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Lindsay Corporation Reports Fiscal 2020 Fourth Quarter and Full Year Results


Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, today announced results for its fourth quarter and fiscal year, which ended on August 31, 2020.

Fourth Quarter and Full Year Summary

Revenues for the fourth quarter of fiscal 2020 were $128.4 million, an increase of $26.5 million, or 26 percent, compared to revenues of $101.9 million in the prior year fourth quarter. Net earnings for the quarter were $14.7 million, or $1.35 per diluted share, compared with net earnings of $1.5 million, or $0.14 per diluted share, for the prior year fourth quarter. Net earnings for the prior year fourth quarter adjusted to eliminate costs associated with the Foundation for Growth initiative and a valuation adjustment for indirect tax credits were $5.8 million, or $0.54 per diluted share.1

Revenues for the year ended August 31, 2020, were $474.7 million, an increase of $30.6 million, or 7 percent, compared to revenues of $444.1 million in the prior year. Net earnings for the year were $38.6 million, or $3.56 per diluted share, compared with net earnings of $2.2 million, or $0.20 per diluted share, in the prior year. Net earnings for the prior year adjusted to eliminate costs associated with the Foundation for Growth initiative and a valuation adjustment for indirect tax credits were $15.6 million, or $1.45 per diluted share.1

“We were pleased to see fourth quarter revenue growth in both our Irrigation and Infrastructure segments, highlighted by the successful execution of our large Road Zipper® project with Highways England in the U.K.,” said Tim Hassinger, President and Chief Executive Officer. “I am proud of the Lindsay team for achieving our 2020 operating margin goal, especially given the additional market challenges presented by the coronavirus pandemic. We achieved another key objective related to culture, measured through an organizational health assessment conducted by a major consulting firm.”

Fourth Quarter Segment Results

Irrigation segment revenues for the fourth quarter of fiscal 2020 were $75.6 million, an increase of $6.1 million, or 9 percent, compared to $69.5 million in the prior year fourth quarter. North America irrigation revenues of $39.8 million decreased $1.8 million, or 4 percent, compared to the prior year. The decrease resulted primarily from lower engineering services revenue related to a project in the prior year that did not repeat. An increase in irrigation equipment unit volume and higher sales of replacement parts was offset by the impact of lower average selling prices. International irrigation revenues of $35.8 million increased $7.8 million, or 28 percent. The increase resulted primarily from higher sales volumes in Brazil, Australia and the Middle East which were partially offset by the unfavorable effects of foreign currency translation of approximately $3.4 million compared to the prior year.

Irrigation segment operating margin was 7.7 percent of sales in the fourth quarter, compared to 5.0 percent of sales (9.0 percent adjusted)1 in the prior year fourth quarter. Operating margin in the current year fourth quarter was negatively impacted by expense of approximately $1.6 million, related to an increase in the environmental remediation liability and severance costs.

Infrastructure segment revenues for the fourth quarter of fiscal 2020 were $52.8 million, an increase of $20.4 million, or 63 percent, compared to $32.4 million in the prior year. The increase resulted from higher Road Zipper System® sales compared to the prior year, including the large project with Highways England in the U.K.

Infrastructure segment operating margin was 38.0 percent of sales in the fourth quarter, compared to 28.8 percent of sales in the prior year fourth quarter. 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 August 31, 2020 was $58.7 million compared with $55.4 million at August 31, 2019. Included in these backlogs are amounts of $6.3 million and $10.0 million, respectively, that are not expected to be fulfilled within the subsequent twelve months.

Outlook

“The recent increase in agricultural commodity prices along with additional government support payments to farmers under the expanded Coronavirus Food Assistance Program have raised estimates for U.S. farm income,” said Mr. Hassinger. “This supports an improved outlook for North America irrigation equipment demand for the fall selling season. We expect growth in international irrigation led by continued momentum in Brazil and other markets as well as new agricultural development being driven by heightened food security concerns as a result of the global coronavirus pandemic.”

Mr. Hassinger added, “Our infrastructure business achieved a record year in fiscal 2020, in large part due to our success in implementing the “shift left” strategy to expand our addressable market for Road Zipper® systems. We continue to be encouraged by the execution of this strategy, which has resulted in a higher quality sales funnel.”

Fourth Quarter Conference Call

Lindsay’s fiscal 2020 fourth 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 August 31,

 

 

Years Ended August 31,

 

(in thousands, except per share amounts)

 

 

2020

 

 

 

2019

 

 

 

2020

 

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

 

128,405

 

 

$

 

101,885

 

 

$

 

474,692

 

 

$

 

444,072

 

Cost of operating revenues

 

 

 

83,038

 

 

 

 

70,398

 

 

 

 

322,149

 

 

 

 

329,464

 

Gross profit

 

 

 

45,367

 

 

 

 

31,487

 

 

 

 

152,543

 

 

 

 

114,608

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling expense

 

 

 

9,343

 

 

 

 

6,886

 

 

 

 

31,444

 

 

 

 

30,820

 

General and administrative expense

 

 

 

14,921

 

 

 

 

17,152

 

 

 

 

52,947

 

 

 

 

63,737

 

Engineering and research expense

 

 

 

3,647

 

 

 

 

3,389

 

 

 

 

13,950

 

 

 

 

13,936

 

Total operating expenses

 

 

 

27,911

 

 

 

 

27,427

 

 

 

 

98,341

 

 

 

 

108,493

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

17,456

 

 

 

 

4,060

 

 

 

 

54,202

 

 

 

 

6,115

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

(1,185

)

 

 

 

(1,215

)

 

 

 

(4,759

)

 

 

 

(4,767

)

Interest income

 

 

 

544

 

 

 

 

472

 

 

 

 

1,956

 

 

 

 

2,402

 

Other income (expense), net

 

 

 

1,641

 

 

 

 

(1,052

)

 

 

 

(2,556

)

 

 

 

(1,643

)

Total other income (expense)

 

 

 

1,000

 

 

 

 

(1,795

)

 

 

 

(5,359

)

 

 

 

(4,008

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

 

 

18,456

 

 

 

 

2,265

 

 

 

 

48,843

 

 

 

 

2,107

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

 

 

3,782

 

 

 

 

762

 

 

 

 

10,214

 

 

 

 

(65

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

 

14,674

 

 

$

 

1,503

 

 

$

 

38,629

 

 

$

 

2,172

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

 

1.35

 

 

$

 

0.14

 

 

$

 

3.57

 

 

$

 

0.20

 

Diluted

 

$

 

1.35

 

 

$

 

0.14

 

 

$

 

3.56

 

 

$

 

0.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in computing earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

10,835

 

 

 

 

10,786

 

 

 

 

10,823

 

 

 

 

10,781

 

Diluted

 

 

 

10,880

 

 

 

 

10,817

 

 

 

 

10,861

 

 

 

 

10,810

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per share

 

$

 

0.32

 

 

$

 

0.31

 

 

$

 

1.26

 

 

$

 

1.24

 

 
 

LINDSAY CORPORATION AND SUBSIDIARIES

 

SUMMARY OPERATING RESULTS

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

Twelve months ended

 

(in thousands)

 

 

August 31,

2020

 

 

 

August 31,

2019

 

 

 

August 31,

2020

 

 

 

August 31,

2019

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Irrigation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

 

39,757

 

 

$

 

41,509

 

 

$

 

218,954

 

 

$

 

218,627

 

International

 

 

 

35,824

 

 

 

 

27,995

 

 

 

 

124,575

 

 

 

 

132,871

 

Irrigation total

 

 

 

75,581

 

 

 

 

69,504

 

 

 

 

343,529

 

 

 

 

351,498

 

Infrastructure

 

 

 

52,824

 

 

 

 

32,381

 

 

 

 

131,163

 

 

 

 

92,574

 

Total operating revenues

 

$

 

128,405

 

 

$

 

101,885

 

 

$

 

474,692

 

 

$

 

444,072

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Irrigation

 

$

 

5,829

 

 

$

 

3,463

 

 

$

 

40,214

 

 

$

 

29,804

 

Infrastructure

 

 

 

20,085

 

 

 

 

9,340

 

 

 

 

43,771

 

 

 

 

16,599

 

Corporate

 

 

 

(8,458

)

 

 

 

(8,743

)

 

 

 

(29,783

)

 

 

 

(40,288

)

Total operating income

 

$

 

17,456

 

 

$

 

4,060

 

 

$

 

54,202

 

 

$

 

6,115

 

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)

 

 

August 31,

2020

 

 

August 31,

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

$

 

121,403

 

 

$

 

127,204

 

Marketable securities

 

 

 

 

19,511

 

 

 

 

 

Receivables, net of allowance of $2,780 and $2,635, respectively

 

 

 

 

84,604

 

 

 

 

75,551

 

Inventories, net

 

 

 

 

104,792

 

 

 

 

92,287

 

Assets held-for-sale

 

 

 

 

 

 

 

 

2,744

 

Other current assets

 

 

 

 

17,625

 

 

 

 

15,704

 

Total current assets

 

 

 

 

347,935

 

 

 

 

313,490

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant, and equipment, net

 

 

 

 

79,581

 

 

 

 

68,968

 

Intangible assets, net

 

 

 

 

23,477

 

 

 

 

24,382

 

Goodwill

 

 

 

 

68,004

 

 

 

 

64,387

 

Operating lease right-of-use assets

 

 

 

 

27,457

 

 

 

 

 

Deferred income tax assets

 

 

 

 

9,935

 

 

 

 

11,758

 

Other noncurrent assets

 

 

 

 

14,137

 

 

 

 

17,329

 

Total assets

 

 

$

 

570,526

 

 

$

 

500,314

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

 

$

 

29,554

 

 

$

 

29,434

 

Current portion of long-term debt

 

 

 

 

195

 

 

 

 

209

 

Other current liabilities

 

 

 

 

72,646

 

 

 

 

52,488

 

Total current liabilities

 

 

 

 

102,395

 

 

 

 

82,131

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension benefits liabilities

 

 

 

 

6,374

 

 

 

 

6,029

 

Long-term debt

 

 

 

 

115,682

 

 

 

 

115,846

 

Operating lease liabilities

 

 

 

 

25,862

 

 

 

 

 

Deferred income tax liabilities

 

 

 

 

889

 

 

 

 

872

 

Other noncurrent liabilities

 

 

 

 

20,806

 

 

 

 

27,227

 

Total liabilities

 

 

 

 

272,008

 

 

 

 

232,105

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

 

 

 

Preferred stock

 

 

 

 

 

 

 

 

 

Common stock

 

 

 

 

18,918

 

 

 

 

18,870

 

Capital in excess of stated value

 

 

 

 

77,686

 

 

 

 

71,684

 

Retained earnings

 

 

 

 

499,724

 

 

 

 

474,740

 

Less treasury stock - at cost

 

 

 

 

(277,238

)

 

 

 

(277,238

)

Accumulated other comprehensive loss, net

 

 

 

 

(20,572

)

 

 

 

(19,847

)

Total shareholders' equity

 

 

 

 

298,518

 

 

 

 

268,209

 

Total liabilities and shareholders' equity

 

 

$

 

570,526

 

 

$

 

500,314

 

 
 

LINDSAY CORPORATION AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended August 31,

 

(in thousands)

 

 

2020

 

 

 

2019

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

 

38,629

 

 

$

 

2,172

 

Adjustments to reconcile net earnings to net cash provided

 

 

 

 

 

 

 

 

 

 

by operating activities:

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

19,396

 

 

 

 

14,018

 

Gain on sale of property and equipment

 

 

 

(1,158

)

 

 

 

26

 

Loss on sale of businesses

 

 

 

 

 

 

 

301

 

Provision (benefit) for uncollectible accounts receivable

 

 

 

589

 

 

 

 

(496

)

Deferred income taxes

 

 

 

1,384

 

 

 

 

(5,686

)

Share-based compensation expense

 

 

 

5,616

 

 

 

 

4,195

 

Valuation adjustment for indirect tax credits

 

 

 

 

 

 

 

2,795

 

Foreign currency transaction loss

 

 

 

1,102

 

 

 

 

709

 

Other, net

 

 

 

1,446

 

 

 

 

246

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

 

 

Receivables

 

 

 

(9,523

)

 

 

 

(7,969

)

Inventories

 

 

 

(14,039

)

 

 

 

(16,187

)

Other current assets

 

 

 

(6,612

)

 

 

 

173

 

Accounts payable

 

 

 

(691

)

 

 

 

2,119

 

Other current liabilities

 

 

 

16,673

 

 

 

 

2,629

 

Other noncurrent assets and liabilities

 

 

 

(6,778

)

 

 

 

4,752

 

Net cash provided by operating activities

 

 

 

46,034

 

 

 

 

3,797

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

 

 

(21,445

)

 

 

 

(23,211

)

Proceeds from sale of assets held-for-sale

 

 

 

3,955

 

 

 

 

 

Purchases of marketable securities available-for-sale

 

 

 

(28,041

)

 

 

 

 

Proceeds from maturities of marketable securities available-for-sale

 

 

 

8,548

 

 

 

 

 

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

 

 

 

 

 

 

 

57

 

Net cash used in investing activities

 

 

 

(38,514

)

 

 

 

(21,219

)

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

(227

)

 

 

 

(205

)

Payment of debt issuance costs

 

 

 

 

 

 

 

(115

)

Dividends paid

 

 

 

(13,645

)

 

 

 

(13,375

)

Cash and cash equivalents, end of period

 

 

 

(13,438

)

 

 

 

(14,642

)

 

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

 

 

117

 

 

 

 

(1,519

)

Net change in cash and cash equivalents

 

 

 

(5,801

)

 

 

 

(33,583

)

Cash and cash equivalents, beginning of period

 

 

 

127,204

 

 

 

 

160,787

 

Cash and cash equivalents, end of period

 

$

 

121,403

 

 

$

 

127,204

 

 

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 (1) consulting fees, severance costs and loss from business divestitures, associated with the Company's Foundation for Growth Initiative ("FFG costs"), and (2) a valuation adjustment for indirect tax credits in a foreign jurisdiction (“valuation adjustment”), (b) the impact on operating income of FFG costs and the valuation adjustment, and (c) the impact on segment operating income of FFG costs and the valuation adjustment. 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

 

 

Twelve months ended

 

(in thousands, except per share amounts)

 

August 31,
2019

 

 

Diluted earnings per
share

 

 

August 31,
2019

 

 

Diluted earnings per
share

 

Net earnings - reported GAAP measure

 

$

1,503

 

 

$

0.14

 

 

$

2,172

 

 

$

0.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFG costs - pre-tax

 

 

1,947

 

 

 

0.18

 

 

 

15,113

 

 

 

1.40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation adjustment - pre-tax

 

 

2,795

 

 

 

0.26

 

 

 

2,795

 

 

 

0.26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total adjustments

 

 

4,742

 

 

 

0.44

 

 

 

17,908

 

 

 

1.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax effect of adjustments*

 

 

(428

)

 

 

(0.04

)

 

 

(4,454

)

 

 

(0.41

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings - adjusted

 

$

5,817

 

 

$

0.54

 

 

$

15,626

 

 

$

1.45

 

Average shares outstanding - diluted

 

 

 

 

 

 

10,816

 

 

 

 

 

 

 

10,810

 

* The tax effect of adjustments is calculated based on the income tax rate in each applicable jurisdiction.

 

 

 

 

Three months ended August 31, 2019

 

Operating income reconciliation

 

Consolidated

 

 

Irrigation

 

 

Infrastructure

 

 

Corporate

 

Operating income - reported GAAP measure

 

$

4,060

 

 

$

3,463

 

 

$

9,340

 

 

$

(8,743

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFG costs

 

 

1,947

 

 

 

 

 

 

 

 

 

1,947

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation adjustment

 

 

2,795

 

 

 

2,795

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted operating income

 

$

8,802

 

 

$

6,258

 

 

$

9,340

 

 

$

(6,796

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

101,885

 

 

$

69,504

 

 

$

32,381

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income as a percent of operating revenues

 

 

4.0

%

 

 

5.0

%

 

 

28.8

%

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted operating income as a percent of operating revenues

 

 

8.6

%

 

 

9.0

%

 

 

28.8

%

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve months ended August 31, 2019

 

Operating income reconciliation

 

Consolidated

 

 

Irrigation

 

 

Infrastructure

 

 

Corporate

 

Operating income - reported GAAP measure

 

$

6,115

 

 

$

29,804

 

 

$

16,599

 

 

$

(40,288

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFG costs

 

 

15,113

 

 

 

676

 

 

 

188

 

 

 

14,249

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation adjustment

 

 

2,795

 

 

 

2,795

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted operating income

 

$

24,023

 

 

$

33,275

 

 

$

16,787

 

 

$

(26,039

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

444,072

 

 

$

351,498

 

 

$

92,574

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income as a percent of operating revenues

 

 

1.4

%

 

 

8.5

%

 

 

17.9

%

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted operating income as a percent of operating revenues

 

 

5.4

%

 

 

9.5

%

 

 

18.1

%

 

N/A

 

 

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Lindsay Corp. Stock

€92.50
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Heavy losses for Lindsay Corp. today as the stock fell by -€3.500 (-3.650%).

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