8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________

FORM 8‑K

_____________________

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

December 21, 2017

______________________________________________________

LINDSAY CORPORATION

(Exact name of registrant as specified in its charter)

______________________________________________________

Delaware	1-13419	47-0554096
(State of Incorporation)	(Commission File Number)	(IRS Employer Identification Number)

2222 North 111th Street
Omaha, Nebraska	68164
(Address of principal executive offices)	(Zip Code)

    (402) 829-6800

(Registrant’s telephone number, including area code)

   Not applicable                            

(Former name or former address, if changed since last report)

_________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Item 2.02 - Results of Operations and Financial Condition.

On December 21, 2017, Lindsay Corporation (the “Company”) issued a press release announcing the Company’s results of operations for its first quarter ended November 30, 2017.  A copy of the press release is furnished herewith as Exhibit 99.1.

In addition, a copy of the slide presentation to be used during the Company’s fiscal 2018 first quarter investor conference call at 11:00 a.m. Eastern Time on December 21, 2017 is furnished herewith as Exhibit 99.2.

Item 9.01 - Financial Statements and Exhibits.

99.1Press Release, dated December 21, 2017, issued by the Company.

99.2Slide Presentation for Fiscal 2018 First Quarter Investor Conference Call on December 21, 2017.

In accordance with General Instruction B.2 of Form 8-K, the information contained in this Current Report on Form 8‑K, including Exhibits 99.1 and 99.2 attached hereto, is being “furnished” and, as such, shall not be deemed to be “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	/s/ Brian L. Ketcham                                  _
Dated:  December 21, 2017	LINDSAY CORPORATION By:/s/ Brian L. Ketcham                                  Brian L. Ketcham, Vice President and Chief  Financial Officer

EX-99.1

Exhibit 99.1

2222  NO. 111TH ST. OMAHA, NE 68164 TEL: 402-829-6800 FAX: 402-829-6836

For further information, contact:

LINDSAY CORPORATION:	HALLIBURTON INVESTOR RELATIONS:
Brian Ketcham	Hala Elsherbini or Geralyn DeBusk
Vice President & Chief Financial Officer	972-458-8000
402-827-6579

Lindsay Corporation Reports Fiscal 2018 First Quarter Results

· Revenue and earnings increase in both Irrigation and Infrastructure

· North America irrigation revenues increase 28% on stronger system sales

· Large Road Zipper System® order added to backlog during the quarter

OMAHA, Neb., December 21, 2017—Lindsay Corporation (NYSE: LNN), a leading provider of irrigation systems and infrastructure products, today announced results for its first quarter ended November 30, 2017.

First Quarter Results

First quarter fiscal 2018 revenues were $124.5 million, an increase of 13% compared to revenues of $110.4 million in the prior year’s first quarter.  Net earnings for the quarter were $3.2 million or $0.30 per diluted share compared with $0.9 million or $0.08 per diluted share in the prior year.

Irrigation segment revenues increased 15 percent to $103.4 million from $89.9 million in the prior year’s first quarter.  North America irrigation revenues increased 28 percent to $67.8 million, driven by an increase in irrigation system sales volume that reflected a more traditional fall selling season compared to the prior year.  International irrigation revenues for the first quarter were $35.6 million, a decrease of four percent compared to the first quarter of the prior year.  The decrease resulted from a lower level of project sales while certain markets had higher sales compared to the prior year.  Infrastructure segment revenues increased three percent to $21.2 million for the first quarter, as increased sales volume in road safety products and higher Road Zipper System® lease revenue were partially offset by lower revenue in other product lines.

Gross margin for the first quarter was 26.0 percent of sales compared to 25.7 percent of sales in the prior year’s first quarter, as infrastructure segment margins improved due to a more favorable product mix within road safety products and an increase in higher margin lease revenue.  In the irrigation segment, improved volume leverage from higher irrigation system sales was tempered by the impact of changes in product mix and changes in the regional mix of international sales.

Operating expenses for the first quarter were $26.2 million, an increase of two percent compared to $25.6 million for the first quarter of the prior year.  Operating margins were 5.0 percent of sales in the first quarter compared to 2.5 percent of sales in the first quarter of the prior year, and were improved in both the irrigation and infrastructure segments compared to the prior year.

Cash and cash equivalents at the end of the first quarter were $109.5 million compared to $121.6 million at the end of the prior fiscal year and $103.1 million at the end of the prior year’s first quarter.  There were no share repurchases made during the first quarter, and a total of $63.7 million remains available under the Company’s share repurchase program as of November 30, 2017.

The backlog of unshipped orders at November 30, 2017 was $80.3 million compared with $55.9 million at November 30, 2016, with higher backlogs in both the irrigation and infrastructure segments.  During the first quarter an order was received for a Road Zipper System® to be deployed on the Alex Fraser Bridge, which connects Richmond and New Westminster with North Delta in Greater Vancouver, Canada.  The value of the contract is approximately $14.0 million and delivery is expected to begin in the third quarter of fiscal 2018.

Outlook

Tim Hassinger, President and Chief Executive Officer, commented, “We were pleased to see our fiscal year get off to a solid start in the first quarter, particularly in North America irrigation where we saw significant improvement in order flow and irrigation system sales compared to the prior year.  We were also pleased to receive the order for the Alex Fraser Bridge project, which positions us well for growth in our infrastructure segment this year.”  

Hassinger continued, “Although commodity prices remain constrained as a result of strong yields this past growing season, grower sentiment toward capital investment is showing signs of improvement.  As meaningful change in commodity prices is not expected in the near term, we will continue our focus of bringing value-added technology solutions to our customers and improving our operating performance in the current market environment.”

First-Quarter Conference Call

Lindsay’s fiscal 2018 first quarter investor conference call is scheduled for 11:00 a.m. Eastern Time today.  Interested investors may participate in the call by dialing (877) 317-6789 in the U.S., or (412) 317-6789 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.

About the Company

Lindsay manufactures and markets irrigation equipment primarily used in agricultural markets which increase or stabilize crop production while conserving water, energy, and labor.  The Company also manufactures and markets infrastructure and road safety products under the Lindsay Transportation Solutions trade name.  At October 9, 2017 Lindsay had approximately 10.7 million shares outstanding, which are traded on the New York Stock Exchange under the symbol LNN.

For more information regarding Lindsay Corporation, see the Company’s Web site at 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
(in thousands, except per share amounts)		November 30, 2017		November 30, 2016
Operating revenues	$	124,526	$	110,390
Cost of operating revenues		92,129		82,016
Gross profit		32,397		28,374
Operating expenses:
Selling expense		10,225		9,982
General and administrative expense		11,918		11,355
Engineering and research expense		4,053		4,302
Total operating expenses		26,196		25,639
Operating income		6,201		2,735
Interest expense		(1,181)		(1,209)
Interest income		320		165
Other expense, net		(548)		(356)
Earnings before income taxes		4,792		1,335
Income tax expense		1,607		462
Net earnings	$	3,185	$	873
Earnings per share:
Basic	$	0.30	$	0.08
Diluted	$	0.30	$	0.08
Shares used in computing earnings per share:
Basic		10,705		10,638
Diluted		10,740		10,666
Cash dividends declared per share	$	0.30	$	0.29

3

Lindsay Corporation and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
	November 30,		November 30,		August 31,
(in thousands)	2017		2016		2017
ASSETS
Current assets:
Cash and cash equivalents	$	109,450	$	103,058	$	121,620
Receivables, net		79,774		69,774		73,850
Inventories, net		93,994		80,139		86,155
Prepaid expenses		3,555		3,295		4,384
Other current assets		9,461		18,622		6,925
Total current assets		296,234		274,888		292,934
Property, plant, and equipment, net		72,940		75,561		74,498
Intangibles, net		41,702		45,998		42,808
Goodwill		77,127		76,562		77,131
Deferred income tax assets		3,111		3,134		5,311
Other noncurrent assets, net		12,293		4,800		13,350
Total assets	$	503,407	$	480,943	$	506,032
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	41,046	$	32,533	$	36,717
Current portion of long-term debt		202		198		201
Other current liabilities		48,875		51,866		55,119
Total current liabilities		90,123		84,597		92,037
Pension benefits liabilities		6,223		6,789		6,295
Long-term debt		116,724		116,926		116,775
Deferred income tax liabilities		1,649		2,338		1,191
Other noncurrent liabilities		19,456		22,105		19,679
Total liabilities		234,175		232,755		235,977
Shareholders' equity:
Preferred stock		-		-		-
Common stock		18,805		18,737		18,780
Capital in excess of stated value		63,191		57,548		63,006
Retained earnings		477,584		464,710		477,615
Less treasury stock - at cost		(277,238)		(277,238)		(277,238)
Accumulated other comprehensive loss, net		(13,110)		(15,569)		(12,108)
Total shareholders' equity		269,232		248,188		270,055
Total liabilities and shareholders' equity	$	503,407	$	480,943	$	506,032

4

Lindsay Corporation and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)	Three months ended
		November 30, 2017		November 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$	3,185	$	873
Adjustments to reconcile net earnings to net cash provided
by operating activities:
Depreciation and amortization		4,335		4,035
Provision for uncollectible accounts receivable		112		(255)
Deferred income taxes		2,111		1,541
Share-based compensation expense		1,001		935
Other, net		614		388
Changes in assets and liabilities:
Receivables		(6,526)		10,436
Inventories		(8,672)		(5,741)
Prepaid expenses and other current assets		(15)		3,000
Accounts payable		4,642		415
Other current liabilities		(6,156)		(6,576)
Other noncurrent assets and liabilities		399		(947)
Net cash (used in) provided by operating activities		(4,970)		8,104
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant, and equipment		(1,991)		(1,390)
Proceeds from settlement of net investment hedges		101		-
Payments for settlement of net investment hedges		(1,176)		(159)
Other investing activities, net		74		134
Net cash used in investing activities		(2,992)		(1,415)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options		132		-
Common stock withheld for payroll tax withholdings		(828)		(635)
Principal payments on long-term debt		(50)		(49)
Dividends paid		(3,216)		(3,089)
Net cash used in financing activities		(3,962)		(3,773)
Effect of exchange rate changes on cash and cash equivalents		(246)		(1,104)
Net change in cash and cash equivalents		(12,170)		1,812
Cash and cash equivalents, beginning of period		121,620		101,246
Cash and cash equivalents, end of period	$	109,450	$	103,058

5

EX-99.2

Earnings Call Presentation   1 st Quarter Fiscal 2018   ADVANCING INNOVATION TO  SOLVE GLOBAL CHALLENGES

1 st Quarter Fiscal 2018   Earnings Call Presentation   2   Safe - Harbor Statement   This presentation 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, financial results and  planned financing. 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.   Investors should understand that a number of factors could cause future economic and  industry conditions, and the Company’s actual financial condition and results of operations,  to differ materially from management’s beliefs expressed in the forward - looking statements  contained in this presentation. These factors include those outlined in the “Risk Factors”  section of the Company’s most recent annual report on Form 10 - K filed with the Securities  and Exchange Commission, and investors are urged to review these factors when  considering the forward - looking statements contained in this presentation.   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 .   For full financial statement information, please see the Company’s earnings release dated  December 21,  2017 .

1 st Quarter Fiscal 2018   Earnings Call Presentation   3   First Quarter Delivers Improved Results   25.7%26.0% Q1 FY17Q1 FY18Gross Margin  $0.08  $0.30  Q1 FY17Q1 FY18Earnings per Share• Revenue increased 13% over prior year • Irrigation revenues  increased 15% • Infrastructure revenues  increased 3%   • Gross Margin improved over prior year • Operating  Margin  increased to  5.0 % • Irrigation operating margin increased to 7.6% • Infrastructure operating margin increased to  15.5%    • EPS increased to $0.30   $110.4  $124.5  Q1 FY17Q1 FY18Revenue 2.5% 5.0% Q1 FY17Q1 FY18Operating Margin

1 st Quarter Fiscal 2018   Earnings Call Presentation   4   Summary  Income Statement   ($ in millions, except per share amounts)Q1 - FY18Q1 - FY17% ChangeRevenue124.5$ 110.4$ 13% Gross Profit32.4$ 28.4$ 14%  Gross Margin26.0%25.7%0.3 ptsOperating Expenses26.2$ 25.6$ 2% Operating Income6.2$ 2.7$ 127%  Operating Margin5.0%2.5%2.5 ptsNet Income3.2$ 0.9$ 265% Diluted EPS0.30$ 0.08$ 275% Backlog80.3$ 55.9$ 44%

1 st Quarter Fiscal 2018   Earnings Call Presentation   5   Segment Results   FY17 revenue reclassified to include Canada in North America   ($ in millions)Q1 - FY18Q1 - FY17% ChangeRevenue  North America Irrigation67.8$ 52.8$ 28%  International Irrigation35.6$ 37.1$ -4%  Irrigation103.4$ 89.9$ 15%  Infrastructure21.2$ 20.5$ 3% Operating Income  Irrigation7.9$ 5.1$ 52%  Infrastructure3.3$ 3.0$ 11% Operating Margin  Irrigation7.6%5.7%1.9 pts  Infrastructure15.5%14.5%1.0 pts

1 st Quarter Fiscal 2018   Earnings Call Presentation   6   Irrigation Segment   North America revenues increased 28%    • Irrigation system unit volume increased across most regions • Revenues from other irrigation components increased modestly   International revenues decreased 4%    • Lower level of project sales compared to the prior year • Brazil, Africa and Europe markets show improvement • Foreign currency translation impact was insignificant   FY17 revenue reclassified to include Canada in North America    Revenue ($ in millions)Q1 - FY18Q1 - FY17% ChangeNorth America67.8$ 52.8$ 28% International35.6$ 37.1$ -4% Total103.4$ 89.9$ 15%

1 st Quarter Fiscal 2018   Earnings Call Presentation   7   Infrastructure Segment   Revenue increase of 3% over prior year   • Increased sales volume in road safety products • Higher  Road Zipper  System®  lease revenue   Operating margin of 15.5% versus 14.5% in the prior year   • Favorable product mix shift within road safety products • Increase in higher margin lease revenue   $14.0 million Road Zipper System for Alex Fraser Bridge    • Delivery expected to begin in fiscal third quarter 2018 • Completion expected in fiscal first quarter 2019   $20.5 $21.2  Q1 FY17Q1 FY18Revenue 14.5% 15.5% Q1 FY17Q1 FY18Operating Margin

1 st Quarter Fiscal 2018   Earnings Call Presentation   8   Summary Balance Sheet   • Cash  increase of $6.4 million • DSO  – 54  days versus  57  days in the prior  year • DSI  – 97  versus 8 6  in the prior  year • Working capital increase to support sales and backlog growth   ($ in millions)Nov 30, 2017Nov 30, 2016Cash and cash equivalents$109.5 $103.1  Current assets$296.2 $274.9  Current liabilities$90.1 $84.6  Net working capital$206.1 $190.3  Long-term debt$116.9 $117.1  Shareholders' equity$269.2 $248.2

1 st Quarter Fiscal 2018   Earnings Call Presentation   9   Summary of Cash Flows   ($ in millions)YTD-FY18YTD-FY17Net earnings$3.2 $0.9  Depreciation / amortization$4.3 $4.0  Changes in assets and liabilities: Receivables ($6.5) $10.4  Inventories($8.7) ($5.7)  Other working capital($1.1) ($4.1)  Other$3.8 $2.6  Net cash (used in) provided by operations($5.0) $8.1  Purchases of property, plant and equipment($2.0) ($1.4)  Dividends paid($3.2) ($3.1)

1 st Quarter Fiscal 2018   Earnings Call Presentation   10   Attractive Long - Term Market Drivers   Water Conservation   Alternative Fuels   Increase Yields   Improve Road Safety   Population Growth   Advancing Technology

1 st Quarter Fiscal 2018   Earnings Call Presentation   11   Current Market Factors   • Net Farm Income projected to be $63.2 billion a 3%  increase from 2016 • USDA average corn prices • $2.85  - $3.55 per bushel   • Commodity prices stabilized but expected to  remain flat given high carryover stock levels • EPA issued 2018 ethanol production target levels  to be consistent with 2017 • U.S. income tax incentives provide benefits to  farms that could positively impact capital  investment   • Irrigation project markets continue to be active but  timing remains variable   • Five - year $305 billion U.S. highway bill enacted in  December 2015 provides stability but does not  increase funding levels • American Road & Transportation Builders  Association forecasts U.S. transportation  construction spending to increase modestly in 2018 • States are in the process of adopting new MASH  testing standards for road safety products, with  some adopting ahead of the dates required for  federal reimbursement • Road Zipper System gaining interest globally as a  solution to traffic congestion and air quality   Irrigation   Infrastructure

1 st Quarter Fiscal 2018   Earnings Call Presentation   12   Capital Allocation  – A Balanced Approach   (1) Includes marketable securities that were not included in the cash and cash equivalents  balance on  8/31/07.   (2) Other includes debt repayments, net cash sources/uses from note receivables, net  investment hedges, stock compensation and related tax benefits.   . Targeted cash  balance  of  $ 60 - 75 million,  including international accounts . To support cyclical and seasonal  fluctuations in  working capital and  projected  capital  expenditures   . $115 million in Senior Notes maturing on  2/19/30 at annual interest rate of 3.82% . The  Company’s prioritization for cash  use: . Organic growth initiatives . Capital expenditures  - expected  to be  $12 - 15  million  in fiscal 2018 . Annual increases in  dividends . Synergistic water related acquisitions  that offer  attractive  returns . Excess cash invested in  opportunistic  share repurchases     ALLOCATION PLAN   ALLOCATION HISTORY   $48,652  $477,841  $129,380  $24,857  $112,074  $135,248  $75,797  $186,277  $121,620  $-  $100,000  $200,000  $300,000  $400,000  $500,000  $600,000  $700,000Beginning Cash(8/31/07) (1) Cash fromOperationsLong-term DebtOther (2)CapitalExpendituresAcquisitionsDividendsShareRepurchasesEnding Cash(8/31/17) 52% of cash from operations  invested in growth55% of cash from operations  returned to shareholders= Source of Cash= Use of Cash$ in thousands