LNN - Earnings call transcript Q1 2019

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Operator

Good morning. My name is Laura, and I will be your conference operator today. At this time, I would like to welcome everyone to the Lindsay Corporation First Quarter 2019 Earnings Call. All participants will be in a listen-only mode. [Operator Instructions]. will opportunity there ask presentation, today's be to an questions. After Instructions]. [Operator this Please recorded. is being note event

this During management's may company risks of management call, economic performance and subject that future uncertainties, to and are financial which industry reflect circumstances, current results. estimates make beliefs, conditions, forward-looking statements

similar future may, the those statements by, statements expressions. Forward-looking assumed followed the should words; of operations by concerning information of include including expectation, preceded could, outlook, the or or or possible results company and

we Litigation statements, of would Safe of these President the protection For claim in Chief Hassinger, the Tim turn I and Harbor the contained call Executive statements the XXXX. Mr. over now to for Reform forward-looking like Private to Securities Act Officer.

Tim Hassinger

joining call on for discuss Officer; is With Good our Officer. Chief Chief Financial call one thank our is Lori Ketcham, objective results. morning today's Zarkowski, our The to quarter and Accounting you me Brian this call. of and

Before a we go to comments. make introductory few that overview, I’ll

Foundation and it was Our week, change progress create and on to for internally months positive ago for announced continues this XX initiative Lindsay. Growth

we've simplify, four internal initial lot facility, This a As impactful, we've we the leadership direction. value-creation in this is these actions was structure, you've steps manufacturing these the times several the our team business announced company. few, grow. consolidation several made for divestitures, grow then more to stage several through to says of taken months, of changed because moved To and launched it a company list a our simplify, lot closed past streamlined implementation values initiative simplify direction my XX heard In services say the processes. a improved we the calls, that important me when initiatives, vision on the of then portfolio achieved name plans, our shared to and of

company's to grow simplify to this on I this expanded growth the point, areas past focus past and the I Two organization, force irrigation space. still the see future to company immediate this and importance through working disruptive focus quarter. Lindsay to Road this since our Advisor. in opportunities technology are a I’ve our adoption are we become more to infrastructure on On the more rapid and has Lindsay Zipper quarter, there further Although are putting about of wanted to the came of FieldNET how emphasized achieve

be guidance achieve these offerings. why provide two Although don't or on want information you I to I we continue product optimistic calls, to provide view what specific market on we on with a differentiating can these give with

For this Road business. address we to of the lumpiness recognized the need Zipper,

Our record this given in the need And projects, comments position increasing year here my sales. will is long percent the We address total sales and growing the XXXX. the on of XXXX had beyond. leasing and through a fiscal times year year fiscal lead to business with focus associated

where we made change our global is target on success, past. XX% A sales good and design, the expanded with Europe of cases a good growth. pipeline needs reach approach a than we’re our business that probability portion with in are being capability and our is procurement leasing have planning, project in have both and key projects focusing We on and in done on in the showing based with We earlier customer we process pipeline the our our XX% our is we’ve project of example of increasing pipeline increasing. track

so we’ve continues in that needed seen have to Advisor for we’re calls. FieldNET the will FieldNET water, data multiple change of FieldNET these XXX who occurring Midwest large potential FieldNET more brands for the and more value the in also difficult organization run the to on Southwest indicates this of outlined than and more make the their that region to large last margin announced created steps is we successfully focused this focus change the that energy achieve attract differentiation are business the and Although to time direction XXX we is Road taken a prior past Advisor goals the over to by strongly growth that direction in leveraged length productive labor committed center to chose with goal fiscal growers the the them platform. differentiation good is of and representative moving Advisor and from This a Advisor customers. innovation, given represent to to in at being short margin have this savings frame, show the more projects, of strong recognize the We've FieldNET XX% they customer the year response in XXXX. of added that can pivots. and season, necessary solution pivots XX% Lindsay, Zipper Advisor creates customer that accounts operating confirmed add and the fleet, Both we and larger a FieldNET the their a fact pivots profitable. is One Advisor our expansion. in year time

areas: out the according expansion summary we G&A, are laid is for on and ago sourcing the on primary footprint, we focused on shared Lindsay the gaining Foundation one these to We activities, initiative year organization. manufacturing Growth the are to plan margin Our in services right My commercial. fully four track

on move results. So let's now, our QX to

For over turn call I'll the Brian. to that,

Brian Ketcham

this values and reported correspond a professional of gate implementation expense. represents Growth stage fees the process that amount million significant impact quarter costs performance-based $X.X to to results. through cover These and this Thank you, workstream incurred have $X million our the related corporate Foundation we everyone. a had To initiative, good our on Tim. morning, fees first would for as And advanced pre-tax reported incurred in I initiative that stage. to to begin, are of like consulting the in

over additional the the expect through other workstream We incur quarters as advance initiatives to two fees next process implementation. to consulting

Irrigation approximately a During completed in divestiture $XXX,XXX resulting reported irrigation the of quarter, the first our we segment. the company-owned of loss dealership, in

approximately impact quarter of quarter while Total or of or per XXXX, declined were initiative. for these were quarter as at Total net Adjusted a over to the fiscal earnings last $X.XX results the disclosure a In were addition, was in $X.X million, closure. connection XX% last Foundation the quarter refer facility $X.XX cost diluted of fiscal of incurred with the of $XX.X quarter first million, of will on year. to remainder press share, earnings share adjusted million net Growth the fiscal result XX% segment manufacturing which a earnings the $XX.X $XXX,XXX quarter $XXX omit compared last for comments of we first the million the in in are fourth the quarter diluted results, the the Regulation quarter of segment the impacts divestitures regarding year. the to for XXXX million $X.X and G same end per business quarter release. or decrease the completed additional Irrigation compared detailed the the same the XXXX Net previously The my of insignificant. revenues $XX decrease Infrastructure divestitures announced for of revenues first million in year. the in of revenues of same first

foreign divestitures, compared the the average prices increased to of products impact the translation last currency impact of year. prior XX% compared compared the was to and sales America markets, to decreased The selling $X.X revenues In North year's due international irrigation irrigation lower Revenues of X% or partially offset quarter. million equipment revenues higher volume. the unit differences million by year. decreased higher in technology Excluding prior $X.X to first irrigation rates

of Brazil developing higher first lower markets segment for offset than project the to the more income prior were compared sales compared prior to in in year. $X.X million by operating flat Total year. addition, was In the quarter irrigation sales

the operating XX% from offset sales we revenue the Under However, as recognition new our of America. X% favorable lower operating of a fiscal divestitures, was million, Infrastructure adopted increase a equivalents growth, by the by capital fiscal to improved were for prior revenue compared the in sales year. cash sales mix quarter standard beginning quarter XX.X% from to as able to prior quarter. prior of to price the quarter. road Cash operating of XX% well of $XXX.X Improved year, for during from the products. the over segment year. portion repurchases margin compared utilized System working fund capital first the the were an $XXX.X segment and realization last the margin compared the mix end partially operating impact resulted Improved Zipper project the the the as Cash were more the first Road operating lower increase compared million sales for supported of well North same the favorable in to in made during were margin year. were The $XX.X as accounting the quarter for sales revenues the X.X% recognize San-Rafael sales of No prior prior increases Infrastructure increased of to which first and safety higher the at bridge of million a of year. the in in XX.X% expenditures to at share quarter of the end expenses to payments. more and was support quarter quarter, sales was compared and year. as dividend Operating margin resulted year. income

under At the I $XX.X to to million of total a However, remains like to authorization. take would repurchase this call share your time, turn questions. over the operator our available

Operator

comes our And of Stifel. Instructions] [Operator Nathan from first question Jones

Adam Farley

Nathan. is for on Farley This Adam

up turning X% Just first, irrigation to organically. domestic

what You maybe price Can more being be well? impact volume and mentioned of the a mix little strong. the you to realizations as specific pretty price contributed quarter versus on

Brian Ketcham

price Yes, Adam. a the probably is Brian. and mid-teens. say This would between mix of is combination in I

some I volume conditions being products uncertainty lower other recognizing -- the another the during the still X that also situation had some around existed regions trade in that's just drove fall harvest volume. probably US; think I due the and think technology is contribution thing points, the those with down a was a quarter to so things. into among being some for the of But wet down, and regions different up, mix XX%, Our

Adam Farley

color strengths on you some are in geographic the Turning to quarter Brazil? weaknesses? what improvement areas FX, irrigation, driving what's showing the international in and And could down then excluding the provide negative

Tim Hassinger

Sure, Adam.

-- and please want let Brian then you some that, give me color this if further Let on Tim, to anything add me is do.

On revenues, was year quarter by offset the you The X% improved were said decline partially you developing currency activity prior related project impact. to is activity the exclude if Brazil. levels which in same lower down international roughly the markets in

I identified. cases we are just very we do a you projects, will a projects I tender you are met deals this efforts key next share to more has for the as well a in good to good quarter, leadership would delivering on place. the opportunities say update with Middle have and example. in going details decision-makers East give of But of those can and all Now large on summary, We I’ll pipeline say These continue these in received underway, progress and call. we’re those. to at those finalize needed earnings we our Lindsay

Operator

Joseph next Mondillo question Sidoti of from Company. come The and will

Joseph Mondillo

on irrigation? have And international about a regarding could of the any you're color, here, mean, see thinking terms more you that you're just in just still about of follow-up you growth was year little revenue first of last the I we give the us think of sort in how this that, terms what a potentially you could commentary thinking or year question, down of a sort how international do in directional sense more little quarter for backlog? saying I

Tim Hassinger

Yes.

this So Joe, Tim. is

place. earlier see we a in pipeline I’ve good to of As Adam, mentioned projects do

of Now timing. certainty them see. be terms of on challenge potential, in encouraged by we’re we quite all know a these can projects, or But the the opportunity the we what

as optimism it. potential a through we color on But in a large a as the level on have this little I’ll more on Brian coming So high detail projects give let level, far high at these the some fiscal of year. yet do of you

Brian Ketcham

Yes.

of I Brazil. the Joe start add we the that, that I in to to think expected improvement had think we year said at

pro have I think ag seems new Xst, President, that inaugurated was background. January a their to who

just year, would the that environment last expect to over improved in has think Brazil I so continue. we market

out. balance in that think tended markets I other general to have

there, themselves I other think South Africa is a I softness a balance just concern, to balance of but of think markets little would bit say all-in-all the out. I tend the a

Joseph Mondillo

goals or there that by a the can pretty fiscal and Is and you're the mean an -- million relative math of making ‘XX. Foundation at, you how fiscal activity. looks about much million way you’ve feeling ‘XX wanted you on update ask how if quantify plus on to gave to looking progress that you��re good the revenue such. any potentially savings mean and like for about the to of I I you also that any Growth fiscal the recognized ‘XX $XX the first margin do to it I that quarter the of there you're Is annual the by much basis? of way end in $XX quantify how

Brian Ketcham

moved would that commercial of But initiatives in a Brian quarter, from the first again. in implementation small that's we we is during irrigation, -- this the we and -- into about see is Joe, stage, implementation talked the workstream realization. I quarter some from think of the realization, I next did several price say part In domestic the would as benefit I the it. stage

can to initiatives that have time of additional moved initiative. plan we the -- of implementation of phase. each a two so But from next is -- the intend little into on some And workstreams the the quarters, the the depending take bit over nature

initiatives consulting question like over the even had have fees, what two may to because higher fees. would So quarter that represent higher it than level be next would the another We to implementation. you would to to higher on have a first quarters we we consulting the in getting of expect

Joseph Mondillo

first fair terms near-term will years? of fall that over eventually we consulting really it haven't much say breadth of recognized two exclude the of through fees benefit at the sort the off, the how is that the that savings quarter the if next of to the much you -- you're in So all expecting

Brian Ketcham

hasn’t after. connection been I it we’re the much total in with that that think it's fair that that

we but again, fourth manufacturing facility year. the the commercial I quarter last the closure there's had some also mentioned I think, think that workstream, from coming I savings in

Joseph Mondillo

fees are then like And in -- consulting bit if exclude costs Okay. one-time costs corporate cost guess items? just on million. were that the exclude a up why lastly, over is the excluding there still going What the you the little looks $X it corporate -- those line one-time even I line, up

Brian Ketcham

project increase initiatives. is I of in Yes, I would think characterize support of majority the as the the foundation

that in couple services, again the of there's centralized particularly probably look to we and costs the As redundant until shared there's the short-term some quarters those until the that workstreams, some in at in the we different some get place. -- say IT centralization of services some costs will be next there having personnel of elevated shared of cost would I for

as Foundation the So of tied it’s -- the initiative expenses primary increase in most the to -- corporate is for Growth well. the

Operator

And Ryan the from Boenning of Scattergood. next question comes & Connors

Ryan Connors

a had I few.

concept us product. that being compelling, standalone think to First somewhat than the of and addition technology on I growth rather refresh new just model complementary the on Obviously engine there? can the is FieldNET Advisor. the elaborate is Tim, but you a commercial being

update plan can how growth to So you you into on that translate the adoption bottom-line? and us

Tim Hassinger

Yes, Ryan. Thanks question. for the

we it pivot is, that the it pivot to an are also FieldNET every Zimmatic provide then offering comes First on with FieldNET opportunity and Advisor. at

that recognizing selling competitive that decision that we're can Zimmatic, that it purchased. are network, the made better also a us is Zimmatic overall to door become for to go able or on as part a it is for that to change be eventually when machines, through a dealer position with in machines We but our then offering update to machine of primarily opens

be in agreements in FieldNET then either crops. offering Advisor out to the that announce a by we The agreements. and end fiscal capability, had DTN. we XXXX or three last and addition Edge, in XX beta reach. on also also we collaboration jump providing several fiscal were are Deere, Farmers of the XXXX test are from would year these And that went countries And US-only launched that here was XX then in collaboration John did We greater better year

our effort to capability in enhance importance to is our area, markets a the progress So concept Ryan finding are that sure product have you made lot where that an these this last understands and/or globalize where dealer and increase of we the is seeing types agreements are what selling has key network and then that's the of collaboration and of it and reach, the only focus. the our making

Ryan Connors

more subscription is ongoing and upfront data So or is installation it that the model sale? an there of just part

Tim Hassinger

Well, there it subscription. annual is also upfront is an an cost and

Ryan Connors

the driving it is still rate, the upfront this of commercial Okay, part part is of run is I the what the time, sale of at your just becomes over view realization? subscription-based it still majority I'm that revenue mean meaningful or really

Tim Hassinger

that a towards us the having clear overall marketplace said Yes, focus we are key it offering. see meaningful, in we as becoming for driving as a it for our differentiation

Ryan Connors

Got it.

Okay. of irrigation see position then little guess obviously aggregate to does are but the here to the And demand for there, seeking surprising down irrespective cycle, And volumes a company XX% the kind we the at are obviously this success -- you switching it’s late a domestic I to the things wouldn't and seemingly been the get when at thesis of stage on part bouncing has in our worse. that bottom space whole the along lot least of cycle matter. we

think that the can just for you comment the market signals what And decline overall? So you volume-wise? on magnitude it of

Tim Hassinger

farm decline your on would XXXX. just versus you you we is income high-level but detail Yes, but little to don’t to bouncing some comments with a so on more US now want overall, I'm underestimate give XX% to bottom, I point that going the agree to have that Brian XXXX projected right about,

for cause the that later harvest a of did slower fall most Midwest, so a had business also us. We across

some definitely positive corn to US, as to with would a and announcement the the the the and starting US is challenging in air quite what from brought the farming there and on soybeans side Mexico, US I has that US, buy some Canada China fresh trade they're described deal some would community. be say Now

revenue then So products versus same offset volume. and the higher of was see year we by driven X% increase higher selling price by that's our lower and did quarter technology sales prior but excluding that divestitures,

about Brian I in it, true delivered I So prior the it led We about but it, we talked one Brian, to go that have call, to good really let But walk area earnings the going us. highlight marketplace, it for through we discipline. I'm pricing feel in want this to our and please. to that Ryan ahead positive results stayed

Brian Ketcham

I Ryan is better. in year Yes, was are year. seeing we this last the comps thing There quarter-over-quarter think the think other in I overall that marketplace first the quarter wasn't the just sentiment that the the farmer uncertainty

the as our think little lifting say regard uncertainty environment, to commodity of bit came I area, better. trade on a quarter think the with -- of the But we price seems be some were especially the Farm movement the to I some some soybeans out and passage the Bill I a in would of first of bit.

Ryan Connors

that agricultural ag you can Got it, -- mean which have just notice in and have more of Brazil and new news. production, any might one breaking opportunities? But leadership what you on irrigation do lands can a is the guess kind more indigenous that an okay. and But was good this order I comment into maybe for know that this like that you to situation mentioned And sounded you of heard one, story. executive bring Brian, -- there did you I then and -- little last positive is I

Tim Hassinger

years. not also increase Brazil that to would very market that Brazil has rate. land there. news. in And President see indicate in we an been as of would would anything I supportive going for What that continue. for helped and a bigger Brian rapid highlight in seen more the several Ryan, the to say am being dispute I at mentioned, I trade a it's has community getting would between expansions that’s I it, come that the significant viewed global the much that ag expect the describe farmer the then driver is we’ve sentiment positive we US region. me China To as here new would

And to Brazil. we on side we to the So be recognizing continue have in for addition bullish a that in located plant Brazil.

for So market will positioned a what ourselves to believe be we going see very is -- increase. we well that very

Operator

And next Blair. of Joe William a Aiken we’ve question from

Joe Aiken

question. Hi, you morning, this quarter quantify if on might of if is I otherwise Joe. recognized my quarter have be been? would thanks the on how am not impact quantify you the the to for Brian wondering first change first Drab able that accounting I mentioned could revenue, you this for was much was in taking

Brian Ketcham

Brian. is This Joe. Yes,

the performance me Let old are But recognize obligations new over details time entire you just split of recognize rules the that those clarify performance you under rules And for obligations the all certain the when the obligations them in this. performance have project you criteria. you under were where under the completed. multiple as

million under and was the San-Rafael around the was $X of original actually what portion delivered also during the for a that quarter a first in barrier portion So was delivered was was what barrier, project approximately the which $X.X first old quarter. to the fourth able but to rules be million under be the recognized recognized under wasn't during new rules and transition the quarter rules wasn’t able the

has commissioning the to and installation Now -- pushed that of been March. final installation project

be roughly $X probably over third will there's So is barrier that a the a quarter itself four-year and recognized million fall lease our that in then period. will machine a transfer

Joe Aiken

was be during first this period reflected Is that adopted And will then? that this quarter? the past that

Brian Ketcham

of as XXXX, -- of first first fiscal Yes, yes. our the quarter period

Joe Aiken

revenue to those done project And is Road the projects, the Fraser just on were that larger where those San-Rafael, Alex projects at this Zipper two Alex And in point? quarter. Fraser the then contributing and

Tim Hassinger

XXXX. fourth as of order Fraser third a addition Japan large the -- and was we quarters XXXX, completed had in during Alex was in Yes, XXXX, last year completed and in that

Joe Aiken

So during quarter only was this the the then? project San-Rafael large

Tim Hassinger

That's correct.

Operator

Capital. Oppold Jennifer from come will question of Alpine next Peaks The

Jennifer Oppold

please. A questions few

how much could you approximately give all is and -- annual was an US? how that in revenue, that me on irrigation of divested us basis the that the For

Brian Ketcham

all North America and about Yes, Yes, Jennifer. impact This of were million. irrigation of $XX is that divestitures Brian. was year-over-year the part the

Jennifer Oppold

And be year? the consistent about that much we run be rate that expect throughout will to how a or could

Brian Ketcham

probably the the bit the last first dealership. completed our of a of that's It up divestitures in quarter will company-owned of we go because XXXX when

So there that from was revenue XXXX. our quarter in divestiture of first

I think the we end have of $XX year year disclosed our that the total fiscal was of at million revenue. the impact on divestitures last around

Jennifer Oppold

couple of Zipper questions And runs four know lease lease what on System, the how is Road a a the percent -- long length? San-Rafael years, is mentioned that currently and I leased typical you

Brian Ketcham

situation. a would increase. revenues try time percentage lease of there's I varies, situations say the months could that to are to leases can it the looking which customer, be would we pretty at those the we’re projects I area a are that be a Then multi-year construction for I and say operate small actually and for that's lease the where present total six system mean to year. that just other an

Operator

comes the And of question Jon Braatz next Capital. from Kansas City

Jon Braatz

us Two move subsequent you was in about the tell at in the questions. steel then quarters? Hurricane the it what you replacing What one, down can that trend needle moment? are Southeast. from about in you it your Michael over and to the up can for reported prices those pivots pivots the X,XXX there turned Number dealers secondly, And hearing

Tim Hassinger

Yes.

What is next going are opportunity as is for though of result an here So replacement Tim. spring. Michael. this that going hearing stretch to a Hurricane to this Jon, out is we always into be the There’s

payments opportunity spring. Jon, this it it lead will replacement, And to the give again? the already, through your are happening question me et what insurance way defining the continuing replacement. So all is going but But we times be an see second create some for of cetera,

Jon Braatz

steel recent most in trend The prices?

Tim Hassinger

Yes we’re at seeing look -- is down. CRU, trending if you it

the So prices that. led mentioned to earlier, increased these steel as raising I We, we've address costs. marketplace in seen had

somewhat -- going to are are be to recently just in related resending CRU competitive so that we need most seeing receding here closely. amount So the on a But to watching we marketplace, steel. we are the

Jon Braatz

Southeast Tim -- just pivots next XXXX? might the that through is that spring. or of replacements spring clarification, the a for the you spring, said in next Is XXXX extend

Tim Hassinger

this I'm coming No, sorry, yes. spring. Yes,

Operator

question The Hardt. next comes Crespi of Chris from Monness Shaw

Chris Shaw

I earlier Richmond just clarify San-Rafael the project. from on bridge to want answers

million third think realized or in you $X million thought quarter. I you and $X in you first said would so the quarter be

million XQ? realized So just that in means $X to be

Brian Ketcham

actually about in the that standard that the that net $XXX,XXX the of -- the transition been P&L of lost this standard from was retained transition. impact new old goes earnings. would've or up caught kind The through There gets earnings to in

So million, what's $X that million to perhaps the in lease $X on probably area. is left somewhere

Chris Shaw

be would That the expectation? XQ

Brian Ketcham

there in no, remainder No, million is nothing the expected over then the in and $X years. QX lease four QX. It's the is

Chris Shaw

just was some pretty one I on impact. the year, guess sort light passed. then I -- was question the was on in a And storms reading or storm business? that that impact offset do But any number as not guess be well? of for Would you you or I on that there how would tornadoes some replacement guys? follow-up are the was total previous of you it season something hurricane major actual non-violent XQ for mean I is total that hurricane had the was read that business that the by storm this important tornado have the

Tim Hassinger

is say May, which last tornado the Chris, of June activity fourth it’s and light. relatively timeframe it third, say Yes, year was generally in that kind I quarter would

that's are part, because because the the brings. level their why in of extend the fact year of and spring. replacing plant most again deal lot longer, Michael, a other I growers need issues was But lot this what think pivots occurred that they be seeing devastation, other think a of that until had pivots to period I it spring Hurricane time the fiscal really they it think the 'XX, the seen remains for plus So at in don't to than replacement with the we I just harvest

Operator

next The Curro Holdings. of Tim from Value comes question

Tim Curro

in significantly little? estimate that 'XX? fiscal to address do capital what were you Can expenditures be And a from year your you Your a ago. up CapEx

Brian Ketcham

majority and corporate where three Yes, new up into little for with the increase it’s consolidating we was move the capital our headquarters bit the the quarter, are a corporate at expenditure but in to locations a was connection level irrigation of planned one.

couple So little overall we than it next either of there is would what there more higher will we've spending. quarter. year, the anticipating last But be a of product capital a I bit higher are for related say, say or our in productivity lot would expenditure geared I had improvement new And spending -- spending in type the towards a years. capital little bit

Operator

be [Operator next from follow-up question will Instructions]. a Joseph Mondillo And our Sidoti. from

Joseph Mondillo

question, related to the one Infrastructure segment. Just follow-up just

$X So million Is that difference bridge Zipper up if like project there you the San-Rafael revenue the from the still quarter, work XX%. here about first it just in other looks is project one is a not I What bridge guess major that’s I of of? road am necessarily the projects, main trying sense that the is to get that’s safety doing sort what these difference? of business exclude

Tim Hassinger

Yes.

business. So end products, on Joe a the decline road in the terminal we’re seeing safety

We’re costs, space in expectations. our to-date sales pricing and this our below MAX-Tension full to are cover

don't given the in that environment, So we see the changing current competitive near-term.

be us able the plant Our position in Lindsay manufacturing plant action. to puts a this take consolidation to to better

now sense right side. seeing related a safety So terminal it where of road you specifically overall hopefully end and the to gives we’re

Joseph Mondillo

difference whole that XX% million, is so safety? that And is decline excluding $X road year-over-year all that that

Brian Ketcham

it's year projects as projects, project incremental there -- would sized project, it of well. the been being San-Rafael, other I that in not would have it so look when quarter, look mean But as it's it so a don't in portion think I be at at projects, smaller variety way Road every of you like is Zipper a -- a portion incremental. take year San-Rafael project. you there's Yes, each down we if different Last bridge of out an

Joseph Mondillo

And you shutdown at here affecting infrastructure-wise? lastly then that this do business the just is -- all government the anticipate that current in quarter

Tim Hassinger

some be impacting I it causes even there I One, coming significance ag to it or that negatively would were infrastructure but of the them of say to anything challenges. wouldn't the going farmer sentiment funds whether call through anticipation side, government. definitely on given it’s

infrastructure, a on occurring something down only just the while negatives challenge. I -- highlight as this as wouldn't budget is see a I slowing on created has whole on discussion that getting while but whole see So the And downside. significant we discussion instead the it, result. it is

Joseph Mondillo

of on? So because are -- being see in several sort that’s the highway projects last of construction you shutdown, really not affected don't that paused any weeks federal this

Tim Hassinger

We have have as if time not major would had on that that. that no, here yet, mean today, But period were no, of be an to there challenges with a those extended some we not wouldn’t to this issue. sitting seen go

Operator

more this questions. [Operator the time, back Instructions]. for you appear remarks. Hassinger I'll no to Mr. closing call be turn to At there

Tim Hassinger

updating thanks call. Well, and to two on today's Great, thank forward interest quarter our fiscal XXXX This for your our you. quarter I'm Thank looking first and you you. call earnings progress in our call. participation concludes in continued

Operator

has now concluded. attending today's presentation. The conference Thank you for

You may disconnect. now

Lindsay (LNN) 8 Jan 192019 Q1 Earnings call transcript