Lindsay Corporation · NYSE:LNN
Lindsay — Q4 2024 Earnings Presentation
22 slides from Lindsay's earnings presentation, Oct 24, 2024
Slide 1: 4th Quarter Fiscal 2024 Earnings Slide Deck
4th Quarter Fiscal 2024 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: Fourth Quarter Key Messages
Fourth Quarter Key Messages North America irrigation revenues increased on higher unit sales volume driven by increased storm damage replacement demand Lower revenues in Brazil compared to record revenues in the prior year Delivery began on large irrigation project in the Middle East and North Afric
Slide 4: Fourth Quarter Summary
Fourth Quarter Summary Revenues decreased $12.1 million compared to prior year Irrigation decreased $17.7 million Infrastructure increased $5.6 million Operating income decreased $9.9 million compared to prior year Irrigation decreased $12.7 million Infrastructure increased $2.5 million Corporate ex
Slide 5: Fiscal 2024 Summary
Fiscal 2024 Summary Revenues decreased $67.0 million compared to prior year Irrigation decreased $72.1 million Infrastructure increased $5.1 million Operating income decreased $25.6 million compared to prior year Irrigation decreased $34.4 million Infrastructure increased $6.9 million Corporate expe
Slide 6: Fourth Quarter and Fiscal 2024 Financial Summary
Fourth Quarter and Fiscal 2024 Financial Summary
Slide 7: Current Market Factors
Current Market Factors As of August 2024, U.S. corn and soybean prices were approximately 19 percent and 29 percent lower, respectively, compared to August 2023 As of August 2024, the USDA estimated 2024 U.S. net farm income to be $140.0 billion, a decrease of 4 percent from 2023 U.S. net farm incom
Slide 8: Irrigation Segment – Fourth Quarter Summary
Irrigation Segment – Fourth Quarter Summary North America revenue increased $1.5 million Higher unit sales volume of irrigation equipment driven by higher storm damage replacement demand Average selling prices were comparable to prior year Lower sales of replacement parts due to wet field conditions
Slide 9: Infrastructure Segment – Fourth Quarter Summary
Infrastructure Segment – Fourth Quarter Summary Total revenue increased $5.6 million Higher Road Zipper System ™ project sales and lease revenue Higher sales of road safety products in the U.S. were offset by lower sales in international markets Operating income increased $2.5 million Increased reve
Slide 10: 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 11: Strong Commitment to Sustainable Practices
Strong Commitment to Sustainable Practices Our mission is to conserve natural resources, expand our world’s potential, and enhance the quality of life for people. Investing in sustainable technologies Improving our operational footprint Empowering and protecting our people Engaging in our local comm
Slide 12: Summary Balance Sheet and Liquidity
Summary Balance Sheet and Liquidity As of August 31, 2024, available liquidity of $240.9 million, with $190.9 million in cash and cash equivalents and $50.0 million available under revolving credit facility Well-positioned with a strong balance sheet to continue to execute our capital allocation str
Slide 13: Free Cash Flow Summary
Free Cash Flow Summary ZALINDSAY™ ($ in millions) | FY24 | FY23 Net earnings $66.3 $72.4 Depreciation / amortization $21.2 $19.3 Other non-cash adjustments $2.7 $10.1 Changes in assets and liabilities: Receivables $23.5 ($4.9) Inventories ($0.8) $41.0 Other ($17.1) ($18.2) Net cash provided by opera
Slide 14: Capital Allocation Priorities
Capital Allocation Priorities Working capital to support sales growth New product development Capacity and productivity investments Align with strategic growth priorities Leverage or add to existing capabilities Deliver return on invested capital Increase annual dividends Opportunistic share repurch
Slide 15: Five-Year Financial Goals (Annual Averages)
Five-Year Financial Goals (Annual Averages) Organic Revenue Growth >7% Operating Margin >14% ROIC >12% EPS Growth >10%
Slide 16: Appendix
ZALINDSAY* Appendix
Slide 17: U.S. Net Farm Income and Net Cash Farm Income
U.S. Net Farm Income and Net Cash Farm Income Inflation adjusted, 2004-2024F 2004-23 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 2024 by USDA, Economic Resear
Slide 18: U.S. Corn Prices
U.S. Corn Prices Source: Trading Economics
Slide 19: U.S. Soybean Prices
U.S. Soybean Prices Source: Trading Economics
Slide 20: Soybean Cash Price Index – Brazil
Soybean Cash Price Index – Brazil Source:Cepea
Slide 21: Brazil Central Bank Interest Rate
Brazil Central Bank Interest Rate Source: Trading Economics Percent
Slide 22: United States Drought Condition
United States Drought Condition Source: US Drought Monitor, March 2024 2023 2024