Lindsay(LNN) - 2024 Q1 - Quarterly Report

Financial Performance - Operating revenues for the three months ended November 30, 2023, were $161,358,000, a decrease of 8.5$176,159,000 for the same period in 2022[8]. - Gross profit for the same period was $49,905,000, down from$53,020,000, reflecting a gross margin of 30.9% compared to 30.1% in the prior year[8]. - Net earnings decreased to $15,019,000, or$1.36 per diluted share, compared to $18,217,000, or$1.65 per diluted share in the previous year, representing a decline of 17.9%[8]. - The company reported a total comprehensive income of $14,929,000 for the three months ended November 30, 2023, compared to$16,072,000 in the same period of 2022[9]. - Net cash provided by operating activities increased significantly to $21,872,000 from$4,682,000 year-over-year[1]. - Cash provided by operating activities totaled $21.9 million for the three months ended November 30, 2023, compared to$4.7 million in the same period of 2022[93]. Assets and Liabilities - Total current assets increased to $501,302,000 as of November 30, 2023, compared to$481,407,000 a year earlier, primarily driven by an increase in cash and cash equivalents[12]. - Total assets rose to $763,918,000 from$708,296,000 year-over-year, indicating a growth of 7.8%[12]. - Total liabilities decreased to $297,058,000 from$303,508,000, reflecting a reduction of 2.1%[12]. - Shareholders' equity increased to $466,860,000 as of November 30, 2023, compared to$404,788,000 a year earlier, marking a growth of 15.3%[12]. - The Company has cash and cash equivalents amounting to $159,381,000 as of November 30, 2023, compared to$99,168,000 in 2022, reflecting a significant increase[41]. - As of November 30, 2023, the total long-term debt of the Company is $115,120,000, a decrease from$115,297,000 in 2022[39]. Revenue Segments - Irrigation segment revenues decreased 8% to $140.2 million, while infrastructure segment revenues decreased 12$21.2 million[73]. - The irrigation segment accounted for 87% of total revenue during the three months ended November 30, 2023, while international irrigation revenues decreased by 25% to $50.8 million[83][85]. Tax and Expenses - The company recorded an income tax expense of$6.0 million for the three months ended November 30, 2023, compared to $5.8 million in the same period in 2022[34]. - The estimated annual effective income tax rate increased slightly to 28.0$4,352,000 for the quarter, slightly up from $4,308,000 in the previous year[8]. Shareholder Actions - Cash dividends declared per share increased to$0.35 from $0.34, representing a 2.9$0.35 per common share, totaling $3.9 million, an increase from$3.7 million in the same quarter of the previous year[98]. - The remaining amount available under the share repurchase program was $63.7 million as of November 30, 2023[62]. - The Company has authorized a share repurchase program of up to$250.0 million, with $63.7 million remaining available as of November 30, 2023[99]. - The Company has not repurchased any shares during the three months ended November 30, 2023 and 2022[62]. Market Conditions - U.S. net farm income for 2023 is estimated at$151.1 billion, a decrease of 17% from the record $182.8 billion in 2022[77]. - U.S. corn prices decreased approximately 32$164,144,000, a decrease from $188,404,000 in the prior year[37]. - The backlog of unshipped orders as of November 30, 2023 was$86.8 million, down from $129.6 million a year earlier, indicating fluctuations due to seasonality and contract timing[80].