expected to be fulfilled within the subsequent 12 months[11](index=11&type=chunk) [Outlook](index=2&type=section&id=Outlook) Management anticipates continued soft market conditions in North America and Brazil irrigation in the near term, but sees signs of stabilization and improvement. Growth is expected in developing international markets and the infrastructure business, supported by new projects and federal funding - Softer market conditions in North America and Brazil irrigation markets are expected to continue in the near term, though indications suggest nearing the trough of the cycle with some stabilization and improvement in commodity prices[12](index=12&type=chunk) - New state-level financing programs in Brazil are expected to provide additional clarity and support for irrigation investments[12](index=12&type=chunk) - Continued growth is expected in developing international markets, highlighted by project activity in the MENA region[12](index=12&type=chunk) - Growth in the infrastructure business is anticipated in fiscal 2025, supported by a large Road Zipper System project and U.S. federal infrastructure funding, despite construction cost inflation[12](index=12&type=chunk) [Company Information](index=3&type=section&id=Company%20Information) This section provides an overview of Lindsay Corporation's business, forward-looking statement disclaimers, contact details, and conference call information [About Lindsay Corporation](index=3&type=section&id=About%20the%20Company) Lindsay Corporation is a global leader in manufacturing and distributing irrigation and infrastructure equipment and technology, established in 1955. The company offers innovative solutions for agriculture and transportation through brands like Zimmatic™, FieldNET™, Barrier Systems™, and Road Zipper™ - Lindsay Corporation (NYSE: LNN) is a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, established in 1955[14](index=14&type=chunk) - Irrigation brands include Zimmatic™ center pivot and lateral move systems, FieldNET™ and FieldWise™ remote irrigation management technology, and FieldNET Advisor™[14](index=14&type=chunk) - Transportation brands include Barrier Systems™, Road Zipper™, and Snoline™ for road safety and traffic management[14](index=14&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Concerning%20Forward-looking%20Statements) This section serves as a disclaimer, indicating that the release contains forward-looking statements subject to risks and uncertainties, reflecting management's current beliefs. The company claims protection under the Private Securities Litigation Reform Act of 1995 and undertakes no obligation to update such information - The release contains forward-looking statements subject to risks and uncertainties, reflecting management's current beliefs and estimates of future economic circumstances, industry conditions, Company performance and financial results[15](index=15&type=chunk) - The Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995[15](index=15&type=chunk) [Contact Information](index=3&type=section&id=For%20further%20information%2C%20contact%3A) Contact details for investor relations inquiries are provided, including the Vice President of Investor Relations & Treasury and Alpha IR - For further information, contact Alicia Pfeifer, Vice President, Investor Relations & Treasury, or Joe Caminiti/Stephen Poe at Alpha IR[16](index=16&type=chunk) [First Quarter Conference Call](index=3&type=section&id=First%20Quarter%20Conference%20Call) Details for the investor conference call regarding Lindsay's fiscal 2025 first quarter results are provided, including dial-in information and access via the company's website - Lindsay's fiscal 2025 first quarter investor conference call is scheduled for **11:00 a.m. Eastern Time on January 7, 2025**[13](index=13&type=chunk) - Interested investors can participate by dialing **(833) 535-2202 (U.S.)** or **(412) 902-6745 (international)**, or via live simulcast on the investor relations section of www.lindsay.com[13](index=13&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) This section presents the unaudited condensed consolidated statements of earnings, segment operating results, balance sheets, and cash flows for the reported periods [Condensed Consolidated Statements of Earnings](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20EARNINGS) This section presents the unaudited condensed consolidated statements of earnings for the three months ended November 30, 2024, and November 30, 2023, detailing revenues, expenses, and net earnings Condensed Consolidated Statements of Earnings (Three months ended November 30) | (in thousands, except per share amounts) | 2024 | 2023 | | :------------------------------------- | :-------- | :-------- | | Operating revenues | $166,281 | $161,358 | | Cost of operating revenues | 116,315 | 111,453 | | Gross profit | 49,966 | 49,905 | | Total operating expenses | 29,083 | 28,831 | | Operating income | 20,883 | 21,074 | | Total other income (expense) | 1,151 | (79) | | Earnings before income taxes | 22,034 | 20,995 | | Income tax expense | 4,870 | 5,976 | | Net earnings | $17,164 | $15,019 | | Earnings per share: | | | | Basic | $1.58 | $1.36 | | Diluted | $1.57 | $1.36 | | Cash dividends declared per share | $0.36 | $0.35 | [Summary Operating Results by Segment](index=5&type=section&id=SUMMARY%20OPERATING%20RESULTS) This section provides a detailed breakdown of operating revenues and operating income for the Irrigation and Infrastructure segments for the three months ended November 30, 2024, and 2023, along with descriptions of each segment's activities Operating Revenues by Segment (Three months ended November 30) | (in thousands) | 2024 | 2023 | | :------------------ | :-------- | :-------- | | Irrigation: | | | | North America | $77,669 | $89,377 | | International | 69,418 | 50,791 | | Irrigation segment | 147,087 | 140,168 | | Infrastructure segment | 19,194 | 21,190 | | Total operating revenues | $166,281 | $161,358 | Operating Income by Segment (Three months ended November 30) | (in thousands) | 2024 | 2023 | | :------------------ | :-------- | :-------- | | Irrigation segment | $24,736 | $25,307 | | Infrastructure segment | 4,124 | 3,619 | | Corporate | (7,977) | (7,852) | | Total operating income | $20,883 | $21,074 | - The Irrigation segment includes manufacturing and marketing of center pivot, lateral move, and hose reel irrigation systems, as well as various innovative technology solutions[20](index=20&type=chunk) - The Infrastructure segment includes manufacturing and marketing of moveable barriers, specialty barriers, crash cushions, end terminals, and road marking and road safety equipment[21](index=21&type=chunk) [Condensed Consolidated Balance Sheets](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) This section presents the unaudited condensed consolidated balance sheets as of November 30, 2024, November 30, 2023, and August 31, 2024, detailing assets, liabilities, and shareholders' equity Key Balance Sheet Items (in thousands) | (in thousands) | Nov 30, 2024 | Nov 30, 2023 | Aug 31, 2024 | | :------------------------- | :----------- | :----------- | :----------- | | Total assets | $771,001 | $763,918 | $760,232 | | Total liabilities | 282,542 | 297,058 | 279,339 | | Total shareholders' equity | 488,459 | 466,860 | 480,893 | Current Assets (in thousands) | (in thousands) | Nov 30, 2024 | Nov 30, 2023 | Aug 31, 2024 | | :---------------------- | :----------- | :----------- | :----------- | | Cash and cash equivalents | $194,066 | $159,381 | $190,879 | | Receivables, net | 120,875 | 143,049 | 116,601 | | Inventories, net | 158,255 | 164,144 | 154,453 | | Total current assets | 502,144 | 501,302 | 493,212 | Current Liabilities (in thousands) | (in thousands) | Nov 30, 2024 | Nov 30, 2023 | Aug 31, 2024 | | :---------------------- | :----------- | :----------- | :----------- | | Accounts payable | $53,185 | $52,242 | $37,417 | | Other current liabilities | 76,435 | 89,502 | 88,171 | | Total current liabilities | 129,849 | 141,971 | 125,816 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) This section presents the unaudited condensed consolidated statements of cash flows for the three months ended November 30, 2024, and November 30, 2023, outlining cash flows from operating, investing, and financing activities Cash Flows from Operating Activities (Three months ended November 30) | (in thousands) | 2024 | 2023 | | :--------------------------------- | :-------- | :-------- | | Net earnings | $17,164 | $15,019 | | Net cash provided by operating activities | 21,603 | 21,872 | Cash Flows from Investing Activities (Three months ended November 30) | (in thousands) | 2024 | 2023 | | :--------------------------------- | :-------- | :-------- | | Purchases of property, plant, and equipment | (9,142) | (6,941) | | Net cash used in investing activities | (8,806) | (18,201) | Cash Flows from Financing Activities (Three months ended November 30) | (in thousands) | 2024 | 2023 | | :--------------------------------- | :-------- | :-------- | | Dividends paid | (3,912) | (3,861) | | Net cash used in financing activities | (5,310) | (5,380) | - Cash and cash equivalents at the end of the period were **$194,066 thousand**, an increase of **$3,187 thousand** during the quarter[27](index=27&type=chunk)

Producers around the world benefit from strategic investment in agricultural solutionsOMAHA, Neb., Jan. 6, 2025 /PRNewswire/ -- Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, today announced it has completed its acquisition of a 49.9 percent minority interest in Austria-based Pessl Instruments.The investment in Pessl, a global provider of advanced technology solutions, helps advance Lindsay's efforts to drive signific ...

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, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-13419 | --- | --- | |---------------------------------------------------------------------------------|------------------------------------------| | (Exact name of registr ...

Financial Data and Key Metrics Changes - Total revenues for Q4 2024 were $155 million, a decrease of 7% compared to Q4 2023. Net earnings for the quarter were $12.7 million or $1.17 per diluted share, down from $19.2 million or $1.74 per diluted share in the prior year [7][8] - For the full fiscal year, total revenues were $607.1 million, a decrease of 10% compared to the previous year. Net earnings for fiscal 2024 were $66.3 million or $6.01 per diluted share, down from $72.4 million or $6.54 per diluted share in the prior year [7][8] Business Line Data and Key Metrics Changes - Irrigation segment revenues for Q4 were $125.9 million, a decrease of 12% year-over-year. North America irrigation revenues increased by 2% to $61.7 million, driven by higher unit sales volumes [8][9] - International irrigation revenues decreased by 23% to $64.2 million, primarily due to lower revenues in Brazil and other Latin American markets [9][10] - Infrastructure segment revenues for Q4 increased by 24% to $29.1 million, driven by higher Road Zipper System sales and lease revenues [11][12] Market Data and Key Metrics Changes - In North America, irrigation volume was slightly up due to storm damage replacement demand, while international markets, particularly Brazil, faced softness due to lower grower profitability [3][4] - The company anticipates continued demand challenges in Brazil and Latin America until farm profitability improves [4][10] Company Strategy and Development Direction - The company is focused on increasing U.S. infrastructure spending and expects positive near-term market opportunities driven by federal funding from the Infrastructure Investments and Jobs Act [5][12] - Investments in technology and innovation are prioritized, with a focus on growing recurring revenue streams from connected devices [6][12] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the irrigation market outlook, noting potential headwinds unless there is a significant improvement in net farm income in 2025 [3][4] - The company is actively managing its project pipeline and expects to see growth in international projects, particularly in the MENA region [6][12] Other Important Information - The company completed share repurchases totaling $22.5 million for the year, reflecting a commitment to returning capital to shareholders [13][14] - Total available liquidity at the end of Q4 was $240.9 million, including $190.9 million in cash and cash equivalents [13] Q&A Session Summary Question: Can you comment on the decremental margins for the quarter and the year? - Management indicated that the decremental margins were primarily related to the international irrigation business, with significant impacts from lower revenues in Brazil [15][16] Question: What is the revenue expectation for the Middle East project that started shipping in Q4? - Approximately $14 million was shipped in Q4, with an anticipated $80 million to be shipped throughout fiscal 2025 [17][18] Question: How do you expect the tax rate to trend in fiscal 2025? - The expected tax rate for fiscal 2025 is around 25%, influenced by shifts in income from various jurisdictions [24] Question: What is the outlook for the Road Zipper funnel? - The Road Zipper funnel is expected to grow, supported by federal funding and increased project activity [26][30] Question: Can you elaborate on the storm-related revenues? - Storm damage activity in Q4 was characterized as slightly above average, with expectations for continued demand due to recent hurricanes [34][36]

Lindsay (LNN) came out with quarterly earnings of $1.17 per share, beating the Zacks Consensus Estimate of $1.04 per share. This compares to earnings of $1.74 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 12.50%. A quarter ago, it was expected that this irrigation equipment maker would post earnings of $1.25 per share when it actually produced earnings of $1.41, delivering a surprise of 12.80%.Over the last four quarters, th ...

movable Exhibit 99.1 18135 BURKE ST. OMAHA, NE 68022 TEL: 402-829-6800 FAX: 402-829-6836 Lindsay Corporation Reports Fourth Quarter and Fiscal Year 2024 Results Improved infrastructure results, steady demand in North America irrigation, and international irrigation project revenue help to partially offset market softness in Brazil OMAHA, Neb., October 24, 2024—Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, today annou ...

TORONTO, Aug. 20, 2024 (GLOBE NEWSWIRE) -- Angus Gold (TSXV:GUS) ("Angus" or "the Company") is pleased to announce the appointment of Lindsay Dunlop as Vice President, Investor Relations effective August 19, 2024. Ms. Dunlop is an investor relations professional with over 15 years experience in communications, capital markets and finance primarily in the mining sector. Most recently she was the Vice President, Investor Relations at Wesdome Gold Mines from 2014 – 2024. During her tenure, she created and impl ...

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]