Lindsay Corporation · NYSE:LNN
Lindsay — Q4 2023 Earnings Presentation
19 slides from Lindsay's earnings presentation, Oct 19, 2023
Slide 1: 4th Quarter Fiscal 2023 Earnings Slide Deck
4th 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: Fourth Quarter Summary
Fourth Quarter Summary Revenues decreased $23.1 million compared to prior year Irrigation decreased $6.9 million Infrastructure decreased $16.2 million Operating income decreased $4.4 million compared to prior year Irrigation increased $5.5 million Infrastructure decreased $8.3 million Corporate exp
Slide 4: Fiscal 2023 Summary
Fiscal 2023 Summary Revenues decreased $96.7 million compared to prior year Irrigation decreased $79.8 million Infrastructure decreased $16.9 million Operating income increased $7.5 million compared to prior year Irrigation increased $16.2 million Infrastructure decreased $6.3 million Corporate expe
Slide 5: Fourth Quarter and Fiscal 2023 Financial Summary
Fourth Quarter and Fiscal 2023 Financial Summary
Slide 6: Current Market Factors
Current Market Factors Agricultural commodity prices remain volatile as they continue to be impacted by weather conditions in various regions of the world, China’s fluctuating demand, and the continued conflict between Ukraine and Russia. Corn and soybean prices in August 2023 were 32 percent and 9
Slide 7: Irrigation Segment – Fourth Quarter Summary
Irrigation Segment – Fourth Quarter Summary North America revenue decreased $19.9 million Lower unit sales volume due to exceptional storm damage replacement in prior year Average selling prices were comparable to prior year Unit sales volume breakdown by category: Replacement 50%, Dryland 33%, Conv
Slide 8: Acquisition of FieldWise, LLC
Acquisition of FieldWise, LLC Company Overview & Highlights: Headquartered in Norfolk, NE Specializes in telemetry solutions for agriculture, primarily center pivots FieldWise ™ will continue to operate independently and will market primarily to non-Zimmatic ™ dealers and customers Third-largest piv
Slide 9: Infrastructure Segment
Infrastructure Segment Total revenue decreased $16.2 million Lower Road Zipper System™ sales compared to prior year due to projects that did not repeat Higher Road Zipper System lease revenue connected to road construction activity Higher sales of road safety products Operating income decreased $8.3
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 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 12: Summary Balance Sheet and Liquidity
Summary Balance Sheet and Liquidity As of August 31, 2023, available liquidity of $216.3 million, with $166.3 million in cash, cash equivalents and marketable securities and $50.0 million available under revolving credit facility We are well-positioned with the strength of our balance sheet to conti
Slide 13: Free Cash Flow Summary
Free Cash Flow Summary ”ALINDSAY ($ in millions) FY23 FY22 Net earnings $72.4 $65.5 Depreciation / amortization $19.3 $20.2 Other non-cash adjustments $10.1 $7.2 Changes in assets and liabilities: Receivables ($4.9) ($47.5) Inventories $41.0 ($53.8) Other ($18.2) $11.4 Net cash provided by operation
Slide 14: 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 $35 - $40 million in fiscal 2024 Reflects incremental investment in plant modernization & productivity improveme
Slide 15: Five-Year Financial Goals (Annual Averages)
Five-Year Financial Goals (Annual Averages)
Slide 16: Appendix
Z”LINDSAY* 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, 2003-2023F 2003-22 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 Resear
Slide 18: Commodity Prices
Commodity Prices Soybean Prices Source: Trading Economics Corn Prices
Slide 19: United States Drought Condition
United States Drought Condition Source: US Drought Monitor, October 2023 2022 2023