- Earnings call transcript Q4 2022

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Operator

Good morning. My name is MJ, and I will be your conference operator today. At this time, I would like to welcome everyone to the Lindsay Corporation Fourth Quarter Fiscal Year 2022 Earnings Call. All participants’ will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. circumstances, call, risks make management's and estimates future this are statements current During performance of to company subject uncertainties, economic Instructions] management results. forward-looking may that beliefs, and [Operator financial conditions, industry which reflect

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

for protection XXXX. the For contained would forward-looking event these Harbor claim Wood, the Litigation statements of to the call the Act of is Mr. Randy statements, Please President Securities Private turn I to now like in Safe Chief we and Officer. over this being Reform recorded. note Executive

Randy Wood

good and recognized everyone. and fourth Financial me morning, year share. and marked with our Officer. teams our to dynamic in in finished In Zipper business, full-year we record infrastructure was a is was systems call, year by and Brian our two our our delivering quarter our today Welcome where Fiscal revenues tremendous international projects. Thank Ketcham, It perseverance Chief per earnings you earnings growth strong, highlighted business, by the demonstrated and tremendous a Road irrigation regions. global demand year robust XXXX

around they've investments most. to pressures, in each shortages, are to investments world. pressing the customers our very areas this the inflationary improving growth Despite operational prioritize high engaging of all in solutions are markets, of We forward our when We business strong of include to in and in In provide or they're the for some the sustainable and we're In investing were and highlights and irrigation done. support environment governance our progress goals this people, above doing our that business and global customers in these most meeting sustainability. pursuit our to thank the contribute social and edition the to market challenges tailwinds products our address Middle were advantage day available company, operating demand rising our the footprint; challenges, our and their our our released success the made making customers I'm needed and report. sure of report our teams area make and the with progress Navigating encouraged establishing This fourth our to important East. annual support I'm we continue has to our to who relentless take local we our to and in that job make technologies; supply proud of footprint, integrity. including issues. in global year ESG in communities; allowed people; we've empowering by us able world's of to logistics continuing the the chain Brazil look July,

Droughts across impacting and market to irrigation Europe strong cost to season connected the records, market rising market global income remain continued with year-over-year commodity continue net broad have strong on highlight continues farm New that than factors to business having that to to basis. not The expect headwind quarter. fourth will also fundamentals inputs, doubled a on costs In significant to we continues the and irrigated markets, Brazil include and geographies prices same a opportunity some impact Australia, a growth. farm are shipping in set more there our Turning Western Customers deal strong. income positive America, we include our North see but combination sentiment customer in create mature and agriculture labor in demand America capital. storm North In for this and drove markets of of and a and the prices to time. has market business projected Zealand, would Brazil. upside, to see of impact this This commodity some at international conditions.

Central food project Middle We security. and East activity continue connected to Asia across the to see

Our commercial and world. around participate footprint win to the and us these global manufacturing projects allow large

Moving year-over-year to has been awards on infrastructure. increase the partially government and full the by Macro power translated in having increased bill access the a with increasing indicators states The U.S. to this to remain which projects state has impact be rebid. of strong delayed, to infrastructure offset has The rescoped required funds. local the purchasing XX% by of some funding basis. or inflation, contract

in started will shipping fourth the continue our Brian into first results. quarter now quarter in have the Road to XXXX. the Northeast the manage and and of quarter actively levels. engagement us funnel to projects and the allowed review as previously through financial and full has pre-pandemic to call travel the project one year Zipper funnel Brian? moving turn over to to sales I'll continue returned communicated, We This and customer start fourth

Brian Ketcham

quarter to compared storm of approximately foreign other and higher quarter. demand, lower, translation year's $X.XX last fiscal last and markets, segment compared increased was was million compared XX.X% average irrigation million. year North more fourth $XX.X or includes of North share, million, million year. share XXX%, year of than year's to prior the million earnings sales year. fiscal to damage replacement $XXX.X segment $XXX.X irrigation irrigation revenues to international Net million, you, XXXX diluted operating in per The morning, Thank year. Strong everyone. of prices. an fiscal quarter $XX.X sales equipment the of operating million fourth diluted irrigation increased Egypt $XX.X for markets prior for million Total of or did compared $X.X for were $XXX.X million selling and net primarily last of of increased that margin in earnings to revenues XXXX fourth and million quarter for a sales in $XXX.X sales, the the million, prior fiscal XX% sales Total increased price per X.X% or earnings fourth of fourth sales differences fiscal quarter earnings in unit operating Irrigation higher the repeat. and quarter unit compared combination the to revenues XX%, the $X.XX to revenues increase currency the for were million, and operating the margin full-year quarter. prior income quarter fourth compared fourth compared resulted diluted fourth per from Europe XX% compared same $XXX.X the $XX.X $X.X the effects were the increase $X.XX this $XX.X not in of share, to to million $X.XX the revenues prior The to In volumes the project income diluted of year. the per headwinds, higher quarter $XXX.X unit volumes prior share of compared net increased in quarter irrigation same Total to million in improved XXXX good compared million from sales compared Randy, to unfavorable America prior slightly quarter. inflationary lower resulted fourth Net in or in revenues Higher for growth year offset realization last from year volume prior year. in $XX.X to XX% to of $XX quarter. resulted increase and Brazil, America

from was segment year, full compared XX.X% to the total revenues fiscal year. irrigation same compared the prior was year. increased $XX.X System the $XXX.X of fiscal of quarter compared to prior compared increased XX% $XXX.X year. Road compared sales And million Zipper international the the increase year. year XX.X% segment of to to offset revenue, America to partially fiscal The XX%, the operating in For year lease of for in to million revenues increased last Infrastructure compared prior resulted increased to irrigation million the million, the were of to million, irrigation for prior XX% to million $XXX.X North in Irrigation fourth which year. increase and sales, $XXX.X revenues sales, prior XX%, XX%, million, income $XXX.X an by year. lower segment operating margin revenues project the full compared quarter prior the $XX.X higher

Improved the the current million XX.X% the fiscal million replacement year in for the increased continue and System we compared a in year. reflect project the operating XX% quarter Massachusetts million, expect to to delivered in sales, quarter, same quarter quarter. last $XX $XX.X quarter XXXX. year. in Infrastructure barrier fourth to of Infrastructure sales, results $X.X was of Road of prior year the to compared quarter prior operating for fourth segment the During $XX first of million Zipper in increase deliveries the compared sales approximately income margin XX.X% to

half income year. to million to XX.X% was increased as X% the revenues in For year, of fiscal year, compared current the the for sales, was for the costs of $XX.X first year operating a the well the full year prior the of $XX.X the year. $XXX.X impact prior to full-year year. fiscal segment favorable And margin operating in million compared million, revenues, the to infrastructure year. the margin overhead mix full sales of for to of under-absorbed less the XX.X% prior Results million, reflect Infrastructure prior compared in compared in fixed $XX.X as

liquidity. balance the and to Turning sheet

to the and in financial with within X.X, year leverage Our of available million $XX compared of gross were facilities, total million our funded under limit revolving the facility. of ratio a covenants year, available securities fiscal X.X. liquidity at borrowing end the fiscal of cash, covenant debt-to-EBITDA credit equivalents million, the the At cash marketable a end was well we of and including $XXX.X our $XXX.X

positioned like our in going to questions. shareholders. for the invest to take this your opportunities growth At value time, the turn operator that We well I'd are to over create to call forward

Operator

Thank you.

comes begin [Operator question-and-answer ahead. Please of We Jones from with go will Instructions] first Nathan question now the Today's Stifel. session.

Nathan Jones

everyone. morning, Good

Brian Ketcham

Good Nate. morning,

Randy Wood

Nathan. Hi,

Nathan Jones

it the with one Were a there Can XXXX, I be whether you talk charges full-year LIFO. or $XX million on wanted in something start like for that’d expectations quick any the fourth think -- to off in for And about quarter? or I charges then income? can you charges. was LIFO LIFO

Brian Ketcham

this is Brian. Nathan, Yes,

just first when irrigation. that to million I you year, look negative then some overall the that and LIFO, had about also headwinds. million $X at year, a negative $X this quarters LIFO call think And of we quarter, compared year. in being second we last fourth from had impact Last

some little, any, second benefit fourth LIFO our being down, quarters, been would I there's our the really and if still but levels impact our of come fourth have Third quarter quarter. primarily from -- not yet say very no LIFO end so moderated, in there's inflation. It's from inventory

see to As we to that coming or expect levels come might deflation in raw it's at some we of continued to down, through, be. benefit potentially predict look see LIFO point some forward as hard but size inventory what to start we back materials XXXX, this our would the

Nathan Jones

aggregate give LIFO number ‘XX Could you just charge? the the us for

Brian Ketcham

Yes.

total. So it ‘XX, was $X.X million in for

Nathan Jones

Okay. Thank you.

Brian Ketcham

$X irrigation. million yes, about $X little With of -- in that being a million over

Nathan Jones

Okay.

steel though of some you one significantly, down, basis? price and Next to come other is have on electronic net Can overall elevated, seeing types I just on pretty still kind breakups probably up. costs. cost prices come go want going about a are labor what your ask remain direction down is you Coil talk have

Brian Ketcham

outlook at continued of several for you over increased. stabilized kind is Yes. still period may same and would well slight To costs At months, right the time, we But first in higher And mentioned, last your increase remains as least the as the And is we electronics, steel have for think What as fallen over the some was say has the coil XXXX. components, to quarter time. going inflation. It stable, costs it the months. our labor of what structural in now the cost overall, year. our have that fourth view last forward I have of over of that several other our fiscal time continue fall than to half experienced point, steel being. I is

Nathan Jones

you of revenue? XXXX's Can last What from price And ‘XX I on the carryover that price? growth you're pass expecting before on. level you in just of about talk increased impact under it one

Brian Ketcham

Yes.

a relatively then single-digits expect the year-over-year our little We stable XXXX. raw from on what have in prices. environment, and to quarter being lap single-digits, I'd second impact price maybe also say first mid first And that's outlook quarter all on XXXX. second benefit. as flat a But material increases and depends the going still we high raw with quarters pricing price price into our of assuming happens that material kind

Nathan Jones

Okay. Thanks Brian. very much,

Operator

Northcoast Research. of comes Ryan go The from Please ahead. next question Connors

Ryan Connors

Hey, good morning. Thanks for taking my question.

Brian Ketcham

Ryan. morning, Good

Ryan Connors

did So of to about storm but of quarter? if talked apologize quantification you give in you I damage -- the this. the storm I wanted damage, know impact the a missed and actually I I

Randy Wood

damage I'll we up good is significantly prior can And years. And morning, activity that out, but And we we versus question. broke it's what There moved regions, terms it in Southeast from in take Yes, the is But this storm fairly different some and specifically. storm Randy. haven't in Midwest it Ryan. haven't the this years. volume strong we of say was broken that was some Midwest always to have out the year around

Ryan Connors

those? than is And better orders? to machines they a from positive or Or Is those would pricing I generally other to a for mean a those quickly. mix okay. then of replace seem is little negative Okay, it that the standpoint? normal a sort be want

Randy Wood

attempt where price purchase quickly pressure in stronger more it pricing, to It's delivered, not and sales it's say machine less a on decisions, get the get those about how installed again. I can type would you competitive get irrigating we and timing because there's

So is important so is and Ryan, but price that pricing because less competitive I sensitive just less say it's at timing time. normal, maybe is would

Ryan Connors

center terms talking of note about aftermarket to there aftermarket it. there know you and and parts to Is inventories. channel been sort supplies, But destocking of issue held industrial of pivots your product? ask mention a cycles. of there sort has by order. for lot wanted the parts made of there's companies of more Got in to of anything aren't inventory I terms in dealers, necessarily I about

Randy Wood

there view, anything a really drive our would substantial or isn't In in results, our that be Ryan. difference

out damage inventory to quickly. don't so summer months, stock the go have some very on it dealers if respond necessarily to storm Our shelf, just We need full they see machines. do the very, in dealers

forward. I part, machines, would been us say, impact now those installed, and have most material but on the shouldn't of going a All it for delivered have

Ryan Connors

more it. talked about And things” actual center. we get being of scarcity, also, front actually of but Interior Got question, And for doesn't last come long reduce that it you water do on of program the Where these programs and the picture stand as then then one, water too how a an water that consumption very that past have of you problem. bigger whole infrastructure issue of of one availability the bad that's to as bad obviously, “good you've in I gotten? to pay comment out, part on that some as if spectrum Department that know And farmers latest could announced bill. becomes

So can be helpful. would on you that well, comment that as if

Randy Wood

regional We're take North middle that sales I'll Sure. and Ryan. in our now. the meetings of American one, strategy

this our dealers the several North channel last a with spent we Africa in Europe. markets. week We've in the American of weeks of our meeting kind got similar with So out Middle each East, Europe,

winter crop. there’s week where a going a our impact would anecdotal haven't Texas decisions list I part impact could And well the That's stress So where customers of had been there stories new the and markets, that some in to even I I the are lot of finish it's I spring. and maybe put some people impact good, next on West now a lot world. Panhandle, industry, kind cattle from that think seen on could feedback think one we've and in planting been a on really if know of that it got able the we've we've purchase right field. of into as that the

in next us. where drought at part deep in risk. see the you them to moved that we of continue drought look we've are lack where a area steadily and crop started a that because the current So quite the got not to planting year. there's of market drought, out lot that's really that's point other West, country, the watch parts at a red the the a this prevent markets But if from that for a got see we one of core that's the it's in pivot of going the we're And water country that probably greatest And east. middle map, stands it's finishing to

one there, see greatest rest of will the right continue now, Texas, that markets, to of area rest the we Panhandle that's monitor. West So Texas we the the

As a really, any government blanket conserving an incents far as and water benefited of support consume the just because have we've food, our government that they that our create. as to water, program conservation the be goes, think less does I always saving while customers recognize supported industry. of benefits fiber to And is and for statement And industry, we the fuel consistently can producing and business. good going importance

any So good is space going for to dollar that invested us. be in

Ryan Connors

Super. Hey thanks morning. this for your time

Randy Wood

Ryan. you, Thank Alright.

Operator

Drab The Blair. next Brian go ahead. with William comes question Please from

Brian Drab

taking Hi, questions. my thanks for

uncertainty. other in additional helpful. can you're the positive. comments a affect pipeline? specifically Road that know you additional on how comment in Just expecting first, So And that But Zipper other guidance. about Internationally, the guidance I the you I'm is I was you the it's any take commentary, market I And in there's if domestic sure but away is that projects could us that and directionally curious driven infrastructure the fiscal segments I clearly, food some on feel growth you would more or on irrigation rates to might mean be my any I potentially are mean stronger should security. be solid, more by any give talk takeaway guidance what ‘XX. -- guess, infrastructure don't can these segment. any there from additional like if any the not bill color

Brian Ketcham

market, We our there, drought-related start of fundamentals positive I'll This Yes, in the impacts. one. take steady increase that year. probably slight and three expect of to would ag -- as some is again, first demand quarters with the Brian. irrigation increase see we that demand domestic Okay. the in are

the damage fourth not that going to think had that to expect with I storm quarter we the continue. year, we're this

So closer again, standpoint. But maybe demand. base year-over-year to that's solid that pretty when volume more put it's all of flattish together, a from you a off of

the or that the there again, we've it two quarters from got, little go internationally in growth do materials think think if project has going I But thing. core like related environment year. a is whether market, to but in price raw that side expect wildcard that expect a going order see Egypt a But project. reflected markets, another to core there's on type would coming to stable. that When that to bit one are $XX first be irrigation, there's and We price, in And I expecting have up the be ongoing the and fundamentals. again, to solid I larger continue we're this in would international be the from wildcard base would activity growth strong say, have our very of in about be to Egypt to would single-digits off is overcome. you say, I we I developed to look the the markets down project million that's,

-- number but The Looking we as at pipeline, a project of smaller rolling of project some the year, current don't Massachusetts that year. size to got into Massachusetts do year, this have mid-sized the large projects. similar from we've infrastructure, next obviously, a we into anticipate next over

based we road products side, So increase have there. funding infrastructure on from in our sight of safety the and line additional leasing that -- the benefiting expect, will out on the do today but then on that's the an leasing

upper for to business, next outlook the type single-digit say, infrastructure growth for would So I is year. mid our

Brian Drab

helpful. very all That's Okay.

and down hearing International, core a in given mean there's an be if the I'm were echo. I But questions. that markets here might that follow-up Does call, wasn't it couple international the because if single-digits. comp tough on again. of the with just Sorry, Egypt? up irrigation actually

Brian Ketcham

case seeing I that. -- of we're in two Egypt, the project we expect can't see that didn't if be we predict mean to the Egypt another additional hard like that. We that we're just activity quarters might that would projects to of But million there have think timing think it's now, $XX of I was on going first based the XXXX. like the I

So --

Brian Drab

core up just have the Massachusetts big projects kind then clarify said is to mid comp that you excluding comp Infrastructure or And infrastructure Or would Okay. the the segment, any the project. have single-digit? at some tough a the But with is that with including end, you think I projects business, the on be? tough you maybe project of

Brian Ketcham

overall. that No, was

little road be leasing value we're but think of if the full the don't may the to and up we I projects the products. to on we're a going in we down be be in up Massachusetts -- replace looking project, safety

Brian Drab

$X question million million Okay, last then okay. $X.X There's project? that to And just the now. for left Massachusetts about in

Brian Ketcham

million. about $X Yes,

Brian Drab

I’ll okay. Thank in line. back you. Okay, get

Operator

with ahead. next from comes go The question Shaw Monness Crespi and Chris Hardt. Please

Chris Shaw

Hi. are How morning, you everyone. Good doing?

Randy Wood

Great, Chris.

Chris Shaw

there Want to to find period. talk going of back about fourth early is XXXX on going of were more quarter just replacement irrigation that the even in higher drought parts margin? Is margins. quarter could much that funky highest post the this a Or it the margins margin? XXXX, anything The sort

Brian Ketcham

Well, I think.

would looking generally our got our revenue. fourth at we one lowest America, would would we quarter fourth at anomaly. did obviously, not Otherwise, in I fourth That you margins typical last volume where North quarter. Just higher LIFO that America be. our year, have would fourth you're we that's more That's expect quarter from alone, of be quarter I be the to North quarter reflective look headwinds. the the mean, say for if When

you So that's than typically margins because what lower but than see, year more last would you'd incremental was what expect. stronger

Chris Shaw

the it things season. literally of storm and just that? a like or it and ratios Can storms is tornado’s, lot just the thunder mostly except I Was ask being the Tornadoes on of hard remember with like I for sort

Randy Wood

saw were of was that Central And wind in really were more also lot when Yes. May related, it through we a These of Western straight-line those wasn't ones. of and Chris, storms and but Nebraska. roll lot There tornado June the there wins, direct biggest through those hits. storms Midwest a were

that start shipping So that's we and the really July. volume through June

Chris Shaw

the backlog, year, that sort Egypt always I in some million mostly think potentially just timing had Got of just you still of And in sort it? just that's $XX number then just talk itself, but there, it's down year-over-year. and a reflecting you of last Is about it. funky over So could right? the on

Brian Ketcham

Yes, yes.

So look also still it because backlog. Egypt with year, $XX say I a million of year-over-year, U.S. when lot in you at we increases last good both had chunk in environment a would last inflationary timing, of in of year, the going price that and difference on is Brazil. the

I earlier increases. saw the the we to beat pulled up in price think backlog orders

those of -- think the mostly is the because two stand up, really that's I the carryover project. things Infrastructure out. backlog that So and from are Massachusetts

Chris Shaw

I higher -- year. -- a just Has do and of -- is pharma for weaker of where have going of higher what I'm you the XXXX? this are your the the like come they're out they just bit -- a -- maybe at? little to think to customer willing back? Or they been in that curious bit really -- and replacements, what just irrigation buy now sounds the volumes thinks It conversion Is prices the are the a mean it's sort I prices? outside dryland mean waiting

Randy Wood

certainly are you When rates to to apprehension interest of going. connected has some customer the some where at of see look apprehension research where related the some you gone, market pricing sentiment, in area

to really on payback you go that which strong is it's seeing corn, years, commodity $X.XX, hear on you're our So two XX-bushel going back but payback you've is inflationary in over a an environment we're support. lift, investment always a pivot, your to been the from payback fortunate still little And $X.XX that if in a irrigation. And got if we're that customers, get historically. we what this

in significant of the economic fundamentals don't we So irrigated see a agriculture. shift

might gives I the a capital think that some making. that be over investment customer advantage maybe other decisions an of us

Chris Shaw

lot. a Thanks Great.

Randy Wood

bet. You

Operator

from Kearney Please is next question The with Gabelli ahead. Funds. Brett go

Brett Kearney

Good taking question. guys. Thanks morning. Hi, for my

Randy Wood

morning, Good Brett.

Brett Kearney

to availability. level of business, projects we've others and projects what U.S. move forward the terms inflation on in particularly signs space, Curious, municipal to I seeing guys state also some getting in On heard and based on you infrastructure -- some of on side initial side, customers highlighted extent, labor some what you're this in the dealing then rescoping with deflation. guess, the from we're your

look expecting are hearing if, out some that little of guess, been year, on bit of inflation or loosen next we into out frees up hanging projects moderates construction if these As -- up you there? I labor have that the Could kind a and/or side.

Randy Wood

good that seen think prediction, see I guess, to I not continue that's a Brett. is year. And to last inflation over the increases going that we're stabilizing, implying sharp the we've

that's going help. think I certainly to

able to invest bank these state organizations I being are accounts now the think the into the the money. other thing is money is that now appropriated and rolling actually of

there and here. a kind unemployment of equipment else. roads delayed implementation have builds think a access to bit here labor, bridges are something things some a of of that I So projects, of that access of couple headwind is been It's to those

lot a And hopefully hopefully those create eliminated been lot year. those of the the XXXX would construction a opportunity of we'll and in So markets Northern the second for opportunity. good better as a that headwinds our of road half enter we season have in be lot and market see get those particular, view where then some

Brett Kearney

much, so Thanks Randy. Great.

Randy Wood

You bet.

Operator

of go Next question Jon is from Capital. Please ahead. City Kansas Braatz

Jon Braatz

Randy, Brian. morning, Good

Brian Ketcham

Good morning, Jon.

Randy Wood

Good Jon. morning,

Jon Braatz

dealers American could drought you at recently. that guess purchase forward on? you mentioned way look when question my think back going the decisions there. is terms for in irrigation I do drought it's -- XXXX? continues impactful North met you with And or think I of the you dry business This really be there it XXXX, spurred out to XXXX, it if the this Randy, is -- and

across what weeks, able than of Mississippi see stronger little maybe we couple that a being units American you're the to thinking? Another North might there a River, walk possibility is could but bit revenues American be being we North

Randy Wood

up gets it is in drought That's at Ohio There's east, I a that and time popped move back North to sure. we drought east Iowa drought. to as justify. that Jon. these was moved much in Illinois, where investments it -- back it across is possibility, the the 'XX-'XX, in the what is as And and continue reality saw really continued become easier for business starts it and how the to and Indiana, significant American And

yield If crop you could pivot these non-traditional, those irrigating impact the of and those one those markets legitimately payback one in non-traditional yield the year, having center for your some us, a more at supplemental in markets. are for markets, in but be look impact maybe year of a

like it drought there. continues market create certainly upside when channel, see good high technology innovation, market of in feel for to comes of it the up country. we're for opportunity. more to it a intensify, some in to as motivators dealer those And comes east opportunity could start feel some that do be position as in parts and we'd and it customers we good are us open non-traditional And move if those we when we continues So a to to those position

Jon Braatz

all availability is let's those an water of of say, on issue? Aquifer, And non-typical that the markets, Is Yes. at Mississippi. East

Randy Wood

a needed water access you are North there But they universal groundwater, for depend and where to. areas, the part, would everywhere. It's going South, have can't to surface are of through kind that if either I most give you on answer or to the they apply

customers a to would part, of to water. see because they're available we say, So find drought, for I to most factor the the don't irrigate the be able need going to limiting access if significant that being

Jon Braatz

Okay. Thank you very Randy. much,

Randy Wood

you. Thank

Operator

comes go ahead. Blair. Brian question next The Instructions] from Drab with William [Operator Please

Brian Drab

irrigation your the commodity what and XXXX? price the on will with the is with you Yes, cost have in on prices more the you'll throughout pivots predict -- like deal the given what primarily come stance one would in What throughout down. price on question segment, and do input center happen near-term just

Brian Ketcham

as I raw our overall, Brian. right would say the as be stable. fairly view, Yes, material again, now, to far outlook

things. other structural continued in some As the in hot prices, see we have and some of inflation I -- did reduction but we've mentioned rolled earlier, we had coil seen steel

but say, substantial material continue let's So raw in our in costs. softening some view see year, -- to more we the point our is, at

be a would have on and able if At respond we view. an to But price would is -- right actions, some price. view to now, our to view strong to be competitive Our demand do got we our that. maintain to environment, we would should in -- opportunity be that our we've point, hold

Brian Drab

lowered is in price, the that any cost? not have of the commodity pullbacks you correct? With input recent And

Brian Ketcham

not as implemented at correct. would fact, recently additional, all. I say, X, we increase, have in price that's but modest And No, price as lowered an September we

Brian Drab

Got it. much. Thanks very

Operator

back our concludes Randy would turn over remarks. I session. closing like to conference to This for question-and-answer the Wood

Randy Wood

progress continue that an and forward segments to have will a strategic input ROI profitability, customer by that The concludes Thank improve costs slightly, investment by you in Infrastructure fiscal our the while that us. We and XXXX continued see continues prices making to segment of conserving The the Act. The in segment demand our today. fiscal and our markets impact commodity strong incremental Infrastructure from quarter. forward all provided roadways and carrying customer connected world. agriculture rising XXXX. offset for look safer. and results you quarter drivers support into to Investment XXXX sentiment. with investments our close the provided participation to strong We're earnings technology may international Both be innovation around by detrimental irrigated your updating Thanks pleased following resources joining positive first but benefit to fourth Jobs supported high very This interest irrigation call. to on momentum fiscal continues for on look and funding project

Operator

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

disconnect. now may You

Lindsay (LNN) 20 Oct 222022 Q4 Earnings call transcript