LINDSAY CORP [LNN] Filings

10-Q 1 lnn-20230531.htm 10-Q 10-Q

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(MARK ONE)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended May 31, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 1-13419

Lindsay Corporation

(Exact name of registrant as specified in its charter)


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)

402‑829-6800

(Registrant's telephone number, including area code)

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, Inc.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:


Large accelerated filer	☒	Accelerated filer	☐
Non‑accelerated filer	☐	Smaller reporting company	☐
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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of June 26, 2023, 11,008,945 shares of the registrant’s common stock were outstanding.

Table of Contents

Lindsay Corporation

INDEX FORM 10-Q


		Page

Part I – FINANCIAL INFORMATION		3

	ITEM 1 – Financial Statements	3

	Condensed Consolidated Statements of Earnings for the three and nine months ended May 31, 2023 and May 31, 2022	3

	Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended May 31, 2023 and May 31, 2022	4

	Condensed Consolidated Balance Sheets as of May 31, 2023, May 31, 2022, and August 31, 2022	5

	Condensed Consolidated Statements of Shareholders’ Equity for the three and nine months ended May 31, 2023 and May 31, 2022	6

	Condensed Consolidated Statements of Cash Flows for the nine months ended May 31, 2023 and May 31, 2022	8

	Notes to the Condensed Consolidated Financial Statements	9

	ITEM 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations	17

	ITEM 3 – Quantitative and Qualitative Disclosures about Market Risk	25

	ITEM 4 – Controls and Procedures	26

Part II – OTHER INFORMATION		27

	ITEM 1 – Legal Proceedings	27

	ITEM 1A – Risk Factors	27

	ITEM 2 – Unregistered Sales of Equity Securities and Use of Proceeds	27

	ITEM 3 – Defaults Upon Senior Securities	27

	ITEM 4 – Mine Safety Disclosures	27

	ITEM 5 – Other Information	27

	ITEM 6 – Exhibits	28

SIGNATURES		29

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Table of Contents

Part I – FINANCIAL INFORMATION

ITEM 1 - Financial Statements

LINDSAY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)


	Three months ended						Nine months ended
($ and shares 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

See accompanying notes to condensed consolidated financial statements.

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Table of Contents

LINDSAY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


	Three months ended						Nine months ended
($ in thousands)	May 31, 2023			May 31, 2022			May 31, 2023			May 31, 2022
Net earnings	$	16,881		$	25,073		$	53,150		$	47,540
Other comprehensive (loss) income:
Defined benefit pension plan adjustment, net of tax		39			49			119			146
Foreign currency translation adjustment, net of hedging activities and tax		(507	)		991			(1,385	)		(362	)
Unrealized gain (loss) on marketable securities, net of tax		60			(65	)		132			(227	)
Total other comprehensive (loss) income, net of tax (benefit) expense of ($134), $257, ($552), and $238 respectively		(408	)		975			(1,134	)		(443	)
Total comprehensive income	$	16,473		$	26,048		$	52,016		$	47,097

See accompanying notes to condensed consolidated financial statements.

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Table of Contents

LINDSAY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


($ and shares in thousands, except par values)	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 of allowance of $5,113, $4,197, and $4,118, respectively		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:
Cost		252,741			239,001			240,981
Less accumulated depreciation		(155,749	)		(144,560	)		(146,509	)
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		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 of $1 par value - authorized 2,000 shares; no shares issued and outstanding		—			—			—
Common stock of $1 par value - authorized 25,000 shares; 19,092, 19,063, and 19,063 shares issued, respectively		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, 8,083 shares		(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

See accompanying notes to condensed consolidated financial statements.

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Table of Contents


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, 2021		18,991		8,083	$	18,991	$	86,495	$	528,130		$	(277,238	)	$	(17,933	)	$	338,445
Comprehensive income:
Net earnings		—		—		—		—		47,540			—			—			47,540
Other comprehensive loss		—		—		—		—		—			—			(443	)		(443	)
Total comprehensive income		—		—		—		—		—			—			—			47,097
Cash dividends ($.99) per share		—		—		—		—		(10,865	)		—			—			(10,865	)
Issuance of common shares under share compensation plans, net		72		—		72		1,960		—			—			—			2,032
Share-based compensation expense		—		—		—		4,061		—			—			—			4,061
Balance at May 31, 2022		19,063		8,083	$	19,063	$	92,516	$	564,805		$	(277,238	)	$	(18,376	)	$	380,770

LINDSAY CORP [LNN] Filings
10-Q	[2023-06-29]
10-Q	[2023-04-04]
10-Q	[2023-01-05]
10-K	[2022-10-20]
10-Q	[2022-06-30]
10-Q	[2022-04-05]
10-Q	[2022-01-06]
10-K	[2021-10-21]
10-Q	[2021-07-01]
10-Q	[2021-04-06]
10-Q	[2021-01-07]
10-K	[2020-10-22]
10-Q	[2020-07-02]
10-Q	[2020-04-07]
10-Q	[2020-01-09]
10-K	[2019-10-31]
10-Q	[2019-07-09]
10-Q	[2019-04-09]
10-Q	[2019-01-09]
10-K	[2018-10-24]
10-Q	[2018-06-29]
10-Q	[2018-03-29]
10-Q	[2017-12-22]
10-K	[2017-10-13]
10-Q	[2017-06-30]
10-Q	[2017-03-31]
10-Q	[2016-12-21]
10-K	[2016-10-18]
10-Q	[2016-07-01]
10-Q	[2016-04-01]
10-Q	[2015-12-23]
10-K	[2015-10-20]
10-Q	[2015-06-26]
10-Q	[2015-03-26]
10-Q	[2015-01-07]
10-K	[2014-10-15]
10-Q	[2014-06-27]
10-Q	[2014-03-28]
10-Q	[2014-01-06]
10-K	[2013-10-18]
10-Q	[2013-07-02]
10-Q	[2013-04-03]
10-Q	[2013-01-08]
10-K	[2012-10-26]
10-Q	[2012-07-03]
10-Q	[2012-04-04]
10-Q	[2012-01-06]