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): June 29, 2023

 

 

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 June 29, 2023, Lindsay Corporation (the “Company”) issued a press release announcing the Company’s results of operations for its third quarter ended May 31, 2023. 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 2023 third quarter investor conference call at 11:00 a.m. Eastern Time on June 29, 2023 is furnished herewith as Exhibit 99.2.

Item 9.01 Financial Statements and Exhibits.

99.1 Press Release, dated June 29, 2023, issued by the Company.

99.2 Slide Presentation for Fiscal 2023 Third Quarter Investor Conference Call on June 29, 2023.

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:	June 29, 2023	By:	/s/ Brian L. Ketcham
			Brian L. Ketcham, Senior Vice President and Chief Financial Officer

 

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

 

 

 

Lindsay Corporation Reports Third Quarter Fiscal 2023 Results

 

Operational execution and diligent price management help drive strong operating margin performance amid softer aggregate demand

 

OMAHA, Neb., June 29, 2023—Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, today announced results for its third quarter ended on May 31, 2023.

 

Key Highlights

 

 

“While agricultural market fundamentals remain positive with U.S. net farm income projected to be above historical levels, general economic uncertainty has negatively impacted farmer sentiment, tempering order activity and driving some customers to delay capital investment decisions,” said Randy Wood, President and Chief Executive Officer. "A projected year-over-year decline in U.S. net farm income, combined with high input costs and increasing interest rates, negatively impacted unit sales volume in our irrigation business. However, our operational execution and disciplined price management have helped partially offset top-line weakness and the loss of fixed cost leverage to drive strong margin capture, as evidenced by our operating margin performance. We believe current market dynamics are likely to lead to increased demand for irrigation equipment later in the calendar year as customers become better-positioned to determine their level of profitability for the current crop year. In our infrastructure business, the anticipated increase in road construction and project activity supported by higher U.S. infrastructure spending has been slower to develop due to delays in project startups, caused in part by slower-than-expected releases of public funding."

 

Wood continued, "I am pleased with how our teams have responded to manage costs despite softer than expected demand. Our commercial teams have demonstrated the ability to maintain pricing discipline in order to preserve strong operating margin performance, ultimately providing resilience to our operating income results. As we look ahead to the remainder of the year and fiscal 2024, we will also remain committed to continuing our growth investments in innovation and long-term shareholder value creation opportunities across both our leading irrigation and infrastructure businesses."

 

Third Quarter Summary

 

Consolidated Financial Summary		Third Quarter
(dollars in millions, except per share amounts)		FY2023		FY2022		$ Change		% Change
Total revenues		$164.6		$214.3		($49.7)		(23%)
Operating income		$27.0		$35.2		($8.2)		(23%)
Operating margin		16.4%		16.4%
Net earnings		$16.9		$25.1		($8.2)		(33%)
Earnings per share		$1.53		$2.28		($0.75)		(33%)

 

Revenues for the third quarter of fiscal 2023 were $164.6 million, a decrease of $49.7 million, or 23 percent, compared to revenues of $214.3 million in the prior year third quarter. The majority of the decrease came from the irrigation segment as infrastructure revenues were down slightly.

 

Operating income for the quarter was $27.0 million, a decrease of $8.2 million, or 23 percent, compared to operating income of $35.2 million in the prior year third quarter. Operating margin was 16.4 percent of sales, consistent with the prior year quarter. Operating margin performance was supported by gross margin improvement in both business segments while operating expenses were comparable to the prior year third quarter.

 

Net earnings for the quarter were $16.9 million, or $1.53 per diluted share, compared with net earnings of $25.1 million, or $2.28 per diluted share, for the prior year third quarter. Lower net earnings resulted largely from lower operating

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income and was also impacted by foreign currency transaction losses in the current year compared to gains in the prior year and from a higher effective income tax rate compared to the prior year.

 

Third Quarter Segment Results

 

Irrigation Segment		Third Quarter
(dollars in millions)		FY 2023		FY 2022		$ Change		% Change
Revenues:
North America		$75.0		$96.2		($21.2)		(22%)
International		$67.5		$92.5		($25.0)		(27%)
Total revenues		$142.6		$188.7		($46.1)		(24%)
Operating income		$30.7		$39.6		($8.9)		(22%)
Operating margin		21.6%		21.0%

Irrigation segment revenues for the third quarter of fiscal 2023 were $142.6 million, a decrease of $46.1 million, or 24 percent, compared to $188.7 million in the prior year third quarter. North America irrigation revenues of $75.0 million decreased $21.2 million, or 22 percent, compared to the prior year third quarter. The decrease resulted primarily from lower unit sales volumes while average selling prices were comparable with the prior year. Lower unit sales volumes resulted primarily from farmers delaying capital investment decisions.

International irrigation revenues of $67.5 million decreased $25.0 million, or 27 percent, compared to the prior year third quarter. The decrease resulted primarily from lower sales volumes in Brazil, Australia, Ukraine and Russia compared to the prior year third quarter. In Brazil, the delayed order activity experienced in the second quarter connected with the government transition continued in the current quarter. The current year was also impacted by the unfavorable effects of foreign currency translation of approximately $2.5 million compared to the prior year third quarter.

Irrigation segment operating income for the third quarter of fiscal 2023 was $30.7 million, a decrease of $8.9 million, or 22 percent, compared to the prior year third quarter. Operating margin was 21.6 percent of sales, compared to 21.0 percent of sales in the prior year third quarter. In spite of lower revenues, the increase in operating margin resulted from gross margin expansion driven by improved price realization and operating performance compared to the prior year third quarter.

 

Infrastructure Segment		Third Quarter
(dollars in millions)		FY 2023		FY 2022		$ Change		% Change
Total revenues		$22.0		$25.6		($3.6)		(14%)
Operating income		$3.6		$3.8		($0.2)		(6%)
Operating margin		16.2%		14.8%

 

 

Infrastructure segment revenues for the third quarter of fiscal 2023 were $22.0 million, a decrease of $3.6 million, or 14 percent, compared to $25.6 million in the prior year third quarter. An increase in Road Zipper System lease revenue was more than offset by lower Road Zipper System sales and lower sales of road safety products compared to the prior year third quarter.

 

Infrastructure segment operating income for the third quarter of fiscal 2023 was $3.6 million, a decrease of $0.2 million, or 6 percent, compared to the prior year third quarter. Operating margin was 16.2 percent of sales, compared to 14.8 percent of sales in the prior year third quarter. Increased operating margin resulted from a more favorable margin mix of revenue and improved price realization compared to the prior year third quarter.

 

The backlog of unfilled orders as of May 31, 2023, was $94.5 million compared with $98.3 million on May 31, 2022. The irrigation backlog is lower while the infrastructure backlog is higher compared to the prior year.

Outlook

 

Mr. Wood concluded, “As we are now in the growing season in North America, demand in our fourth quarter is expected to be driven primarily by summer crop harvest and storm damage replacement, which we are expecting to be lower than the exceptional demand we experienced in last year's strong fourth quarter. The potential impact from continuing drought conditions could provide additional demand support. We expect sales volume in Brazil to increase in the fourth quarter, supported by the new government financing program that was recently announced. Demand across other international markets continues to be supported by positive agricultural market fundamentals and continuing global concerns over food security and global grain supplies."

 

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“The impact of increased U.S. infrastructure spending and the strength of our project sales funnel support the long-term growth outlook for our infrastructure business. The timing of project execution at the state level can be difficult to predict and, because of delayed startups we have experienced to date, we expect a limited positive impact on our fiscal 2023 results and a more meaningful positive impact in fiscal 2024 and beyond.”

 

Third Quarter Conference Call

 

Lindsay’s fiscal 2023 third 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 Web site, www.lindsay.com. Replays of the conference call will remain on our Web site 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 Web site.

 

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 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® remote irrigation management and 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 Alec Buchmelter
Senior Director, 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										Nine months ended
(in thousands, except per share amounts)			May 31, 2023					May 31, 2022					May 31, 2023					May 31, 2022
Operating revenues		$		164,553			$		214,259			$		506,953			$		580,547
Cost of operating revenues				111,332					152,579					346,454					438,486
Gross profit				53,221					61,680					160,499					142,061
Operating expenses:
Selling expense				8,681					8,148					27,092					24,070
General and administrative expense				13,061					14,647					41,237					40,548
Engineering and research expense				4,522					3,723					13,350					10,582
Total operating expenses				26,264					26,518					81,679					75,200
Operating income				26,957					35,162					78,820					66,861
Other income (expense):
Interest expense				(948	)				(1,006	)				(2,895	)				(3,345	)
Interest income				680					118					1,545					456
Other income (expense), net				(957	)				1,282					(2,000	)				264
Total other income (expense)				(1,225	)				394					(3,350	)				(2,625	)
Earnings before income taxes				25,732					35,556					75,470					64,236
Income tax expense				8,851					10,483					22,320					16,696
Net earnings		$		16,881			$		25,073			$		53,150			$		47,540
Earnings per share:
Basic		$		1.53			$		2.28			$		4.83			$		4.34
Diluted		$		1.53			$		2.28			$		4.80			$		4.31
Shares used in computing earnings per share:
Basic				11,008					10,978					11,001					10,960
Diluted				11,052					11,021					11,063					11,020
Cash dividends declared per share		$		0.34			$		0.33			$		1.02			$		0.99

 

 

 

 

 

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LINDSAY CORPORATION AND SUBSIDIARIES
SUMMARY OPERATING RESULTS
(Unaudited)
		Three months ended											Nine months ended
(in thousands)			May 31, 2023					May 31, 2022					May 31, 2023					May 31, 2022
Operating revenues:
Irrigation:
North America		$		75,027			$		96,153			$		249,315			$		275,601
International				67,544					92,540					193,115					239,759
Irrigation segment				142,571					188,693					442,430					515,360
Infrastructure segment				21,982					25,566					64,523					65,187
Total operating revenues		$		164,553			$		214,259			$		506,953			$		580,547
Operating income:
Irrigation segment		$		30,727			$		39,567			$		92,188			$		81,513
Infrastructure segment				3,556					3,779					8,947					6,869
Corporate				(7,326	)				(8,184	)				(22,315	)				(21,521	)
Total operating income		$		26,957			$		35,162			$		78,820			$		66,861

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 movable 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)		May 31, 2023					May 31, 2022					August 31, 2022
ASSETS
Current assets:
Cash and cash equivalents		$		131,577			$		81,757			$		105,048
Marketable securities				12,806					13,930					11,460
Receivables, net				154,167					155,518					138,200
Inventories, net				166,759					195,566					193,776
Other current assets, net				25,943					28,663					28,617
Total current assets				491,252					475,434					477,101
Property, plant, and equipment, net				96,992					94,441					94,472
Intangibles, net				16,860					18,769					18,208
Goodwill				67,441					67,476					67,130
Operating lease right-of-use assets				17,378					20,263					19,181
Deferred income tax assets				11,518					7,857					9,313
Other noncurrent assets, net				22,177					27,676					25,248
Total assets		$		723,618			$		711,916			$		710,653
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable		$		42,207			$		72,350			$		60,036
Current portion of long-term debt				225					221					222
Other current liabilities				90,616					101,243					100,684
Total current liabilities				133,048					173,814					160,942
Pension benefits liabilities				4,653					5,474					4,892
Long-term debt				115,209					115,384					115,341
Operating lease liabilities				18,119					20,688					19,810
Deferred income tax liabilities				689					730					1,054
Other noncurrent liabilities				15,104					15,056					15,256
Total liabilities				286,822					331,146					317,295
Shareholders' equity:
Preferred stock				—					—					—
Common stock				19,092					19,063					19,063
Capital in excess of stated value				96,627					92,516					94,006
Retained earnings				620,922					564,805					579,000
Less treasury stock - at cost				(277,238	)				(277,238	)				(277,238	)
Accumulated other comprehensive loss, net				(22,607	)				(18,376	)				(21,473	)
Total shareholders' equity				436,796					380,770					393,358
Total liabilities and shareholders' equity		$		723,618			$		711,916			$		710,653

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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LINDSAY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
		Nine months ended
(in thousands)			May 31, 2023					May 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings		$		53,150			$		47,540
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization				14,466					14,930
Provision for uncollectible accounts receivable				985					734
Deferred income taxes				(1,548	)				514
Share-based compensation expense				4,775					4,061
Unrealized foreign currency transaction loss (gain)				2,045					(754	)
Other, net				574					645
Changes in assets and liabilities:
Receivables				(15,842	)				(63,365	)
Inventories				25,289					(49,209	)
Other current assets				4,401					1,669
Accounts payable				(17,953	)				26,319
Other current liabilities				(11,865	)				822
Other noncurrent assets and liabilities				691					(8,840	)
Net cash provided by (used in) operating activities				59,168					(24,934	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant, and equipment				(13,283	)				(12,222	)
Purchases of marketable securities				(4,932	)				(18,468	)
Proceeds from maturities of marketable securities				3,675					23,592
Other investing activities, net				(4,399	)				(2,952	)
Net cash used in investing activities				(18,939	)				(10,050	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options				—					2,894
Common stock withheld for payroll tax obligations				(2,471	)				(1,181	)
Proceeds from employee stock purchase plan				346					319
Principal payments on long-term debt				(166	)				(163	)
Dividends paid				(11,228	)				(10,865	)
Net cash used in financing activities				(13,519	)				(8,996	)
Effect of exchange rate changes on cash and cash equivalents				(181	)				(1,370	)
Net change in cash and cash equivalents				26,529					(45,350	)
Cash and cash equivalents, beginning of period				105,048					127,107
Cash and cash equivalents, end of period		$		131,577			$		81,757

 

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3rd Quarter Fiscal 2023 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 (including but not limited to the lingering effects of the COVID-19 pandemic and related public health measures on plant operations, workforce availability, supply chain availability, and product demand) 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 June 29, 2023.

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Third Quarter Summary Revenues decreased $49.7 million compared to prior year Irrigation decreased $46.1 million Infrastructure decreased $3.6 million Operating income decreased $8.2 million compared to prior year Irrigation decreased $8.9 million Infrastructure decreased $0.2 million Corporate expense decreased $0.9 million Amounts in millions, except per share amounts Revenue Operating Income (with operating margin) Diluted EPS -23% -33% -23%

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Third Quarter and YTD Financial Summary

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Current Market Factors As of May 2023, U.S. corn prices have increased 15 percent and soybean prices have decreased 15 percent from a year ago. Weather conditions in various regions of the world and the continued conflict between Ukraine and Russia have impacted commodity price volatility. The USDA current estimate of 2023 net farm income is $136.9 billion, a decrease of 16 percent from 2022. Most of the projected decrease is due to a reduction in government support payments while cash receipts for crops are projected to decrease by 3 percent. Projected net farm income for 2023 remains at a relatively high level historically. High farm input costs and increasing interest rates weigh on farmer sentiment. Government transition in Brazil resulting in temporary market delays. Inflationary pressure on input costs has moderated, although certain supply chain constraints persist. Irrigation Infrastructure The Infrastructure Investment and Jobs Act (IIJA) that was enacted in November 2021 marked the largest infusion of federal investment into infrastructure projects in more than a decade. It included a five-year reauthorization of the Fixing America’s Surface Transportation (FAST) Act. The IIJA introduced $110 billion in incremental federal funding for roads, bridges, and other transportation projects, which the Company anticipates will translate into higher demand for its transportation safety products. Federal investment accounts for approximately 35% of the total transportation spend at the state and local level. State-level budgets for transportation projects are anticipated to increase 13% in 2023. The timing and scope of certain construction projects have been impacted by timing of funding, cost inflation, labor constraints, weather and other factors.

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Irrigation Segment North America revenue decreased $21.2 million Lower unit sales volume due to farmers delaying capital investment decisions Average selling prices were comparable to prior year Unit sales volume breakdown by category: Replacement 43%, Conversion 28%, Dryland 29% International revenue decreased $25.0 million Lower sales volume in Brazil, Australia, Ukraine and Russia Lower sales in Brazil due to delayed order activity connected with the government transition Unfavorable foreign currency translation impact of $2.5 million Operating income decreased $8.9 million Decline results from lower revenues Operating margin increased due to improved price realization and operating performance Announced strategic, global partnership with Pessl Instruments Combining Pessl’s field monitoring systems with Lindsay’s FieldNET® remote irrigation management platform Revenue North America International FY22 FY23 Amounts in millions -27% -22% -22% Operating Income (with operating margin)

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Infrastructure Segment Total revenue decreased $3.6 million Lower Road Zipper System® sales Lower sales of road safety products outside the U.S. Higher Road Zipper System® lease revenues connected with road construction activity Operating income decreased $0.2 million Decline results from lower revenues Operating margin improved from a more favorable margin mix of revenues and improved price realization Revenue Amounts in millions -14% -6% Operating Income (with operating margin)

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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 provide solutions that conserve natural resources, enhance quality of life for people, and expand our world’s potential. 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 May 31, 2023, available liquidity of $194.4 million, with $144.4 million in cash, cash equivalents and marketable securities and $50.0 million available under revolving credit facility We are well-positioned with the strength of our balance sheet to invest in growth opportunities that create value for our shareholders

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Summary of Cash Flow

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Capital Allocation – A Balanced Approach The Company’s prioritization for cash use: Working capital to support organic growth New product development Capital expenditures - expected to be $15 - $20 million in fiscal 2023 Acquisitions that align with strategic priorities Dividend payments Opportunistic share repurchases Allocation History Other includes debt repayments, net cash sources/uses from note receivables, net investment hedges, stock compensation and related tax benefits. Ending cash includes marketable securities.

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Appendix

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U.S. Net Farm Income and Net Cash Farm IncomeInflation adjusted, 2001-23F 2002-21 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 2023 by USDA, Economic Research Service. Source: USDA, Economic Research Service, Farm Income and Wealth Statistics. Data as of February 7, 2023 $ billion (2022) 2002-21 average NFI

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Commodity Prices Soybean Prices Source: Trading Economics Corn Prices

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United States Drought Condition Source: US Drought Monitor, March 2022 2023

v3.23.2

Document And Entity Information	Jun. 29, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jun. 29, 2023
Entity Registrant Name	Lindsay Corporation
Entity Central Index Key	0000836157
Entity Emerging Growth Company	false
Securities Act 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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