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Reported Q: Q3 2024 Rev YoY: -15.4% EPS YoY: +20.9% Move: -2.32%

Lindsay Corporation

LNN

$117.72 -2.32%

Exchange NYSE Sector Industrials Industry Agricultural Machinery

Q3 2024

Published: Jun 27, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for LNN

Reported

Report Date

Jun 27, 2024

Quarter Q3 2024

Revenue

139.20M

YoY: -15.4%

EPS

1.85

YoY: +20.9%

Market Move

-2.32%

Previous quarter: N/A

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Earnings Highlights

Revenue of $139.20M down 15.4% year-over-year
EPS of $1.85 increased by 20.9% from previous year
Gross margin of 33.4%
Net income of 20.38M
"“In the Mideast and North Africa region, we were pleased to announce we've been awarded a contract valued at over $100 million, the largest in our company's history.”" - Randy Wood

LNN

Company LNN

Period Q3 2024

Currency USD

Report Type Quarterly Earnings

Generated Mar 30, 2026

Swipe to view all report sections

Executive Summary

Lindsay’s fiscal Q3 2024 results reflect a two-speed business dynamic: the irrigation segment faced demand softness in North America and Brazil, while the infrastructure segment leveraged a stronger Road Zipper activity and a favorable margin mix to offset irrigation weakness. Consolidated revenue declined 15% year over year to $139.2 million, driven by a 19% drop in irrigation revenues; infrastructure revenues rose 11% year over year. Net income rose to $20.4 million ($1.85 per diluted share), aided by a Brazil income tax credit of $4.8 million and higher interest income, helping offset topline headwinds. Management highlighted large-scale international project wins and a ramp-up in IIJA-fueled infrastructure activity as key growth catalysts, alongside ongoing investments in technology and capacity to improve margins and operating flexibility.

Key Performance Indicators

Revenue

Decreasing

139.20M

QoQ: -8.13% | YoY: -15.41%

Gross Profit

Decreasing

46.50M

33.40% margin

QoQ: -5.02% | YoY: -12.63%

Operating Income

Decreasing

19.94M

QoQ: -9.78% | YoY: -26.05%

Net Income

Increasing

20.38M

QoQ: 12.45% | YoY: 20.72%

EPS

Increasing

1.85

QoQ: 12.80% | YoY: 20.92%

Revenue Trend

Margin Analysis

Financial Highlights

- Revenue: $139.2 million; YoY -15.4%; QoQ -8.1%
- Gross Profit: $46.5 million; Gross margin 33.4%; YoY -12.6%; QoQ -5.0%
- Operating Income: $19.9 million; Operating margin 14.3%; YoY -26.1%; QoQ -9.8%
- Net Income: $20.38 million; Net margin 14.6%; YoY +20.7%; QoQ +12.5%
- EPS: $1.85; Diluted $1.85; YoY +20.9%; QoQ +12.8%
- Irrigation segment revenues: $114.8 million; YoY -19%; NA irrigation -9%; International irrigation -31%
- Infrastructure revenues: $24.4 million; YoY +11%
- Irrigation operating margin: 17.0% (vs 21.6% prior year)
- Infrastructure operating margin: 25.8% (vs 16.2% prior year)
- Liquidity: total available liquidity at 3Q23 ended $202.7 million (cash, equivalents, marketable securities $152.7 million + $50 million revolver)
- Net debt: net cash position of approximately $5.13 million
- Cash flow: Net cash provided by operating activities $30.5 million; Free cash flow $25.8 million
- Share repurchases: $17.9 million in the quarter
- Outlook: management cites a multi-year growth trajectory for U.S. infrastructure spending under IIJA; large international projects to be a meaningful contributor; FieldNET/FieldWise and Pessl investments to support growth and differentiation.

Income Statement

Metric	Value	YoY Change	QoQ Change
Revenue	139.20M	-15.41%	-8.13%
Gross Profit	46.50M	-12.63%	-5.02%
Operating Income	19.94M	-26.05%	-9.78%
Net Income	20.38M	20.72%	12.45%
EPS	1.85	20.92%	12.80%

Key Financial Ratios

Gross Profit Margin

Fair

33.40%

Gross profit margin is moderate, room for improvement in cost management

Operating Profit Margin

Fair

14.30%

Operating margin is moderate, room for improvement in cost management

Net Profit Margin

Good

14.60%

Net profit margin is healthy and competitive within industry standards

Return on Assets

Weak

2.69%

Return on assets suggests inefficient capital allocation

Return on Equity

Weak

4.25%

Return on equity suggests inefficient capital allocation

Current Ratio

Strong

3.95

Current ratio indicates excellent liquidity and financial flexibility

Debt to Equity

Conservative

0.28

Debt-to-equity shows conservative leverage and low financial risk

P/E Ratio

Fair Value

15.49x

P/E ratio in line with market averages

Price to Book

Fair Value

2.63x

Price-to-book ratio reasonable for profitable companies

Historical Earnings Comparison

Period	Revenue ($M)	EPS ($)	YoY Growth	Report
Q1 2026	155.82	1.54	+11.9%	View
Q2 2025	187.06	2.44	+23.5%	View
Q1 2025	166.28	1.57	+3.1%	View
Q4 2024	155.00	1.16	-7.3%	View
Q3 2024	139.20	1.85	-15.4%	View

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Lindsay Corporation (LNN) QQ4 FY2024 Results Analysis — Irrigation Headwinds, Infrastructure Upside, and Robust Liquidity Highlighting MENA Projects...

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Lindsay Corporation (LNN) Q3 2024 Earnings Report

Company Status Snapshot

Earnings Highlights

Executive Summary

Key Performance Indicators

Revenue Trend

Margin Analysis

Historical Earnings Comparison

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