Lindsay Corporation Reports Fiscal 2021 Second Quarter Results
Lindsay Corporation (NYSE: LNN) reported a 26% revenue increase to $143.6 million for Q2 fiscal 2021, compared to $113.8 million in the prior year. Net earnings surged to $11.9 million, or $1.08 per diluted share, up from $5.5 million, or $0.51 per diluted share. Growth was fueled by strong demand for irrigation equipment driven by high commodity prices. The irrigation segment saw a 27% revenue rise to $118.6 million, while the infrastructure segment grew 23% to $25.0 million. The backlog of orders decreased to $101.4 million, reflecting prior large orders not repeating.
Outlook remains positive despite challenges from rising raw material costs and ongoing supply chain issues.
- 26% revenue increase to $143.6 million in Q2 fiscal 2021.
- Net earnings rose to $11.9 million, or $1.08 per diluted share.
- Irrigation segment revenue increased 27% to $118.6 million.
- Strong demand driven by high agricultural commodity prices.
- Infrastructure segment revenue grew 23% to $25.0 million.
- Backlog of orders decreased to $101.4 million from $104.4 million.
- Challenges from significantly higher raw material and freight costs.
- Expected delays in road construction activity due to coronavirus.
Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, today announced results for its second quarter of fiscal 2021, which ended on February 28, 2021.
Second Quarter Summary
Revenues for the second quarter of fiscal 2021 were
“Second quarter results were aided by improved agricultural market conditions as commodity prices reached their highest level in several years. We experienced strong demand for irrigation equipment throughout the quarter in North America as well as most international markets,” said Randy Wood, President and Chief Executive Officer. “Improved results in our infrastructure business resulted from higher Road Zipper System® sales and lease revenue,” Mr. Wood continued.
Second Quarter Segment Results
Irrigation segment revenues for the second quarter of fiscal 2021 increased
Irrigation segment operating income was
Infrastructure segment revenues for the second quarter of fiscal 2021 increased
Infrastructure segment operating income was
The backlog of unfilled orders at February 28, 2021 was
Outlook
“Solid agricultural market fundamentals set the stage for improved irrigation equipment demand for the balance of the year. Significantly higher raw material and freight costs, along with supply chain constraints, continue to present challenges but our teams have been effective in working through these issues,” said Mr. Wood. “In our infrastructure business, while our sales pipeline remains robust, we expect continued coronavirus-related delays in road construction activity and projects.
Mr. Wood continued, “Our financial position remains strong, providing support for our innovation growth strategy across our businesses that address global megatrends and provide solutions that improve customer profitability and assist in their sustainability efforts.”
Second Quarter Conference Call
Lindsay’s fiscal 2021 second quarter investor conference call is scheduled for 11:00 a.m. Eastern Time today. Interested investors may participate in the call by dialing (833) 535-2202 in the U.S., or (412) 902-6745 internationally, and requesting the Lindsay Corporation call. Additionally, the conference call will be simulcast live on the Internet and can be accessed via the investor relations section of the Company's Web site, www.lindsay.com. Replays of the conference call will remain on our Web site through the next quarterly earnings release. The Company will have a slide presentation available to augment management's formal presentation, which will also be accessible via the Company's Web site.
About the Company
Lindsay Corporation (NYSE: LNN) is a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology. Established in 1955, the company has been at the forefront of research and development of innovative solutions to meet the food, fuel, fiber and transportation needs of the world’s rapidly growing population. The Lindsay family of irrigation brands includes Zimmatic® center pivot and lateral move agricultural irrigation systems and FieldNET® remote irrigation management and scheduling technology, as well as irrigation consulting and design and industrial IoT solutions. Also a global leader in the transportation industry, Lindsay Transportation Solutions manufactures equipment to improve road safety and keep traffic moving on the world’s roads, bridges and tunnels, through the Barrier Systems®, Road Zipper® and Snoline™ brands. For more information about Lindsay Corporation, visit www.lindsay.com.
Concerning Forward-looking Statements
This release contains forward-looking statements that are subject to risks and uncertainties and which reflect management’s current beliefs and estimates of future economic circumstances, industry conditions, Company performance and financial results. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that the Company files with the Securities and Exchange Commission. Forward-looking statements include information concerning possible or assumed future results of operations and planned financing of the Company and those statements preceded by, followed by or including the words “anticipate,” “estimate,” “believe,” “intend,” "expect," "outlook," "could," "may," "should," “will,” or similar expressions. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company undertakes no obligation to update any forward-looking information contained in this press release.
LINDSAY CORPORATION AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS |
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(Unaudited) |
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Three months ended |
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Six months ended |
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(in thousands, except per share amounts) |
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February 28,
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February 29,
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February 28,
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February 29,
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Operating revenues |
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$ |
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143,577 |
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$ |
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113,788 |
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$ |
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252,062 |
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$ |
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223,181 |
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Cost of operating revenues |
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102,403 |
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80,382 |
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179,480 |
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155,701 |
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Gross profit |
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41,174 |
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33,406 |
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72,582 |
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67,480 |
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Operating expenses: |
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Selling expense |
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7,778 |
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8,192 |
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15,110 |
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14,684 |
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General and administrative expense |
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14,275 |
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13,167 |
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27,727 |
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24,971 |
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Engineering and research expense |
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3,312 |
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3,405 |
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6,402 |
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6,907 |
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Total operating expenses |
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25,365 |
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24,764 |
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FAQ
What were Lindsay Corporation's earnings for Q2 fiscal 2021?
Lindsay Corporation reported net earnings of $11.9 million, or $1.08 per diluted share, for Q2 fiscal 2021.
How much did Lindsay Corporation's revenue increase in Q2 fiscal 2021?
Revenues increased by 26% to $143.6 million in Q2 fiscal 2021 compared to the previous year.
What is Lindsay Corporation's outlook for the rest of fiscal 2021?
The outlook remains positive, with expected improved demand for irrigation equipment despite challenges from rising costs and supply chain issues.
How did the irrigation segment perform in Q2 fiscal 2021?
The irrigation segment saw a revenue increase of 27% to $118.6 million in Q2 fiscal 2021.
What challenges did Lindsay Corporation mention in the press release?
Challenges include significantly higher raw material costs, freight costs, and expected delays in road construction activity due to the coronavirus.
Lindsay Corporation
NYSE:LNNLNN RankingsLNN Latest NewsLNN Stock Data
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Farm & Heavy Construction Machinery
Farm Machinery & Equipment
United States of America
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