Lindsay Corporation (NYSE:LNN) Q1 2023 Earnings Conference Call January 5, 2023 11:00 AM ET

Company Participants

Randy Wood - President and CEO

Brian Ketcham - Chief Financial Officer

Conference Call Participants

Tyler Hutin - William Blair

Ryan Connors - Northcoast Research

Brett Kearney - Gabelli Funds

Brian Wright - Roth Capital

Chris Shaw - Monness Crespi and Hardt

Operator

Good morning. My name is Joe, and I will be your conference operator today. At this time, I would like to welcome everyone to the Lindsay Corporation Fiscal Year 2023 First Quarter Earnings Call. All participants will be in a listen-only mode today. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions]

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 and 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. Please do note that today the event is being recorded.

I would now like to turn the call over to Mr. Randy Wood, President and Chief Executive Officer.

Randy Wood

Thank you, and good morning, everyone. Welcome to our fiscal 2023 first quarter earnings call. With me today is Brian Ketcham, our Chief Financial Officer. We were pleased to start our fiscal year strong, delivering revenue growth and earnings that more than doubled compared to last year’s first quarter.

I’d like to thank our employees, dealers and suppliers around the world for their contributions. The relentless focus on our customers and execution of our business strategies continues to generate positive results for our shareholders and supports our mission of conserving natural resources, expanding the world’s potential and improving quality of life. I continue to be very proud and appreciative of the job they are doing.

Looking at the macro environment, we continue to see supply chain constraints impacting certain areas of our business. Our teams have done a great job mitigating the impact of these challenges and we expect to see continuous improvement in the situation as the year progresses.

Overall inflationary pressure on raw materials and other input costs have moderated. Price realization remains strong and even in a competitive market we remain disciplined in our approach to passing cost increases through to the market.