• Third quarter consolidated revenues increase 32 percent to $214.3 million with EPS of $2.28
  • Irrigation revenues increase 35 percent with an increase in operating income of 65 percent
  • Infrastructure revenues increase 17 percent as road construction activity levels improve

Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, today announced results for its third quarter of fiscal 2022, which ended on May 31, 2022.

Third Quarter Summary

Revenues for the third quarter of fiscal 2022 were $214.3 million, an increase of $52.3 million, or 32 percent, compared to revenues of $161.9 million in the prior year third quarter. Net earnings for the quarter were $25.1 million, or $2.28 per diluted share, compared with net earnings of $17.8 million, or $1.60 per diluted share, for the prior year third quarter.

“Global demand for irrigation equipment remained strong in our third quarter, particularly in our international markets. While inflationary pressures continue to persist, we were pleased to see improved price realization across the business,” said Randy Wood, President and Chief Executive Officer. “In the infrastructure business, we are starting to see an increase in road construction activity in the U.S., and we also began delivery of one of the Road Zipper System projects we have been expecting in the second half of our year.”

Third Quarter Segment Results

Irrigation segment revenues for the third quarter of fiscal 2022 were $188.7 million, an increase of $48.5 million, or 35 percent, compared to $140.2 million in the prior year third quarter. North America irrigation revenues of $96.2 million increased $8.8 million, or 10 percent, compared to the prior year third quarter. The increase in North America irrigation revenues resulted primarily from the impact of higher average selling prices, which was partially offset by lower unit sales volume. International irrigation revenues of $92.5 million increased $39.7 million, or 75 percent, compared to the prior year third quarter. The increase resulted from a combination of higher average selling prices and higher unit sales volumes in most international markets. Revenues in Brazil more than doubled compared to the prior year third quarter. Also contributing were favorable effects of foreign currency translation of approximately $2.5 million compared to the prior year third quarter.

Irrigation segment operating income for the third quarter of fiscal 2022 was $39.6 million, an increase of $15.6 million, or 65 percent, compared to the prior year third quarter. Operating margin was 21.0 percent of sales, compared to 17.1 percent of sales in the prior year third quarter. The increase in operating margin resulted from improved price realization and additional volume leverage, which more than offset the impact of inflationary cost increases.

Infrastructure segment revenues for the third quarter of fiscal 2022 were $25.6 million, an increase of $3.8 million, or 17 percent, compared to $21.7 million in the prior year third quarter. The increase resulted from higher sales of road safety products and Road Zipper System project sales, which were partially offset by lower Road Zipper System lease revenue.

Infrastructure segment operating income for the third quarter of fiscal 2022 was $3.8 million, which was comparable to the prior year third quarter. Operating margin was 14.8 percent of sales, compared to 17.3 percent of sales in the prior year third quarter. Current year results reflect a less favorable margin mix of revenues compared to the prior year third quarter and under absorbed fixed overhead costs.

The backlog of unfilled orders at May 31, 2022 was $98.3 million compared with $120.8 million at May 31, 2021. The backlog in the prior year included an irrigation project order of $36.0 million. Excluding the impact of this order, the irrigation backlog is higher compared to the prior year while the infrastructure backlog is lower.

Outlook

“Global agriculture market fundamentals remain positive; however, grower sentiment in the U.S. is being tempered somewhat by inflationary pressures they are experiencing with their input costs and operational expenses. We continue to see increased activity levels in international project markets as concerns over food security and global grain supplies have been heightened by the ongoing conflict between Russia and Ukraine,” said Mr. Wood. “In the infrastructure business, we expect to complete delivery of the Road Zipper System project that began in the third quarter, and we also expect to begin delivery of another significant project in the fourth quarter. We remain optimistic regarding growth opportunities for this business based on the quality of our sales funnel and increasing commercial activity.”

Third Quarter Conference Call

Lindsay’s fiscal 2022 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 Web site, www.lindsay.com. Replays of the conference call will remain on our Web site 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 Web site.

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® remote irrigation management and 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, 2022

 

 

 

May 31, 2021

 

 

 

May 31, 2022

 

 

 

May 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

 

214,259

 

 

$

 

161,936

 

 

$

 

580,547

 

 

$

 

413,998

 

Cost of operating revenues

 

 

 

152,579

 

 

 

 

117,880

 

 

 

 

438,486

 

 

 

 

297,360

 

Gross profit

 

 

 

61,680

 

 

 

 

44,056

 

 

 

 

142,061

 

 

 

 

116,638

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling expense

 

 

 

8,148

 

 

 

 

7,570

 

 

 

 

24,070

 

 

 

 

22,680

 

General and administrative expense

 

 

 

14,647

 

 

 

 

12,043

 

 

 

 

40,548

 

 

 

 

39,770

 

Engineering and research expense

 

 

 

3,723

 

 

 

 

3,102

 

 

 

 

10,582

 

 

 

 

9,504

 

Total operating expenses

 

 

 

26,518

 

 

 

 

22,715

 

 

 

 

75,200

 

 

 

 

71,954

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

35,162

 

 

 

 

21,341

 

 

 

 

66,861

 

 

 

 

44,684

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

(1,006

)

 

 

 

(1,178

)

 

 

 

(3,345

)

 

 

 

(3,584

)

Interest income

 

 

 

118

 

 

 

 

227

 

 

 

 

456

 

 

 

 

798

 

Other income, net

 

 

 

1,282

 

 

 

 

764

 

 

 

 

264

 

 

 

 

699

 

Total other income (expense)

 

 

 

394

 

 

 

 

(187

)

 

 

 

(2,625

)

 

 

 

(2,087

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

 

 

35,556

 

 

 

 

21,154

 

 

 

 

64,236

 

 

 

 

42,597

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

 

10,483

 

 

 

 

3,357

 

 

 

 

16,696

 

 

 

 

5,829

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

 

25,073

 

 

$

 

17,797

 

 

$

 

47,540

 

 

$

 

36,768

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

 

2.28

 

 

$

 

1.63

 

 

$

 

4.34

 

 

$

 

3.38

 

Diluted

 

$

 

2.28

 

 

$

 

1.61

 

 

$

 

4.31

 

 

$

 

3.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in computing earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

10,978

 

 

 

 

10,907

 

 

 

 

10,960

 

 

 

 

10,879

 

Diluted

 

 

 

11,021

 

 

 

 

11,033

 

 

 

 

11,020

 

 

 

 

10,967

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per share

 

$

 

0.33

 

 

$

 

0.33

 

 

$

 

0.99

 

 

$

 

0.97

 

LINDSAY CORPORATION AND SUBSIDIARIES

 

SUMMARY OPERATING RESULTS

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

Nine months ended

 

(in thousands)

 

 

May 31, 2022

 

 

 

May 31, 2021

 

 

 

May 31, 2022

 

 

 

May 31, 2021

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Irrigation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

 

96,153

 

 

$

 

87,364

 

 

 

275,601

 

 

$

 

220,332

 

International

 

 

 

92,540

 

 

 

 

52,811

 

 

 

 

239,759

 

 

 

 

125,772

 

Irrigation segment

 

 

 

188,693

 

 

 

 

140,175

 

 

 

515,360

 

 

 

346,104

 

Infrastructure segment

 

 

 

25,566

 

 

 

 

21,761

 

 

 

 

65,187

 

 

 

 

67,894

 

Total operating revenues

 

$

 

214,259

 

 

$

 

161,936

 

 

$

 

580,547

 

 

$

 

413,998

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Irrigation segment

 

$

 

39,567

 

 

$

 

23,925

 

 

$

 

81,513

 

 

$

 

52,603

 

Infrastructure segment

 

 

 

3,779

 

 

 

 

3,767

 

 

 

 

6,869

 

 

 

 

14,364

 

Corporate

 

 

 

(8,184

)

 

 

 

(6,351

)

 

 

 

(21,521

)

 

 

 

(22,283

)

Total operating income

 

$

 

35,162

 

 

$

 

21,341

 

 

$

 

66,861

 

 

$

 

44,684

 

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, 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 moveable 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, 2022

 

 

May 31, 2021

 

 

August 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 

81,757

 

 

$

 

120,801

 

 

$

 

127,107

 

Marketable securities

 

 

 

13,930

 

 

 

 

19,663

 

 

 

 

19,604

 

Receivables, net

 

 

 

155,518

 

 

 

 

107,713

 

 

 

 

93,609

 

Inventories, net

 

 

 

195,566

 

 

 

 

136,601

 

 

 

 

145,244

 

Other current assets, net

 

 

 

28,663

 

 

 

 

32,947

 

 

 

 

30,539

 

Total current assets

 

 

 

475,434

 

 

 

 

417,725

 

 

 

 

416,103

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant, and equipment, net

 

 

 

94,441

 

 

 

 

92,517

 

 

 

 

91,997

 

Intangibles, net

 

 

 

18,769

 

 

 

 

21,893

 

 

 

 

20,367

 

Goodwill

 

 

 

67,476

 

 

 

 

68,134

 

 

 

 

67,968

 

Operating lease right-of-use assets

 

 

 

20,263

 

 

 

 

19,360

 

 

 

 

18,281

 

Deferred income tax assets

 

 

 

7,857

 

 

 

 

10,247

 

 

 

 

8,113

 

Other noncurrent assets, net

 

 

 

27,676

 

 

 

 

12,341

 

 

 

 

14,356

 

Total assets

 

$

 

711,916

 

 

$

 

642,217

 

 

$

 

637,185

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

 

72,350

 

 

$

 

49,351

 

 

$

 

45,209

 

Current portion of long-term debt

 

 

 

221

 

 

 

 

216

 

 

 

 

217

 

Other current liabilities

 

 

 

101,243

 

 

 

 

94,589

 

 

 

 

92,814

 

Total current liabilities

 

 

 

173,814

 

 

 

 

144,156

 

 

 

 

138,240

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension benefits liabilities

 

 

 

5,474

 

 

 

 

6,086

 

 

 

 

5,754

 

Long-term debt

 

 

 

115,384

 

 

 

 

115,557

 

 

 

 

115,514

 

Operating lease liabilities

 

 

 

20,688

 

 

 

 

19,369

 

 

 

 

18,301

 

Deferred income tax liabilities

 

 

 

730

 

 

 

 

881

 

 

 

 

832

 

Other noncurrent liabilities

 

 

 

15,056

 

 

 

 

19,995

 

 

 

 

20,099

 

Total liabilities

 

 

 

331,146

 

 

 

 

306,044

 

 

 

 

298,740

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

 

19,063

 

 

 

 

18,991

 

 

 

 

18,991

 

Capital in excess of stated value

 

 

 

92,516

 

 

 

 

85,257

 

 

 

 

86,495

 

Retained earnings

 

 

 

564,805

 

 

 

 

525,926

 

 

 

 

528,130

 

Less treasury stock - at cost

 

 

 

(277,238

)

 

 

 

(277,238

)

 

 

 

(277,238

)

Accumulated other comprehensive loss, net

 

 

 

(18,376

)

 

 

 

(16,763

)

 

 

 

(17,933

)

Total shareholders' equity

 

 

 

380,770

 

 

 

 

336,173

 

 

 

 

338,445

 

Total liabilities and shareholders' equity

 

$

 

711,916

 

 

$

 

642,217

 

 

$

 

637,185

 

LINDSAY CORPORATION AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended

 

(in thousands)

 

 

May 31, 2022

 

 

 

May 31, 2021

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net earnings

 

$

 

47,540

 

 

$

 

36,768

 

Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

14,930

 

 

 

 

14,688

 

Provision for uncollectible accounts receivable

 

 

 

734

 

 

 

 

304

 

Deferred income taxes

 

 

 

514

 

 

 

 

205

 

Share-based compensation expense

 

 

 

4,061

 

 

 

 

5,021

 

Unrealized foreign currency transaction gain

 

 

 

(754

)

 

 

 

(1,934

)

Other, net

 

 

 

645

 

 

 

 

(2,123

)

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Receivables

 

 

 

(63,365

)

 

 

 

(22,934

)

Inventories

 

 

 

(49,209

)

 

 

 

(28,612

)

Other current assets

 

 

 

1,669

 

 

 

 

(14,025

)

Accounts payable

 

 

 

26,319

 

 

 

 

20,828

 

Other current liabilities

 

 

 

822

 

 

 

 

20,149

 

Other noncurrent assets and liabilities

 

 

 

(8,840

)

 

 

 

2,325

 

Net cash (used in) provided by operating activities

 

 

 

(24,934

)

 

 

 

30,660

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Purchases of property, plant, and equipment

 

 

 

(12,222

)

 

 

 

(22,532

)

Purchases of marketable securities

 

 

 

(18,468

)

 

 

 

(13,067

)

Proceeds from maturities of marketable securities

 

 

 

23,592

 

 

 

 

12,592

 

Other investing activities, net

 

 

 

(2,952

)

 

 

 

(1,960

)

Net cash used in investing activities

 

 

 

(10,050

)

 

 

 

(24,967

)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Proceeds from exercise of stock options

 

 

 

2,894

 

 

 

 

3,892

 

Common stock withheld for payroll tax obligations

 

 

 

(1,181

)

 

 

 

(1,269

)

Proceeds from employee stock purchase plan

 

 

 

319

 

 

 

 

 

Principal payments on long-term debt

 

 

 

(163

)

 

 

 

(141

)

Dividends paid

 

 

 

(10,865

)

 

 

 

(10,566

)

Net cash used in financing activities

 

 

 

(8,996

)

 

 

 

(8,084

)

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

 

 

(1,370

)

 

 

 

1,789

 

Net change in cash and cash equivalents

 

 

 

(45,350

)

 

 

 

(602

)

Cash and cash equivalents, beginning of period

 

 

 

127,107

 

 

 

 

121,403

 

Cash and cash equivalents, end of period

 

$

 

81,757

 

 

$

 

120,801

 

 

LINDSAY CORPORATION: Brian Ketcham Senior Vice President & Chief Financial Officer 402-827-6579

THREE PART ADVISORS: Jeff Elliott 972-423-7070 Gary Guyton 214-442-0016

Lindsay (NYSE:LNN)
Gráfico Histórico do Ativo
De Set 2022 até Out 2022 Click aqui para mais gráficos Lindsay.
Lindsay (NYSE:LNN)
Gráfico Histórico do Ativo
De Out 2021 até Out 2022 Click aqui para mais gráficos Lindsay.