LNN Lindsay Corporation

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 24, 2024

 

 

Lindsay Corporation

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware			1-13419	47-0554096
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
18135 Burke Street Suite 100
Omaha, Nebraska				68022
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (402) 829-6800

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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Item 2.02 Results of Operations and Financial Condition.

On October 24, 2024, Lindsay Corporation (the “Company”) issued a press release announcing the Company’s results of operations for its fourth quarter and fiscal year ended August 31, 2024. A copy of the press release is furnished herewith as Exhibit 99.1.

In addition, a copy of the slide presentation to be used during the Company’s fiscal 2024 fourth quarter and year-end investor conference call at 11:00 a.m. Eastern Time on October 24, 2024 is furnished herewith as Exhibit 99.2.

Item 9.01 Financial Statements and Exhibits.

99.1 Earnings Press Release, dated October 24, 2024, issued by the Company.

99.2 Slide Presentation for Fiscal 2024 Fourth Quarter and Year-End Investor Conference Call on October 24, 2024.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

In accordance with General Instruction B.2 of Form 8-K, the information contained in Item 2.02 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 relating to Item 2.02 and attached hereto, is being “furnished” and, as such, shall not be deemed to be “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			LINDSAY CORPORATION
Date:	October 24, 2024	By:	/s/ Brian L. Ketcham
			Brian L. Ketcham, Senior Vice President and Chief Financial Officer

 

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movable

 

	Exhibit 99.1                        18135 BURKE ST. OMAHA, NE 68022 TEL: 402-829-6800 FAX: 402-829-6836

 

 

 

Lindsay Corporation Reports Fourth Quarter and Fiscal Year 2024 Results

 

Improved infrastructure results, steady demand in North America irrigation, and international irrigation project revenue help to partially offset market softness in Brazil

 

OMAHA, Neb., October 24, 2024—Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, today announced results for its fourth quarter and fiscal year, which ended on August 31, 2024.

 

Key Highlights

Fourth Quarter:

Full-Year:

 

“While agricultural markets globally remain challenged due to lower grain prices and grower profitability, I am pleased with the demonstrated resilience and performance of our North America irrigation business. Equipment sales volume in both the fourth quarter and full year grew versus the prior year periods and operating performance also improved. International irrigation results continue to be impacted by lower sales activity in Brazil, following record fourth quarter and full-year sales levels last year. During the fourth quarter we began delivery on the previously announced irrigation project in the MENA region, which helped to offset some of the market softness in Brazil,” said Randy Wood, President and Chief Executive Officer of Lindsay Corporation. "Fourth quarter and full year growth in our Road Zipper System™ lease revenues drove margin expansion and improved infrastructure results."

Wood continued, “I am pleased with the continued operational execution demonstrated by our teams across the business, and the diligent price and cost management which have supported our underlying results in a cyclically challenging irrigation market. Our operating performance, along with diligent working capital management, resulted in free cash flow generation that exceeded net earnings for a second consecutive year. The strength of our balance sheet allows us to continue funding growth initiatives in innovation and other long-term shareholder value creation opportunities.”

 

Fourth Quarter Summary

 

Consolidated Financial Summary		Fourth Quarter
(dollars in millions, except per share amounts)		FY 2024		FY 2023		$ Change		% Change
Total revenues		$155.0		$167.1		($12.1)		(7%)
Operating income		$13.5		$23.4		($9.9)		(42%)
Operating margin		8.7%		14.0%
Net earnings		$12.7		$19.2		($6.5)		(34%)
Earnings per share		$1.17		$1.74		($0.57)		(33%)

 

Revenues for the fourth quarter of fiscal 2024 were $155.0 million, a decrease of $12.1 million, or 7 percent, compared to revenues of $167.1 million in the prior year fourth quarter. A decrease in international irrigation revenues was partially offset by increases in North America irrigation and infrastructure revenues compared to the prior year fourth quarter.

 

Operating income for the fourth quarter was $13.5 million, a decrease of $9.9 million, or 42 percent, compared to operating income of $23.4 million in the prior year fourth quarter. Operating margin was 8.7 percent of sales, compared to operating margin of 14.0 percent of sales in the prior year fourth quarter. The decrease in operating income and operating margin resulted primarily from lower international irrigation revenues and the impact from the deleveraging of fixed operating expenses. This decrease was partially offset by improved operating income and operating margin in the infrastructure segment.

 

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Net earnings for the fourth quarter were $12.7 million, or $1.17 per diluted share, compared with net earnings of $19.2 million, or $1.74 per diluted share, for the prior year fourth quarter. Fourth quarter results benefited from an effective tax rate of 16.1 percent compared to 22.8 percent in the prior year fourth quarter.

 

Fourth Quarter Segment Results

 

Irrigation Segment		Fourth Quarter
(dollars in millions)		FY 2024		FY 2023		$ Change		% Change
Revenues:
North America		$61.7		$60.2		$1.5		2%
International		$64.2		$83.4		($19.2)		(23%)
Total revenues		$125.9		$143.6		($17.7)		(12%)
Operating income		$17.1		$29.8		($12.7)		(43%)
Operating margin		13.6%		20.7%

Irrigation segment revenues for the fourth quarter of fiscal 2024 were $125.9 million, a decrease of $17.7 million, or 12 percent, compared to $143.6 million in the prior year fourth quarter. North America irrigation revenues of $61.7 million increased $1.5 million, or 2 percent, compared to the prior year period. The increase in revenues resulted primarily from higher unit sales volumes while average selling prices were comparable with the prior year fourth quarter. Increased unit sales volumes were driven by a higher level of storm damage replacement demand, the impact of which was partially offset by lower sales of replacement parts due to wet field conditions in certain regions that limited equipment run times.

International irrigation revenues for the fourth quarter of fiscal 2024 of $64.2 million decreased $19.2 million, or 23 percent, compared to the prior year fourth quarter. The decrease resulted primarily from lower revenues in Brazil compared to record revenues in the prior year fourth quarter. Revenues were also lower in other parts of Latin America while overall demand in other developed markets remained stable. These decreases were partially offset by higher revenues in developing markets as delivery began on the previously announced project in the MENA region. Revenues in the current year quarter were also impacted by the unfavorable effects of foreign currency translation of approximately $3.1 million compared to the prior year.

Irrigation segment operating income for the fourth quarter of fiscal 2024 was $17.1 million, a decrease of $12.7 million, or 43 percent, compared to the prior year fourth quarter. Operating margin was 13.6 percent of sales, compared to 20.7 percent of sales in the prior year fourth quarter. The decrease in operating income and operating margin resulted primarily from lower international irrigation revenues and the impact from the deleveraging of fixed operating expenses compared to the prior year fourth quarter.

 

Infrastructure Segment		Fourth Quarter
(dollars in millions)		FY 2024		FY 2023		$ Change		% Change
Total revenues		$29.1		$23.5		$5.6		24%
Operating income		$5.6		$3.1		$2.5		79%
Operating margin		19.2%		13.3%

 

 

Infrastructure segment revenues for the fourth quarter of fiscal 2024 were $29.1 million, an increase of $5.6 million, or 24 percent, compared to $23.5 million in the prior year fourth quarter. The increase resulted from higher Road Zipper System sales and lease revenues compared to the prior year fourth quarter. The impact of higher sales of road safety products in the U.S. was offset by lower sales in international markets compared to the prior year fourth quarter.

 

Infrastructure segment operating income for the fourth quarter of fiscal 2024 was $5.6 million, an increase of $2.5 million, or 79 percent, compared to the prior year fourth quarter. Operating margin was 19.2 percent of sales, compared to 13.3 percent of sales in the prior year fourth quarter. Increased operating income and margin resulted from higher revenues and a more favorable margin mix of revenues with higher Road Zipper System sales and lease revenues compared to the prior year fourth quarter.

 

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Full Year Summary

 

Consolidated Financial Summary		Full Year
(dollars in millions, except per share amounts)		FY 2024		FY 2023		$ Change		% Change
Total revenues		$607.1		$674.1		($67.0)		(10%)
Operating income		$76.6		$102.2		($25.6)		(25%)
Operating margin		12.6%		15.2%
Net earnings		$66.3		$72.4		($6.1)		(8%)
Earnings per share		$6.01		$6.54		($0.53)		(8%)

 

Revenues for fiscal 2024 were $607.1 million, a decrease of $67.0 million, or 10 percent, compared to revenues of $674.1 million in the prior year. Irrigation revenues decreased $72.1 million primarily due to lower sales in Brazil and other Latin America markets following record revenues in the prior fiscal year. Infrastructure revenues increased $5.1 million, primarily due to higher Road Zipper System lease revenues while Road Zipper System sales and road safety product sales were both slightly lower compared to the prior fiscal year.

 

Operating income for fiscal 2024 was $76.6 million, a decrease of $25.6 million, or 25 percent, compared to operating income of $102.2 million in the prior year. Operating margin was 12.6 percent of sales, compared to 15.2 percent of sales in the prior year. The decrease in operating income and operating margin resulted primarily from lower irrigation segment revenues and the impact from the deleveraging of fixed operating expenses. This decrease was partially offset by improved operating income and operating margin in the infrastructure segment.

 

Net earnings for fiscal 2024 were $66.3 million, or $6.01 per diluted share, compared with net earnings of $72.4 million, or $6.54 per diluted share, for the prior year. The impact of lower operating income was partially offset by higher other income, driven by an increase in interest income and favorable foreign currency translation results compared to the prior fiscal year, along with a lower effective tax rate resulting primarily from the recognition of certain tax credits in Brazil.

 

The backlog of unfilled orders as of August 31, 2024, was $180.9 million compared with $78.7 million on August 31, 2023. Included in these backlogs are amounts of $36.5 million and $3.8 million, respectively, for orders that are not expected to be fulfilled within the subsequent twelve months. The backlog in both segments was higher compared to the prior year, with the increase in irrigation backlog resulting from the addition of the large project in the MENA region.

Outlook

 

Mr. Wood concluded, “Indications that grain prices may have reached a bottom provides for a more stable market outlook for growers in North America, and we will have greater clarity regarding the demand outlook for irrigation equipment post-harvest. In Brazil, farmer profitability and credit availability remains a market headwind, however interest rates have been on the decline and local soybean prices have improved recently. We remain confident in the longer-term growth opportunity in this market but we do not expect a significant rebound in the near term. We do expect continued growth in developing international irrigation markets, supported by our project in the MENA region currently underway and other project opportunities under development."

 

“We expect to see continued growth in our infrastructure business in fiscal 2025 supported by the additional U.S. federal infrastructure funds directed to road and bridge construction. This additional funding supports Road Zipper System leasing and sales of road safety projects. We also continue to actively manage projects in our Road Zipper System sales funnel and have line of sight to additional projects potentially moving through the funnel in fiscal 2025.”

 

Fourth Quarter Conference Call

 

Lindsay’s fiscal 2024 fourth quarter investor conference call is scheduled for 11:00 a.m. Eastern Time today. Interested investors may participate in the call by dialing (833) 535-2202 in the U.S., or (412) 902-6745 internationally, and requesting the Lindsay Corporation call. Additionally, the conference call will be simulcast live on the internet and can be accessed via the investor relations section of the Company's website, www.lindsay.com. Replays of the conference call will remain on our website through the next quarterly earnings release. The Company will have a slide presentation available to augment management's formal presentation, which will also be accessible via the Company's website.

 

About the Company

 

Lindsay Corporation (NYSE: LNN) is a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology. Established in 1955, the company has been at the forefront of research and development of

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innovative solutions to meet the food, fuel, fiber and transportation needs of the world’s rapidly growing population. The Lindsay family of irrigation brands includes Zimmatic™ center pivot and lateral move agricultural irrigation systems, FieldNET™ and FieldWise™ remote irrigation management technology, FieldNET Advisor™ irrigation scheduling technology, and industrial IoT solutions. Also a global leader in the transportation industry, Lindsay Transportation Solutions manufactures equipment to improve road safety and keep traffic moving on the world’s roads, bridges and tunnels, through the Barrier Systems™, Road Zipper™ and Snoline™ brands. For more information about Lindsay Corporation, visit www.lindsay.com.

Concerning Forward-looking Statements

This release contains forward-looking statements that are subject to risks and uncertainties, and which reflect management’s current beliefs and estimates of future economic circumstances, industry conditions, Company performance and financial results. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that the Company files with the Securities and Exchange Commission. Forward-looking statements include information concerning possible or assumed future results of operations and planned financing of the Company and those statements preceded by, followed by or including the words “anticipate,” “estimate,” “believe,” “intend,” "expect," "outlook," "could," "may," "should," “will,” or similar expressions. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company undertakes no obligation to update any forward-looking information contained in this press release.

 

For further information, contact:

LINDSAY CORPORATION:		Alpha IR:
Alicia Pfeifer		Joe Caminiti or Stephen Poe
Vice President, Investor Relations & Treasury		312-445-2870
402-933-6429		LNN@alpha-ir.com
Alicia.Pfeifer@lindsay.com

 

 

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LINDSAY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
		Three Months Ended August 31,										Years Ended August 31,
(in thousands, except per share amounts)			2024					2023					2024					2023
Operating revenues		$		154,998			$		167,131			$		607,074			$		674,084
Cost of operating revenues				109,299					114,615					416,019					461,069
Gross profit				45,699					52,516					191,055					213,015
Operating expenses:
Selling expense				11,011					9,109					39,905					36,201
General and administrative expense				16,596					15,175					57,419					56,412
Engineering and research expense				4,592					4,868					17,123					18,218
Total operating expenses				32,199					29,152					114,447					110,831
Operating income				13,500					23,364					76,608					102,184
Other income (expense):
Interest expense				(760	)				(893	)				(3,234	)				(3,788	)
Interest income				1,865					1,238					5,189					2,783
Other expense, net				580					1,196					487					(804	)
Total other income (expense)				1,685					1,541					2,442					(1,809	)
Earnings before income taxes				15,185					24,905					79,050					100,375
Income tax expense				2,449					5,676					12,793					27,996
Net earnings		$		12,736			$		19,229			$		66,257			$		72,379
Earnings per share:
Basic		$		1.18			$		1.75			$		6.04			$		6.58
Diluted		$		1.17			$		1.74			$		6.01			$		6.54
Shares used in computing earnings per share:
Basic				10,859					11,009					10,976					11,003
Diluted				10,903					11,059					11,017					11,062
Cash dividends declared per share		$		0.36			$		0.35			$		1.41			$		1.37

 

 

 

 

 

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LINDSAY CORPORATION AND SUBSIDIARIES
SUMMARY OPERATING RESULTS
(Unaudited)
		Three Months Ended August 31,							Years Ended August 31,
(in thousands)			2024			2023			2024			2023
Operating revenues:
Irrigation:
North America		$	61,691		$	60,223		$	302,148		$	309,538
International			64,179			83,378			211,748			276,493
Irrigation total			125,870			143,601			513,896			586,031
Infrastructure			29,128			23,530			93,178			88,053
Total operating revenues		$	154,998		$	167,131		$	607,074		$	674,084
Operating income:
Irrigation		$	17,067		$	29,780		$	87,547		$	121,969
Infrastructure			5,594			3,119			18,995			12,067
Corporate			(9,161)			(9,535)			(29,934)			(31,852)
Total operating income		$	13,500		$	23,364		$	76,608		$	102,184

The Company manages its business activities in two reportable segments as follows:

Irrigation – This reporting segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems, as well as various innovative technology solutions such as GPS positioning and guidance, variable rate irrigation, remote irrigation management and scheduling technology, irrigation consulting and design and industrial IoT solutions.

Infrastructure – This reporting segment includes the manufacture and marketing of moveable barriers, specialty barriers, crash cushions and end terminals, and road marking and road safety equipment.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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LINDSAY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands)		August 31, 2024			August 31, 2023
ASSETS
Current assets:
Cash and cash equivalents		$	190,879		$	160,755
Marketable securities			—			5,556
Receivables, net of allowance of $5,151 and $5,048, respectively			116,601			144,774
Inventories, net			154,453			155,932
Other current assets			31,279			20,467
Total current assets			493,212			487,484
Property, plant, and equipment, net			112,815			99,681
Intangible assets, net			25,366			27,719
Goodwill			84,194			83,121
Operating lease right-of-use assets			15,693			17,036
Deferred income tax assets			14,431			10,885
Other noncurrent assets			14,521			19,734
Total assets		$	760,232		$	745,660
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	37,417		$	44,278
Current portion of long-term debt			228			226
Other current liabilities			88,171			91,604
Total current liabilities			125,816			136,108
Pension benefits liabilities			4,167			4,382
Long-term debt			114,994			115,164
Operating lease liabilities			15,541			17,689
Deferred income tax liabilities			678			689
Other noncurrent liabilities			18,143			15,977
Total liabilities			279,339			290,009
Shareholders' equity:
Preferred stock			—			—
Common stock			19,124			19,094
Capital in excess of stated value			104,369			98,508
Retained earnings			687,093			636,297
Less treasury stock - at cost			(299,692)			(277,238)
Accumulated other comprehensive loss, net			(30,001)			(21,010)
Total shareholders' equity			480,893			455,651
Total liabilities and shareholders' equity		$	760,232		$	745,660

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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LINDSAY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
		Years Ended August 31,
($ in thousands)			2024					2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings		$		66,257			$		72,379
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization				21,200					19,282
Provision for uncollectible accounts receivable				694					881
Deferred income taxes				(3,933	)				—
Share-based compensation expense				6,392					6,529
Foreign currency transaction loss				(971	)				1,126
Other, net				488					1,569
Changes in assets and liabilities:
Receivables				23,478					(4,926	)
Inventories				(765	)				40,954
Other current assets				(9,543	)				4,693
Accounts payable				(5,958	)				(15,274	)
Other current liabilities				(8,200	)				(9,135	)
Other noncurrent assets and liabilities				6,622					1,629
Net cash provided by operating activities				95,761					119,707
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment				(28,979	)				(18,775	)
Purchases of marketable securities available-for-sale				(18,831	)				(4,932	)
Proceeds from maturities of marketable securities available-for-sale				24,633					10,982
Acquisition of business, net of cash acquired				—					(30,842	)
Other investing activities, net				(2,764	)				(3,850	)
Net cash used in investing activities				(25,941	)				(47,417	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of common stock				(22,454	)				—
Dividends paid				(15,461	)				(15,082	)
Common stock withheld for payroll tax obligations				(1,575	)				(2,471	)
Proceeds from exercise of stock options				479					32
Other financing activities, net				370					222
Net cash used in financing activities				(38,641	)				(17,299	)
Effect of exchange rate changes on cash and cash equivalents				(1,055	)				716
Net change in cash and cash equivalents				30,124					55,707
Cash and cash equivalents, beginning of period				160,755					105,048
Cash and cash equivalents, end of period		$		190,879			$		160,755

 

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4th Quarter Fiscal 2024 Earnings Slide Deck Exhibit 99.2

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Safe-Harbor Statement This presentation contains forward-looking statements that are subject to risks and uncertainties, and which reflect management’s current beliefs and estimates of future economic circumstances, industry conditions, Company performance, financial results and planned financing. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that the Company files with the Securities and Exchange Commission. Investors should understand that a number of factors could cause future economic and industry conditions and the Company’s actual financial condition and results of operations to differ materially from management’s beliefs expressed in the forward-looking statements contained in this presentation. These factors include those outlined in the “Risk Factors” section of the Company’s most recent annual report on Form 10-K filed with the Securities and Exchange Commission, and investors are urged to review these factors when considering the forward-looking statements contained in this presentation. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. For additional financial statement information, please see the Company’s earnings release dated October 24, 2024.

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Fourth Quarter Key Messages North America irrigation revenues increased on higher unit sales volume driven by increased storm damage replacement demand Lower revenues in Brazil compared to record revenues in the prior year Delivery began on large irrigation project in the Middle East and North Africa (MENA) region Improved infrastructure results driven by an increase in Road Zipper System™ sales and lease revenues Completed $4.6 million of share repurchases during the quarter

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Fourth Quarter Summary Revenues decreased $12.1 million compared to prior year Irrigation decreased $17.7 million Infrastructure increased $5.6 million Operating income decreased $9.9 million compared to prior year Irrigation decreased $12.7 million Infrastructure increased $2.5 million Corporate expense decreased $0.3 million $ in millions, except per share amounts -7% -42% -33% Revenue Operating Income (with operating margin) Diluted EPS

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Fiscal 2024 Summary Revenues decreased $67.0 million compared to prior year Irrigation decreased $72.1 million Infrastructure increased $5.1 million Operating income decreased $25.6 million compared to prior year Irrigation decreased $34.4 million Infrastructure increased $6.9 million Corporate expense decreased $1.9 million Diluted EPS of $6.01 includes one-time income tax benefits in Brazil of $0.54 $ in millions, except per share amounts -10% -25% -8% Revenue Operating Income (with operating margin) Diluted EPS

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Fourth Quarter and Fiscal 2024 Financial Summary

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Current Market Factors As of August 2024, U.S. corn and soybean prices were approximately 19 percent and 29 percent lower, respectively, compared to August 2023 As of August 2024, the USDA estimated 2024 U.S. net farm income to be $140.0 billion, a decrease of 4 percent from 2023 U.S. net farm income of $146.5 billion Decrease in government support payments of 15 percent Decrease in cash receipts for crops of 10 percent Decrease in cash expenses of 1 percent U.S. farm balance sheets remain solid following three years of profitability In Brazil, the market continues to be tempered by lower commodity prices and credit availability Project opportunities in developing international markets continue to be active, driven by food security concerns Irrigation Infrastructure Infrastructure Investment and Jobs Act (IIJA) funding marks the largest infusion of federal investment into infrastructure projects in over a decade IIJA includes $110 billion in incremental federal funding for roads, bridges, and other transportation projects Through August 2024, approximately 27 percent of the IIJA funds have been reimbursed to the states Higher inflation on material prices and labor costs have offset some of the impact of the incremental funding The value of U.S. highway & bridge construction activity increased 18 percent in 2023 and 11 percent through August 2024 over the same prior year periods Additional federal funding supports Road Zipper System leasing and sales of road safety products Active management of opportunities in Road Zipper System project sales funnel continue to show progress

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Irrigation Segment – Fourth Quarter Summary North America revenue increased $1.5 million Higher unit sales volume of irrigation equipment driven by higher storm damage replacement demand Average selling prices were comparable to prior year Lower sales of replacement parts due to wet field conditions Unit sales volume breakdown by category: Replacement 73%, Conversion 15%, Dryland 12% International revenue decreased $19.2 million Lower sales in Brazil compared to record sales in prior year Demand in other developed markets remained relatively stable Higher sales in developing markets as delivery began on the project in the MENA region Operating income decreased $12.7 million Lower operating income and margin resulted primarily from lower irrigation revenues and the impact from the deleveraging of fixed operating expenses Revenue North America International FY23 FY24 $ in millions -23% -43% +2% Operating Income (with operating margin)

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Infrastructure Segment – Fourth Quarter Summary Total revenue increased $5.6 million Higher Road Zipper System ™ project sales and lease revenue Higher sales of road safety products in the U.S. were offset by lower sales in international markets Operating income increased $2.5 million Increased revenue drove higher operating income and margin A more favorable margin mix of revenues with higher Road Zipper System project sales and lease revenue Revenue $ in millions +79% Operating Income (with operating margin) +24%

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Innovation Leadership: Addressing Global Megatrends Capitalizingon globalmegatrends FoodSecurity WaterScarcity LandAvailability MobilitySafety Increased Safety Standards Aging Infrastructure Megatrends Innovation Leadership Innovative sustainable solutions for growers across the globe Mobilizing global populations safelyand sustainably

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Strong Commitment to Sustainable Practices Our mission is to conserve natural resources, expand our world’s potential, and enhance the quality of life for people. Investing in sustainable technologies Improving our operational footprint Empowering and protecting our people Engaging inour local communities Operatingwithintegrity 1 2 3 4 5

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Summary Balance Sheet and Liquidity As of August 31, 2024, available liquidity of $240.9 million, with $190.9 million in cash and cash equivalents and $50.0 million available under revolving credit facility Well-positioned with a strong balance sheet to continue to execute our capital allocation strategy and create value for shareholders.

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Free Cash Flow Summary

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Capital Allocation Priorities Working capital to support sales growth New product development Capacity and productivity investments Align with strategic growth priorities Leverage or add to existing capabilities Deliver return on invested capital Increase annual dividends Opportunistic share repurchase 1 2 3 Support Growthand Profitability of Current Businesses Acquisitions Return Capitalto Shareholders

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Five-Year Financial Goals(Annual Averages) Organic RevenueGrowth >7% OperatingMargin >14% ROIC >12% EPS Growth >10%

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Appendix

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U.S. Net Farm Income and Net Cash Farm IncomeInflation adjusted, 2004-2024F 2004-23 average NCFI Note: F = forecast. Values are adjusted for inflation using the U.S. Bureau of Economic Analysis Gross Domestic Product Price Index (BEA API series code: A191RG) rebased to 2024 by USDA, Economic Research Service. Source: USDA, Economic Research Service, Farm Income and Wealth Statistics. Data as of September 5, 2024 $ billion (2022) 2004-23 average NFI

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U.S. Corn Prices Source: Trading Economics

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U.S. Soybean Prices Source: Trading Economics

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Soybean Cash Price Index – Brazil Source:Cepea

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Brazil Central Bank Interest Rate Source: Trading Economics Percent

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United States Drought Condition Source: US Drought Monitor, March 2024 2023 2024

v3.24.3

Document And Entity Information	Oct. 24, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Oct. 24, 2024
Entity Registrant Name	Lindsay Corporation
Entity Central Index Key	0000836157
Entity Emerging Growth Company	false
Entity File Number	1-13419
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-0554096
Entity Address, Address Line One	18135 Burke Street
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Omaha
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	68022
City Area Code	(402)
Local Phone Number	829-6800
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	LNN
Security Exchange Name	NYSE

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