Lindsay(US:LNN)2025-04-03 20:10Financial Performance - Operating revenues for the three months ended February 28, 2025, increased to $187,064, representing a 23.4% growth compared to $151,519 for the same period in 2024[7] - Gross profit for the six months ended February 28, 2025, rose to $112,454, up 13.7% from $98,859 in the prior year[7] - Net earnings for the three months ended February 28, 2025, were $26,576, a 46.6% increase from $18,123 in the same quarter of 2024[8] - Earnings per share (EPS) for the six months ended February 28, 2025, increased to $4.03, compared to $3.01 for the same period in 2024, reflecting a 33.9% growth[7] - Operating income for the six months ended February 28, 2025, was $53,006, a 22.7% increase from $43,172 in the prior year[7] - Net earnings for the six months ended February 28, 2025, were $43,739 thousand, an increase from $33,142 thousand for the same period in the previous year, representing a growth of approximately 32.5%[16] - Total comprehensive income for the six months ended February 28, 2025, was $41,246 thousand, compared to $32,527 thousand for the same period in the prior year, indicating an increase of about 27.5%[16] Assets and Liabilities - Total assets as of February 28, 2025, amounted to $814,185, an increase from $765,280 as of February 29, 2024[10] - Total liabilities as of February 28, 2025, were $297,766, up from $282,246 as of February 29, 2024[10] - Cash and cash equivalents increased to $172,044 as of February 28, 2025, compared to $133,415 a year earlier, marking a 29% increase[10] - The total shareholders' equity as of February 28, 2025, was $516,419 thousand, an increase from $483,034 thousand as of February 29, 2024[14] - The company reported contract liabilities of $24.4 million as of February 28, 2025, up from $18.3 million as of February 29, 2024, representing a 33.3% increase[28] Cash Flow and Dividends - The company reported a net cash provided by operating activities of $33,880 thousand for the six months ended February 28, 2025, significantly higher than $12,136 thousand for the same period in the previous year[16] - Cash dividends paid were $7,824 thousand for the six months ended February 28, 2025, reflecting an increase from $7,724 thousand in the same period last year[16] - The Company declared cash dividends of $0.36 per share for the three months ended February 28, 2025, compared to $0.35 for the same period in 2024[7] Segment Performance - Irrigation segment revenues increased 11% to $148.1 million, while infrastructure segment revenues surged 110% to $38.9 million[68] - The irrigation segment accounted for 79% of the Company's revenue for the three months ended February 28, 2025, down from 88% in the prior year[77] - Segment operating income for the infrastructure segment increased 278% to $13.3 million, compared to $3.5 million in the prior year[76] Market and Economic Conditions - The U.S. Department of Agriculture forecasts 2025 U.S. net farm income to be $180.1 billion, a 29% increase from 2024[70] - The infrastructure business is expected to benefit from the $110 billion federal funding introduced by the Infrastructure Investment and Jobs Act, which runs through September 2026[73] Shareholder Actions - The company repurchased common stock worth $1,427 thousand during the six months ended February 28, 2025, compared to no repurchases in the same period last year[16] - The Company repurchased approximately 12,000 shares of its common stock for $1.4 million during the three and six months ended February 28, 2025, with $40.0 million remaining available for future repurchases[57] Tax and Compliance - The estimated annual effective income tax rate decreased to 20.9% for the six months ended February 28, 2025, down from 26.4% for the same period in 2024[35] - The Company was in compliance with all financial loan covenants as of February 28, 2025, and February 29, 2024[108] Environmental and Legal Matters - The Company has accrued an estimated environmental remediation liability of $10.6 million for its Lindsay, Nebraska facility, with $8.0 million calculated on a discounted basis[50] - The Company does not expect the ongoing product liability lawsuits related to its X-Lite® end terminal to have a material adverse effect on its business[49]