Lindsay Corporation · NYSE:LNN
Lindsay — Q3 FY2023 Earnings Presentation
16 slides from Lindsay's earnings presentation, Jun 29, 2023
Slide 1: 3rd Quarter Fiscal 2023 Earnings Slide Deck
3rd Quarter Fiscal 2023 Earnings Slide Deck Exhibit 99.2
Slide 2: Safe-Harbor Statement
Safe-Harbor Statement This presentation 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, financial results and planned financing. Y
Slide 3: Third Quarter Summary
Third Quarter Summary Revenues decreased $49.7 million compared to prior year Irrigation decreased $46.1 million Infrastructure decreased $3.6 million Operating income decreased $8.2 million compared to prior year Irrigation decreased $8.9 million Infrastructure decreased $0.2 million Corporate expe
Slide 4: Third Quarter and YTD Financial Summary
Third Quarter and YTD Financial Summary
Slide 5: Current Market Factors
Current Market Factors As of May 2023, U.S. corn prices have increased 15 percent and soybean prices have decreased 15 percent from a year ago. Weather conditions in various regions of the world and the continued conflict between Ukraine and Russia have impacted commodity price volatility. The USDA
Slide 6: Irrigation Segment
Irrigation Segment North America revenue decreased $21.2 million Lower unit sales volume due to farmers delaying capital investment decisions Average selling prices were comparable to prior year Unit sales volume breakdown by category: Replacement 43%, Conversion 28%, Dryland 29% International reven
Slide 7: Infrastructure Segment
Infrastructure Segment Total revenue decreased $3.6 million Lower Road Zipper System® sales Lower sales of road safety products outside the U.S. Higher Road Zipper System® lease revenues connected with road construction activity Operating income decreased $0.2 million Decline results from lower reve
Slide 8: Innovation Leadership: Addressing Global Megatrends
Innovation Leadership: Addressing Global Megatrends Capitalizing on global megatrends Food Security Water Scarcity Land Availability Mobility Safety Increased Safety Standards Aging Infrastructure Megatrends Innovation Leadership Innovative sustainable solutions for growers across the globe Mobilizi
Slide 9: Strong Commitment to Sustainable Practices
Strong Commitment to Sustainable Practices Our mission is to provide solutions that conserve natural resources, enhance quality of life for people, and expand our world’s potential. Investing in sustainable technologies Improving our operational footprint Empowering and protecting our people Engagin
Slide 10: Summary Balance Sheet and Liquidity
Summary Balance Sheet and Liquidity As of May 31, 2023, available liquidity of $194.4 million, with $144.4 million in cash, cash equivalents and marketable securities and $50.0 million available under revolving credit facility We are well-positioned with the strength of our balance sheet to invest i
Slide 11: Summary of Cash Flow
Summary of Cash Flow ($ in millions) Net earnings Depreciation / amortization Other non-cash adjustments Changes in assets and liabilities: Receivables Inventories Other Net cash provided by (used in) operations Capital expenditures Dividends paid YTD FY23 $53.2 $14.5 $6.8 ($15.8) $25.3 ($24.8) $59.
Slide 12: Capital Allocation – A Balanced Approach
Capital Allocation – A Balanced Approach The Company’s prioritization for cash use: Working capital to support organic growth New product development Capital expenditures - expected to be $15 - $20 million in fiscal 2023 Acquisitions that align with strategic priorities Dividend payments Opportunist
Slide 13: Appendix
Z”LINDSAY* Appendix
Slide 14: U.S. Net Farm Income and Net Cash Farm Income
U.S. Net Farm Income and Net Cash Farm Income Inflation adjusted, 2001-23F 2002-21 average NCFI Note: F = forecast. Values are adjusted for inflation using the U.S. Bureau of Economic Analysis Gross Domestic Product Price Index (BEA API series code: A191RG) rebased to 2023 by USDA, Economic Research
Slide 15: Commodity Prices
Commodity Prices Soybean Prices Source: Trading Economics Corn Prices
Slide 16: United States Drought Condition
United States Drought Condition Source: US Drought Monitor, March 2022 2023