Lindsay Corporation Reports Fiscal 2020 Third Quarter Results

  • Consolidated revenues grow to $123.1 million and EPS improves to $0.93
  • Shipment and project delays related to COVID-19 impact revenues by approximately $14.0 million
  • Company continues successful execution of its strategic priorities of margin improvement, irrigation technology expansion and infrastructure growth

OMAHA, Neb.–(BUSINESS WIRE)–Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, today announced results for its third quarter of fiscal 2020, which ended on May 31, 2020.

Third Quarter Summary

Revenues for the third quarter of fiscal 2020 were $123.1 million, an increase of $2.1 million, or 2 percent, compared to revenues of $121.1 million in the prior year third quarter. Net earnings for the quarter were $10.1 million, or $0.93 per diluted share, compared with net earnings of $2.9 million, or $0.27 per diluted share, for the prior year third quarter. Net earnings for the prior year third quarter adjusted to eliminate costs associated with the Foundation for Growth initiative were $5.5 million, or $0.50 per diluted share.1

“As we navigate the coronavirus pandemic, our priority continues to be the health and safety of our employees around the world while continuing to operate our facilities and serve our customers,” said Tim Hassinger, President and Chief Executive Officer. “I am pleased with the success we have had in these areas as a result of the proactive measures we have put in place. In spite of this challenging environment, our businesses continue to perform well. During the quarter we also completed the acquisition of Net Irrigate, LLC, an agriculture IoT technology company that provides remote monitoring solutions for irrigation customers. This acquisition expands the number of irrigated acres managed under our FieldNET® platform.”

Third Quarter Segment Results

Irrigation segment revenues for the third quarter of fiscal 2020 were $93.5 million, a decrease of $5.1 million, or 5 percent, compared to $98.6 million in the prior year. North America irrigation revenues of $60.9 million decreased $2.1 million, or 3 percent, compared to the prior year. The decrease resulted primarily from lower irrigation equipment unit volume which was partially offset by the impact of higher average selling prices. International irrigation revenues of $32.6 million decreased $3.0 million, or 9 percent. Higher sales volumes in certain regions were more than offset by unfavorable effects of foreign currency translation of approximately $3.5 million compared to the prior year and COVID-19 related shipment delays of approximately $2.0 million.

Irrigation segment operating margin was 16.1 percent of sales in the third quarter, compared to 11.2 percent of sales (11.7% percent adjusted)1 in the prior year. Operating margin expansion resulted from improved cost and pricing performance attributed to the Foundation for Growth initiative as well as from increased margin contribution from technology products and services.

Infrastructure segment revenues for the third quarter of fiscal 2020 were $29.6 million, an increase of $7.1 million, or 32 percent, compared to $22.4 million in the prior year. The increase resulted from higher Road Zipper System® sales and lease revenues which were partially offset by lower sales of road safety products compared to the prior year. In addition, revenues of approximately $12.0 million were impacted by COVID-19 related project delays.

Infrastructure segment operating margin was 28.9 percent of sales in the third quarter, compared to 15.8 percent of sales (16.0 percent adjusted)1 in the prior year. Operating margin improvement resulted primarily from increased sales in higher margin product lines and from improved cost and pricing performance.

The backlog of unfilled orders at May 31, 2020 was $78.6 million compared with $52.5 million at May 31, 2019. Included in these backlogs are amounts of $4.5 million and $10.0 million, respectively, that are not expected to be fulfilled within the subsequent twelve months.

Outlook

“In North America, fourth quarter irrigation equipment demand is driven largely by storm damage replacement. The uncertainty of this demand combined with low commodity prices makes it challenging to project how the market will develop,” said Mr. Hassinger. “The demand outlook for our fiscal 2021 is dependent on a number of factors that could impact commodity prices and farm income, including current year crop results, export demand related to the U.S.-China Phase 1 trade agreement, and the level of government support payments to assist farmers. We expect continued growth in technology products and services due to the solid returns these investments provide to farmers. In international markets, we see the potential for additional demand being driven by heightened concerns regarding food security as a result of the global pandemic; however, the timing remains uncertain.”

Mr. Hassinger added, “In our infrastructure business, we expect strong fourth quarter results, driven by the Highways England project and the fulfillment of a large order in Japan. We continue to be excited about the growth opportunities we see for our Road Zipper Systems. Lastly, I would like to express my appreciation to the Lindsay employees, dealers and suppliers around the world who have gone to great lengths to promote a safe environment while continuing to serve our customers during this challenging time.”

Third Quarter Conference Call

Lindsay’s fiscal 2020 third quarter investor conference call is scheduled for 11:00 a.m. Eastern Time today. Interested investors may participate in the call by dialing (833) 535-2202 in the U.S., or (412) 902-6745 internationally, and requesting the Lindsay Corporation call. Additionally, the conference call will be simulcast live on the Internet and can be accessed via the investor relations section of the Company’s Web site, www.lindsay.com. Replays of the conference call will remain on our Web site through the next quarterly earnings release. The Company will have a slide presentation available to augment management’s formal presentation, which will also be accessible via the Company’s Web site.

1 Please see Reg G reconciliation of GAAP operating income, net earnings and diluted earnings per share to adjusted figures at end of document.

About the Company

Lindsay Corporation (NYSE: LNN) is a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology. Established in 1955, the company has been at the forefront of research and development of innovative solutions to meet the food, fuel, fiber and transportation needs of the world’s rapidly growing population. The Lindsay family of irrigation brands includes Zimmatic® center pivot and lateral move agricultural irrigation systems and FieldNET® remote irrigation management and scheduling technology, as well as irrigation consulting and design and industrial IoT solutions. Also a global leader in the transportation industry, Lindsay Transportation Solutions manufactures equipment to improve road safety and keep traffic moving on the world’s roads, bridges and tunnels, through the Barrier Systems®, Road Zipper® and Snoline™ brands. For more information about Lindsay Corporation, visit www.lindsay.com.

Concerning Forward-looking Statements

This release contains forward-looking statements that are subject to risks and uncertainties and which reflect management’s current beliefs and estimates of future economic circumstances, industry conditions, Company performance and financial results. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that the Company files with the Securities and Exchange Commission. Forward-looking statements include information concerning possible or assumed future results of operations and planned financing of the Company and those statements preceded by, followed by or including the words “anticipate,” “estimate,” “believe,” “intend,” “expect,” “outlook,” “could,” “may,” “should,” “will,” or similar expressions. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company undertakes no obligation to update any forward-looking information contained in this press release.

LINDSAY CORPORATION AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

Nine months ended

 

(in thousands, except per share amounts)

 

 

May 31,

2020

 

 

 

May 31,

2019

 

 

 

May 31,

2020

 

 

 

May 31,

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

 

123,106

 

 

$

 

121,054

 

 

$

 

346,287

 

 

$

 

342,187

 

Cost of operating revenues

 

 

 

83,410

 

 

 

 

91,055

 

 

 

 

239,111

 

 

 

 

259,066

 

Gross profit

 

 

 

39,696

 

 

 

 

29,999

 

 

 

 

107,176

 

 

 

 

83,121

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling expense

 

 

 

7,417

 

 

 

 

7,515

 

 

 

 

22,101

 

 

 

 

23,934

 

General and administrative expense

 

 

 

13,055

 

 

 

 

14,695

 

 

 

 

38,026

 

 

 

 

46,585

 

Engineering and research expense

 

 

 

3,396

 

 

 

 

3,314

 

 

 

 

10,303

 

 

 

 

10,547

 

Total operating expenses

 

 

 

23,868

 

 

 

 

25,524

 

 

 

 

70,430

 

 

 

 

81,066

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

15,828

 

 

 

 

4,475

 

 

 

 

36,746

 

 

 

 

2,055

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

(1,197

)

 

 

 

(1,169

)

 

 

 

(3,574

)

 

 

 

(3,552

)

Interest income

 

 

 

408

 

 

 

 

525

 

 

 

 

1,412

 

 

 

 

1,930

 

Other income (expense), net

 

 

 

(2,774

)

 

 

 

(602

)

 

 

 

(4,197

)

 

 

 

(591

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) before income taxes

 

 

 

12,265

 

 

 

 

3,229

 

 

 

 

30,387

 

 

 

 

(158

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

 

 

2,171

 

 

 

 

332

 

 

 

 

6,432

 

 

 

 

(827

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

 

10,094

 

 

$

 

2,897

 

 

$

 

23,955

 

 

$

 

669

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

 

0.93

 

 

$

 

0.27

 

 

$

 

2.21

 

 

$

 

0.06

 

Diluted

 

$

 

0.93

 

 

$

 

0.27

 

 

$

 

2.21

 

 

$

 

0.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in computing earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

10,835

 

 

 

 

10,786

 

 

 

 

10,818

 

 

 

 

10,779

 

Diluted

 

 

 

10,877

 

 

 

 

10,814

 

 

 

 

10,854

 

 

 

 

10,807

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per share

 

$

 

0.32

 

 

$

 

0.31

 

 

$

 

0.94

 

 

$

 

0.93

 

LINDSAY CORPORATION AND SUBSIDIARIES

 

SUMMARY OPERATING RESULTS

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

Nine months ended

 

(in thousands)

 

 

May 31,

2020

 

 

 

May 31,

2019

 

 

 

May 31,

2020

 

 

 

May 31,

2019

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Irrigation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

 

60,917

 

 

$

 

62,974

 

 

 

 

179,197

 

 

$

 

177,118

 

International

 

 

 

32,606

 

 

 

 

35,644

 

 

 

 

88,751

 

 

 

 

104,876

 

Irrigation segment

 

 

 

93,523

 

 

 

 

98,618

 

 

$

 

267,948

 

 

$

 

281,994

 

Infrastructure segment

 

 

 

29,583

 

 

 

 

22,436

 

 

 

 

78,339

 

 

 

 

60,193

 

Total operating revenues

 

$

 

123,106

 

 

$

 

121,054

 

 

$

 

346,287

 

 

$

 

342,187

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Irrigation segment

 

$

 

15,014

 

 

$

 

11,037

 

 

$

 

34,385

 

 

$

 

26,341

 

Infrastructure segment

 

 

 

8,560

 

 

 

 

3,537

 

 

 

 

23,686

 

 

 

 

7,259

 

Corporate

 

 

 

(7,746

)

 

 

 

(10,099

)

 

 

 

(21,325

)

 

 

 

(31,545

)

Total operating income

 

$

 

15,828

 

 

$

 

4,475

 

 

$

 

36,746

 

 

$

 

2,055

 

The Company manages its business activities in two reportable segments as follows:

Irrigation – This reporting segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems, as well as various innovative technology solutions such as GPS positioning and guidance, variable rate irrigation, remote irrigation management and scheduling technology, irrigation consulting and design and industrial IoT solutions.

Infrastructure – This reporting segment includes the manufacture and marketing of moveable barriers, specialty barriers, crash cushions and end terminals, and road marking and road safety equipment.

LINDSAY CORPORATION AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

May 31,

2020

 

 

May 31,

2019

 

 

August 31,

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 

102,474

 

 

$

 

110,839

 

 

$

 

127,204

 

Marketable securities

 

 

 

19,012

 

 

 

 

 

 

 

 

 

Receivables, net

 

 

 

84,931

 

 

 

 

94,584

 

 

 

 

75,551

 

Inventories, net

 

 

 

113,301

 

 

 

 

91,091

 

 

 

 

92,287

 

Assets held-for-sale

 

 

 

 

 

 

 

2,744

 

 

 

 

2,744

 

Other current assets, net

 

 

 

19,469

 

 

 

 

17,903

 

 

 

 

15,704

 

Total current assets

 

 

 

339,187

 

 

 

 

317,161

 

 

 

 

313,490

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant, and equipment, net

 

 

 

72,827

 

 

 

 

70,367

 

 

 

 

68,968

 

Intangibles, net

 

 

 

24,053

 

 

 

 

25,103

 

 

 

 

24,382

 

Goodwill

 

 

 

67,635

 

 

 

 

64,454

 

 

 

 

64,387

 

Operating lease right-of-use assets

 

 

 

27,663

 

 

 

 

 

 

 

 

 

Deferred income tax assets

 

 

 

11,118

 

 

 

 

8,783

 

 

 

 

11,758

 

Other noncurrent assets, net

 

 

 

15,003

 

 

 

 

20,054

 

 

 

 

17,329

 

Total assets

 

$

 

557,486

 

 

$

 

505,922

 

 

$

 

500,314

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

 

35,310

 

 

$

 

37,509

 

 

$

 

29,434

 

Current portion of long-term debt

 

 

 

195

 

 

 

 

208

 

 

 

 

209

 

Other current liabilities

 

 

 

71,712

 

 

 

 

49,102

 

 

 

 

52,488

 

Total current liabilities

 

 

 

107,217

 

 

 

 

86,819

 

 

 

 

82,131

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension benefits liabilities

 

 

 

5,787

 

 

 

 

5,661

 

 

 

 

6,029

 

Long-term debt

 

 

 

115,723

 

 

 

 

115,885

 

 

 

 

115,846

 

Operating lease liabilities

 

 

 

26,333

 

 

 

 

 

 

 

 

 

Deferred income tax liabilities

 

 

 

835

 

 

 

 

918

 

 

 

 

872

 

Other noncurrent liabilities

 

 

 

18,633

 

 

 

 

26,245

 

 

 

 

27,227

 

Total liabilities

 

 

 

274,528

 

 

 

 

235,528

 

 

 

 

232,105

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

 

18,918

 

 

 

 

18,870

 

 

 

 

18,870

 

Capital in excess of stated value

 

 

 

76,188

 

 

 

 

70,566

 

 

 

 

71,684

 

Retained earnings

 

 

 

488,518

 

 

 

 

476,580

 

 

 

 

474,740

 

Less treasury stock – at cost

 

 

 

(277,238

)

 

 

 

(277,238

)

 

 

 

(277,238

)

Accumulated other comprehensive loss, net

 

 

 

(23,428

)

 

 

 

(18,384

)

 

 

 

(19,847

)

Total shareholders’ equity

 

 

 

282,958

 

 

 

 

270,394

 

 

 

 

268,209

 

Total liabilities and shareholders’ equity

 

$

 

557,486

 

 

$

 

505,922

 

 

$

 

500,314

 

LINDSAY CORPORATION AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended

 

(in thousands)

 

 

May 31, 2020

 

 

 

May 31, 2019

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

 

23,955

 

 

$

 

669

 

Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

14,146

 

 

 

 

10,452

 

Gain on sale of assets held-for-sale

 

 

 

(1,191

)

 

 

 

 

Loss on sale of business

 

 

 

 

 

 

 

301

 

Provision for uncollectible accounts receivable

 

 

 

466

 

 

 

 

(726

)

Deferred income taxes

 

 

 

27

 

 

 

 

(2,556

)

Share-based compensation expense

 

 

 

4,118

 

 

 

 

3,226

 

Foreign currency transaction loss

 

 

 

3,632

 

 

 

 

99

 

Other, net

 

 

 

1,575

 

 

 

 

(113

)

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

 

 

Receivables

 

 

 

(11,379

)

 

 

 

(26,371

)

Inventories

 

 

 

(23,765

)

 

 

 

(14,467

)

Other current assets

 

 

 

(6,681

)

 

 

 

546

 

Accounts payable

 

 

 

5,385

 

 

 

 

9,072

 

Other current liabilities

 

 

 

14,485

 

 

 

 

(4,078

)

Other noncurrent assets and liabilities

 

 

 

(8,810

)

 

 

 

4,318

 

Net cash provided by (used in) operating activities

 

 

 

15,963

 

 

 

 

(19,628

)

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

Purchases of property, plant, and equipment

 

 

 

(12,268

)

 

 

 

(20,210

)

Proceeds from sale of assets held-for-sale

 

 

 

3,955

 

 

 

 

 

Purchases of marketable securities available-for-sale

 

 

 

(23,389

)

 

 

 

 

Proceeds from maturities of marketable securities available-for-sale

 

 

 

4,320

 

 

 

 

 

Proceeds from settlement of net investment hedges

 

 

 

1,503

 

 

 

 

2,262

 

Payments for settlement of net investment hedges

 

 

 

 

 

 

 

(327

)

Acquisition of business, net of cash acquired

 

 

 

(3,034

)

 

 

 

 

Other investing activities, net

 

 

 

 

 

 

 

60

 

Net cash used in investing activities

 

 

 

(28,913

)

 

 

 

(18,215

)

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

Proceeds from exercise of stock options

 

 

 

1,545

 

 

 

 

177

 

Common stock withheld for payroll tax obligations

 

 

 

(1,111

)

 

 

 

(1,124

)

Principal payments on long-term debt

 

 

 

(174

)

 

 

 

(153

)

Payment of debt issuance costs

 

 

 

 

 

 

 

(115

)

Dividends paid

 

 

 

(10,177

)

 

 

 

(10,032

)

Net cash used in financing activities

 

 

 

(9,917

)

 

 

 

(11,247

)

 

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

 

 

(1,863

)

 

 

 

(858

)

Net change in cash and cash equivalents

 

 

 

(24,730

)

 

 

 

(49,948

)

Cash and cash equivalents, beginning of period

 

 

 

127,204

 

 

 

 

160,787

 

Cash and cash equivalents, end of period

 

$

 

102,474

 

 

$

 

110,839

 

LINDSAY CORPORATION AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Unaudited)

The non-GAAP tables below disclose (a) the impact on diluted earnings per share of consulting fees, severance costs and loss from business divestitures, associated with the Company’s Foundation for Growth Initiative (“FFG costs”), (b) the impact on operating income of FFG costs, and (c) the impact on segment operating income of FFG costs. Management believes adjusted net earnings, adjusted diluted earnings per share and adjusted operating income are important indicators of the Company’s business performance because they exclude items that may not be indicative of, or may be unrelated to, the Company’s underlying operating results, and provide a useful baseline for analyzing trends in the business. Non-GAAP measures used by the Company may differ from similar measures used by other companies, even when similar terms are used to identify such measures. These adjusted financial measures should not be considered in isolation or as a substitute for reported net earnings, diluted earnings per share and operating income. These non-GAAP financial measures reflect an additional way of viewing the Company’s operations that, when viewed with the GAAP results and the following reconciliations to the corresponding GAAP financial measures, management believes provides a more complete understanding of the Company’s business.

 

 

Three months ended

 

 

Nine months ended

 

(in thousands, except per share amounts)

 

May 31, 2019

 

 

Diluted

earnings per

share

 

 

May 31, 2019

 

 

Diluted

earnings per

share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings – reported GAAP measure

 

$

2,897

 

 

$

0.27

 

 

$

669

 

 

$

0.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFG costs – before tax

 

 

3,890

 

 

$

0.36

 

 

 

13,166

 

 

$

1.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax effect – FFG costs

 

 

(1,336

)

 

$

(0.12

)

 

 

(4,025

)

 

$

(0.37

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings – adjusted

 

$

5,450

 

 

$

0.50

 

 

$

9,809

 

 

$

0.91

 

Average shares outstanding – diluted

 

 

 

 

 

 

10,814

 

 

 

 

 

 

 

10,807

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended May 31, 2019

 

Operating income reconciliation

 

Consolidated

 

 

Irrigation

 

 

Infrastructure

 

 

Corporate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income – reported GAAP measure

 

 

4,475

 

 

$

11,037

 

 

$

3,537

 

 

$

(10,099

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFG costs – before tax

 

 

3,890

 

 

 

550

 

 

 

56

 

 

 

3,284

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted operating income

 

$

8,365

 

 

$

11,587

 

 

$

3,593

 

 

$

(6,815

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

121,054

 

 

$

98,618

 

 

$

22,436

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income as a percent of operating revenues

 

 

3.7

%

 

 

11.2

%

 

 

15.8

%

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted operating income as a percent of operating revenues

 

 

6.9

%

 

 

11.7

%

 

 

16.0

%

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the nine months ended May 31, 2019

 

Operating income reconciliation

 

Consolidated

 

 

Irrigation

 

 

Infrastructure

 

 

Corporate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income – reported GAAP measure

 

 

2,055

 

 

$

26,341

 

 

$

7,259

 

 

$

(31,545

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFG costs – before tax

 

 

13,166

 

 

 

676

 

 

 

188

 

 

 

12,302

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted operating income

 

$

15,221

 

 

$

27,017

 

 

$

7,447

 

 

$

(19,243

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

342,187

 

 

$

281,994

 

 

$

60,193

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income as a percent of operating revenues

 

 

0.6

%

 

 

9.3

%

 

 

12.1

%

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted operating income as a percent of operating revenues

 

 

4.4

%

 

 

9.6

%

 

 

12.4

%

 

N/A

 

 

Contacts

LINDSAY CORPORATION:
Brian Ketcham

Senior Vice President & Chief Financial Officer

402-827-6579

THREE PART ADVISORS:
Hala Elsherbini

972-458-8000

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