LNN Lindsay Corporation

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