Industry Segment Information

9 Months Ended

May 31, 2024

Segment Reporting [Abstract]

Industry Segment Information

Note 14 – Industry Segment Information

The Company manages its business activities in two reportable segments: irrigation and infrastructure. The Company evaluates the performance of its reportable segments based on segment revenues and operating income, with operating income for segment purposes excluding unallocated corporate general and administrative expenses, interest income, interest expense, other income and expenses and income taxes. Operating income for segment purposes includes general and administrative expenses, selling expenses, engineering and research expenses and other overhead charges directly attributable to the segment. There are no inter-segment sales included in the amounts disclosed. The Company had no single customer who represented 10 percent or more of its total revenues during the three or nine months ended May 31, 2024 or 2023.

Irrigation – This reporting segment includes the manufacture and marketing of center pivot, lateral move and hose reel irrigation systems and large diameter steel tubing 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 internet of things, or “IIoT”, solutions. The irrigation reporting segment consists of one operating segment.

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. The infrastructure reporting segment consists of one operating segment.

	Three months ended						Nine months ended
($ in thousands)	May 31, 2024			May 31, 2023			May 31, 2024			May 31, 2023
Operating revenues:
Irrigation:
North America	$	68,235		$	75,027		$	240,457		$	249,315
International		46,605			67,544			147,569			193,115
Irrigation total		114,840			142,571			388,026			442,430
Infrastructure		24,359			21,982			64,050			64,523
Total operating revenues	$	139,199		$	164,553		$	452,076		$	506,953
Operating income:
Irrigation	$	19,524		$	30,727		$	70,480		$	92,188
Infrastructure		6,276			3,556			13,401			8,947
Corporate		(5,864	)		(7,326	)		(20,773	)		(22,315	)
Total operating income		19,936			26,957			63,108			78,820
Interest and other expense, net		237			(1,225	)		757			(3,350	)
Earnings before income taxes	$	20,173		$	25,732		$	63,865		$	75,470