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Nov 30, 2023
Lindsay Q1 2024 Earnings Report
Lindsay Corporation's first quarter results for fiscal year 2024 were reported, showing a decrease in total revenues but improvements in irrigation equipment demand and infrastructure operating performance.
Key Takeaways
Lindsay Corporation reported a decrease in total revenues for the first quarter of fiscal year 2024, primarily due to lower international irrigation sales. However, North America irrigation revenue increased, driven by improved demand for irrigation equipment. The infrastructure segment saw improved operating performance due to growth in Road Zipper System leasing.
North America irrigation revenue grew due to improved demand for irrigation equipment.
Irrigation equipment pricing remained stable, supporting gross margin improvement.
Infrastructure operating performance improved, driven by growth in Road Zipper System leasing.
Consolidated revenues decreased primarily due to lower international irrigation sales.
Lindsay
Lindsay
Lindsay Revenue by Segment
Lindsay Revenue by Geographic Location
Revenue by Segment
Irrigation Revenue
CapyFin.comInfrastructure Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
Lindsay Corporation anticipates a stable backdrop for irrigation equipment demand in North America, expecting sales volume levels in developed international markets to improve. They are also seeing a positive impact from increased U.S. infrastructure spending.
Positive Outlook
- Current farm income projections provide a stable backdrop for irrigation equipment demand in North America.
- Moderating inflation supports irrigation equipment demand.
- Anticipation of flat to lower interest rates is a positive factor.
- Sales volume levels in developed international markets, particularly Brazil, are expected to improve.
- Increased U.S. infrastructure spending is positively impacting Road Zipper System leasing and sales of road safety products.
Challenges Ahead
- Customers will invest cautiously.
- Timing of Road Zipper System project implementation remains challenging to predict.
- Lower international irrigation sales compared to the prior year first quarter.
- The irrigation backlog was lower compared to the prior year
- Quoting activity in international irrigation markets remains active and growing
Revenue & Expenses
Visualization of income flow from segment revenue to net income