Financial Data and Key Metrics Changes - Consolidated revenues for Q3 2025 increased by 22% to $169.5 million compared to $139.2 million in the prior year [9] - Net earnings for the quarter were $19.5 million or $1.78 per diluted share, down from $20.4 million or $1.85 per diluted share in the prior year, primarily due to a one-time income tax credit in the prior year [9][10] - Excluding the tax credit impact, current year earnings per share represent a 26% increase over the prior year [10] Business Line Data and Key Metrics Changes - Irrigation segment revenues increased by 25% to $143.7 million compared to $114.8 million in the prior year [10] - North America irrigation revenues increased by 1% to $69.1 million, with unit sales volume comparable to the prior year [10] - International irrigation revenues surged by 60% to $74.7 million, driven by a large project in the MENA region and higher sales in Brazil [11] - Infrastructure segment revenues increased by 6% to $25.7 million, primarily from higher sales of road safety products [12] Market Data and Key Metrics Changes - In North America, the irrigation market is influenced by weather conditions affecting crop yields and net farm income, with a projected decline in crop revenue [4][5] - The federal government in Brazil raised the benchmark interest rate to 15%, impacting market conditions and credit availability [5] - The project funnel in the MENA region remains strong, with a focus on food security and water resource conservation [6] Company Strategy and Development Direction - The company aims to grow its road safety products and Road Zipper system businesses, particularly through leasing to stabilize revenue [4] - Continued investment in technology partnerships, such as with Pessil Instruments, enhances precision irrigation capabilities and cross-selling opportunities [8] - The company is navigating an evolving tariff environment while leveraging its global footprint to mitigate impacts [7] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the international business, particularly in Brazil, despite current economic challenges [20][47] - The company anticipates that the upcoming crop plan in Brazil will significantly influence funding availability and market conditions [47] - Management remains confident in the long-term growth opportunities in Brazil, despite short-term caution due to high interest rates [47] Other Important Information - Total available liquidity at the end of Q3 was $261 million, including $211 million in cash and equivalents [13] - The company delivered $24 million in large projects during Q3, slightly ahead of schedule [56] Q&A Session Summary Question: Impact of Middle East tensions on large project activity - Management does not foresee significant short-term impacts on large project activity due to ongoing tensions, with long-term drivers related to food security remaining intact [19] Question: Long-term growth opportunity in Brazil - Management remains optimistic about Brazil's growth potential, citing low irrigation adoption rates and improving credit conditions [20] Question: Impact of tax credits on demand outlook - Tax credits and accelerated depreciation are expected to shift demand timing rather than increase overall demand, particularly benefiting the irrigation business [22] Question: Pricing trends and regional impacts - Pricing actions have been proactive, with slight impacts on revenues, particularly in the U.S. market [30] Question: Drought impact on machine demand - Management does not expect significant increases in machine demand due to drought conditions, although there may be increased service business [35] Question: Margins on new MENA project - Comparable margins are expected for the new $20 million project as with previous larger projects in the region [38] Question: North American pivot sales correlation with major equipment manufacturers - Different go-to-market models and regional demand variations explain the disconnect between pivot sales and major equipment manufacturers' volumes [61]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The value of a statistical life (VSL) is crucial for cost-benefit analysis (CBA) in road safety and socio-economic cost calculations of road crashes, particularly in low- and middle-income countries (LMIC) where specific VSL estimates are often lacking [2][9] - A new value transfer approach is proposed to estimate VSL in countries without specific data, utilizing income elasticities to adapt VSL estimates from other countries [5][12] - The study emphasizes the need for more VSL research in LMICs, highlighting the limited number of existing studies [5][31] Summary by Sections Methodology - A unit value transfer approach is utilized, determining a base VSL from 32 countries to estimate VSL in other nations based on income per capita [3][4] - The resulting VSL transfer functions are defined for LMIC and high-income countries (HIC), with specific equations relating VSL to Gross National Income (GNI) per capita [4][31] Results - The VSL for LMIC ranges from approximately 22,000 USD to 1.1 million USD, while for HIC it ranges from 1.2 million USD to 4.8 million USD [4][25] - The mean VSL is reported as 2.6 million USD, with significant variation observed between LMIC and HIC [23][28] Recommendations - The report recommends applying the new VSL transfer approach for CBA in countries lacking appropriate country-specific VSL, and suggests developing transfer functions for non-fatal injuries [5][33] - Future research should focus on increasing the number of VSL studies in LMIC, particularly in low-income countries [31][35]

Lindsay Corporation (NYSE:LNN) Q2 2025 Earnings Conference Call April 3, 2025 11:00 AM ET Company Participants Randy Wood - President & Chief Executive Officer Brian Ketcham - Chief Financial Officer Conference Call Participants Brian Drab - William Blair Ryan Connors - Northcoast Research Partners Adam Farley - Stifel Operator Good day, and welcome to the Lindsay Corporation Fiscal Second Quarter 2025 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please not ...