The following is a summary of the Lindsay Corporation (LNN) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Lindsay Corporation reported a decrease in consolidated revenues to $139.2 million, down 15% year-over-year.

• Net earnings for the quarter were $20.4 million or $1.85 per diluted share, compared to $16.9 million or $1.53 per diluted share in the prior year.

• The decrease in revenue was driven by lower sales in both the North America and international irrigation segments.

• Infrastructure segment revenues increased by 11% to $24.4 million, with an operating income increase of 76% to $6.3 million.

Business Progress:

• Announced a major project win in the Mideast and North Africa worth over $100 million, enhancing their global project execution capabilities.

• Released significant enhancements to FieldNET, providing growers with additional insights to optimize resource use and maximize yield.

• Investing over $50 million to modernize the Lindsay, Nebraska facility as part of an operational excellence strategy.

Opportunities:

• Anticipate benefits from the U.S. Infrastructure Investments and Jobs Act, expecting a multi-year growth trajectory for domestic infrastructure spending.

• The company highlighted the potential for growth in international markets, especially with underpenetrated markets in South America like Brazil.

Risks:

• Noted a decrease in demand for irrigation equipment due to suppressed commodity prices and limited access to capital, primarily in Brazil.

• Insurance approval delays and wet field conditions shifted a portion of the demand to the following quarter.

More details: Lindsay IR

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