Lindsay Corporation (LNN) CEO Randy Wood on Q1 2022 Results – Earnings Call Transcript – Seeking Alpha

Lindsay Corporation (LNN) CEO Randy Wood on Q1 2022 Results – Earnings Call Transcript – Seeking Alpha

Lindsay Corporation (NYSE:LNN) Q1 2022 Results Earnings Conference Call January 6, 2022 11:00 AM ET

Company Participants

Randy Wood – President, Chief Executive Officer

Brian Ketcham – Senior Vice President, Chief Financial Officer

Conference Call Participants

Nathan Jones – Stifel

Brian Drab – William Blair

Jon Braatz – Kansas City Capital

Ryan Connors – Boenning & Scattergood

Chris Shaw – Monness Crespi


Good morning. My name is Vaishnavi and I will be your conference operator today. At this time, I would like to welcome everyone to the Lindsay Corporation first quarter fiscal year 2022 earnings conference call. All participants will be in a listen-only mode. [Operator Instructions]. After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions]. Please note, this event is being recorded.

During this call, management may make forward-looking statements that are subject to risks and uncertainties which reflect management’s current beliefs, estimates of future economic circumstances, industry conditions, company performance and financial results. Forward-looking statements include the information concerning possible or assumed future results of operations of the company and those statements preceded by, followed by or including the words expectation, outlook, could, may, should, or similar expressions. For these statements we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

And I would now like to turn the conference call over to Mr. Randy Wood, President and Chief Executive Officer. Please go ahead.

Randy Wood

Thank you and good morning everyone. Welcome to our first quarter earnings call. With me today is Brian Ketcham, our Chief Financial Officer.

I would like to start by once again thanking our employees around the world for their continued resiliency and focus during the global pandemic. Our manufacturing teams continue to operate safely and efficiently around the world while our non-manufacturing resources continue to maintain productivity and efficiency by working from home or the office. We greatly appreciate all you are doing to support our dealers, distributors and customers around the world.

Turning to the current operating environment. Material cost increases and supply chain constraints continued to impact our business and we expect that to persist through the spring and summer seasons for our irrigation and infrastructure products. Our teams continue to work diligently to offset these risks while minimizing customer impact. We have been able to leverage our sourcing talent and global footprint to take advantage of the strong market demand and continue to pass-through cost increases and see a rational pricing environment in the market.

In the area of innovation, we continue to enhance both the FieldNET and RoadConnect platform. We see growth and adoption of these technologies that reduce labor and improve the efficiency for our customers. We are also pleased to announce that Mike Stern, former Head of The Climate Corporation and Digital Farming for Bayer has joined our team as Innovation Advisor reporting directly to me. Mike is a pioneer and trusted expert in the ag-tech space and his guidance will prove invaluable as we continue to expand our product …….


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