Lindsay Q1 revenue down 8% to $161.4M, EPS $1.36 vs $1.65 YoY; irrigation international sales drop 25%

LINDSAY CORP

2024-Q1 EPS reported $1.36 revenue$161,358,000

Net earnings $15.0M ($1.36 diluted EPS) compared to $18.2M ($1.65) in prior year Q1.
North America irrigation revenue up 7% to $89.4M; international irrigation down 25% to $50.8M.
Infrastructure segment operating margin improved to 17.1% from 14.0% on higher lease revenue.
Total backlog fell to $86.8M from $129.6M a year ago; irrigation backlog lower.
Management cites stable North America demand but cautious international outlook; farm income projections supportive.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

LINDSAY CORP reported first quarter ended November 30, 2023 results: revenue $161.4 million, net income $15.0 million, EPS $1.36 per diluted share.

Period: first quarter ended November 30, 2023
Revenue: $161.4 million
Net income: $15.0 million
EPS: $1.36 per diluted share
Result: reported results

Exact text from the filing

Revenues for the quarter were $161.4 million, a decrease of $14.8 million, or 8 percent, compared to revenues of $176.2 million in the prior year first quarter. The decrease resulted primarily from lower international irrigation sales compared to prior year first quarter. Operating income for the quarter was $21.1 million, a decrease of $3.5 million, or 14 percent, compared to operating income of $24.6 million in the prior year first quarter. Operating margin was 13.1 percent of sales compared to 14.0 percent of sales in the prior year first quarter. The decrease in operating income and margin resulted primarily from lower revenues as gross margin improved compared to prior year first quarter. Net earnings for the quarter were $15.0 million, or $1.36 per diluted share, compared with net earnings of $18.2 million, or $1.65 per diluted share, in the prior year first quarter.

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Source: SEC EDGAR

accession 0000950170-24-001483

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