Slide 1: 2nd Quarter Fiscal 2023 Earnings Slide Deck
2nd 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: Second Quarter Summary
Second Quarter Summary Revenues decreased $33.9 million compared to prior year Irrigation decreased $32.9 million Infrastructure decreased $0.9 million Operating income increased $9.0 million compared to prior year Irrigation increased $8.1 million Infrastructure increased $1.7 million Corporate exp
Slide 4: Second Quarter and YTD Financial Summary
Second Quarter and YTD Financial Summary
Slide 5: Current Market Factors
Current Market Factors As of February 2023, U.S. corn prices have increased 35 percent and soybean prices have increased 8 percent from a year ago. Drought conditions in various regions of the world and the continued conflict between Ukraine and Russia have lowered the supply of commodities and are
Slide 6: Irrigation Segment
Irrigation Segment North America revenue decreased $10.3 million Lower unit sales volume due to differences in market timing partly offset by higher average selling prices compared to prior year Unit sales volume breakdown by category: Replacement 40%, Conversion 29%, Dryland 31% International reven
Slide 7: Infrastructure Segment
Infrastructure Segment Total revenue decreased $0.9 million Lower sales of road safety products partly offset by an increase in Road Zipper System® lease revenue Road Zipper project sales similar to prior year Operating income increased $1.7 million More favorable margin mix of revenues Improved pri
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 February 28,2023, available liquidity of $156.4 million, with $106.4 million in cash, cash equivalents and marketable securities and $50.0 million available under revolving credit facility We are well-positioned with the strength of our balance sheet to inve
Slide 11: Summary of Cash Flow
Summary of Cash Flow ($ 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 $36.3 $9.7 $5.0 ($28.7) $14.0 ($28.4) $7.9
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