Agribusiness Q3 2024 Earnings Results as of November 1st 2024
Index
Lindsay
Yara
BASF
FMC
Syngenta
ADAMA
Note: Once all companies have reported their earnings there will be an aggregated report completed by agribusiness segment:
Crop Protection and Seed Companies
Fertilizer Manufacturers
Equipment Manufacturers
Each report will include macro trends and themes, along with useful comparison charts and images.
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1. Lindsay Corporation Q4 Earnings Results - Lindsay
Irrigation Summary
For Q4 and FY2024, Lindsay Corporation's irrigation segment displayed mixed results, with North American demand offsetting declines in Brazil and other Latin American markets.
North American irrigation revenues increased by 2% due to higher unit sales volume, especially from storm-damage replacements. However, international irrigation faced a 23% revenue drop primarily driven by reduced sales in Brazil, exacerbated by currency headwinds.
Key Irrigation Segment Details
Q4 2024 Results
North America Revenues — $61.7 million (+2% YoY)
Growth was supported by increased unit sales volume, especially from storm-damage replacement demand.
Sales of replacement parts declined slightly due to limited equipment run times in wet regions.
International Revenues — $64.2 million (-23% YoY)
Decline led by lower revenue from Brazil, following prior record-high performance, with additional decreases across other Latin American areas.
Some revenue recovery in the MENA region due to the new project, offsetting Brazil's losses partially.
Unfavorable currency translation negatively impacted international sales by approximately $3.1 million.
Overall Operating Income — $17.1 million (-43% YoY)
Reduced profitability linked to lower international sales and fixed cost impact from reduced volumes.
Operating margin fell to 13.6% (from 20.7%), reflecting the pressure from international declines despite steady North American performance.
FY2024 Results
Total Irrigation Revenues — $513.9 million (-12% YoY)
North America — $302.1 million, showing moderate resilience.
International — $211.7 million, significantly impacted by Brazil’s market challenges.
Future Outlook — Lindsay expects stable demand in North America if grain prices remain steady, with post-harvest conditions clarifying demand further. In Brazil, Lindsay anticipates sustained market headwinds due to limited grower profitability and credit access, though recent interest rate reductions may help marginally. The MENA project and potential upcoming projects are expected to support continued growth in international irrigation markets.
Notable Executive Commentary
CFO Brian Ketcham on margins:
When you look at the year-over-year decremental margins, it's entirely related to the international irrigation business. When you look at last year, especially in the fourth quarter, it was a a record fourth quarter for Brazil and the amount of leverage we got on that additional volume and price, obviously, was very strong last year. When you look at North America, and we don't break this out, but I would say North America margins have maintained and even slightly improved this year.
Lindsay SG&A increased year-over-year, 20% up in selling about 10% up in G&A. CFO Brian Ketcham, stated the following on why:
I would say on the SG&A side, one of the components is on these project businesses both in infrastructure and in irrigation. There's going to be sales commissions that are going to accompany those. So some of that increase is just related to sales commissions. We also continue to invest in some of our R&D and technology development.
CEO Randy Wood on technology and recurring growth: