Lindsay Q1 Earnings Beat Estimates, Revenues Increase Y/Y

Core Viewpoint - Lindsay Corporation reported strong earnings in the first quarter of fiscal 2025, exceeding expectations and showing year-over-year growth in both earnings per share and revenue [1][3]. Financial Performance - Earnings per share for Q1 fiscal 2025 were $1.57, surpassing the Zacks Consensus Estimate of $1.34, representing a 15% increase year over year [1]. - Revenue for the quarter was $166 million, up from $161 million in the same quarter last year, meeting the Zacks Consensus Estimate [1]. - The cost of operating revenues improved by 4.4% year over year to approximately $116 million, with gross profit remaining relatively flat at $50 million [3]. - Operating expenses increased by 0.7% year over year to around $29 million, resulting in an operating income of roughly $22 million, up from $21 million in the prior year [3]. Segment Performance - The Irrigation segment's revenues rose by 5% year over year to about $147 million, although North American irrigation revenues fell by 13% to approximately $78 million due to lower unit sales [5]. - The International irrigation segment saw a significant revenue increase of 37% year over year to around $69 million [5]. - The Infrastructure segment's revenues decreased by 9% year over year to roughly $19 million, attributed to timing differences in Road Zipper System lease revenues, while operating income for this segment increased by 14% to $4.1 million [6]. Backlog and Financial Position - The company's backlog as of November 30, 2024, was approximately $168 million, a significant increase from about $87 million a year earlier [2]. - Cash and cash equivalents at the end of Q1 fiscal 2025 were around $194 million, up from $159 million at the end of Q1 fiscal 2024, with long-term debt remaining stable at approximately $115 million [8]. Future Outlook - The company anticipates growth in its infrastructure segment for fiscal 2025, driven by a large Road Zipper System project recently secured [9]. - Market conditions in North America and Brazil's irrigation markets are expected to remain soft in the near term [9]. Stock Performance - Lindsay's shares have declined by 9.8% over the past year, contrasting with the industry's growth of 0.9% [10].