https://assets.capyfin.com/instruments/678fdc13234e27009c5d60c9.png avatar
Lindsay
🇺🇸 NYSE:LNN
View Company
OverviewEarningsDividends
•
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.

Total Revenue
$161M
Previous year: $176M
-8.4%
EPS
$1.36
Previous year: $1.65
-17.6%
Operating Margin
13.1%
Gross Profit
$49.9M
Previous year: $53M
-5.9%
Cash and Equivalents
$159M
Previous year: $99.2M
+60.7%
Free Cash Flow
$14.9M
Previous year: $884K
+1589.0%
Total Assets
$764M
Previous year: $708M
+7.9%

Lindsay

Lindsay

Lindsay Revenue by Segment

Lindsay Revenue by Geographic Location

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

Company Overview

Full financial data and analysis

View Lindsay