Lindsay Corporation · NYSE:LNN
Lindsay — Q1 2024 Earnings Presentation
18 slides from Lindsay's earnings presentation, Jan 4, 2024
Slide 1: 1st Quarter Fiscal 2024 Earnings Slide Deck
1st 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: First Quarter Summary
First Quarter Summary Revenues decreased $14.8 million compared to prior year Irrigation decreased $11.9 million Infrastructure decreased $2.9 million Operating income decreased $3.5 million compared to prior year Irrigation decreased $3.3 million Infrastructure increased $0.2 million Corporate expe
Slide 4: First Quarter Financial Summary
First Quarter Financial Summary
Slide 5: Current Market Factors
Current Market Factors Agricultural commodity prices continue to fluctuate based on supply and demand changes Corn and soybean prices in November 2023 were 32 percent and 8 percent lower, respectively, compared to one year ago Commodity prices remain broadly supportive to grower profitability 2023 n
Slide 6: Irrigation Segment – First Quarter Summary
Irrigation Segment – First Quarter Summary North America revenue increased $5.4 million Higher unit sales volume was partially offset by less favorable mix of shorter machine sales compared to prior year Average selling prices remained stable and were comparable to prior year Unit sales volume break
Slide 7: Infrastructure Segment
Infrastructure Segment Total revenue decreased $2.9 million Lower Road Zipper System™ sales due to project revenue of $8.0 million in the prior year that did not repeat Higher Road Zipper System lease revenue connected to road construction activity Higher sales of road safety products First commerci
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 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 10: Summary Balance Sheet and Liquidity
Summary Balance Sheet and Liquidity As of November 30, 2023, available liquidity of $225.7 million, with $175.7 million in cash, cash equivalents and marketable securities and $50.0 million available under revolving credit facility Well-positioned with a strong balance sheet to continue to execute o
Slide 11: Free Cash Flow Summary
Free Cash Flow Summary ZALINDSAY* ($ in millions) Q1 FY24 Q1 FY23 Net earnings $15.0 $18.2 Depreciation / amortization $5.3 $4.9 Other non-cash adjustments $0.2 $3.5 Changes in assets and liabilities: Receivables $1.7 ($19.8) Inventories ($8.0) $4.8 Other $7.7 ($6.9) Net cash provided by operations
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 $35 - $40 million in fiscal 2024 Reflects incremental investment in plant modernization & productivity improveme
Slide 13: Five-Year Financial Goals
Five-Year Financial Goals (Annual Averages) ZALINDSAY™ EPS Growth Operating Organic Margin Revenue Growth > A 0%
Slide 14: Appendix
Z”LINDSAY* Appendix
Slide 15: 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 16: U.S. Net Farm Income and Federal Support
U.S. Net Farm Income and Federal Support
Slide 17: Commodity Prices
Commodity Prices Soybean Prices Source: Trading Economics Corn Prices
Slide 18: United States Drought Condition
United States Drought Condition Source: US Drought Monitor, October 2023 2022 2023