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Apr. 4, 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 second quarter ended on February 28, 2023. Key Highlights *Second quarter net earnings increased 24 percent to $18.1 million and EPS improved to $1.63 Irrigation operating income increased 33 percent despite lower revenues *Infrastructure operating income improves on increased Road Zipper System lease revenue "We are pleased with the significant earnings improvement we achieved in the second quarter, as we were able to deliver expanded profitability despite a decline in our top line compared to last year," said Randy Wood, President and Chief Executive Officer. "Lower revenues in our irrigation business were due to international project business in the prior year that did not repeat as well as seasonal volume shifts in North America and Brazil. However, improved price realization as a result of commercial pricing actions and reduced inflationary headwinds compared to the prior year contributed to operating income growth and margin expansion in both of our business segments." "Our teams around the world continue to adapt to dynamic market conditions and remain focused on serving our customers, improving the quality of our business and driving innovation and value creation though our advanced technologies." Revenues for the second quarter of fiscal 2023 were $166.2 million, a decrease of $33.9 million, or 17 percent, compared to revenues of $200.1 million in the prior year second quarter. Almost all of the decrease came from the irrigation segment as infrastructure revenues were down slightly. Operating income for the quarter was $27.3 million, an increase of $9.0 million, or 49 percent, compared to operating income of $18.3 million in the prior year second quarter. Operating margin was 16.4 percent of sales, expanding 720 basis points compared to 9.2 percent of sales in the prior year quarter. The operating margin expansion was driven by strong gross margin improvement in both of our business segments. The increase was partially offset by higher operating expenses compared to the prior year second quarter, including higher employee compensation costs and increased investments in new product development. Net earnings for the quarter were $18.1 million, or $1.63 per diluted share, compared with net earnings of $14.6 million, or $1.32 per diluted share, for the prior year second quarter. The improved net earnings performance was largely driven by increased operating income and was partially offset by foreign currency transaction losses in the current year compared to gains in the prior year and from higher income tax expense. To read the entire report click here. Tweet |
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