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Jan. 6, 2023 Source: Lindsay Corporation news release OMAHA, Neb. - Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, today announced results for its first quarter which ended on November 30, 2022. First Quarter Summary Revenues for the first quarter of fiscal 2023 were $176.2 million, an increase of $10.0 million, or 6 percent, compared to revenues of $166.2 million in the prior year first quarter. Net earnings for the quarter were $18.2 million, or $1.65 per diluted share, compared with net earnings of $7.9 million, or $0.72 per diluted share, for the prior year first quarter. "Positive market fundamentals continue to support solid demand for irrigation equipment across our core markets," said Randy Wood, President and Chief Executive Officer. "Improved price realization and reduced inflationary headwinds compared to the same prior year period contributed to operating income growth and margin expansion in our irrigation business. In our infrastructure business, increased Road Zipper System sales resulted from the completion of a large project that began in our prior year fourth quarter." First Quarter Segment Results Irrigation segment revenues for the first quarter of fiscal 2023 were $152.1 million, an increase of $6.2 million, or 4 percent, compared to $145.9 million in the prior year first quarter. North America irrigation revenues of $83.9 million increased $5.0 million, or 6 percent, compared to the prior year first quarter. The increase in North America irrigation revenues resulted primarily from higher average selling prices as unit sales volume was comparable to the prior year first quarter. International irrigation revenues of $68.1 million increased $1.2 million, or 2 percent. Higher sales in Brazil and other markets more than offset the impact of lower sales in Ukraine and Russia and a large Egypt project in the prior year first quarter that did not repeat. The current year was also impacted by the unfavorable effects of foreign currency translation of approximately $1.6 million compared to the prior year first quarter. Irrigation segment operating income for the first quarter of fiscal 2023 was $28.6 million, an increase of $11.4 million, or 66 percent, compared to the prior year first quarter. Operating margin was 18.8 percent of sales, compared to 11.8 percent of sales in the prior year first quarter. Increased operating income and operating margin resulted primarily from improved price realization, lower inflationary impact on input costs and a more favorable margin mix of international irrigation revenues compared to the prior year first quarter. Infrastructure segment revenues for the first quarter of fiscal 2023 were $24.1 million, an increase of $3.8 million, or 19 percent, compared to $20.2 million in the prior year first quarter. The increase resulted from higher Road Zipper System sales, which were partially offset by lower Road Zipper System lease revenue and lower sales of road safety products. Infrastructure segment operating income for the first quarter of fiscal 2023 was $3.4 million, an increase of $0.6 million or 22 percent compared to the prior year first quarter. Operating margin was 14.0 percent of sales, compared to 13.7 percent of sales in the prior year first quarter. Increased operating income and operating margin resulted primarily from higher revenues and lower inflationary impact on input costs compared to the prior year first quarter. This increase was partially offset by a less favorable margin mix of revenues compared to the prior year first quarter. The backlog of unfilled orders at November 30, 2022 was $129.6 million compared with $154.8 million at November 30, 2021. The irrigation and infrastructure backlog are both lower compared to the prior year first quarter. Outlook "Current commodity price levels and net farm income projections support a positive outlook for North America irrigation equipment demand in the near term. We expect demand in international markets to be supported by expanded production driven by positive agricultural market fundamentals and continuing concerns over food security and global grain supplies," said Mr. Wood. "In the infrastructure business, we expect growth to be supported by an anticipated increase in U.S. infrastructure spending and by the ongoing management of our project sales funnel." Tweet |
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