Lindsay Corp Files Q3 10-Q
Ticker: LNN · Form: 10-Q · Filed: Jun 27, 2024 · CIK: 836157
Sentiment: neutral
Topics: 10-Q, financials, farm-equipment
TL;DR
Lindsay Corp's Q3 10-Q is in. Check financials for farm equipment giant.
AI Summary
Lindsay Corporation filed its 10-Q for the period ending May 31, 2024, reporting on its financial performance. The company, based in Omaha, NE, operates in the farm machinery and equipment sector. Key financial details and operational highlights for the third quarter are detailed within this report.
Why It Matters
This filing provides investors with an update on Lindsay Corp's financial health and operational performance, crucial for understanding the company's trajectory in the farm equipment market.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.
Key Numbers
- $0.35 — EPS (Implied from filing data, though not explicitly stated as EPS.)
- 12 — Number of Filings (Total documents in the filing package.)
Key Players & Entities
- LINDSAY CORP (company) — Filer
- OMAHA (location) — Business Address City
- NE (location) — Business Address State
- FARM MACHINERY & EQUIPMENT (industry) — Standard Industrial Classification
- 20240531 (date) — Period of Report
FAQ
What is Lindsay Corp's primary business segment?
Lindsay Corp's primary business segment is Farm Machinery & Equipment, as indicated by its Standard Industrial Classification code [3523].
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240531, meaning the filing covers the period ending May 31, 2024.
Where is Lindsay Corp headquartered?
Lindsay Corp's business and mailing addresses are located in Omaha, NE.
What is the SEC file number for Lindsay Corp?
The SEC file number for Lindsay Corp is 001-13419.
When was Lindsay Corp last known by a different name?
Lindsay Corp was formerly known as LINDSAY MANUFACTURING CO, with a date of name change on 19920703.
Filing Stats: 4,515 words · 18 min read · ~15 pages · Grade level 15.5 · Accepted 2024-06-27 16:10:27
Key Financial Figures
- $1.00 — nge on which registered Common Stock, $1.00 par value LNN New York Stock Exchan
Filing Documents
- lnn-20240531.htm (10-Q) — 2069KB
- lnn-ex31_1.htm (EX-31.1) — 16KB
- lnn-ex31_2.htm (EX-31.2) — 17KB
- lnn-ex32_1.htm (EX-32.1) — 13KB
- 0000950170-24-078449.txt ( ) — 7745KB
- lnn-20240531.xsd (EX-101.SCH) — 949KB
- lnn-20240531_htm.xml (XML) — 1519KB
– FINANCIAL INFORMATION
Part I – FINANCIAL INFORMATION 3
– Financial Statements
ITEM 1 – Financial Statements 3 Condensed Consolidated Statements of Earnings for the three and nine months ended May 31, 2024 and May 31, 2023 3 Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended May 31, 2024 and May 31, 2023 4 Condensed Consolidated Balance Sheets as of May 31, 2024, May 31, 2023, and August 31, 2023 5 Condensed Consolidated Statements of Shareholders' Equity for the three and nine months ended May 31, 2024 and May 31, 2023 6 Condensed Consolidated Statements of Cash Flows for the nine months ended May 31, 2024 and May 31, 2023 8 Notes to the Condensed Consolidated Financial Statements 9
– Management's Discussion and Analysis of Financial Condition and Results of Operations
ITEM 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations 18
– Quantitative and Qualitative Disclosures about Market Risk
ITEM 3 – Quantitative and Qualitative Disclosures about Market Risk 26
– Controls and Procedures
ITEM 4 – Controls and Procedures 26
– OTHER INFORMATION
Part II – OTHER INFORMATION 28
– Legal Proceedings
ITEM 1 – Legal Proceedings 28
– Risk Factors
ITEM 1A – Risk Factors 28
– Unregistered Sales of Equity Securities and Use of Proceeds
ITEM 2 – Unregistered Sales of Equity Securities and Use of Proceeds 28
– Defaults Upon Senior Securities
ITEM 3 – Defaults Upon Senior Securities 28
– Mine Safety Disclosures
ITEM 4 – Mine Safety Disclosures 28
– Other Information
ITEM 5 – Other Information 28
– Exhibits
ITEM 6 – Exhibits 29
SIGNATURES
SIGNATURES 30 - 2 - Table of Contents
– FINANC IAL INFORMATION
Part I – FINANC IAL INFORMATION
- Financi al Statements
ITEM 1 - Financi al Statements LINDSAY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) Three months ended Nine months ended ($ and shares in thousands, except per share amounts) May 31, 2024 May 31, 2023 May 31, 2024 May 31, 2023 Operating revenues $ 139,199 $ 164,553 $ 452,076 $ 506,953 Cost of operating revenues 92,702 111,332 306,720 346,454 Gross profit 46,497 53,221 145,356 160,499 Operating expenses: Selling expense 9,579 8,681 28,894 27,092 General and administrative expense 12,695 13,061 40,823 41,237 Engineering and research expense 4,287 4,522 12,531 13,350 Total operating expenses 26,561 26,264 82,248 81,679 Operating income 19,936 26,957 63,108 78,820 Other income (expense): Interest expense ( 767 ) ( 948 ) ( 2,474 ) ( 2,895 ) Interest income 961 680 3,324 1,545 Other income (expense), net 43 ( 957 ) ( 93 ) ( 2,000 ) Total other income (expense) 237 ( 1,225 ) 757 ( 3,350 ) Earnings before income taxes 20,173 25,732 63,865 75,470 Income tax (benefit) expense ( 206 ) 8,851 10,344 22,320 Net earnings $ 20,379 $ 16,881 $ 53,521 $ 53,150 Earnings per share: Basic $ 1.85 $ 1.53 $ 4.86 $ 4.83 Diluted $ 1.85 $ 1.53 $ 4.84 $ 4.80 Shares used in computing earnings per share: Basic 10,996 11,008 11,016 11,001 Diluted 11,030 11,052 11,055 11,063 Cash dividends declared per share $ 0.35 $ 0.34 $ 1.05 $ 1.02 See accompanying notes to condensed consolidated financial statements. - 3 - Table of Contents LINDSAY CORPORA TION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three months ended Nine months ended ($ in thousands) May 31, 2024 May 31, 2023 May 31, 2024 May 31, 2023 Net earn
dilution
dilution 11,030 11,052 11,055 11,063 Basic net earnings per share $ 1.85 $ 1.53 $ 4.86 $ 4.83 Diluted net earnings per share $ 1.85 $ 1.53 $ 4.84 $ 4.80 Certain stock options and restricted stock units were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive. Performance stock units are excluded from the calculation of dilutive potential common shares until the threshold performance conditions have been satisfied. The number of securities excluded from the computation of earnings per share because their effect would have been anti-dilutive was not significant for the three and nine months ended May 31, 2024 and 2023 . Note 4 – Acquisitions Pessl Instruments GmbH On April 3, 2024 , the Company agreed to acquire a 49.9 % non-controlling minority interest in Pessl Instruments GmbH ("Pessl"), an Austrian company that provides agricultural technology solutions focused on field monitoring systems such as weather stations and soil moisture probes. The agreement includes a call option that, if exercised, would allow the Company to acquire the remainder of Pessl's outstanding shares based on Pessl's future earnings at certain dates between approximately two-and-a-half and five years after the date of the agreement. The transaction is expected to close in the fourth quarter of the Company's fiscal 2024, subject to customary closing conditions and regulatory approvals. FieldWise, LLC On July 28, 2023 ("the acquisition date"), the Company completed the acquisition of the membership interests of FieldWise, LLC ("FieldWise"). FieldWise is a market leader in agricultural technology products with a focus on subscription-based, precision irrigation solutions. The purchase price of $ 32.7 million was financed through an all-cash transaction from the Company's cash on hand. The following table summarizes the final purchase price allocation for the acquisition of Fie