Lindsay Corp 10-Q for FY2025 Q1

Lindsay Corp (LNN)

10-Q 2025-01-07 For: 2024-11-30

Added on April 09, 2026

About this 10-Q

Lindsay Corp filed this 10-Q on January 7, 2025, covering the quarter ended November 30, 2024 (FY2025 Q1).

Headline figures

Quarter ended November 30, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $166.28M; up 3.1% from $161.36M a year earlier
Net income: $17.16M; up 14.3% from net income of $15.02M a year earlier
Diluted EPS: $1.57; up 15.4% from $1.36 a year earlier

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Delaware		47-0554096
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

18135 Burke Street, Suite 100, Omaha, Nebraska		68022
(Address of principal executive offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 par value	LNN	New York Stock Exchange, Inc.


Large accelerated filer	☒	Accelerated filer	☐
Non‑accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐


		Page

Part I – FINANCIAL INFORMATION		3

	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

	ITEM 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations	18

	ITEM 3 – Quantitative and Qualitative Disclosures about Market Risk	24

	ITEM 4 – Controls and Procedures	24

Part II – OTHER INFORMATION		25

	ITEM 1 – Legal Proceedings	25

	ITEM 1A – Risk Factors	25

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

	ITEM 3 – Defaults Upon Senior Securities	25

	ITEM 4 – Mine Safety Disclosures	25

	ITEM 5 – Other Information	25

	ITEM 6 – Exhibits	26

SIGNATURES		27


	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


	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


($ and shares in thousands, except par values)	November 30, 2024			November 30, 2023			August 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	194,066		$	159,381		$	190,879
Marketable securities		—			16,278			—
Receivables, net of allowance of $5,046, $5,052, and $5,151, respectively		120,875			143,049			116,601
Inventories, net		158,255			164,144			154,453
Other current assets		28,948			18,450			31,279
Total current assets		502,144			501,302			493,212

Property, plant, and equipment:
Cost		286,670			265,337			280,615
Less accumulated depreciation		(168,688	)		(161,519	)		(167,800	)
Property, plant, and equipment, net		117,982			103,818			112,815

Intangibles, net		24,591			27,005			25,366
Goodwill		83,941			84,029			84,194
Operating lease right-of-use assets		15,009			17,544			15,693
Deferred income tax assets		12,375			12,712			14,431
Other noncurrent assets		14,959			17,508			14,521
Total assets	$	771,001		$	763,918		$	760,232

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	53,185		$	52,242		$	37,417
Current portion of long-term debt		229			227			228
Other current liabilities		76,435			89,502			88,171
Total current liabilities		129,849			141,971			125,816

Pension benefits liabilities		4,101			4,308			4,167
Long-term debt		114,948			115,120			114,994
Operating lease liabilities		14,824			17,746			15,541
Deferred income tax liabilities		646			695			678
Other noncurrent liabilities		18,174			17,218			18,143
Total liabilities		282,542			297,058			279,339

Shareholders' equity:

Preferred stock of $1 par value - authorized 2,000 shares; no shares issued and outstanding		—			—			—
Common stock of $1 par value - authorized 25,000 shares; 19,145, 19,115, and 19,124 shares issued, respectively		19,145			19,115			19,124
Capital in excess of stated value		104,995			98,628			104,369
Retained earnings		700,345			647,455			687,093
Less treasury stock - at cost, 8,277, 8,083, and 8,277 shares, respectively		(299,703	)		(277,238	)		(299,692	)
Accumulated other comprehensive loss, net		(36,323	)		(21,100	)		(30,001	)
Total shareholders' equity		488,459			466,860			480,893
Total liabilities and shareholders' equity	$	771,001		$	763,918		$	760,232


Lindsay Corporation and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
($ and shares in thousands, except per share amounts)
(Unaudited)
	Shares of common stock	Shares of treasury stock	Common stock	Capital in excess of stated value	Retained earnings	Treasury stock	Accumulated other comprehensive loss, net	Total shareholders’ equity
Balance at August 31, 2023	19,094	8,083	$19,094	$98,508	$636,297	$(277,238)	$(21,010)	$455,651
Comprehensive income:
Net earnings	—	—	—	—	15,019	—	—	15,019
Other comprehensive loss	—	—	—	—	—	—	(90)	(90)
Total comprehensive income	—	—	—	—	—	—	—	14,929
Cash dividends ($0.35) per share	—	—	—	—	(3,861)	—	—	(3,861)
Repurchase of common stock	—	—	—	—	—	—	—	—
Issuance of common shares under share compensation plans, net	21	—	21	(1,483)	—	—	—	(1,462)
Share-based compensation expense	—	—	—	1,603	—	—	—	1,603
Balance at November 30, 2023	19,115	8,083	$19,115	$98,628	$647,455	$(277,238)	$(21,100)	$466,860


Balance at August 31, 2024	19,124	8,277	$19,124	$104,369	$687,093	$(299,692)	$(30,001)	$480,893
Comprehensive income:
Net earnings	—	—	—	—	17,164	—	—	17,164
Other comprehensive loss	—	—	—	—	—	—	(6,322)	(6,322)
Total comprehensive income	—	—	—	—	—	—	—	10,842
Cash dividends ($0.36) per share	—	—	—	—	(3,912)	—	—	(3,912)
Repurchase of common stock	—	—	—	—	—	(11)	—	(11)
Issuance of common shares under share compensation plans, net	21	—	21	(1,351)	—	—	—	(1,330)
Share-based compensation expense	—	—	—	1,977	—	—	—	1,977
Balance at November 30, 2024	19,145	8,277	$19,145	$104,995	$700,345	$(299,703)	$(36,323)	$488,459

See accompanying notes to condensed consolidated financial statements.


	Three months ended
($ in thousands)	November 30, 2024			November 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$	17,164		$	15,019
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		5,412			5,307
Provision for uncollectible accounts receivable		62			71
Deferred income taxes		1,589			(1,666	)
Share-based compensation expense		1,977			1,603
Unrealized foreign currency transaction (gain) loss		(511	)		79
Other, net		(217	)		73
Changes in assets and liabilities:
Receivables		(6,442	)		1,689
Inventories		(5,968	)		(7,970	)
Other current assets		1,251			2,762
Accounts payable		16,656			7,087
Other current liabilities		(9,978	)		(4,263	)
Other noncurrent assets and liabilities		608			2,081
Net cash provided by operating activities		21,603			21,872

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant, and equipment		(9,142	)		(6,941	)
Purchases of marketable securities		—			(12,992	)
Proceeds from maturities of marketable securities		—			2,325
Proceeds from settlement of net investment hedge		835			—
Payments for settlement of net investment hedge		(98	)		—
Other investing activities, net		(401	)		(593	)
Net cash used in investing activities		(8,806	)		(18,201	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid		(3,912	)		(3,861	)
Common stock withheld for payroll tax obligations		(1,450	)		(1,575	)
Other financing activities, net		52			56
Net cash used in financing activities		(5,310	)		(5,380	)

Effect of exchange rate changes on cash and cash equivalents		(4,300	)		335
Net change in cash and cash equivalents		3,187			(1,374	)
Cash and cash equivalents, beginning of period		190,879			160,755
Cash and cash equivalents, end of period	$	194,066		$	159,381


Due within	$ in thousands
1 year	$	229
2 years		205
Thereafter		115,000
	$	115,434


	November 30, 2024
($ in thousands)	Level 1		Level 2			Level 3		Total
Cash and cash equivalents	$	194,066	$	—		$	—	$	194,066
Marketable securities:
Corporate bonds		—		—			—		—
U.S. treasury securities		—		—			—		—
Derivative assets		—		1,897			—		1,897
Derivative liabilities		—		(156	)		—		(156	)

	November 30, 2023
($ in thousands)	Level 1		Level 2			Level 3		Total
Cash and cash equivalents		159,381		—			—		159,381
Marketable securities:
Corporate bonds		—		11,271			—		11,271
U.S. treasury securities		—		5,007			—		5,007
Derivative assets		—		1,001			—		1,001
Derivative liabilities		—		(588	)		—		(588	)

	August 31, 2024
($ in thousands)	Level 1		Level 2			Level 3		Total
Cash and cash equivalents	$	190,879	$	—		$	—	$	190,879
Marketable securities:
Corporate bonds		—		—			—		—
U.S. treasury securities		—		—			—		—
Derivative assets		—		603			—		603
Derivative liabilities		—		(777	)		—		(777	)


	Three months ended November 30,
	2024			2023
Dividend yield		1.2	%		1.2	%
Volatility		36.8	%		37.8	%
Risk-free interest rate		4.1	%		4.8	%
Expected life (years)		5			5


ISSUER PURCHASES OF EQUITY SECURITIES
Period	Total Number of Shares Purchased		Average Price Paid Per Share	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (1) ($ in thousands)
September 1, 2024 to September 30, 2024	100	$	113.00	100	$	41,419
October 1, 2024 to October 31, 2024	—	$	—	—	$	41,419
November 1, 2024 to November 30, 2024	—	$	—	—	$	41,419
Total	100	$	113.00	100	$	41,419

(1) On January 3, 2014, the Company announced that its Board of Directors authorized the Company to repurchase up to $150.0 million of common stock through January 2, 2016. On July 22, 2015, the Company announced that its Board of Directors increased its outstanding share repurchase authorization by $100.0 million with no expiration. Under the program, shares may be repurchased in privately negotiated and/or open market transactions as well as under formalized trading plans in accordance with the guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.


Exhibit
No.		Description

3.1		Restated Certificate of Incorporation of the Company, incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on December 14, 2006.
3.2		Amended and Restated By‑Laws of the Company, incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on August 22, 2023.
4.1		Specimen Form of Common Stock Certificate, incorporated by reference to Exhibit 4(a) of the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended November 30, 2006.
10.1*		Lindsay Corporation Management Incentive Plan (MIP) 2025 Plan Year. † **
31.1*		Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 18 U.S.C. Section 1350.
31.2*		Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 18 U.S.C. Section 1350.
32.1*		Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 18 U.S.C. Section 1350.
101*		Interactive Data Files pursuant to Rule 405 of Regulation S-T formatted in Inline Extensible Business Reporting Language ("Inline XBRL").
104*		Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).


			LINDSAY CORPORATION

	By:		/s/ BRIAN L. KETCHAM
	Name:		Brian L. Ketcham
	Title:		Senior Vice President and Chief Financial Officer
			(on behalf of the registrant and as principal financial officer)


	Three months ended
	November 30, 2024
($ in thousands)	Irrigation	Infrastructure	Total
Point in time	$139,368	$12,102	$151,470
Over time	7,719	1,358	9,077
Revenue from the contracts with customers	147,087	13,460	160,547
Lease revenue	—	5,734	5,734
Total operating revenues	$147,087	$19,194	$166,281


	Three months ended
	November 30, 2023
($ in thousands)	Irrigation	Infrastructure	Total
Point in time	$131,201	$12,951	$144,152
Over time	8,967	1,231	10,198
Revenue from the contracts with customers	140,168	14,182	154,350
Lease revenue	—	7,008	7,008
Total operating revenues	$140,168	$21,190	$161,358


($ 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 before LIFO adjustment		179,595			185,902			175,794
Less adjustment to LIFO value		(21,340	)		(21,758	)		(21,341	)
Inventories, net	$	158,255		$	164,144		$	154,453


	Three months ended
($ in thousands)	November 30, 2024	November 30, 2023
Product warranty accrual balance, beginning of period	$14,180	$14,535
Liabilities accrued for warranties during the period	1,278	1,569
Warranty claims paid during the period	(1,997)	(1,850)
Product warranty accrual balance, end of period	$13,461	$14,254


	Three months ended
	November 30, 2024				November 30, 2023
	Number of units granted		Weighted average grant-date fair value per award		Number of units granted		Weighted average grant-date fair value per award
Stock options		43,011	$	42.19		31,199	$	44.22
RSUs		31,525	$	117.11		26,685	$	116.71
PSUs		28,280	$	133.30		21,248	$	141.61


1. Purpose	1
2. Definitions	1
3. Effective Date	1
4. Eligibility for Participation	2
5. Enrollment in the Plan	2
6. Determination of Target Payout Levels	3
7. Basis of Awards	3
8. Changes in Employment Status	5
9. Administration	5
10. Attachments	7


Full Year Participation				Mid-Year Promotion

Strategic Goal Performance Score:	100			Strategic Goal Performance Score:	100
Financial Performance Score:		100.00	%	Financial Performance Score:		100.00	%

				Pre-Promotion Calculation
Strategic Goal Score	100			Strategic Goal Score	100
Total Incentive Plan %		40	%	Total Incentive Plan %		40	%
% Strategic to Total Incentive Plan Participation		20	%	% Strategic to Total Incentive Plan Participation		20	%
Base Salary	$	150,000		Base Salary	$	150,000
Strategic Goal Performance Payout	$	12,000		Strategic Goal Performance Payout	$	12,000

Financial Score		100	%	Financial Score		100	%
Total Incentive Plan %		40	%	Total Incentive Plan %		40	%
% Financial to Total Incentive Plan Participation		80	%	% Financial to Total Incentive Plan Participation		80	%
Base Salary	$	150,000		Base Salary	$	150,000
Financial Performance Payout	$	48,000		Financial Performance Payout	$	48,000
Incentive Amount	$	60,000		Incentive Amount	$	60,000
Time Period (weeks)	52			Time Period (weeks)	26
Proration Factor	1			Proration Factor	0.5
Prorated Payout for Time Period	$	60,000		Prorated Payout for Time Period	$	30,000

Partial Year Participation

Strategic Goal Performance Score:	100
Financial Performance Score:		100.00	%
				Post Promotion Calculation
Strategic Goal Score	100			Strategic Goal Score	100
Total Incentive Plan %		40	%	Total Incentive Plan %		50	%
% Strategic to Total Incentive Plan Participation		20	%	% Strategic to Total Incentive Plan Participation		20	%
Base Salary	$	150,000		Base Salary	$	200,000
Strategic Goal Performance Payout	$	12,000		Strategic Goal Performance Payout	$	20,000

Financial Score		100	%	Financial Score		100	%
Total Incentive Plan %		40	%	Total Incentive Plan %		50	%
% Financial to Total Incentive Plan Participation		80	%	% Financial to Total Incentive Plan Participation		80	%
Base Salary	$	150,000		Base Salary	$	200,000
Financial Performance Payout	$	48,000		Financial Performance Payout	$	80,000
Incentive Amount	$	60,000		Incentive Amount	$	100,000
Time Period (weeks)	30			Time Period (weeks)	26
Proration Factor	0.576923			Proration Factor	0.5
Prorated Payout for Time Period	$	34,615		Prorated Payout for Time Period	$	50,000

				Total Prorated Incentive Amount	$	80,000



/s/ RANDY A. WOOD		President and Chief Executive Officer
Randy A. Wood		January 7, 2025