On this page of StockholderLetter.com we present the latest annual shareholder letter from LINDSAY CORP — ticker symbol LNN. Reading current and past LNN letters to shareholders can bring important insights into the investment thesis.
2024 ANNUAL REPORT &XVWRPHU UVW LQQRYDWLRQ 3URYHQ UHVLOLHQF\ *OREDO H[HFXWLRQ
Financial and Operating Highlights 770.7 REVENUE OPERATING INCOME 674.1 607.1 94.6 DILUTED EARNINGS PER SHARE 102.2 5.94 6.54 6.01 76.6 2022 2023 2024 2022 (Dollars in millions, except per share amounts) 2023 2024 2022 2023 2024 2024 2023 2022 607.1 674.1 770.7 Operating income 76.6 102.2 94.6 Net earnings 66.3 72.4 65.5 16.2% 27.9% 25.5% Diluted earnings per share 6.01 6.54 5.94 Cash dividends per share 1.41 1.37 1.33 Working capital 367.4 351.4 316.2 Total assets 760.2 745.7 710.7 Long-term debt, including current installments 115.2 115.4 115.6 Total shareholders equity 480.9 455.7 393.4 Invested capital 596.1 571.0 508.9 Gross margin 31.5% 31.6% 25.8% Operating margin 12.6% 15.2% 12.3% 11.0% 13.6% 14.6% 14.5% 18.4% 19.3% 11,017 11,062 11,031 1,280 1,209 1,262 OPERATING RESULTS Operating revenues Effective tax rate FINANCIAL POSITION 1 FINANCIAL MEASURES Return on invested capital2 Return on beginning shareholders equity 3 OTHER DATA Diluted weighted average shares Number of employees 'H QHG DV FXUUHQW DQG ORQJ WHUP GHEW SOXV VKDUHKROGHUV HTXLW\ 'H QHG DV RSHUDWLQJ LQFRPH DIWHU WD[ XVLQJ HIIHFWLYH WD[ UDWH GLYLGHG E\ WKH DYHUDJH RI EHJLQQLQJ DQG HQGLQJ LQYHVWHG FDSLWDO 'H QHG DV QHW HDUQLQJV GLYLGHG E\ EHJLQQLQJ RI SHULRG VKDUHKROGHUV HTXLW\ Lindsay 2024 Annual Report 4
To Our Shareholders and Stakeholders Fiscal 2024 marked a year of important milestones and meaningful achievements for Lindsay, one where the Company s steady execution and commitment to operating performance helped to overcome weaker agriculture fundamentals that impacted our Irrigation business. In the face of a challenging market environment, our team executed extremely well, both operationally and strategically, helping position Lindsay for continued success and growth. This year we announced a multi-year supply agreement in the Middle East and North Africa (MENA) region. The project, valued at more than $100 million, is the largest in Lindsay s history and further demonstrates our ability to compete and execute large-scale and complex irrigation projects that directly address the critical needs of our customers. Despite cyclically softer demand that resulted from declining net farm income and cautious farmer sentiment in both North and Latin America, we have many reasons to be highly RSWLPLVWLF DV ZH ORRN WR VFDO DQG EH\RQG Our long-term global demand outlook is stable and growing, with constructive multi-year fundamentals and line of sight to project opportunities that support food security and water conservation. I want to express my gratitude to our shareholders, customers, dealers, partners, and employees worldwide for their continued belief in our DELOLWLHV DQG VXSSRUW 7RJHWKHU , DP FRQ GHQW Lindsay will continue to innovate and deliver SUR WDEOH JURZWK LQ WKH FRPLQJ \HDUV 7KDQN you for your continued trust and partnership. Respectfully, Randy Wood Lindsay 2024 Annual Report 1
A Commitment to Expanding Technology and Driving Innovation Lindsay is fully committed to providing intelligent solutions and market-leading integrated technologies that enable global populations to grow safely and sustainably. To drive our vision forward, we appointed Brian Klawinski (pictured above left) as our Senior Vice President, Technology and Innovation. In this role, Brian will be responsible for accelerating growth and value creation across Lindsay s portfolio of technology solutions. Our success is measured by the advancements of our Irrigation and Infrastructure innovations, DQG LQ VFDO ZH PDGH VLJQL FDQW SURJUHVV In our Irrigation segment, Lindsay delivered improvements to its award winning FieldNET Advisor precision irrigation management system. With additional data now made available through these enhancements, including whole farm visibility and management, growers have an even more powerful tool in their hands to help reduce input costs, conserve valuable resources and apply the precise amount of water needed for a healthier crop and yield maximization. 2 Lindsay 2024 Annual Report During the year we also announced an agreement to acquire a minority interest in Pessl Instruments, expanding our existing strategic partnership. Pessl is a leading global provider of advanced agricultural technology solutions under the METOS brand, representing D VWUDWHJLF W ZLWKLQ RXU H[LVWLQJ RIIHULQJV DQG technological capabilities. This investment will accelerate our integrated innovations in water management, increasing Lindsay s global reach, while providing new, valued solutions necessary to conserve natural resources and expand potential for growers globally.
FieldNET Advisor Enhancements Easy enrollment for the whole operation and customized recommendations to grower management preferences Satellite imagery estimates crop water usage providing up-to-date data that automatically tracks how conditions change through the growing season; wind, hail, disease, and other factors are all accounted for Manage the whole farm at a glance, including crop canopy development, crop water use, weather, and irrigation recommendations More easily review data and execute irrigation decisions on a mobile device 6LPSOL HG ZKROH IDUP SULFLQJ ZLWK RQO\ RQH VXEVFULSWLRQ WR PDQDJH Connect your on-farm Pessl weather station to FieldNET and incorporate local weather data into your irrigation recommendations In our Infrastructure segment, we recently LQVWDOOHG RXU UVW 7$8 ;5 ;SUHVV 5HSDLU &UDVK Cushion, representing the latest innovation in our lineup of crash cushion systems. This new innovative crash cushion is designed and differentiated by its ability to provide robust protection yet can be installed and repaired when impacted in under 30 minutes. The 7$8 ;5 V\VWHP UH HFWV RXU XQZDYHULQJ commitment to advancing technologies that VDIHJXDUG OLYHV DQG LPSURYH URDGZD\ HI FLHQF\ As our diverse end markets evolve, we will continue enhancing our approach through FXVWRPHU UVW LQQRYDWLRQ QHZ SURGXFW development and introduction, and ongoing improvements across these critical areas of our business. 7$8 ;5 ;SUHVV 5HSDLU &UDVK &XVKLRQ Lindsay 2024 Annual Report 3
 • shareholder letter icon 11/20/2024 Letter Continued (Full PDF)
 • stockholder letter icon 11/21/2023 LNN Stockholder Letter
 • stockholder letter icon More "Industrial Machinery & Equipment" Category Stockholder Letters
 • Benford's Law Stocks icon LNN Benford's Law Stock Score = 92


LNN Shareholder/Stockholder Letter Transcript:

2024 ANNUAL REPORT
&XVWRPHU   UVW LQQRYDWLRQ  3URYHQ UHVLOLHQF\  *OREDO H[HFXWLRQ 

Financial and Operating Highlights
770.7
REVENUE
OPERATING INCOME
674.1
607.1
94.6
DILUTED EARNINGS PER SHARE
102.2
5.94
6.54
6.01
76.6
2022
2023
2024
2022
(Dollars in millions, except per share amounts)
2023
2024
2022
2023
2024
2024
2023
2022
607.1
674.1
770.7
Operating income
76.6
102.2
94.6
Net earnings
66.3
72.4
65.5
16.2%
27.9%
25.5%
Diluted earnings per share
6.01
6.54
5.94
Cash dividends per share
1.41
1.37
1.33
Working capital
367.4
351.4
316.2
Total assets
760.2
745.7
710.7
Long-term debt, including current installments
115.2
115.4
115.6
Total shareholders    equity
480.9
455.7
393.4
Invested capital
596.1
571.0
508.9
Gross margin
31.5%
31.6%
25.8%
Operating margin
12.6%
15.2%
12.3%
11.0%
13.6%
14.6%
14.5%
18.4%
19.3%
11,017
11,062
11,031
1,280
1,209
1,262
OPERATING RESULTS
Operating revenues
Effective tax rate
FINANCIAL POSITION
1
FINANCIAL MEASURES
Return on invested capital2
Return on beginning shareholders    equity
3
OTHER DATA
Diluted weighted average shares
Number of employees
   'H  QHG DV FXUUHQW DQG ORQJ WHUP GHEW SOXV VKDUHKROGHUV   HTXLW\   


   'H  QHG DV RSHUDWLQJ LQFRPH DIWHU WD[  XVLQJ HIIHFWLYH WD[ UDWH  GLYLGHG E\ WKH DYHUDJH RI EHJLQQLQJ DQG HQGLQJ LQYHVWHG FDSLWDO   
   'H  QHG DV QHW HDUQLQJV GLYLGHG E\ EHJLQQLQJ RI SHULRG VKDUHKROGHUV   HTXLW\ 
Lindsay 2024 Annual Report 4

To Our Shareholders and Stakeholders
Fiscal 2024 marked a year of important milestones and meaningful achievements for
Lindsay, one where the Company   s steady execution and commitment to operating
performance helped to overcome weaker agriculture fundamentals that impacted
our Irrigation business. In the face of a challenging market environment, our team
executed extremely well, both operationally and strategically, helping position
Lindsay for continued success and growth.
This year we announced a multi-year supply
agreement in the Middle East and North Africa
(MENA) region. The project, valued at more than
$100 million, is the largest in Lindsay   s history
and further demonstrates our ability to compete
and execute large-scale and complex irrigation
projects that directly address the critical needs
of our customers.
Despite cyclically softer demand that resulted
from declining net farm income and cautious
farmer sentiment in both North and Latin
America, we have many reasons to be highly
RSWLPLVWLF DV ZH ORRN WR   VFDO      DQG EH\RQG  
Our long-term global demand outlook is stable
and growing, with constructive multi-year
fundamentals and line of sight to project
opportunities that support food security and
water conservation.
I want to express my gratitude to our shareholders,
customers, dealers, partners, and employees
worldwide for their continued belief in our
DELOLWLHV DQG VXSSRUW  7RJHWKHU  , DP FRQ  GHQW 
Lindsay will continue to innovate and deliver
SUR  WDEOH JURZWK LQ WKH FRPLQJ \HDUV  7KDQN 
you for your continued trust and partnership.
Respectfully,
Randy Wood
Lindsay 2024 Annual Report 1

A Commitment to Expanding
Technology and Driving Innovation
Lindsay is fully committed to providing intelligent solutions and market-leading integrated
technologies that enable global populations to grow safely and sustainably. To drive
our vision forward, we appointed Brian Klawinski (pictured above left) as our Senior
Vice President, Technology and Innovation. In this role, Brian will be responsible for
accelerating growth and value creation across Lindsay   s portfolio of technology solutions.
Our success is measured by the advancements
of our Irrigation and Infrastructure innovations,
DQG LQ   VFDO       ZH PDGH VLJQL  FDQW SURJUHVV  
In our Irrigation segment, Lindsay delivered
improvements to its award winning FieldNET
Advisor precision irrigation management
system. With additional data now made
available through these enhancements,
including whole farm visibility and management,
growers have an even more powerful tool in
their hands to help reduce input costs, conserve
valuable resources and apply the precise
amount of water needed for a healthier crop
and yield maximization.
2 Lindsay 2024 Annual Report
During the year we also announced an
agreement to acquire a minority interest in
Pessl Instruments, expanding our existing
strategic partnership. Pessl is a leading global
provider of advanced agricultural technology
solutions under the METOS   brand, representing
D VWUDWHJLF   W ZLWKLQ RXU H[LVWLQJ RIIHULQJV DQG 
technological capabilities. This investment will
accelerate our integrated innovations in water
management, increasing Lindsay   s global reach,
while providing new, valued solutions necessary
to conserve natural resources and expand
potential for growers globally.

FieldNET Advisor Enhancements
Easy enrollment for the whole operation and customized recommendations to
grower management preferences
Satellite imagery estimates crop water usage providing up-to-date data that
automatically tracks how conditions change through the growing season; wind,
hail, disease, and other factors are all accounted for
Manage the whole farm at a glance, including crop canopy development, crop
water use, weather, and irrigation recommendations
More easily review data and execute irrigation decisions on a mobile device
6LPSOL  HG  ZKROH IDUP SULFLQJ ZLWK RQO\ RQH VXEVFULSWLRQ WR PDQDJH
Connect your on-farm Pessl weather station to FieldNET and incorporate local
weather data into your irrigation recommendations
In our Infrastructure segment, we recently
LQVWDOOHG RXU   UVW 7$8 ;5 ;SUHVV 5HSDLU &UDVK 
Cushion, representing the latest innovation
in our lineup of crash cushion systems. This
new innovative crash cushion is designed and
differentiated by its ability to provide robust
protection yet can be installed and repaired
when impacted in under 30 minutes. The
7$8 ;5 V\VWHP UH  HFWV RXU XQZDYHULQJ 
commitment to advancing technologies that
VDIHJXDUG OLYHV DQG LPSURYH URDGZD\ HI  FLHQF\   
As our diverse end markets evolve, we will
continue enhancing our approach through
FXVWRPHU   UVW LQQRYDWLRQ  QHZ SURGXFW 
development and introduction, and ongoing
improvements across these critical areas of
our business.
7$8 ;5 ;SUHVV 5HSDLU &UDVK &XVKLRQ
Lindsay 2024 Annual Report 3



shareholder letter icon 11/20/2024 Letter Continued (Full PDF)
 

LNN Stockholder/Shareholder Letter (LINDSAY CORP) | www.StockholderLetter.com
Copyright © 2023 - 2024, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.