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LNN NYSE· Lindsay Corporation
Earnings report Q4 2023

Lindsay Corporation Reports Decrease in Revenue for Q4 2023

Segments of revenue

Lindsay Corporation's operating revenues for the three months ended November 30, 2023, were $161.4 million, representing an 8 percent decrease compared to the same period in 2022. The company's irrigation segment revenues decreased by 8 percent to $140.2 million, while infrastructure segment revenues decreased by 12 percent to $21.2 million.

Strengths

Despite the decrease in revenue, Lindsay Corporation was able to maintain a gross margin of 30.9 percent for the quarter, which was slightly higher than the 30.1 percent gross margin in the previous year. The infrastructure segment saw improved gross margins due to a more favorable mix of revenues, particularly from higher Road Zipper System lease revenues. Additionally, the company's net earnings for the quarter were $15.0 million, or $1.36 per diluted share.

Challenges

The decrease in revenue for Lindsay Corporation's irrigation and infrastructure segments indicates a challenging quarter. The company experienced lower revenues in both segments, which contributed to the overall decline in operating revenues. This may be attributed to various factors such as market conditions, competition, or other industry-specific challenges.

Noteworthy

It is worth noting that Lindsay Corporation's net earnings for the quarter decreased from $18.2 million in 2022 to $15.0 million in 2023. This decline in net earnings could be attributed to the decrease in revenue and the impact of operating expenses.

Summary

Lindsay Corporation faced a challenging quarter with an 8 percent decrease in operating revenues. The company's irrigation and infrastructure segments both experienced declines in revenue. However, Lindsay Corporation was able to maintain a favorable gross margin and reported net earnings of $15.0 million. The decrease in net earnings can be attributed to the decrease in revenue and the impact of operating expenses. Overall, Lindsay Corporation's performance in the latest quarter reflects the challenges faced in the market, but the company's ability to maintain a strong gross margin demonstrates some resilience.

Source documents

Form 10-Q  filed on Jan 04, 2024
120 pages scanned

Reference data

Company financials Q4 revenue 161M
Analyst estimates Q4 EPS beat by 22.08%
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