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Oct. 19, 2023 Source: Lindsay Corp. 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 fourth quarter and fiscal year, which ended on August 31, 2023. Key Highlights Fourth Quarter: *Revenue of $167.1 million and EPS of $1.74 led by strong irrigation results *Strong growth in international irrigation revenues and record revenues in Brazil *Record operating income and operating margin in irrigation segment Full-Year: *Record net earnings of $72.4 million and record EPS of $6.54 *Record revenue and operating income in Brazil *Free cash flow generation reaches 139 percent of net earnings "We are pleased to report strong performance in our fiscal fourth quarter and solid momentum as we head into fiscal 2024, driven by our irrigation business. Our strong quarterly performance reflected growth in international irrigation markets led by South America, and Brazil in particular where we achieved record fourth quarter revenue," said Randy Wood, President and Chief Executive Officer "Demand for irrigation equipment in North America remained steady in the fourth quarter, in line with our expectations. Record fourth quarter operating income and operating margin in irrigation is a testament to effective price management and operating performance, while also reflecting the impact of increasing geographic diversification through strategic growth in international markets." "Infrastructure results for the fourth quarter reflected the impact of Road Zipper System™ projects in the prior year that did not repeat, while Road Zipper System leasing revenue continued to show solid growth and partially offset the overall decrease in revenue." Wood continued, "For the full year, I am pleased with our ability to deliver new records in net earnings and earnings per share, as our performance overcame softer revenues compared to last year's record levels. This record earnings and income performance was led by record full year operating income and operating margin in irrigation with gross margin expansion across the business. "This improved operating performance, along with effective working capital management, resulted in free cash flow generation that exceeded our objective for the year. This performance demonstrated our ability to continue funding growth investments in innovation and other long-term shareholder value creation opportunities." To read the entire report click here. Tweet |
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