Lindsay Corp Q1 FY25 10-Q Filed

TL;DR

Lindsay Corp's Q1 FY25 10-Q is in, check financials for farm equip giant.

AI Summary

Lindsay Corporation filed its 10-Q for the period ending November 30, 2024. The company reported its financial results for the first quarter of fiscal year 2025. Key financial data and operational details are presented in this filing, which covers the company's performance in its farm machinery and equipment sector.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for Lindsay Corporation, crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial updates, not indicating any immediate or significant new risks.

Key Numbers

• 20241130 — Reporting Period End Date (Fiscal quarter ending November 30, 2024)
• 20250107 — Filing Date (Date the 10-Q was submitted to the SEC)

Key Players & Entities

• LINDSAY CORP (company) — Filer
• 20241130 (date) — Reporting Period End Date
• 20250107 (date) — Filing Date
• OMAHA (location) — Business Address City
• FARM MACHINERY & EQUIPMENT (industry) — Standard Industrial Classification

FAQ

Key Financial Figures

• $1.00 — nge on which registered Common Stock, $1.00 par value LNN New York Stock Exchan

Filing Documents

• lnn-20241130.htm (10-Q) — 1644KB
• lnn-ex10_1.htm (EX-10.1) — 186KB
• lnn-ex31_1.htm (EX-31.1) — 17KB
• lnn-ex31_2.htm (EX-31.2) — 17KB
• lnn-ex32_1.htm (EX-32.1) — 14KB
• 0000950170-25-002840.txt ( ) — 7164KB
• lnn-20241130.xsd (EX-101.SCH) — 812KB
• lnn-20241130_htm.xml (XML) — 1320KB

– FINANCIAL INFORMATION

Part I – FINANCIAL INFORMATION 3

– Financial Statements

ITEM 1 – Financial Statements 3 Condensed Consolidated Statements of Earnings for the three months ended November 30, 2024 and November 30, 2023 3 Condensed Consolidated Statements of Comprehensive Income for the three months ended November 30, 2024 and November 30, 2023 4 Condensed Consolidated Balance Sheets as of November 30, 2024, November 30, 2023, and August 31, 2024 5 Condensed Consolidated Statements of Shareholders' Equity for the three months ended November 30, 2024 and November 30, 2023 6 Condensed Consolidated Statements of Cash Flows for the three months ended November 30, 2024 and November 30, 2023 7 Notes to the Condensed Consolidated Financial Statements 8

– 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 24

– Controls and Procedures

ITEM 4 – Controls and Procedures 24

– OTHER INFORMATION

Part II – OTHER INFORMATION 25

– Legal Proceedings

ITEM 1 – Legal Proceedings 25

– Risk Factors

ITEM 1A – Risk Factors 25

– Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2 – Unregistered Sales of Equity Securities and Use of Proceeds 25

– Defaults Upon Senior Securities

ITEM 3 – Defaults Upon Senior Securities 25

– Mine Safety Disclosures

ITEM 4 – Mine Safety Disclosures 25

– Other Information

ITEM 5 – Other Information 25

– Exhibits

ITEM 6 – Exhibits 26

SIGNATURES

SIGNATURES 27 - 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 ($ and shares in thousands, except per share amounts) November 30, 2024 November 30, 2023 Operating revenues $ 166,281 $ 161,358 Cost of operating revenues 116,315 111,453 Gross profit 49,966 49,905 Operating expenses: Selling expense 10,211 9,817 General and administrative expense 15,008 14,662 Engineering and research expense 3,864 4,352 Total operating expenses 29,083 28,831 Operating income 20,883 21,074 Other income (expense): Interest expense ( 752 ) ( 877 ) Interest income 1,245 1,068 Other income (expense), net 658 ( 270 ) Total other income (expense) 1,151 ( 79 ) Earnings before income taxes 22,034 20,995 Income tax expense 4,870 5,976 Net earnings $ 17,164 $ 15,019 Earnings per share: Basic $ 1.58 $ 1.36 Diluted $ 1.57 $ 1.36 Shares used in computing earnings per share: Basic 10,853 11,017 Diluted 10,903 11,059 Cash dividends declared per share $ 0.36 $ 0.35 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 ($ in thousands) November 30, 2024 November 30, 2023 Net earnings $ 17,164 $ 15,019 Other comprehensive loss: Defined benefit pension plan adjustment, net of tax 37 36 Foreign currency translation adjustment, net of hedging activities and tax ( 6,359 ) ( 163 ) Unrealized gain on marketable securities, net of tax — 37 Total other comprehensive loss, net of tax expense (benefit) of $ 608 and ($ 166 ), respectively ( 6,322 ) ( 90 ) Total comprehensive income $ 10,842 $ 14,929 See accompanying notes to co

dilution

dilution 10,903 11,059 Basic net earnings per share $ 1.58 $ 1.36 Diluted net earnings per share $ 1.57 $ 1.36 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 months ended November 30, 2024 and 2023 . Note 4 – Income Taxes The Company recorded income tax expense of $ 4.9 million and $ 6.0 million for the three months ended November 30, 2024 and 2023, respectively. It is the Company's policy to report income tax expense for interim periods using an estimated annual effective income tax rate. The estimated annual effective income tax rate was 22.0 per cent and 28.0 percent for the three months ended November 30, 2024 and 2023, respectively. The decrease in the estimated annual effective income tax rate relates primarily to the change in earnings mix among foreign operations. The tax effects of significant or unusual items are not considered in the estimated annual effective income tax rate. The tax effects of such discrete events are recognized in the interim period in which the events occur. The impact of discrete items for the three months ended November 30, 2024 and 2023 was not significant. Note 5 – Inventories Inventories consisted of the following as of November 30, 2024, November 30, 2023, and August 31, 2024: ($ in thousands) November 30, 2024 November 30, 2023 August 31, 2024 Raw materials and supplies $ 87,861 $ 87,082 $ 84,725 Work in process 12,369 10,777 10,192 Finished goods and purchased parts, net 79,365 88,043 80,877 Total inventory value be

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