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Aug 31, 2022
Lindsay Q4 2022 Earnings Report
Fourth quarter consolidated earnings tripled with EPS of $1.62, irrigation revenues increased due to strong unit volume growth in North America, and infrastructure revenues increased due to improved Road Zipper System sales.
Key Takeaways
Lindsay Corporation reported strong Q4 2022 results, with consolidated earnings tripling to $17.9 million and EPS reaching $1.62. Revenue increased by 24% to $190.2 million, driven by growth in both the Irrigation and Infrastructure segments. Strong demand for irrigation equipment and increased Road Zipper sales contributed to the positive performance.
Fourth quarter consolidated earnings tripled to $17.9 million with EPS of $1.62.
Fourth quarter Irrigation revenues increased on strong unit volume growth in North America.
Fourth quarter Infrastructure revenues increased on improved Road Zipper System sales.
Full year consolidated results reached all-time highs of $770.7 million in revenues and EPS of $5.94.
Lindsay
Lindsay
Forward Guidance
The company expects a positive outlook for North America irrigation equipment demand and growth in international markets. In the infrastructure business, the company expects to continue delivery of the large Road Zipper System project during the first quarter of fiscal 2023.
Positive Outlook
- Current commodity prices and net farm income projections support a positive outlook for North America irrigation equipment demand for the fall selling season.
- Expect growth in international markets through expanded production driven by positive agricultural market fundamentals and continuing concerns over food security and global grain supplies.
- Expect to continue delivery of the large Road Zipper System project during the first quarter of fiscal 2023.
- Expectations for continued growth in the infrastructure business are supported by an anticipated increase in U.S. infrastructure spending.
- Ongoing management of our project sales funnel.
Challenges Ahead
- Ongoing impacts from inflation can impact capital investment decisions for farmers.
- Supply chain challenges can also impact capital investment decisions for farmers.