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]

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 ...

[Lindsay Corporation Third Quarter Fiscal 2024 Results](index=1&type=section&id=Lindsay%20Corporation%20Third%20Quarter%20Fiscal%202024%20Results) [Third Quarter Fiscal 2024 Performance Overview](index=1&type=section&id=Third%20Quarter%20Fiscal%202024%20Performance%20Overview) Consolidated revenues declined **15%** to **$139.2 million** due to irrigation market weakness, but net earnings increased **21%** to **$20.4 million**, supported by infrastructure and a tax credit Consolidated Financial Summary - Q3 FY2024 vs Q3 FY2023 | (dollars in millions, except per share amounts) | FY2024 | FY2023 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Total revenues** | $139.2 | $164.6 | ($25.4) | (15%) | | **Operating income** | $19.9 | $27.0 | ($7.0) | (26%) | | **Operating margin** | 14.3% | 16.4% | | | | **Net earnings** | $20.4 | $16.9 | $3.5 | 21% | | **Diluted earnings per share** | $1.85 | $1.53 | $0.32 | 21% | - Net earnings were favorably impacted by a **$4.8 million** (**$0.44 per diluted share**) income tax credit recognized in Brazil[5](index=5&type=chunk)[7](index=7&type=chunk) - Secured the largest project in company history, a multi-year supply agreement in the Middle East and North Africa (MENA) region valued at **over $100 million**[3](index=3&type=chunk)[5](index=5&type=chunk) - The company completed share repurchases totaling **$17.9 million** during the quarter, aligning with its capital allocation priorities[3](index=3&type=chunk)[5](index=5&type=chunk) - The CEO cited irrigation market softness due to high precipitation in the U.S. Midwest and lower commodity prices with tight credit in Brazil[3](index=3&type=chunk) [Third Quarter Segment Results](index=3&type=section&id=Third%20Quarter%20Segment%20Results) Irrigation segment revenues declined **19%** to **$114.8 million** with a **36%** operating income drop, contrasting with Infrastructure's **11%** revenue growth to **$24.4 million** and **76%** operating income surge [Irrigation Segment](index=3&type=section&id=Irrigation%20Segment) Irrigation segment revenues declined **19%** to **$114.8 million**, with North America down **9%** and international sales, especially Brazil, falling **31%** due to market weakness Irrigation Segment Financials - Q3 FY2024 vs Q3 FY2023 | (dollars in millions) | FY2024 | FY2023 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Revenues:** | | | | | | North America | $68.2 | $75.0 | ($6.8) | (9%) | | International | $46.6 | $67.5 | ($20.9) | (31%) | | **Total revenues** | **$114.8** | **$142.6** | **($27.7)** | **(19%)** | | **Operating income** | $19.5 | $30.7 | ($11.2) | (36%) | | **Operating margin** | 17.0% | 21.6% | | | - North America irrigation revenues decreased **9%** due to lower unit sales volume, reduced replacement parts sales, and slightly lower average selling prices[8](index=8&type=chunk) - International irrigation revenues fell **31%**, primarily from lower sales volumes in Brazil and other Latin American markets where order activity is constrained by lower commodity prices and reduced credit availability[9](index=9&type=chunk) [Infrastructure Segment](index=3&type=section&id=Infrastructure%20Segment) Infrastructure segment revenues grew **11%** to **$24.4 million**, with operating income up **76%** and margins at **25.8%**, primarily from Road Zipper System sales and leases Infrastructure Segment Financials - Q3 FY2024 vs Q3 FY2023 | (dollars in millions) | FY2024 | FY2023 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Total revenues** | $24.4 | $22.0 | $2.4 | 11% | | **Operating income** | $6.3 | $3.6 | $2.7 | 76% | | **Operating margin** | 25.8% | 16.2% | | | - Revenue growth was driven by higher Road Zipper System sales and increased lease revenues compared to the prior year[11](index=11&type=chunk) - Operating margin expanded significantly to **25.8%** from **16.2%** due to a more favorable revenue mix with higher-margin Road Zipper System sales and leases[12](index=12&type=chunk) [Backlog and Outlook](index=3&type=section&id=Backlog%20and%20Outlook) Backlog surged to **$246.9 million** from a large MENA project, while near-term irrigation demand remains tempered, but infrastructure growth is expected - The backlog of unfilled orders as of May 31, 2024, was **$246.9 million**, a substantial increase from **$94.5 million** as of May 31, 2023[13](index=13&type=chunk) - The backlog increase is mainly from the large MENA irrigation project, with revenues expected to be recognized from **Q4 fiscal 2024** through **Q1 fiscal 2026**[13](index=13&type=chunk) - The outlook for North American and Brazilian irrigation markets is for tempered demand in the near term, pending improvement in net farm income[14](index=14&type=chunk) - The company expects continued growth in the Infrastructure segment, driven by Road Zipper System lease revenues and road safety product sales, supported by U.S. infrastructure spending[14](index=14&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) This section provides the company's condensed consolidated statements of earnings, balance sheets, and cash flows [Condensed Consolidated Statements of Earnings](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Earnings) Q3 FY2024 revenues were **$139.2 million** and operating income **$19.9 million**, with net earnings rising to **$20.4 million** due to a tax benefit Statement of Earnings Highlights (in thousands) | | Three months ended May 31, | Nine months ended May 31, | | :--- | :--- | :--- | | | **2024** | **2023** | **2024** | **2023** | | **Operating revenues** | $139,199 | $164,553 | $452,076 | $506,953 | | **Gross profit** | $46,497 | $53,221 | $145,356 | $160,499 | | **Operating income** | $19,936 | $26,957 | $63,108 | $78,820 | | **Income tax (benefit) expense** | ($206) | $8,851 | $10,344 | $22,320 | | **Net earnings** | $20,379 | $16,881 | $53,521 | $53,150 | [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$758.1 million** as of May 31, 2024, with **$140.2 million** in cash and shareholders' equity at **$480.0 million** Balance Sheet Highlights (in thousands) | | May 31, 2024 | May 31, 2023 | August 31, 2023 | | :--- | :--- | :--- | :--- | | **Cash and cash equivalents** | $140,221 | $131,577 | $160,755 | | **Inventories, net** | $171,522 | $166,759 | $155,932 | | **Total current assets** | $488,718 | $491,252 | $487,484 | | **Total assets** | $758,101 | $723,618 | $745,660 | | **Total current liabilities** | $123,737 | $133,048 | $136,108 | | **Total liabilities** | $278,105 | $286,822 | $290,009 | | **Total shareholders' equity** | $479,996 | $436,796 | $455,651 | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations was **$42.7 million** for the nine months, with **$32.4 million** used in investing and **$30.2 million** in financing, including share repurchases Statement of Cash Flows Highlights - Nine Months Ended (in thousands) | | May 31, 2024 | May 31, 2023 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $42,650 | $59,168 | | **Net cash used in investing activities** | ($32,389) | ($18,939) | | **Net cash used in financing activities** | ($30,240) | ($13,519) | | **Net change in cash and cash equivalents** | ($20,534) | $26,529 | | **Cash and cash equivalents, end of period** | $140,221 | $131,577 | - Key uses of cash in financing activities for the nine-month period included **$17.9 million** for common stock repurchases and **$11.6 million** for dividend payments[30](index=30&type=chunk)

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 ...

Lindsay Corporation (LNN) signed a multi-year supply agreement to provide Zimmatic irrigation systems and FieldNET remote management and scheduling technology in the Middle East and North Africa region. This move is part of a broader strategy to support localized food production in the region. The project is valued at more than $100 million in revenues. Pivot shipments for this project will commence in fourth-quarter fiscal 2024 and are scheduled to continue until 2025. FieldNET Advisor offers project-wide ...