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![]() Oct. 24, 2024 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 fourth quarter and fiscal year, which ended on August 31, 2024. "While agricultural markets globally remain challenged due to lower grain prices and grower profitability, I am pleased with the demonstrated resilience and performance of our North America irrigation business," said Randy Wood, President/CEO. "Equipment sales volume in both the fourth quarter and full year grew versus the prior year periods and operating performance also improved. "International irrigation results continue to be impacted by lower sales activity in Brazil, following record fourth quarter and full-year sales levels last year. During the fourth quarter we began delivery on the previously announced irrigation project in the MENA region, which helped to offset some of the market softness in Brazil. Fourth quarter and full year growth in our Road Zipper Systemâ„¢ lease revenues drove margin expansion and improved infrastructure results." Wood continued, "I am pleased with the continued operational execution demonstrated by our teams across the business, and the diligent price and cost management which have supported our underlying results in a cyclically challenging irrigation market. Our operating performance, along with diligent working capital management, resulted in free cash flow generation that exceeded net earnings for a second consecutive year. The strength of our balance sheet allows us to continue funding growth initiatives in innovation and other long-term shareholder value creation opportunities." Revenues for fiscal 2024 were $607.1 million, a decrease of $67.0 million, or 10 percent, compared to revenues of $674.1 million in the prior year. Irrigation revenues decreased $72.1 million primarily due to lower sales in Brazil and other Latin America markets following record revenues in the prior fiscal year. Infrastructure revenues increased $5.1 million, primarily due to higher Road Zipper System lease revenues while Road Zipper System sales and road safety product sales were both slightly lower compared to the prior fiscal year. Operating income for fiscal 2024 was $76.6 million, a decrease of $25.6 million, or 25 percent, compared to operating income of $102.2 million in the prior year. Operating margin was 12.6 percent of sales, compared to 15.2 percent of sales in the prior year. The decrease in operating income and operating margin resulted primarily from lower irrigation segment revenues and the impact from the deleveraging of fixed operating expenses. This decrease was partially offset by improved operating income and operating margin in the infrastructure segment. Net earnings for fiscal 2024 were $66.3 million, or $6.01 per diluted share, compared with net earnings of $72.4 million, or $6.54 per diluted share, for the prior year. The impact of lower operating income was partially offset by higher other income, driven by an increase in interest income and favorable foreign currency translation results compared to the prior fiscal year, along with a lower effective tax rate resulting primarily from the recognition of certain tax credits in Brazil. The backlog of unfilled orders as of August 31, 2024, was $180.9 million compared with $78.7 million on August 31, 2023. Included in these backlogs are amounts of $36.5 million and $3.8 million, respectively, for orders that are not expected to be fulfilled within the subsequent twelve months. The backlog in both segments was higher compared to the prior year, with the increase in irrigation backlog resulting from the addition of the large project in the MENA region. To read the entire report click here. Tweet |
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