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Nov 30, 2021
Lindsay Q1 2022 Earnings Report
Lindsay Corporation reported first quarter results with solid irrigation demand and increased revenues, but net earnings were reduced by LIFO impact.
Key Takeaways
Lindsay Corporation's first quarter fiscal 2022 results showed a 53% increase in revenues to $166.2 million compared to the prior year. Net earnings increased to $7.9 million, or $0.72 per diluted share, but were reduced by an after-tax LIFO impact of $4.5 million, or $0.41 per diluted share.
Solid demand for irrigation equipment continued across all geographies.
Irrigation revenues increased 50 percent in North America and 94 percent in international markets.
Infrastructure revenues declined slightly due to lower Road Zipper System® project sales.
First quarter net earnings were reduced by an after-tax LIFO impact of $4.5 million, or $0.41 per diluted share.
Lindsay
Lindsay
Lindsay Revenue by Segment
Revenue by Segment
Irrigation Revenue
CapyFin.comInfrastructure Revenue
CapyFin.com Forward Guidance
Market conditions support continued solid demand for irrigation equipment, and the company expects raw material cost inflation and supply chain challenges to persist in the near term. An increase in infrastructure project activity is expected in the second half of the fiscal year.
Positive Outlook
- Market conditions support continued solid demand for irrigation equipment.
- Focused on protecting and improving margins.
- Expect an increase in infrastructure project activity in the second half of the fiscal year.
- Sharply focused on innovation growth strategy.
- Addressing the needs of a growing population and providing solutions that improve efficiency and promote sustainability.
Challenges Ahead
- Raw material cost inflation is expected to persist in the near term.
- Supply chain challenges are expected to persist in the near term.
- Infrastructure revenues declined slightly on lower Road Zipper System® project sales.
- First quarter net earnings reduced by after-tax LIFO impact of $4.5 million, or $0.41 per diluted share.
- Operating margin was 11.8 percent of sales, compared to 12.2 percent of sales in the prior year first quarter.
Revenue & Expenses
Visualization of income flow from segment revenue to net income