Lindsay Corporation · NYSE:LNN
Lindsay — Q2 2024 Earnings Presentation
19 slides from Lindsay's earnings presentation, Apr 4, 2024
Slide 1: 2nd Quarter Fiscal 2024 Earnings Slide Deck
2nd 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: Second Quarter Key Messages
Second Quarter Key Messages North America irrigation unit sales volume increases during the second quarter and year-to-date is supported by the carryover impact of solid 2023 farm profits A forecasted decline in 2024 U.S. net farm income, if realized, could negatively impact demand for irrigation eq
Slide 4: Second Quarter Summary
Second Quarter Summary Revenues decreased $14.7 million compared to prior year Irrigation decreased $14.8 million Infrastructure comparable to prior year Operating income decreased $5.2 million compared to prior year Irrigation decreased $7.2 million Infrastructure increased $1.5 million Corporate e
Slide 5: Second Quarter and YTD Financial Summary
Second Quarter and YTD Financial Summary
Slide 6: Current Market Factors
Current Market Factors As of February 2024, U.S. corn prices have decreased 35 percent and U.S. soybean prices have decreased 25 percent from price levels prevailing in February 2023 In February 2024, the USDA estimated 2024 U.S. net farm income to be $116.1 billion, a decrease of 26 percent from 20
Slide 7: Irrigation Segment – Second Quarter Summary
Irrigation Segment – Second Quarter Summary North America revenue decreased $7.6 million Lower sales of replacement parts, lower average selling prices and less favorable mix of shorter machines compared to prior year Higher unit sales volume Unit sales volume breakdown by category: Replacement 46%,
Slide 8: Infrastructure Segment – Second Quarter Summary
Infrastructure Segment – Second Quarter Summary Total revenue was comparable to prior year second quarter Higher Road Zipper System ™ lease revenue connected to road construction activity Lower Road Zipper System ™ project sales revenue Lower sales of road safety products in international markets of
Slide 9: 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 10: 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 11: Summary Balance Sheet and Liquidity
Summary Balance Sheet and Liquidity As of February 29, 2024, available liquidity of $200.6 million, with $150.6 million in cash, cash equivalents and marketable securities and $50.0 million available under revolving credit facility Well-positioned with a strong balance sheet to continue to execute o
Slide 12: Free Cash Flow Summary
Free Cash Flow Summary ZALINDSAY* ($ in millions) YTD FY24 YTD FY23 Net earnings $33.1 $36.3 Depreciation / amortization $10.6 $9.7 Other non-cash adjustments $5.1 $5.0 Changes in assets and liabilities: Receivables ($9.3) ($28.7) Inventories ($12.0) $14.0 Other ($15.4) ($28.4) Net cash provided by
Slide 13: 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 14: 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 15: Appendix
Z”LINDSAY* Appendix
Slide 16: U.S. Net Farm Income and Net Cash Farm Income
U.S. Net Farm Income and Net Cash Farm Income Inflation adjusted, 2003-2024F 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 2024 by USDA, Economic Resear
Slide 17: U.S. Commodity Prices
U.S. Commodity Prices Soybean Prices Source: Trading Economics Corn Prices
Slide 18: Soybean Cash Price Index – Brazil
Soybean Cash Price Index – Brazil Source:Cepea
Slide 19: United States Drought Condition
United States Drought Condition Source: US Drought Monitor, March 2024 2023 2024