Lindsay Q1 2025 Earnings Report

Lindsay EPS Results

• Actual EPS: $1.57
• Consensus EPS: $1.39
• Beat/Miss: Beat by +$0.18
• One Year Ago EPS: $1.36

Lindsay Revenue Results

• Actual Revenue: $166.30 million
• Expected Revenue: $169.78 million
• Beat/Miss: Missed by -$3.48 million
• YoY Revenue Growth: +3.00%

Lindsay Announcement Details

• Quarter: Q1 2025
• Date: 1/7/2025
• Time: Before Market Opens
• Conference Call Date: Tuesday, January 7, 2025
• Conference Call Time: 11:00AM ET

Lindsay (NYSE:LNN) (NYSE: LNN) is a U.S.-based manufacturer of agricultural irrigation and infrastructure products. Headquartered in Omaha, Nebraska, the company has built a reputation for designing and producing center pivot and lateral‐move irrigation systems under the Zimmatic brand. These systems feature advanced controls, precision sprinklers and automated monitoring technology that help growers optimize water use, improve crop yields and enhance sustainability in a variety of row-crop, specialty crop and forage operations.

Beyond its core irrigation business, Lindsay operates an infrastructure segment that delivers engineered products and services for water and roadway management. The company offers a range of solutions including roadway safety barriers, guardrail and cable systems, roadway signage and lighting products, as well as hydraulic gates, valves and controls for water control structures. These offerings serve municipal, state and federal agencies tasked with maintaining and upgrading transportation networks and water distribution assets.

Founded in 1955, Lindsay has expanded its reach to serve agricultural and infrastructure markets across North America, South America, Europe, the Middle East, Africa and Asia. Its products are distributed through a network of independent dealers and direct sales teams, supported by in-house research and development efforts aimed at water conservation, asset monitoring and resilience. The company’s focus on innovation and durable, high-performance solutions has established it as a longstanding partner to growers and infrastructure operators worldwide.

Lindsay Q1 2025 Earnings Call Transcript

Key Takeaways

• Q1 fiscal 2025 results: Consolidated revenue rose 3% year-over-year and net earnings grew 14% to $17.2 million ($1.57 EPS), demonstrating resilience amid mature market headwinds.
• International irrigation surge: Revenues climbed 37% y/y, driven by a record MENA region project and early sales momentum in Western Europe and Latin America, while Brazil order volumes have stabilized.
• Infrastructure margin expansion: Though segment revenue was down 9%, operating income increased 14% and margin expanded to 21.5% thanks to cost management and efficiency gains, highlighted by a new $20 million Road Zipper contract set to deliver in Q2.
• Mixed market outlook: North American irrigation faces near-term pressure from low farm incomes but may benefit from a $31 billion federal agriculture and disaster aid package, while international demand remains strong, particularly in MENA and Brazil financing programs.
• Innovation investment: Acquired a minority stake in Austria-based PESL Instruments, adding capabilities to FieldNET and Fieldwise platforms and access to over 240,000 connected devices to boost annual recurring revenue.

Presentation

[Operator]

Intro, please note this event is being recorded. I would now like to turn the conference over to Randy Wood, President and CEO. Please go ahead.

[Operator]

Thank you and good morning, everyone. Welcome to our fiscal 2025 first quarter earnings call. With me today is Brian Ketcham, our Chief Financial Officer. I'm pleased with our company's performance during the first quarter as our results continue to demonstrate the resilience of our business and our team's collective operational and commercial execution. This execution was clearly reflected in our results as we delivered year-over-year revenue growth and a meaningful expansion to our net earnings and earnings per share, overcoming the weaker fundamentals and headwinds in the mature global irrigation markets. Our international irrigation business delivered 37% year-over-year revenue growth, supported primarily by the additional sales volume of our previously announced record project in the MENA region, and we've also observed early positive sales trends in Western Europe and regions of Latin America.

[Operator]

Turning to our infrastructure segment, while we did see a slight decline in our top line, we have delivered another quarter of strong operating income and margin expansion, driven by a continued focus on cost management and our ability to capture additional operational efficiencies. On the commercial side, we recently finalized a $20-plus million contract for a large Road Zipper System project in the Northeast. This is a result of our shift-left strategy to go upstream in the design and decision-making process of these large roadway projects. We expect this project will fully deliver in our second quarter. Shifting gears to market outlook, in North America, we continue to expect slightly weaker market conditions in the near term as net farm income continues to be tempered by low commodity prices and high input costs. There are some potential tailwinds in the mid to longer term.

[Operator]

We have seen a recent uptick in customer sentiment connected to the U.S. elections, and the federal government recently announced an agricultural aid package connected to the federal spending bill passed in late December. This adds $10 billion to help offset low commodity prices. The bill also includes approximately $21 billion in natural disaster aid for farmers and ranchers affected by drought, wildfires, and hurricanes over the past two years. In the international irrigation markets, Brazil order volume has stabilized, and we've seen regional financing programs launched in Paraná and São Paulo states. These programs should support stronger volumes in the second half of the year. Brazil remains a key long-term growth market given the low degree of market penetration for mechanized irrigation and their ability to generate strong ROI with two to three crops per year with irrigation.

[Operator]

We continue to expect strong performance in our developing international markets, specifically in the MENA region, as food security and water scarcity continue to be positive demand drivers. While the project funnel continues to be robust, these projects are very competitive and timing is always difficult to predict. We have proven our ability to identify, win, and deliver on these large complex projects, and we have line of sight to additional projects in the region that we expect to move forward this fiscal year. Moving to infrastructure, we expect growth in the segment, supported by the large Road Zipper System project, which is expected to be delivered in Q2. We are not expecting any material changes to the IIJA as the new administration takes office.

[Operator]

However, some of the positive benefits from the legislation have been offset by cost inflation, making it difficult to estimate the actual impact of the increase in federal funding at this stage. Our solid performance in the segment has continued to be supported by operational expense reductions and improved efficiencies in our manufacturing processes. These improvements, along with the improved margin mix from higher Road Zipper revenues, are expected to bolster profitability in the infrastructure segment in the near term. Turning to innovation and technology, I'm pleased to announce that we closed the previously announced deal to acquire a minority interest in Austria-based Pessl Instruments. This partnership adds incremental capabilities to the FieldNET and FieldClimate platforms and creates an opportunity to grow annual recurring revenue by leveraging their significant global installed base of devices.

[Operator]

With the Pessl investment, we now have access to over 240,000 connected devices, which will support long-term growth and annual recurring revenue. Our teams have already begun collaborating, and we're excited about the opportunities this creates for our customers around the world. I'd like to now turn the call over to Brian to discuss our first quarter financial results. Brian.

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

Thank you, Randy, and good morning, everyone. Consolidated revenues for the first quarter of fiscal 2025 increased 3% to $166.3 million compared to $161.4 million in the prior year. Revenue growth was driven by an increase in international irrigation revenues, which was partially offset by lower North America irrigation and infrastructure revenues compared to the prior year. Net earnings for the quarter increased 14% to $17.2 million, or $1.57 per diluted share, compared to net earnings of $15 million, or $1.36 per diluted share in the prior year. While operating income was similar to the prior year, current year results benefited from an increase in other income and a lower effective income tax rate compared to the prior year. Turning to our segment results, irrigation segment revenues for the quarter increased 5% to $147.1 million, compared to $140.2 million in the prior year.

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

North America irrigation revenues of $77.7 million decreased 13% compared to the prior year. The decrease resulted primarily from lower unit sales volume of irrigation equipment, as well as a less favorable mix of shorter machines and slightly lower average selling prices compared to the prior year. A reduction in net farm income for calendar 2024 continues to temper demand for irrigation equipment in the near term. In international irrigation markets, revenues of $69.4 million increased 37% compared to the prior year. The increase resulted primarily from revenues related to our large project in the MENA region, along with higher sales in Europe and certain regions of Latin America compared to the prior year. This increase was partially offset by lower revenue in Brazil, where market activity remained lower than the prior year due to lower commodity prices that have pressured grower profitability and available liquidity.

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

Revenues in the current year quarter were also impacted by the unfavorable effects of foreign currency translation of approximately $2.1 million compared to the prior year. Irrigation segment operating income for the quarter of $24.7 million was 2% lower compared to the prior year, and operating margin was 16.8% of sales compared to 18.1% of sales in the prior year. Lower operating income and operating margin resulted primarily from a larger proportion of international project revenues compared to the prior year, which were dilutive to overall segment margin. Infrastructure segment revenues for the quarter of $19.2 million were 9% lower compared to the prior year. This decrease resulted primarily from a difference in the timing of Road Zipper System lease revenue and lower sales of road safety products compared to the prior year. Infrastructure segment operating income for the quarter of $4.1 million increased 14% compared to the prior year.

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

Infrastructure operating margin for the quarter was 21.5% of sales compared to 17.1% of sales in the prior year. The increase in operating income and operating margin resulted primarily from improved manufacturing efficiency and lower operating expenses compared to the prior year. The large road zipper project that Randy mentioned in his opening remarks had been contemplated in our full year fiscal 2025 outlook. However, the timing was not clear until the contract was signed after the end of our first quarter. We have been building the machine and barrier required for this project, and we expect to deliver the entire project valued at more than $20 million in our second fiscal quarter.

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

Turning to the balance sheet and liquidity, our total available liquidity at the end of the first quarter was $244.1 million, which includes $194.1 million in cash and cash equivalents and $50 million available under our revolving credit facility. Our strong balance sheet and ample access to liquid capital resources continue to serve as a strategic asset for Lindsay as we execute our capital allocation strategy to create enhanced and sustained value for our shareholders. This concludes my remarks, and at this time, I'll turn the call over to the operator to take your questions.

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

We'll now begin the question and answer session. To ask a question, you may press star, then one on your touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then two. At this time, we will pause momentarily to assemble our roster, and the first question will come from Ryan Connors with North Coast Research. Please go ahead.

[Ryan Connors, Managing Director and Equity Research Analyst at Northcoast Research]

Good morning. Thanks for taking my question. So you had a comment there regarding irrigation, regarding the mixed effect of shorter systems or smaller systems in irrigation. I've not heard you make that comment before. Can you call it the magnitude of that or exactly what that is and what might be driving that? That's a new one for me.

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

Yeah, Ryan, this is Brian. It's generally driven more on a regional basis. You get into places, let's say like the Pacific Northwest, where they've installed larger machines over time, and then maybe they're filling in some of the corners or there's other odd-shaped pieces of ground that they're adding irrigation to. So I would say mix like that varies from quarter to quarter, but it's really regional. But in terms of the revenue breakdown for the quarter, I mean, the main driver was really just the decrease in overall volume.

[Ryan Connors, Managing Director and Equity Research Analyst at Northcoast Research]

Yeah, okay. So it was on the margin then.

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

Yeah.

[Ryan Connors, Managing Director and Equity Research Analyst at Northcoast Research]

Yeah, okay. And then one more on irrigation, and I have one on infrastructure as well. So this large project in the Middle East, once that's completed, what's the follow-on service component, if any, on something like that of that magnitude? Is that something where you'll be able to move the needle, supplying parts and service into that on a go-forward basis, or is it just sort of once it's done, it's done, and we have to go find and look for the next one?

[Ryan Connors, Managing Director and Equity Research Analyst at Northcoast Research]

Yeah, good morning, Ryan. This is Randy. I'll take that one. And I think it's a combination of both comments you've made. Certainly, the machines in this part of the world are operating a significant number of hours. They're almost irrigating around the clock all year. So there is going to be some parts consumption there. Generally, on these deals, the initial purchase will include some stock parts for more of those fast-moving maintenance items. We may not see it right away, but I think some of the long-term revenue-generating potential is certainly going to include aftermarket. On the service side, that generally, in all the markets, is dealer revenue, not necessarily Lindsay revenue. And I think on those military contracts in particular, they've been trained. They generally take care of their own machines. So the long-term revenue there is really going to be the service parts for us.

[Ryan Connors, Managing Director and Equity Research Analyst at Northcoast Research]

Got it. Okay. And then on infrastructure, Brian, you mentioned the timing of lease revenue as one of the headwinds on the revenue line there. I mean, my understanding of the leasing model was that it's actually less volatile, less lumpy than the bookings that we had in the past. So can you explain exactly what the dynamics are that can drive timing on lease revenue to cause that kind of volatility?

[Ryan Connors, Managing Director and Equity Research Analyst at Northcoast Research]

Yeah, it's really just one project ending and then the other one not starting immediately. It's those kinds of things. And in the scope of the change for the revenue, I mean, we're talking about $2 million probably, but that's really what drives it. I mean, we've got line of sight to continuing to add to the lease portfolio, but I think it's just as some projects end and new projects begin, sometimes there's a small gap there.

[Ryan Connors, Managing Director and Equity Research Analyst at Northcoast Research]

Yeah. Okay. But just to be clear, so when a lease project is signed, that becomes pretty much an annuity stream on a go-forward basis. There's no real, so you're just saying there's book-to-ship projects rolling off, and there's not lease revenue necessarily to replace it immediately, but there's really no volatility associated with a leased system once it's up and running. Is that a fair characterization of that?

[Ryan Connors, Managing Director and Equity Research Analyst at Northcoast Research]

We do have some situations where it's a multi-year lease. Obviously, that one's going to be very stable, but the other ones are going to, if they're tied to a construction project, it could be a nine-month project or a twelve-month project. And so then when those come to an end, there can be a gap before a new project starts. But again, if you look at it over a full-year basis, it's very stable. But quarter to quarter, there could be some timing with.

[Ryan Connors, Managing Director and Equity Research Analyst at Northcoast Research]

Got it. So I see. So it's not a permanent installation. It's just on a specific project.

[Ryan Connors, Managing Director and Equity Research Analyst at Northcoast Research]

A lot of the incremental leases that we've added over the last year have been more directly tied to construction projects.

[Ryan Connors, Managing Director and Equity Research Analyst at Northcoast Research]

Got it. Okay. That makes sense. Thanks for your time.

[Ryan Connors, Managing Director and Equity Research Analyst at Northcoast Research]

Thank you.

[Ryan Connors, Managing Director and Equity Research Analyst at Northcoast Research]

And the next question will come from Brian Drab with William Blair. Please go ahead.

[Brian Drab, Equity Research Analyst Industrial Technology at William Blair & Company]

Hey, guys. Tyler on for Brian. Appreciate you guys taking my questions. Just starting with the international irrigation business, so did you recognize about $60 million in revenue for the Middle East and North African project? I know that was supposed to be kind of evenly spread through the year. Just wondering if that cadence is the same.

[Brian Drab, Equity Research Analyst Industrial Technology at William Blair & Company]

Yeah. In general, Tyler, the cadence is the same. I think we were slightly above $20 million for the quarter, and what we had said coming into the year is we were expecting roughly $20 million a quarter.

[Brian Drab, Equity Research Analyst Industrial Technology at William Blair & Company]

Got it. And then one more for international irrigation. Your European and Latin American sales are stronger, as you said. Does that kind of change your expectations for the base international irrigation business in the first half of the year?

[Brian Drab, Equity Research Analyst Industrial Technology at William Blair & Company]

No, I don't think it changes our expectations. I think we had seen growth opportunities in both of those regions coming into the year. It's positive to see some green shoots in some of those regions, but I don't think it at this point doesn't change the outlook that we have for the full year.

[Brian Drab, Equity Research Analyst Industrial Technology at William Blair & Company]

Okay. Great. And just one more for the infrastructure segment. You clearly had some efficiency and cost savings in this quarter. I'm just wondering, with the project activity picking up, were these OpEx savings a one-time occurrence, or do you expect that to kind of roll through the future quarters? Thank you.

[Brian Drab, Equity Research Analyst Industrial Technology at William Blair & Company]

Yeah. Our expectation is these operational cost savings will continue. I think a big part of it also is, as I mentioned in my comments, as we're building new machines, building new barrier, that's absorbing a lot of fixed costs. But we've also done some improvements in our factory in order to increase our overall capacity and the flow through the factory as it relates to the Road Zipper project line or product line.

[Brian Drab, Equity Research Analyst Industrial Technology at William Blair & Company]

Okay. Great. Thank you for the time. I'll pass it on.

[Brian Drab, Equity Research Analyst Industrial Technology at William Blair & Company]

Bye.

[Brian Drab, Equity Research Analyst Industrial Technology at William Blair & Company]

The next question will come from Nathan Jones with Stifel. Please go ahead.

[Nathan Jones, Managing Director and Equity Research Analyst at Stifel Financial Corp]

Yeah. Good afternoon. This is Adam Farley on for Nathan. Maybe first looking at Brazil, are there signs of it reaching a bottom here? What's expectation for the year if irrigation markets continue to stabilize there?

[Nathan Jones, Managing Director and Equity Research Analyst at Stifel Financial Corp]

Yeah. And this is Randy. I'll maybe start, and Brian can add on if necessary. And we don't see a lot of further deterioration in Brazil. We're starting to lap the strong growth that we've seen there and some of the regression with soy prices in particular coming back. Access to credit has been kind of a limiting factor on market upside as well. And we kind of see all those things kind of leveling off at this point. So I think our projection would be not significantly worse, but in the near term, maybe not significantly better either. And the two credit programs that we've seen, we're not quite sure how quickly they're going to get rolled out, how quickly those funds are going to get consumed, but we do view that as some potential uplift in the market.

[Nathan Jones, Managing Director and Equity Research Analyst at Stifel Financial Corp]

But again, we don't see it getting significantly better or significantly worse in the near term.

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

Okay. Thank you for that. And then on domestic irrigation, I think the presentation called out slightly lower ASPs in the quarter. Where are you seeing pricing pressure? And then if you think about it in aggregate, is price cost positive, neutral, or negative?

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

Yeah. This is Brian. I would say we have not changed our selling prices. What we've seen is selective discounting, and maybe it's regional, maybe it's on certain orders or whatever. I would say it's been margin neutral at this point. We have seen steel coil prices soften, but on the same token, we've still got inflation in other raw materials. So overall, cost environment, I would say, has been stable, but really not on ASPs, some impact on top line, but I would say margin neutral overall.

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

All right. Great. Thank you for taking my questions.

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

Next question will come from John Brass with Kansas City Capital. Please go ahead.

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

Good morning, Randy. Brian.

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

Hey, John. Hey, John.

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

Randy, since this fall, we've seen corn prices move up, at least on the board, up about 20%, and soybeans up a little bit less, but a lot less. But nonetheless, they've recovered a little bit. I guess when you look at the recovery that we've seen, do you sense any change in the supply and demand issues affecting these prices? What might account for some of the improvement? Any ideas?

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

I would say, John, in this window, seasonally at least in the northern hemisphere, there aren't a lot of significant certainly movers on the supply side. The harvest is done, and we have what we have. Anything that moves is generally going to be on the demand side. I know we were watching year-round approval of the E15 ethanol that didn't get passed as part of the package here recently. That would have been certainly a demand-side driver. Right now, I think we're in a holding pattern until we get to the planting intentions for next year, and there's maybe a better view on exports at that time. Are there going to be trade disruptions, tariff-related issues? So there's nothing on the supply-demand side, and I always try and distill it down to those very pure supply-demand economic drivers.

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

There's nothing that's moving significantly one way or the other right now. There's maybe some speculation in the market moving it around, but I don't think we'll see anything significant in either supply or demand until we get closer to next spring and understand what those planting intentions look like, John.

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

Okay. What about in Brazil in terms of soybean prices? What's the trend been there?

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

It's been dropping from the highs, stable, maybe getting more stable than what we've seen historically. And I guess when you're on the slide, the customer view is, "Where's it going to stop?" And I think we've probably bottomed out, and we know that we're not going to go past the lower threshold. So that adds to the stability comment that I made in my comments earlier. I don't think customers, again, our view is the same. It's not going to get progressively worse in the near term, but it's probably not going to get progressively better either.

[Ryan Connors, Managing Director and Equity Research Analyst at Northcoast Research]

Okay, and Brian, in the quarter, you talked a little bit about a lower tax rate and some positive other income. How do you see that going forward?

[Ryan Connors, Managing Director and Equity Research Analyst at Northcoast Research]

Yeah. I think really for the rest of the year, we expect to have a lower rate, and the primary driver of that is a pretty significant shift in our earnings from Brazil into Turkey, which Turkey is providing the equipment for the large project. In Turkey, we're in a free trade zone, so we don't have tax there. In Brazil, a 35% rate, so going forward, probably somewhere in that 23% range.

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

Okay. And the other income? Anything that?

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

The other income, I think when you look at interest expense and interest income, I would expect that trend to continue. On the other side is really the currency fluctuations that have an impact, and that one's obviously hard to predict.

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

Yep. Yep. Absolutely. And Brian, in the past, the large infrastructure projects have typically had a nice margin to it. How do you view this $20 million project?

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

This should be similar to some of the other projects that we've had. We expect it to be accretive to overall operating margin for the segment and for the company, actually.

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

Right. Well, in the past, hasn't it been over 30% or something like that?

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

Yeah. It's definitely been over 30%.

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

Yeah. Okay. All right. All right. Thank you very much.

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

Thanks, John. Thanks, John.

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

Again, if you have a question, please press star, then one. Our next question will come from Brett Kearney with American Rebirth Opportunity Partners. Please go ahead.

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

Hi, Randy. Brian, good morning. Thanks for taking my question.

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

Morning, Brad.

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

I was just going to ask for a quick update on the CapEx projects you guys have underway this fiscal year. I know the largest one being the expansion at the Lindsay, Nebraska facility. Just how planning, procurement, processes are going around that at this stage, as well as the other initiatives you guys have underway?

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

Yeah, Brett, that's something obviously we're tracking pretty closely. In all the reviews we've got at this point, we don't see any real red flags. We've had some short-term weather issues to deal with here in Nebraska, but they're part of the timeline. So nothing that we're concerned with. Everything still appears to be on track.

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

Okay. Terrific. Thanks very much, Randy.

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

Thanks, Brett.

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

With no further questions, this concludes our question-and-answer session. I would like to turn the conference back over to Randy Wood for any closing remarks.

[Brian Ketcham, Retired Public Company CFO at Lindsay Corporation]

Thank you all for joining us on today's call. While we're encouraged with our resilient financial results this quarter, we're even more optimistic about the opportunities in front of us, and we look forward to delivering value for our customers and shareholders in fiscal 2025. Thank you.

Participants

Executives

• Brian Ketcham, Retired Public Company CFO

Analysts

• Brian Drab, Equity Research Analyst Industrial Technology at William Blair & Company
• Nathan Jones, Managing Director and Equity Research Analyst at Stifel Financial Corp
• Ryan Connors, Managing Director and Equity Research Analyst at Northcoast Research