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Irrigation demand in North America remains stable while market activity in Brazil declines; infrastructure results deliver meaningful margin expansion

OMAHA, Neb.–(BUSINESS WIRE)–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 29, 2024.

Key Highlights

  • Total revenues decreased 9 percent to $151.5 million on lower irrigation revenues
  • Increased Road Zipper System™ lease revenues support accretive sales mix shift and improved infrastructure results
  • Diluted earnings per share of $1.64 compared to $1.63 in the prior year quarter

Demand for irrigation equipment in North America remained stable during our second quarter and in line with our expectations, supported by grower investment from the carryover impact of solid farm profits realized last year,” said Randy Wood, President and Chief Executive Officer. “In Brazil, a significant drop in commodity prices during the quarter coupled with the anticipated impact of reduced yields for the current crop has reduced grower profitability and curtailed near-term capital investment capacity. In our infrastructure business, we are pleased with the continued growth of our Road Zipper System™ leasing business, which continues to represent a greater proportion of our infrastructure segment revenues with this sales mix accretive to Lindsay (NYSE:)’s overall margin profile.”

“We continue to invest in our innovation strategy, driving value creation through our advanced technology platforms. During the second quarter we successfully launched the next generation of our industry leading FieldNET™ platform that provides growers with an intuitive and easy-to-use interface with enhanced capabilities for precision irrigation management. In January, we announced plans to invest more than $50 million to expand and modernize our largest global manufacturing facility located in Lindsay, NE. This includes implementation of Industry 4.0 technologies, including data connectivity, analytics, artificial intelligence and additional automation and robotics. This investment will accelerate our ability to bring our latest innovations to market, and it aligns with our capital allocation priorities and commitment to leverage state-of-the art technology across our global operations.”

Second Quarter Summary

Consolidated Financial Summary

 

Second Quarter

(dollars in millions, except per share…

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