Lindsay Corporation Reports Second Quarter Fiscal 2024 Results
- None.
- Total revenues decreased by 9% to $151.5 million compared to the prior year.
- Operating income decreased by 19% to $22.1 million.
- Net earnings remained flat at $18.1 million.
- Irrigation segment revenues decreased by 10% to $133.0 million.
- International irrigation revenues declined by 13% due to lower sales volumes in Brazil and other Latin American markets.
- Operating income for the irrigation segment decreased by 22% to $25.6 million.
- Infrastructure segment revenues remained flat at $18.5 million.
- Infrastructure segment operating income increased by 74% to $3.5 million.
- Backlog of unfilled orders decreased slightly to $94.2 million.
- Projected decline in U.S. net farm income could negatively impact demand for irrigation equipment in fiscal 2024.
Insights
The recent earnings report from Lindsay Corporation indicates a mixed financial picture, with a notable decrease in total revenues by 9 percent, primarily due to lower irrigation revenues, particularly in the Brazilian market. Despite this, the company has managed to maintain stable demand for irrigation equipment in North America and has seen an increase in its infrastructure segment operating income by 74 percent, largely due to the Road Zipper System lease revenues.
From a market perspective, the stability in North American irrigation demand suggests resilience in this segment, potentially cushioning the company against volatility in international markets. The decline in Brazilian market activity, however, could signal broader agricultural economic issues in the region, such as the significant drop in commodity prices mentioned, which may have ripple effects on companies with exposure to agricultural inputs and technology in emerging markets.
The company's strategic investments in innovation and modernization, including the implementation of Industry 4.0 technologies, indicate a long-term focus on efficiency and product development. This could position Lindsay Corporation favorably as industries increasingly adopt smart technologies and automation. However, the capital expenditure required for such investments may impact short-term financials and should be monitored by stakeholders.
Analyzing the financials, the slight increase in diluted earnings per share (from $1.63 to $1.64) in the face of declining revenues suggests that Lindsay Corporation has effectively managed costs or benefited from other income sources. The stable net earnings year-over-year, despite reduced operating income, can be attributed to the company's favorable tax benefits and interest income, which may not be sustainable long-term strategies for growth.
The reported operating margin contraction from 16.4% to 14.6% is a concern as it reflects decreased operational efficiency. This could be a result of fixed operating expenses being spread over a lower revenue base. The future outlook also raises caution, with the USDA's projection of a declining U.S. net farm income potentially dampening demand for irrigation equipment. Investors might be wary of the impact this could have on Lindsay Corporation's future performance.
It is important to note that the backlog of unfilled orders has slightly decreased, which might be an indicator of future revenue streams. However, the company's confidence in the growth opportunities in South America suggests optimism for a rebound, although this is juxtaposed with an acknowledgment of near-term tempered demand.
The report's implications for the agricultural sector are significant, particularly in the context of Lindsay Corporation's performance in North America versus Brazil. The stability in the North American market may reflect a more robust agricultural economy or better adaptation to market conditions, such as the carryover impact of solid farm profits from the previous year. In contrast, the downturn in Brazil points to the sensitivity of agricultural equipment demand to commodity prices and credit availability.
The introduction of the next generation of FieldNET™ technology suggests an ongoing trend in the agricultural sector towards precision irrigation management and data-driven farming practices. This aligns with broader industry trends emphasizing sustainability and resource efficiency, which could become increasingly important as environmental concerns and regulatory pressures grow.
Finally, the mention of the Road Zipper System™ and its increasing proportion of infrastructure segment revenues highlights the potential for diversification in agricultural technology companies. The ability to leverage infrastructure spending for growth, even as traditional revenue streams in the sector face challenges, could be a critical strategy for businesses in this space.
Irrigation demand in
Key Highlights
-
Total revenues decreased 9 percent to
$151.5 million - Increased Road Zipper System™ lease revenues support accretive sales mix shift and improved infrastructure results
-
Diluted earnings per share of
$1.64 $1.63
“Demand for irrigation equipment in
"We continue to invest in our innovation strategy, driving value creation through our advanced technology platforms. During the second quarter we successfully launched the next generation of our industry leading FieldNET™ platform that provides growers with an intuitive and easy-to-use interface with enhanced capabilities for precision irrigation management. In January, we announced plans to invest more than
Second Quarter Summary
Consolidated Financial Summary |
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Second Quarter |
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(dollars in millions, except per share amounts) |
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FY2024 |
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FY2023 |
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$ Change |
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% Change |
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Total revenues |
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( |
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( |
Operating income |
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( |
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( |
Operating margin |
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Net earnings |
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Diluted earnings per share |
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Revenues for the quarter were
Operating income for the quarter was
Net earnings for the quarter were
Second Quarter Segment Results
Irrigation Segment |
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Second Quarter |
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(dollars in millions) |
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FY2024 |
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FY2023 |
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$ Change |
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% Change |
Revenues: |
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( |
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( |
International |
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( |
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( |
Total revenues |
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( |
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( |
Operating income |
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( |
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( |
Operating margin |
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|
Irrigation segment revenues for the quarter were
International irrigation revenues of
Irrigation segment operating income for the quarter was
Infrastructure Segment |
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Second Quarter |
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(dollars in millions) |
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FY2024 |
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FY2023 |
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$ Change |
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% Change |
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|
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|
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|
Total revenues |
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Operating income |
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Operating margin |
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|
Infrastructure segment revenues for the quarter of
Infrastructure segment operating income for the quarter was
The backlog of unfilled orders as of February 29, 2024, was
Outlook
Mr. Wood concluded, “The USDA recently released the initial projection for 2024 U.S. net farm income which reflects a substantial decline compared to 2023 levels and was below broader market expectations. The forecasted decline, if realized, could negatively affect demand for irrigation equipment during the remainder of our fiscal 2024. We remain confident in the growth opportunity in
“In our infrastructure business, we expect continued growth in our Road Zipper System lease revenues through increased construction activity supported by growth in
Second Quarter Conference Call
Lindsay’s fiscal 2024 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
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
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.
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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS |
|
|||||||||||||||||||
(Unaudited) |
|
|||||||||||||||||||
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|
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||||||||
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Three months ended |
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Six months ended |
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||||||||||||||
(in thousands, except per share amounts) |
|
|
February 29,
|
|
|
|
February 28,
|
|
|
|
February 29,
|
|
|
|
February 28,
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating revenues |
|
$ |
|
151,519 |
|
|
$ |
|
166,241 |
|
|
$ |
|
312,877 |
|
|
$ |
|
342,400 |
|
Cost of operating revenues |
|
|
|
102,565 |
|
|
|
|
111,983 |
|
|
|
|
214,018 |
|
|
|
|
235,122 |
|
Gross profit |
|
|
|
48,954 |
|
|
|
|
54,258 |
|
|
|
|
98,859 |
|
|
|
|
107,278 |
|
|
|
|
|
|
|
|
|
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|
|
|
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Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Selling expense |
|
|
|
9,498 |
|
|
|
|
8,733 |
|
|
|
|
19,315 |
|
|
|
|
18,410 |
|
General and administrative expense |
|
|
|
13,466 |
|
|
|
|
13,739 |
|
|
|
|
28,128 |
|
|
|
|
28,176 |
|
Engineering and research expense |
|
|
|
3,892 |
|
|
|
|
4,521 |
|
|
|
|
8,244 |
|
|
|
|
8,829 |
|
Total operating expenses |
|
|
|
26,856 |
|
|
|
|
26,993 |
|
|
|
|
55,687 |
|
|
|
|
55,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating income |
|
|
|
22,098 |
|
|
|
|
27,265 |
|
|
|
|
43,172 |
|
|
|
|
51,863 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense |
|
|
|
(830 |
) |
|
|
|
(1,038 |
) |
|
|
|
(1,707 |
) |
|
|
|
(1,947 |
) |
Interest income |
|
|
|
1,295 |
|
|
|
|
490 |
|
|
|
|
2,363 |
|
|
|
|
865 |
|
Other income (expense), net |
|
|
|
134 |
|
|
|
|
(984 |
) |
|
|
|
(136 |
) |
|
|
|
(1,043 |
) |
Total other income (expense) |
|
|
|
599 |
|
|
|
|
(1,532 |
) |
|
|
|
520 |
|
|
|
|
(2,125 |
) |
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
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|
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Earnings before income taxes |
|
|
|
22,697 |
|
|
|
|
25,733 |
|
|
|
|
43,692 |
|
|
|
|
49,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income tax expense |
|
|
|
4,574 |
|
|
|
|
7,681 |
|
|
|
|
10,550 |
|
|
|
|
13,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Net earnings |
|
$ |
|
18,123 |
|
|
$ |
|
18,052 |
|
|
$ |
|
33,142 |
|
|
$ |
|
36,269 |
|
|
|
|
|
|
|
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|
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Earnings per share: |
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|
|
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|
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|
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|
||||
Basic |
|
$ |
|
1.64 |
|
|
$ |
|
1.64 |
|
|
$ |
|
3.01 |
|
|
$ |
|
3.30 |
|
Diluted |
|
$ |
|
1.64 |
|
|
$ |
|
1.63 |
|
|
$ |
|
2.99 |
|
|
$ |
|
3.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
||||
Shares used in computing earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
|
11,033 |
|
|
|
|
11,007 |
|
|
|
|
11,025 |
|
|
|
|
10,998 |
|
Diluted |
|
|
|
11,074 |
|
|
|
|
11,063 |
|
|
|
|
11,067 |
|
|
|
|
11,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash dividends declared per share |
|
$ |
|
0.35 |
|
|
$ |
|
0.34 |
|
|
$ |
|
0.70 |
|
|
$ |
|
0.68 |
|
|
|
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SUMMARY OPERATING RESULTS |
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(Unaudited) |
|
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|
|
|
|
|
||||
|
|
Three months ended |
|
|
|
Six months ended |
|
|||||||||||||
(in thousands) |
|
|
February 29,
|
|
|
|
February 28,
|
|
|
|
February 29,
|
|
|
|
February 28,
|
|
||||
Operating revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Irrigation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
|
82,845 |
|
|
$ |
|
90,354 |
|
|
$ |
|
172,222 |
|
|
$ |
|
174,288 |
|
International |
|
|
|
50,173 |
|
|
|
|
57,422 |
|
|
|
|
100,964 |
|
|
|
|
125,571 |
|
Irrigation segment |
|
|
|
133,018 |
|
|
|
|
147,776 |
|
|
|
|
273,186 |
|
|
|
|
299,859 |
|
Infrastructure segment |
|
|
|
18,501 |
|
|
|
|
18,465 |
|
|
|
|
39,691 |
|
|
|
|
42,541 |
|
Total operating revenues |
|
$ |
|
151,519 |
|
|
$ |
|
166,241 |
|
|
$ |
|
312,877 |
|
|
$ |
|
342,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Irrigation segment |
|
$ |
|
25,649 |
|
|
$ |
|
32,820 |
|
|
$ |
|
50,956 |
|
|
$ |
|
61,461 |
|
Infrastructure segment |
|
|
|
3,506 |
|
|
|
|
2,019 |
|
|
|
|
7,125 |
|
|
|
|
5,391 |
|
Corporate |
|
|
|
(7,057 |
) |
|
|
|
(7,574 |
) |
|
|
|
(14,909 |
) |
|
|
|
(14,989 |
) |
Total operating income |
|
$ |
|
22,098 |
|
|
$ |
|
27,265 |
|
|
$ |
|
43,172 |
|
|
$ |
|
51,863 |
|
The Company manages its business activities in two reportable segments as follows:
Irrigation – This reporting segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems, as well as various innovative technology solutions such as GPS positioning and guidance, variable rate irrigation, remote irrigation management and scheduling technology, irrigation consulting and design and industrial IoT solutions.
Infrastructure – This reporting segment includes the manufacture and marketing of movable barriers, specialty barriers, crash cushions and end terminals, and road marking and road safety equipment.
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CONDENSED CONSOLIDATED BALANCE SHEETS |
|
||||||||||||||
(Unaudited) |
|
||||||||||||||
|
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|
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|
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|||||
|
|
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|
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|||
(in thousands) |
|
February 29,
|
|
|
February 28,
|
|
|
August 31,
|
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||||||
|
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ASSETS |
|
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|
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Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cash and cash equivalents |
|
$ |
|
133,415 |
|
|
$ |
|
97,675 |
|
|
$ |
|
160,755 |
|
Marketable securities |
|
|
|
17,219 |
|
|
|
|
8,763 |
|
|
|
|
5,556 |
|
Receivables, net |
|
|
|
153,624 |
|
|
|
|
167,007 |
|
|
|
|
144,774 |
|
Inventories, net |
|
|
|
167,334 |
|
|
|
|
178,703 |
|
|
|
|
155,932 |
|
Other current assets |
|
|
|
29,121 |
|
|
|
|
27,973 |
|
|
|
|
20,467 |
|
Total current assets |
|
|
|
500,713 |
|
|
|
|
480,121 |
|
|
|
|
487,484 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Property, plant, and equipment, net |
|
|
|
110,691 |
|
|
|
|
93,838 |
|
|
|
|
99,681 |
|
Intangibles, net |
|
|
|
26,277 |
|
|
|
|
17,329 |
|
|
|
|
27,719 |
|
Goodwill |
|
|
|
84,099 |
|
|
|
|
67,409 |
|
|
|
|
83,121 |
|
Operating lease right-of-use assets |
|
|
|
16,755 |
|
|
|
|
17,984 |
|
|
|
|
17,036 |
|
Deferred income tax assets |
|
|
|
9,203 |
|
|
|
|
9,518 |
|
|
|
|
10,885 |
|
Other noncurrent assets |
|
|
|
17,542 |
|
|
|
|
22,881 |
|
|
|
|
19,734 |
|
Total assets |
|
$ |
|
765,280 |
|
|
$ |
|
709,080 |
|
|
$ |
|
745,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Accounts payable |
|
$ |
|
47,903 |
|
|
$ |
|
52,998 |
|
|
$ |
|
44,278 |
|
Current portion of long-term debt |
|
|
|
228 |
|
|
|
|
224 |
|
|
|
|
226 |
|
Other current liabilities |
|
|
|
81,147 |
|
|
|
|
79,566 |
|
|
|
|
91,604 |
|
Total current liabilities |
|
|
|
129,278 |
|
|
|
|
132,788 |
|
|
|
|
136,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Pension benefits liabilities |
|
|
|
4,234 |
|
|
|
|
4,733 |
|
|
|
|
4,382 |
|
Long-term debt |
|
|
|
115,075 |
|
|
|
|
115,253 |
|
|
|
|
115,164 |
|
Operating lease liabilities |
|
|
|
16,936 |
|
|
|
|
18,659 |
|
|
|
|
17,689 |
|
Deferred income tax liabilities |
|
|
|
677 |
|
|
|
|
702 |
|
|
|
|
689 |
|
Other noncurrent liabilities |
|
|
|
16,046 |
|
|
|
|
14,673 |
|
|
|
|
15,977 |
|
Total liabilities |
|
|
|
282,246 |
|
|
|
|
286,808 |
|
|
|
|
290,009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Shareholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Preferred stock |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
Common stock |
|
|
|
19,122 |
|
|
|
|
19,091 |
|
|
|
|
19,094 |
|
Capital in excess of stated value |
|
|
|
101,060 |
|
|
|
|
94,834 |
|
|
|
|
98,508 |
|
Retained earnings |
|
|
|
661,715 |
|
|
|
|
607,784 |
|
|
|
|
636,297 |
|
Less treasury stock - at cost |
|
|
|
(277,238 |
) |
|
|
|
(277,238 |
) |
|
|
|
(277,238 |
) |
Accumulated other comprehensive loss, net |
|
|
|
(21,625 |
) |
|
|
|
(22,199 |
) |
|
|
|
(21,010 |
) |
Total shareholders' equity |
|
|
|
483,034 |
|
|
|
|
422,272 |
|
|
|
|
455,651 |
|
Total liabilities and shareholders' equity |
|
$ |
|
765,280 |
|
|
$ |
|
709,080 |
|
|
$ |
|
745,660 |
|
|
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
||||||||
(Unaudited) |
|
||||||||
|
|
|
|
|
|
|
|
||
|
Six months ended |
|
|||||||
(in thousands) |
|
February 29, 2024 |
|
|
|
February 28, 2023 |
|
||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
||
Net earnings |
$ |
|
33,142 |
|
|
$ |
|
36,269 |
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
10,574 |
|
|
|
|
9,695 |
|
Provision for uncollectible accounts receivable |
|
|
249 |
|
|
|
|
834 |
|
Deferred income taxes |
|
|
1,488 |
|
|
|
|
(185 |
) |
Share-based compensation expense |
|
|
3,335 |
|
|
|
|
3,089 |
|
Unrealized foreign currency transaction (gain) loss |
|
|
(94 |
) |
|
|
|
878 |
|
Other, net |
|
|
150 |
|
|
|
|
354 |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
||
Receivables |
|
|
(9,349 |
) |
|
|
|
(28,707 |
) |
Inventories |
|
|
(12,003 |
) |
|
|
|
14,014 |
|
Other current assets |
|
|
(7,009 |
) |
|
|
|
1,635 |
|
Accounts payable |
|
|
3,792 |
|
|
|
|
(6,178 |
) |
Other current liabilities |
|
|
(15,186 |
) |
|
|
|
(25,553 |
) |
Other noncurrent assets and liabilities |
|
|
3,047 |
|
|
|
|
1,742 |
|
Net cash provided by operating activities |
|
|
12,136 |
|
|
|
|
7,887 |
|
|
|
|
|
|
|
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
||
Purchases of property, plant, and equipment |
|
|
(18,773 |
) |
|
|
|
(7,222 |
) |
Purchases of marketable securities |
|
|
(15,042 |
) |
|
|
|
— |
|
Proceeds from maturities of marketable securities |
|
|
3,525 |
|
|
|
|
2,725 |
|
Other investing activities, net |
|
|
(540 |
) |
|
|
|
(1,214 |
) |
Net cash used in investing activities |
|
|
(30,830 |
) |
|
|
|
(5,711 |
) |
|
|
|
|
|
|
|
|
||
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
||
Proceeds from exercise of stock options |
|
|
479 |
|
|
|
|
— |
|
Dividends paid |
|
|
(7,724 |
) |
|
|
|
(7,485 |
) |
Common stock withheld for payroll tax obligations |
|
|
(1,575 |
) |
|
|
|
(2,471 |
) |
Other financing activities, net |
|
|
229 |
|
|
|
|
128 |
|
Net cash used in financing activities |
|
|
(8,591 |
) |
|
|
|
(9,828 |
) |
|
|
|
|
|
|
|
|
||
Effect of exchange rate changes on cash and cash equivalents |
|
|
(55 |
) |
|
|
|
279 |
|
Net change in cash and cash equivalents |
|
|
(27,340 |
) |
|
|
|
(7,373 |
) |
Cash and cash equivalents, beginning of period |
|
|
160,755 |
|
|
|
|
105,048 |
|
Cash and cash equivalents, end of period |
$ |
|
133,415 |
|
|
$ |
|
97,675 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240404581249/en/
For further information:
LINDSAY CORPORATION:
Alicia Pfeifer
Vice President, Investor Relations & Treasury
402-933-6429
Alicia.Pfeifer@lindsay.com
Alpha IR:
Joe Caminiti or Stephen Poe
312-445-2870
LNN@alpha-ir.com
Source: Lindsay Corporation
FAQ
What was Lindsay 's (NYSE: LNN) total revenue for the second quarter of FY2024?
What was the diluted earnings per share for Lindsay (NYSE: LNN) in the second quarter of FY2024?
How did the irrigation segment revenues for Lindsay (NYSE: LNN) change in the second quarter of FY2024?
What impacted the decrease in international irrigation revenues for Lindsay (NYSE: LNN) in the second quarter of FY2024?
What was the operating income for the infrastructure segment of Lindsay (NYSE: LNN) in the second quarter of FY2024?
What was the backlog of unfilled orders for Lindsay (NYSE: LNN) as of February 29, 2024?
What could negatively affect demand for irrigation equipment for Lindsay (NYSE: LNN) in fiscal 2024?
