Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Lindsay Corporation Reports Third Quarter Fiscal 2024 Results By: Lindsay Corporation via Business Wire June 27, 2024 at 06:45 AM EDT Infrastructure results support consolidated margin performance, partially offsetting global irrigation market softness Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, today announced results for its third quarter ended on May 31, 2024. Key Highlights Diluted earnings per share of $1.85 compared to $1.53 in the prior year quarter Recognition of an income tax credit in Brazil adds $4.8 million to net earnings Secured large multi-year international irrigation supply agreement valued at more than $100 million Completed $17.9 million in share repurchases during the quarter “Market conditions in our irrigation segment continue to weigh on farmer sentiment, resulting in demand softness. In North America, high precipitation levels and wet field conditions across the Midwest contributed to lower sales of irrigation equipment and replacement parts during our third quarter," said Randy Wood, President and Chief Executive Officer. "In Brazil, the market continues to be tempered by lower commodity prices and tight credit availability. We remain encouraged by the growing strength and momentum in our infrastructure business, supported by new project sales and momentum in leasing revenues of our Road Zipper System™. The growth and margin expansion we achieved in our infrastructure business for the quarter helped to offset some of the softness in the irrigation business." "Earlier this month we announced that we had entered into a multi-year supply agreement to provide Zimmatic™ irrigation systems and FieldNET™ remote management and scheduling technology to a significant customer in the Middle East and North Africa (MENA) region. The project, valued at more than $100 million, is the largest in Lindsay's history and further demonstrates our ability to execute large-scale and complex projects that address the critical needs of our customers. The execution of this project will help to enhance the customer's ability to increase food production, conserve scarce water resources and improve quality of life. Notably, the attributes of this key project are reflective of the growth opportunities presented in international markets, where secular global trends align with Lindsay's ability to help customers optimize resources while creating sustained value through our leading combination of irrigation hardware and precision technology platforms." "During the third quarter we also completed share repurchases totaling $17.9 million, which aligns with our capital allocation priorities to utilize our strong balance sheet to enhance shareholder value. Additionally, this further demonstrates our ability to both invest in value creation opportunities, including the $50 million investment in Lindsay, Nebraska announced earlier this year, while also returning cash to shareholders at opportune times." Third Quarter Summary Consolidated Financial Summary Third Quarter (dollars in millions, except per share amounts) FY2024 FY2023 $ Change % Change Total revenues $139.2 $164.6 ($25.4) (15%) Operating income $19.9 $27.0 ($7.0) (26%) Operating margin 14.3% 16.4% Net earnings $20.4 $16.9 $3.5 21% Diluted earnings per share $1.85 $1.53 $0.32 21% Revenues for the quarter were $139.2 million, a decrease of $25.4 million, or 15 percent, compared to revenues of $164.6 million in the prior year third quarter. An increase in infrastructure segment revenues was more than offset by lower irrigation segment revenues compared to the prior year third quarter. Operating income for the quarter was $19.9 million, a decrease of $7.0 million, or 26 percent, compared to operating income of $27.0 million in the prior year third quarter. Operating margin was 14.3 percent of sales, compared to 16.4 percent of sales in the prior year quarter. The decrease in operating income and margin resulted mainly from lower irrigation segment revenues and the impact from deleverage of fixed operating expenses. This decrease was partially offset by improved operating income and operating margin in the infrastructure segment. Net earnings for the quarter were $20.4 million, or $1.85 per diluted share, compared with net earnings of $16.9 million, or $1.53 per diluted share, for the prior year third quarter. The impact of lower operating income was favorably offset by higher other income, driven by increased interest income and favorable foreign currency translation results compared to the prior year third quarter, along with the recognition of an income tax credit in Brazil of $4.8 million, or $0.44 per diluted share. Third Quarter Segment Results Irrigation Segment Third Quarter (dollars in millions) FY2024 FY2023 $ Change % Change Revenues: North America $68.2 $75.0 ($6.8) (9%) International $46.6 $67.5 ($20.9) (31%) Total revenues $114.8 $142.6 ($27.7) (19%) Operating income $19.5 $30.7 ($11.2) (36%) Operating margin 17.0% 21.6% Irrigation segment revenues for the quarter were $114.8 million, a decrease of $27.7 million, or 19 percent, compared to $142.6 million in the prior year third quarter. North America irrigation revenues of $68.2 million decreased $6.8 million, or 9 percent, compared to the prior year third quarter. The decrease resulted from a combination of lower unit sales volume of irrigation equipment, lower sales of replacement parts and slightly lower average selling prices compared to the prior year third quarter. International irrigation revenues of $46.6 million decreased $20.9 million, or 31 percent, compared to the prior year third quarter. The decrease resulted primarily from lower sales volumes in Brazil and other Latin America markets compared to the prior year third quarter while demand in other markets remained stable. In Brazil, order activity remains constrained due to the impact lower commodity prices have on grower profitability and available liquidity, which is reducing growers' ability to invest in irrigation equipment in the near term. The decrease in revenues was partially offset by the favorable effects of foreign currency translation of approximately $0.7 million compared to the prior year third quarter. Irrigation segment operating income for the quarter was $19.5 million, a decrease of $11.2 million, or 36 percent, compared to the prior year third quarter. Operating margin was 17.0 percent of sales, compared to 21.6 percent of sales in the prior year third quarter. Lower operating income and margin resulted mainly from lower revenues and the impact from deleverage of fixed operating expenses. Infrastructure Segment Third Quarter (dollars in millions) FY2024 FY2023 $ Change % Change Total revenues $24.4 $22.0 $2.4 11% Operating income $6.3 $3.6 $2.7 76% Operating margin 25.8% 16.2% Infrastructure segment revenues for the quarter were $24.4 million, an increase of $2.4 million, or 11 percent, compared to $22.0 million in the prior year third quarter. The increase resulted from higher Road Zipper System sales and higher lease revenues compared to the prior year third quarter. The impact of higher sales of road safety products in the U.S. was offset by lower sales in international markets compared to the prior year third quarter. Infrastructure segment operating income for the quarter was $6.3 million, an increase of $2.7 million, or 76 percent, compared to the prior year third quarter. Operating margin was 25.8 percent of sales, compared to 16.2 percent of sales in the prior year third quarter. Increased operating income and operating margin resulted from higher revenues and a more favorable margin mix of revenues with higher Road Zipper System sales and lease revenues compared to the prior year third quarter. The backlog of unfilled orders as of May 31, 2024, was $246.9 million compared with $94.5 million as of May 31, 2023. Included in these backlogs are amounts of $62.0 million and $5.2 million, respectively, for orders that are not expected to be fulfilled within the subsequent twelve months. The backlog in both segments was higher compared to the prior year, with the increase in irrigation backlog resulting from the addition of the large project in the MENA region. Revenues for this project are expected to be recognized beginning in the fourth quarter of fiscal 2024 and continuing through the first quarter of fiscal 2026. Outlook Mr. Wood concluded, “We are now in the growing season in North America, when weather conditions will influence crop yields, production estimates and ultimately the direction of crop prices and net farm income for the year. We expect demand in North America to remain tempered until the outlook for net farm income improves. Similarly, we expect current market conditions in Brazil to temper demand for irrigation equipment in the near term, while we remain confident in the longer-term growth opportunity in that market. We expect continued growth in developing international markets driven by the ever-present need to address food security, as evidenced by the large project we secured in the MENA region." “Supported by increased U.S. infrastructure spending, we expect continued growth in Road Zipper System lease revenues and sales of road safety products. We also remain optimistic regarding our Road Zipper System project sales pipeline; however the timing of individual project recognition remains challenging to predict.” Third Quarter Conference Call Lindsay’s fiscal 2024 third 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 U.S., or (412) 902-6745 internationally, and requesting the Lindsay Corporation call. Additionally, the conference call will be simulcast live on the internet and can be accessed via the investor relations section of the Company's website, www.lindsay.com. Replays of the conference call will remain on our website through the next quarterly earnings release. The Company will have a slide presentation available to augment management's formal presentation, which will also be accessible via the Company's website. 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 Lindsay family of irrigation brands includes Zimmatic™ center pivot and lateral move agricultural irrigation systems, FieldNET™ and FieldWise™ remote irrigation management, FieldNET Advisor™ irrigation scheduling technology, and industrial IoT solutions. Also a global leader in the transportation industry, Lindsay Transportation Solutions manufactures equipment to improve road safety and keep traffic moving on the world’s roads, bridges and tunnels, through the Barrier Systems™, Road Zipper™ and Snoline™ brands. For more information about Lindsay Corporation, visit www.lindsay.com. 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. LINDSAY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) Three months ended Nine months ended (in thousands, except per share amounts) May 31, 2024 May 31, 2023 May 31, 2024 May 31, 2023 Operating revenues $ 139,199 $ 164,553 $ 452,076 $ 506,953 Cost of operating revenues 92,702 111,332 306,720 346,454 Gross profit 46,497 53,221 145,356 160,499 Operating expenses: Selling expense 9,579 8,681 28,894 27,092 General and administrative expense 12,695 13,061 40,823 41,237 Engineering and research expense 4,287 4,522 12,531 13,350 Total operating expenses 26,561 26,264 82,248 81,679 Operating income 19,936 26,957 63,108 78,820 Other income (expense): Interest expense (767 ) (948 ) (2,474 ) (2,895 ) Interest income 961 680 3,324 1,545 Other income (expense), net 43 (957 ) (93 ) (2,000 ) Total other income (expense) 237 (1,225 ) 757 (3,350 ) Earnings before income taxes 20,173 25,732 63,865 75,470 Income tax (benefit) expense (206 ) 8,851 10,344 22,320 Net earnings $ 20,379 $ 16,881 $ 53,521 $ 53,150 Earnings per share: Basic $ 1.85 $ 1.53 $ 4.86 $ 4.83 Diluted $ 1.85 $ 1.53 $ 4.84 $ 4.80 Shares used in computing earnings per share: Basic 10,996 11,008 11,016 11,001 Diluted 11,030 11,052 11,055 11,063 Cash dividends declared per share $ 0.35 $ 0.34 $ 1.05 $ 1.02 LINDSAY CORPORATION AND SUBSIDIARIES SUMMARY OPERATING RESULTS (Unaudited) Three months ended Nine months ended (in thousands) May 31, 2024 May 31, 2023 May 31, 2024 May 31, 2023 Operating revenues: Irrigation: North America $ 68,235 $ 75,027 $ 240,457 $ 249,315 International 46,605 67,544 147,569 193,115 Irrigation segment 114,840 142,571 388,026 442,430 Infrastructure segment 24,359 21,982 64,050 64,523 Total operating revenues $ 139,199 $ 164,553 $ 452,076 $ 506,953 Operating income: Irrigation segment $ 19,524 $ 30,727 $ 70,480 $ 92,188 Infrastructure segment 6,276 3,556 13,401 8,947 Corporate (5,864 ) (7,326 ) (20,773 ) (22,315 ) Total operating income $ 19,936 $ 26,957 $ 63,108 $ 78,820 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 and large diameter steel tubing, 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. LINDSAY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands) May 31, 2024 May 31, 2023 August 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 140,221 $ 131,577 $ 160,755 Marketable securities 12,497 12,806 5,556 Receivables, net 134,461 154,167 144,774 Inventories, net 171,522 166,759 155,932 Other current assets 30,017 25,943 20,467 Total current assets 488,718 491,252 487,484 Property, plant, and equipment, net 111,629 96,992 99,681 Intangibles, net 25,644 16,860 27,719 Goodwill 84,102 67,441 83,121 Operating lease right-of-use assets 16,308 17,378 17,036 Deferred income tax assets 13,367 11,518 10,885 Other noncurrent assets 18,333 22,177 19,734 Total assets $ 758,101 $ 723,618 $ 745,660 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 35,062 $ 42,207 $ 44,278 Current portion of long-term debt 229 225 226 Other current liabilities 88,446 90,616 91,604 Total current liabilities 123,737 133,048 136,108 Pension benefits liabilities 4,159 4,653 4,382 Long-term debt 115,029 115,209 115,164 Operating lease liabilities 16,134 18,119 17,689 Deferred income tax liabilities 682 689 689 Other noncurrent liabilities 18,364 15,104 15,977 Total liabilities 278,105 286,822 290,009 Shareholders' equity: Preferred stock — — — Common stock 19,123 19,092 19,094 Capital in excess of stated value 102,752 96,627 98,508 Retained earnings 678,261 620,922 636,297 Less treasury stock - at cost (295,138 ) (277,238 ) (277,238 ) Accumulated other comprehensive loss, net (25,002 ) (22,607 ) (21,010 ) Total shareholders' equity 479,996 436,796 455,651 Total liabilities and shareholders' equity $ 758,101 $ 723,618 $ 745,660 LINDSAY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Nine months ended (in thousands) May 31, 2024 May 31, 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings $ 53,521 $ 53,150 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 15,847 14,466 Provision for uncollectible accounts receivable 321 985 Deferred income taxes (2,504 ) (1,548 ) Share-based compensation expense 4,887 4,775 Unrealized foreign currency transaction loss 58 2,045 Other, net 237 574 Changes in assets and liabilities: Receivables 8,107 (15,842 ) Inventories (17,118 ) 25,289 Other current assets (9,768 ) 4,401 Accounts payable (8,592 ) (17,953 ) Other current liabilities (5,539 ) (11,865 ) Other noncurrent assets and liabilities 3,193 691 Net cash provided by operating activities 42,650 59,168 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant, and equipment (23,527 ) (13,283 ) Purchases of marketable securities (15,042 ) (4,932 ) Proceeds from maturities of marketable securities 8,320 3,675 Other investing activities, net (2,140 ) (4,399 ) Net cash used in investing activities (32,389 ) (18,939 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of common stock (17,900 ) — Dividends paid (11,557 ) (11,228 ) Common stock withheld for payroll tax obligations (1,575 ) (2,471 ) Proceeds from exercise of stock options 479 — Other financing activities, net 313 180 Net cash used in financing activities (30,240 ) (13,519 ) Effect of exchange rate changes on cash and cash equivalents (555 ) (181 ) Net change in cash and cash equivalents (20,534 ) 26,529 Cash and cash equivalents, beginning of period 160,755 105,048 Cash and cash equivalents, end of period $ 140,221 $ 131,577 View source version on businesswire.com: https://www.businesswire.com/news/home/20240627357040/en/Contacts 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 Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. 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Lindsay Corporation Reports Third Quarter Fiscal 2024 Results By: Lindsay Corporation via Business Wire June 27, 2024 at 06:45 AM EDT Infrastructure results support consolidated margin performance, partially offsetting global irrigation market softness Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, today announced results for its third quarter ended on May 31, 2024. Key Highlights Diluted earnings per share of $1.85 compared to $1.53 in the prior year quarter Recognition of an income tax credit in Brazil adds $4.8 million to net earnings Secured large multi-year international irrigation supply agreement valued at more than $100 million Completed $17.9 million in share repurchases during the quarter “Market conditions in our irrigation segment continue to weigh on farmer sentiment, resulting in demand softness. In North America, high precipitation levels and wet field conditions across the Midwest contributed to lower sales of irrigation equipment and replacement parts during our third quarter," said Randy Wood, President and Chief Executive Officer. "In Brazil, the market continues to be tempered by lower commodity prices and tight credit availability. We remain encouraged by the growing strength and momentum in our infrastructure business, supported by new project sales and momentum in leasing revenues of our Road Zipper System™. The growth and margin expansion we achieved in our infrastructure business for the quarter helped to offset some of the softness in the irrigation business." "Earlier this month we announced that we had entered into a multi-year supply agreement to provide Zimmatic™ irrigation systems and FieldNET™ remote management and scheduling technology to a significant customer in the Middle East and North Africa (MENA) region. The project, valued at more than $100 million, is the largest in Lindsay's history and further demonstrates our ability to execute large-scale and complex projects that address the critical needs of our customers. The execution of this project will help to enhance the customer's ability to increase food production, conserve scarce water resources and improve quality of life. Notably, the attributes of this key project are reflective of the growth opportunities presented in international markets, where secular global trends align with Lindsay's ability to help customers optimize resources while creating sustained value through our leading combination of irrigation hardware and precision technology platforms." "During the third quarter we also completed share repurchases totaling $17.9 million, which aligns with our capital allocation priorities to utilize our strong balance sheet to enhance shareholder value. Additionally, this further demonstrates our ability to both invest in value creation opportunities, including the $50 million investment in Lindsay, Nebraska announced earlier this year, while also returning cash to shareholders at opportune times." Third Quarter Summary Consolidated Financial Summary Third Quarter (dollars in millions, except per share amounts) FY2024 FY2023 $ Change % Change Total revenues $139.2 $164.6 ($25.4) (15%) Operating income $19.9 $27.0 ($7.0) (26%) Operating margin 14.3% 16.4% Net earnings $20.4 $16.9 $3.5 21% Diluted earnings per share $1.85 $1.53 $0.32 21% Revenues for the quarter were $139.2 million, a decrease of $25.4 million, or 15 percent, compared to revenues of $164.6 million in the prior year third quarter. An increase in infrastructure segment revenues was more than offset by lower irrigation segment revenues compared to the prior year third quarter. Operating income for the quarter was $19.9 million, a decrease of $7.0 million, or 26 percent, compared to operating income of $27.0 million in the prior year third quarter. Operating margin was 14.3 percent of sales, compared to 16.4 percent of sales in the prior year quarter. The decrease in operating income and margin resulted mainly from lower irrigation segment revenues and the impact from deleverage of fixed operating expenses. This decrease was partially offset by improved operating income and operating margin in the infrastructure segment. Net earnings for the quarter were $20.4 million, or $1.85 per diluted share, compared with net earnings of $16.9 million, or $1.53 per diluted share, for the prior year third quarter. The impact of lower operating income was favorably offset by higher other income, driven by increased interest income and favorable foreign currency translation results compared to the prior year third quarter, along with the recognition of an income tax credit in Brazil of $4.8 million, or $0.44 per diluted share. Third Quarter Segment Results Irrigation Segment Third Quarter (dollars in millions) FY2024 FY2023 $ Change % Change Revenues: North America $68.2 $75.0 ($6.8) (9%) International $46.6 $67.5 ($20.9) (31%) Total revenues $114.8 $142.6 ($27.7) (19%) Operating income $19.5 $30.7 ($11.2) (36%) Operating margin 17.0% 21.6% Irrigation segment revenues for the quarter were $114.8 million, a decrease of $27.7 million, or 19 percent, compared to $142.6 million in the prior year third quarter. North America irrigation revenues of $68.2 million decreased $6.8 million, or 9 percent, compared to the prior year third quarter. The decrease resulted from a combination of lower unit sales volume of irrigation equipment, lower sales of replacement parts and slightly lower average selling prices compared to the prior year third quarter. International irrigation revenues of $46.6 million decreased $20.9 million, or 31 percent, compared to the prior year third quarter. The decrease resulted primarily from lower sales volumes in Brazil and other Latin America markets compared to the prior year third quarter while demand in other markets remained stable. In Brazil, order activity remains constrained due to the impact lower commodity prices have on grower profitability and available liquidity, which is reducing growers' ability to invest in irrigation equipment in the near term. The decrease in revenues was partially offset by the favorable effects of foreign currency translation of approximately $0.7 million compared to the prior year third quarter. Irrigation segment operating income for the quarter was $19.5 million, a decrease of $11.2 million, or 36 percent, compared to the prior year third quarter. Operating margin was 17.0 percent of sales, compared to 21.6 percent of sales in the prior year third quarter. Lower operating income and margin resulted mainly from lower revenues and the impact from deleverage of fixed operating expenses. Infrastructure Segment Third Quarter (dollars in millions) FY2024 FY2023 $ Change % Change Total revenues $24.4 $22.0 $2.4 11% Operating income $6.3 $3.6 $2.7 76% Operating margin 25.8% 16.2% Infrastructure segment revenues for the quarter were $24.4 million, an increase of $2.4 million, or 11 percent, compared to $22.0 million in the prior year third quarter. The increase resulted from higher Road Zipper System sales and higher lease revenues compared to the prior year third quarter. The impact of higher sales of road safety products in the U.S. was offset by lower sales in international markets compared to the prior year third quarter. Infrastructure segment operating income for the quarter was $6.3 million, an increase of $2.7 million, or 76 percent, compared to the prior year third quarter. Operating margin was 25.8 percent of sales, compared to 16.2 percent of sales in the prior year third quarter. Increased operating income and operating margin resulted from higher revenues and a more favorable margin mix of revenues with higher Road Zipper System sales and lease revenues compared to the prior year third quarter. The backlog of unfilled orders as of May 31, 2024, was $246.9 million compared with $94.5 million as of May 31, 2023. Included in these backlogs are amounts of $62.0 million and $5.2 million, respectively, for orders that are not expected to be fulfilled within the subsequent twelve months. The backlog in both segments was higher compared to the prior year, with the increase in irrigation backlog resulting from the addition of the large project in the MENA region. Revenues for this project are expected to be recognized beginning in the fourth quarter of fiscal 2024 and continuing through the first quarter of fiscal 2026. Outlook Mr. Wood concluded, “We are now in the growing season in North America, when weather conditions will influence crop yields, production estimates and ultimately the direction of crop prices and net farm income for the year. We expect demand in North America to remain tempered until the outlook for net farm income improves. Similarly, we expect current market conditions in Brazil to temper demand for irrigation equipment in the near term, while we remain confident in the longer-term growth opportunity in that market. We expect continued growth in developing international markets driven by the ever-present need to address food security, as evidenced by the large project we secured in the MENA region." “Supported by increased U.S. infrastructure spending, we expect continued growth in Road Zipper System lease revenues and sales of road safety products. We also remain optimistic regarding our Road Zipper System project sales pipeline; however the timing of individual project recognition remains challenging to predict.” Third Quarter Conference Call Lindsay’s fiscal 2024 third 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 U.S., or (412) 902-6745 internationally, and requesting the Lindsay Corporation call. Additionally, the conference call will be simulcast live on the internet and can be accessed via the investor relations section of the Company's website, www.lindsay.com. Replays of the conference call will remain on our website through the next quarterly earnings release. The Company will have a slide presentation available to augment management's formal presentation, which will also be accessible via the Company's website. 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 Lindsay family of irrigation brands includes Zimmatic™ center pivot and lateral move agricultural irrigation systems, FieldNET™ and FieldWise™ remote irrigation management, FieldNET Advisor™ irrigation scheduling technology, and industrial IoT solutions. Also a global leader in the transportation industry, Lindsay Transportation Solutions manufactures equipment to improve road safety and keep traffic moving on the world’s roads, bridges and tunnels, through the Barrier Systems™, Road Zipper™ and Snoline™ brands. For more information about Lindsay Corporation, visit www.lindsay.com. 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. LINDSAY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) Three months ended Nine months ended (in thousands, except per share amounts) May 31, 2024 May 31, 2023 May 31, 2024 May 31, 2023 Operating revenues $ 139,199 $ 164,553 $ 452,076 $ 506,953 Cost of operating revenues 92,702 111,332 306,720 346,454 Gross profit 46,497 53,221 145,356 160,499 Operating expenses: Selling expense 9,579 8,681 28,894 27,092 General and administrative expense 12,695 13,061 40,823 41,237 Engineering and research expense 4,287 4,522 12,531 13,350 Total operating expenses 26,561 26,264 82,248 81,679 Operating income 19,936 26,957 63,108 78,820 Other income (expense): Interest expense (767 ) (948 ) (2,474 ) (2,895 ) Interest income 961 680 3,324 1,545 Other income (expense), net 43 (957 ) (93 ) (2,000 ) Total other income (expense) 237 (1,225 ) 757 (3,350 ) Earnings before income taxes 20,173 25,732 63,865 75,470 Income tax (benefit) expense (206 ) 8,851 10,344 22,320 Net earnings $ 20,379 $ 16,881 $ 53,521 $ 53,150 Earnings per share: Basic $ 1.85 $ 1.53 $ 4.86 $ 4.83 Diluted $ 1.85 $ 1.53 $ 4.84 $ 4.80 Shares used in computing earnings per share: Basic 10,996 11,008 11,016 11,001 Diluted 11,030 11,052 11,055 11,063 Cash dividends declared per share $ 0.35 $ 0.34 $ 1.05 $ 1.02 LINDSAY CORPORATION AND SUBSIDIARIES SUMMARY OPERATING RESULTS (Unaudited) Three months ended Nine months ended (in thousands) May 31, 2024 May 31, 2023 May 31, 2024 May 31, 2023 Operating revenues: Irrigation: North America $ 68,235 $ 75,027 $ 240,457 $ 249,315 International 46,605 67,544 147,569 193,115 Irrigation segment 114,840 142,571 388,026 442,430 Infrastructure segment 24,359 21,982 64,050 64,523 Total operating revenues $ 139,199 $ 164,553 $ 452,076 $ 506,953 Operating income: Irrigation segment $ 19,524 $ 30,727 $ 70,480 $ 92,188 Infrastructure segment 6,276 3,556 13,401 8,947 Corporate (5,864 ) (7,326 ) (20,773 ) (22,315 ) Total operating income $ 19,936 $ 26,957 $ 63,108 $ 78,820 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 and large diameter steel tubing, 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. LINDSAY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands) May 31, 2024 May 31, 2023 August 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 140,221 $ 131,577 $ 160,755 Marketable securities 12,497 12,806 5,556 Receivables, net 134,461 154,167 144,774 Inventories, net 171,522 166,759 155,932 Other current assets 30,017 25,943 20,467 Total current assets 488,718 491,252 487,484 Property, plant, and equipment, net 111,629 96,992 99,681 Intangibles, net 25,644 16,860 27,719 Goodwill 84,102 67,441 83,121 Operating lease right-of-use assets 16,308 17,378 17,036 Deferred income tax assets 13,367 11,518 10,885 Other noncurrent assets 18,333 22,177 19,734 Total assets $ 758,101 $ 723,618 $ 745,660 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 35,062 $ 42,207 $ 44,278 Current portion of long-term debt 229 225 226 Other current liabilities 88,446 90,616 91,604 Total current liabilities 123,737 133,048 136,108 Pension benefits liabilities 4,159 4,653 4,382 Long-term debt 115,029 115,209 115,164 Operating lease liabilities 16,134 18,119 17,689 Deferred income tax liabilities 682 689 689 Other noncurrent liabilities 18,364 15,104 15,977 Total liabilities 278,105 286,822 290,009 Shareholders' equity: Preferred stock — — — Common stock 19,123 19,092 19,094 Capital in excess of stated value 102,752 96,627 98,508 Retained earnings 678,261 620,922 636,297 Less treasury stock - at cost (295,138 ) (277,238 ) (277,238 ) Accumulated other comprehensive loss, net (25,002 ) (22,607 ) (21,010 ) Total shareholders' equity 479,996 436,796 455,651 Total liabilities and shareholders' equity $ 758,101 $ 723,618 $ 745,660 LINDSAY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Nine months ended (in thousands) May 31, 2024 May 31, 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings $ 53,521 $ 53,150 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 15,847 14,466 Provision for uncollectible accounts receivable 321 985 Deferred income taxes (2,504 ) (1,548 ) Share-based compensation expense 4,887 4,775 Unrealized foreign currency transaction loss 58 2,045 Other, net 237 574 Changes in assets and liabilities: Receivables 8,107 (15,842 ) Inventories (17,118 ) 25,289 Other current assets (9,768 ) 4,401 Accounts payable (8,592 ) (17,953 ) Other current liabilities (5,539 ) (11,865 ) Other noncurrent assets and liabilities 3,193 691 Net cash provided by operating activities 42,650 59,168 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant, and equipment (23,527 ) (13,283 ) Purchases of marketable securities (15,042 ) (4,932 ) Proceeds from maturities of marketable securities 8,320 3,675 Other investing activities, net (2,140 ) (4,399 ) Net cash used in investing activities (32,389 ) (18,939 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of common stock (17,900 ) — Dividends paid (11,557 ) (11,228 ) Common stock withheld for payroll tax obligations (1,575 ) (2,471 ) Proceeds from exercise of stock options 479 — Other financing activities, net 313 180 Net cash used in financing activities (30,240 ) (13,519 ) Effect of exchange rate changes on cash and cash equivalents (555 ) (181 ) Net change in cash and cash equivalents (20,534 ) 26,529 Cash and cash equivalents, beginning of period 160,755 105,048 Cash and cash equivalents, end of period $ 140,221 $ 131,577 View source version on businesswire.com: https://www.businesswire.com/news/home/20240627357040/en/Contacts 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
Infrastructure results support consolidated margin performance, partially offsetting global irrigation market softness
Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, today announced results for its third quarter ended on May 31, 2024. Key Highlights Diluted earnings per share of $1.85 compared to $1.53 in the prior year quarter Recognition of an income tax credit in Brazil adds $4.8 million to net earnings Secured large multi-year international irrigation supply agreement valued at more than $100 million Completed $17.9 million in share repurchases during the quarter “Market conditions in our irrigation segment continue to weigh on farmer sentiment, resulting in demand softness. In North America, high precipitation levels and wet field conditions across the Midwest contributed to lower sales of irrigation equipment and replacement parts during our third quarter," said Randy Wood, President and Chief Executive Officer. "In Brazil, the market continues to be tempered by lower commodity prices and tight credit availability. We remain encouraged by the growing strength and momentum in our infrastructure business, supported by new project sales and momentum in leasing revenues of our Road Zipper System™. The growth and margin expansion we achieved in our infrastructure business for the quarter helped to offset some of the softness in the irrigation business." "Earlier this month we announced that we had entered into a multi-year supply agreement to provide Zimmatic™ irrigation systems and FieldNET™ remote management and scheduling technology to a significant customer in the Middle East and North Africa (MENA) region. The project, valued at more than $100 million, is the largest in Lindsay's history and further demonstrates our ability to execute large-scale and complex projects that address the critical needs of our customers. The execution of this project will help to enhance the customer's ability to increase food production, conserve scarce water resources and improve quality of life. Notably, the attributes of this key project are reflective of the growth opportunities presented in international markets, where secular global trends align with Lindsay's ability to help customers optimize resources while creating sustained value through our leading combination of irrigation hardware and precision technology platforms." "During the third quarter we also completed share repurchases totaling $17.9 million, which aligns with our capital allocation priorities to utilize our strong balance sheet to enhance shareholder value. Additionally, this further demonstrates our ability to both invest in value creation opportunities, including the $50 million investment in Lindsay, Nebraska announced earlier this year, while also returning cash to shareholders at opportune times." Third Quarter Summary Consolidated Financial Summary Third Quarter (dollars in millions, except per share amounts) FY2024 FY2023 $ Change % Change Total revenues $139.2 $164.6 ($25.4) (15%) Operating income $19.9 $27.0 ($7.0) (26%) Operating margin 14.3% 16.4% Net earnings $20.4 $16.9 $3.5 21% Diluted earnings per share $1.85 $1.53 $0.32 21% Revenues for the quarter were $139.2 million, a decrease of $25.4 million, or 15 percent, compared to revenues of $164.6 million in the prior year third quarter. An increase in infrastructure segment revenues was more than offset by lower irrigation segment revenues compared to the prior year third quarter. Operating income for the quarter was $19.9 million, a decrease of $7.0 million, or 26 percent, compared to operating income of $27.0 million in the prior year third quarter. Operating margin was 14.3 percent of sales, compared to 16.4 percent of sales in the prior year quarter. The decrease in operating income and margin resulted mainly from lower irrigation segment revenues and the impact from deleverage of fixed operating expenses. This decrease was partially offset by improved operating income and operating margin in the infrastructure segment. Net earnings for the quarter were $20.4 million, or $1.85 per diluted share, compared with net earnings of $16.9 million, or $1.53 per diluted share, for the prior year third quarter. The impact of lower operating income was favorably offset by higher other income, driven by increased interest income and favorable foreign currency translation results compared to the prior year third quarter, along with the recognition of an income tax credit in Brazil of $4.8 million, or $0.44 per diluted share. Third Quarter Segment Results Irrigation Segment Third Quarter (dollars in millions) FY2024 FY2023 $ Change % Change Revenues: North America $68.2 $75.0 ($6.8) (9%) International $46.6 $67.5 ($20.9) (31%) Total revenues $114.8 $142.6 ($27.7) (19%) Operating income $19.5 $30.7 ($11.2) (36%) Operating margin 17.0% 21.6% Irrigation segment revenues for the quarter were $114.8 million, a decrease of $27.7 million, or 19 percent, compared to $142.6 million in the prior year third quarter. North America irrigation revenues of $68.2 million decreased $6.8 million, or 9 percent, compared to the prior year third quarter. The decrease resulted from a combination of lower unit sales volume of irrigation equipment, lower sales of replacement parts and slightly lower average selling prices compared to the prior year third quarter. International irrigation revenues of $46.6 million decreased $20.9 million, or 31 percent, compared to the prior year third quarter. The decrease resulted primarily from lower sales volumes in Brazil and other Latin America markets compared to the prior year third quarter while demand in other markets remained stable. In Brazil, order activity remains constrained due to the impact lower commodity prices have on grower profitability and available liquidity, which is reducing growers' ability to invest in irrigation equipment in the near term. The decrease in revenues was partially offset by the favorable effects of foreign currency translation of approximately $0.7 million compared to the prior year third quarter. Irrigation segment operating income for the quarter was $19.5 million, a decrease of $11.2 million, or 36 percent, compared to the prior year third quarter. Operating margin was 17.0 percent of sales, compared to 21.6 percent of sales in the prior year third quarter. Lower operating income and margin resulted mainly from lower revenues and the impact from deleverage of fixed operating expenses. Infrastructure Segment Third Quarter (dollars in millions) FY2024 FY2023 $ Change % Change Total revenues $24.4 $22.0 $2.4 11% Operating income $6.3 $3.6 $2.7 76% Operating margin 25.8% 16.2% Infrastructure segment revenues for the quarter were $24.4 million, an increase of $2.4 million, or 11 percent, compared to $22.0 million in the prior year third quarter. The increase resulted from higher Road Zipper System sales and higher lease revenues compared to the prior year third quarter. The impact of higher sales of road safety products in the U.S. was offset by lower sales in international markets compared to the prior year third quarter. Infrastructure segment operating income for the quarter was $6.3 million, an increase of $2.7 million, or 76 percent, compared to the prior year third quarter. Operating margin was 25.8 percent of sales, compared to 16.2 percent of sales in the prior year third quarter. Increased operating income and operating margin resulted from higher revenues and a more favorable margin mix of revenues with higher Road Zipper System sales and lease revenues compared to the prior year third quarter. The backlog of unfilled orders as of May 31, 2024, was $246.9 million compared with $94.5 million as of May 31, 2023. Included in these backlogs are amounts of $62.0 million and $5.2 million, respectively, for orders that are not expected to be fulfilled within the subsequent twelve months. The backlog in both segments was higher compared to the prior year, with the increase in irrigation backlog resulting from the addition of the large project in the MENA region. Revenues for this project are expected to be recognized beginning in the fourth quarter of fiscal 2024 and continuing through the first quarter of fiscal 2026. Outlook Mr. Wood concluded, “We are now in the growing season in North America, when weather conditions will influence crop yields, production estimates and ultimately the direction of crop prices and net farm income for the year. We expect demand in North America to remain tempered until the outlook for net farm income improves. Similarly, we expect current market conditions in Brazil to temper demand for irrigation equipment in the near term, while we remain confident in the longer-term growth opportunity in that market. We expect continued growth in developing international markets driven by the ever-present need to address food security, as evidenced by the large project we secured in the MENA region." “Supported by increased U.S. infrastructure spending, we expect continued growth in Road Zipper System lease revenues and sales of road safety products. We also remain optimistic regarding our Road Zipper System project sales pipeline; however the timing of individual project recognition remains challenging to predict.” Third Quarter Conference Call Lindsay’s fiscal 2024 third 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 U.S., or (412) 902-6745 internationally, and requesting the Lindsay Corporation call. Additionally, the conference call will be simulcast live on the internet and can be accessed via the investor relations section of the Company's website, www.lindsay.com. Replays of the conference call will remain on our website through the next quarterly earnings release. The Company will have a slide presentation available to augment management's formal presentation, which will also be accessible via the Company's website. 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 Lindsay family of irrigation brands includes Zimmatic™ center pivot and lateral move agricultural irrigation systems, FieldNET™ and FieldWise™ remote irrigation management, FieldNET Advisor™ irrigation scheduling technology, and industrial IoT solutions. Also a global leader in the transportation industry, Lindsay Transportation Solutions manufactures equipment to improve road safety and keep traffic moving on the world’s roads, bridges and tunnels, through the Barrier Systems™, Road Zipper™ and Snoline™ brands. For more information about Lindsay Corporation, visit www.lindsay.com. 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. LINDSAY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) Three months ended Nine months ended (in thousands, except per share amounts) May 31, 2024 May 31, 2023 May 31, 2024 May 31, 2023 Operating revenues $ 139,199 $ 164,553 $ 452,076 $ 506,953 Cost of operating revenues 92,702 111,332 306,720 346,454 Gross profit 46,497 53,221 145,356 160,499 Operating expenses: Selling expense 9,579 8,681 28,894 27,092 General and administrative expense 12,695 13,061 40,823 41,237 Engineering and research expense 4,287 4,522 12,531 13,350 Total operating expenses 26,561 26,264 82,248 81,679 Operating income 19,936 26,957 63,108 78,820 Other income (expense): Interest expense (767 ) (948 ) (2,474 ) (2,895 ) Interest income 961 680 3,324 1,545 Other income (expense), net 43 (957 ) (93 ) (2,000 ) Total other income (expense) 237 (1,225 ) 757 (3,350 ) Earnings before income taxes 20,173 25,732 63,865 75,470 Income tax (benefit) expense (206 ) 8,851 10,344 22,320 Net earnings $ 20,379 $ 16,881 $ 53,521 $ 53,150 Earnings per share: Basic $ 1.85 $ 1.53 $ 4.86 $ 4.83 Diluted $ 1.85 $ 1.53 $ 4.84 $ 4.80 Shares used in computing earnings per share: Basic 10,996 11,008 11,016 11,001 Diluted 11,030 11,052 11,055 11,063 Cash dividends declared per share $ 0.35 $ 0.34 $ 1.05 $ 1.02 LINDSAY CORPORATION AND SUBSIDIARIES SUMMARY OPERATING RESULTS (Unaudited) Three months ended Nine months ended (in thousands) May 31, 2024 May 31, 2023 May 31, 2024 May 31, 2023 Operating revenues: Irrigation: North America $ 68,235 $ 75,027 $ 240,457 $ 249,315 International 46,605 67,544 147,569 193,115 Irrigation segment 114,840 142,571 388,026 442,430 Infrastructure segment 24,359 21,982 64,050 64,523 Total operating revenues $ 139,199 $ 164,553 $ 452,076 $ 506,953 Operating income: Irrigation segment $ 19,524 $ 30,727 $ 70,480 $ 92,188 Infrastructure segment 6,276 3,556 13,401 8,947 Corporate (5,864 ) (7,326 ) (20,773 ) (22,315 ) Total operating income $ 19,936 $ 26,957 $ 63,108 $ 78,820 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 and large diameter steel tubing, 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. LINDSAY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands) May 31, 2024 May 31, 2023 August 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 140,221 $ 131,577 $ 160,755 Marketable securities 12,497 12,806 5,556 Receivables, net 134,461 154,167 144,774 Inventories, net 171,522 166,759 155,932 Other current assets 30,017 25,943 20,467 Total current assets 488,718 491,252 487,484 Property, plant, and equipment, net 111,629 96,992 99,681 Intangibles, net 25,644 16,860 27,719 Goodwill 84,102 67,441 83,121 Operating lease right-of-use assets 16,308 17,378 17,036 Deferred income tax assets 13,367 11,518 10,885 Other noncurrent assets 18,333 22,177 19,734 Total assets $ 758,101 $ 723,618 $ 745,660 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 35,062 $ 42,207 $ 44,278 Current portion of long-term debt 229 225 226 Other current liabilities 88,446 90,616 91,604 Total current liabilities 123,737 133,048 136,108 Pension benefits liabilities 4,159 4,653 4,382 Long-term debt 115,029 115,209 115,164 Operating lease liabilities 16,134 18,119 17,689 Deferred income tax liabilities 682 689 689 Other noncurrent liabilities 18,364 15,104 15,977 Total liabilities 278,105 286,822 290,009 Shareholders' equity: Preferred stock — — — Common stock 19,123 19,092 19,094 Capital in excess of stated value 102,752 96,627 98,508 Retained earnings 678,261 620,922 636,297 Less treasury stock - at cost (295,138 ) (277,238 ) (277,238 ) Accumulated other comprehensive loss, net (25,002 ) (22,607 ) (21,010 ) Total shareholders' equity 479,996 436,796 455,651 Total liabilities and shareholders' equity $ 758,101 $ 723,618 $ 745,660 LINDSAY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Nine months ended (in thousands) May 31, 2024 May 31, 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings $ 53,521 $ 53,150 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 15,847 14,466 Provision for uncollectible accounts receivable 321 985 Deferred income taxes (2,504 ) (1,548 ) Share-based compensation expense 4,887 4,775 Unrealized foreign currency transaction loss 58 2,045 Other, net 237 574 Changes in assets and liabilities: Receivables 8,107 (15,842 ) Inventories (17,118 ) 25,289 Other current assets (9,768 ) 4,401 Accounts payable (8,592 ) (17,953 ) Other current liabilities (5,539 ) (11,865 ) Other noncurrent assets and liabilities 3,193 691 Net cash provided by operating activities 42,650 59,168 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant, and equipment (23,527 ) (13,283 ) Purchases of marketable securities (15,042 ) (4,932 ) Proceeds from maturities of marketable securities 8,320 3,675 Other investing activities, net (2,140 ) (4,399 ) Net cash used in investing activities (32,389 ) (18,939 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of common stock (17,900 ) — Dividends paid (11,557 ) (11,228 ) Common stock withheld for payroll tax obligations (1,575 ) (2,471 ) Proceeds from exercise of stock options 479 — Other financing activities, net 313 180 Net cash used in financing activities (30,240 ) (13,519 ) Effect of exchange rate changes on cash and cash equivalents (555 ) (181 ) Net change in cash and cash equivalents (20,534 ) 26,529 Cash and cash equivalents, beginning of period 160,755 105,048 Cash and cash equivalents, end of period $ 140,221 $ 131,577 View source version on businesswire.com: https://www.businesswire.com/news/home/20240627357040/en/
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
