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):

July 9, 2019

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)

18135 Burke Street, Suite 100 Omaha, Nebraska	68022
(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 (17 CFR 240.14d-2(b))

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

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 par value	LNN	New York Stock Exchange, Inc.

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 July 9, 2019, Lindsay Corporation (the “Company”) issued a press release announcing the Company’s results of operations for its third quarter ended May 31, 2019. 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 2019 third quarter investor conference call at 11:00 a.m. Eastern Time on July 9, 2019 is furnished herewith as Exhibit 99.2.

Item 9.01. Financial Statements and Exhibits.

99.1	Press Release, dated July 9, 2019, issued by the Company.
99.2	Slide Presentation for Fiscal 2019 Third Quarter Investor Conference Call on July 9, 2019.

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, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: July 9, 2019	LINDSAY CORPORATION
	By:	/s/ Brian L. Ketcham
		Brian L. Ketcham, Senior Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

18135 BURKE ST. OMAHA, NE 68022 TEL:  402-829-6800 FAX: 402-829-6836

For further information, contact:

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

Lindsay Corporation Reports Fiscal 2019 Third Quarter Results

• North America irrigation equipment demand remained constrained during the quarter

• Infrastructure revenue and results were lower in comparison to strong prior year performance

• Outlook for both irrigation and infrastructure showing signs of improvement

OMAHA, Neb., July 9, 2019—Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, today announced results for its third quarter ended May 31, 2019.

Third Quarter Summary

Revenues for the third quarter of fiscal 2019 were $121.1 million, a decrease of $48.5 million, or 29 percent, compared to revenues of $169.6 million in the prior year third quarter. Approximately $27.2 million of the decrease in revenues was attributable to previously announced business divestitures in the irrigation segment as part of the Company’s Foundation for Growth initiative.

Net earnings for the quarter were $2.9 million, or $0.27 per diluted share, compared with net earnings of $10.4 million, or $0.96 per diluted share, for the same period in the prior year. In addition to the impact of lower revenues, net earnings for the quarter were reduced by after-tax costs of $2.6 million, or $0.23 per diluted share, related to the Company’s Foundation for Growth initiative. Excluding these additional costs, net earnings for the third quarter would have been $5.5 million, or $0.50 per diluted share.¹ Net earnings for the same period in the prior year, adjusted for Foundation for Growth costs, would have been $17.9 million, or $1.66 per diluted share.¹ Net earnings in the prior year included $1.5 million, or $0.14 per diluted share, related to the business divestitures.

“Low commodity prices and uncertainty regarding the outcome of trade negotiations continued to weigh on farmer sentiment and demand for irrigation equipment during the quarter,” said Tim Hassinger, President and Chief Executive Officer. “Along with that, strong Road Zipper System^® sales in the prior year third quarter resulted in a challenging year over year comparison.”

Segment Results

Irrigation segment revenues for the third quarter of fiscal 2019 were $98.6 million, a decrease of $29.8 million, or 23 percent, compared to $128.4 million in the prior year third quarter. Excluding the impact of the divestitures, North America irrigation revenues of $63.0 million increased $2.8 million, or 5 percent, compared to the prior year. Higher revenue from engineering project services and the impact of higher average selling prices were partially offset by lower irrigation equipment unit volume and lower sales of replacement parts. International irrigation revenues of $35.6 million decreased $5.4 million, or 13 percent, compared to the prior year. Excluding the negative impact of differences in foreign currency translation compared to the prior year, international irrigation revenues decreased $2.7 million, or 7 percent.

Irrigation segment operating margin was 11.2 percent of sales (11.7 percent adjusted)¹ in the third quarter, compared to 9.1 percent of sales (14.1 percent adjusted)¹ in the prior year. The prior year benefited from the recovery of $2.5 million in previously reserved accounts receivable that did not repeat. In addition, lower sales of irrigation equipment and replacement parts in North America resulted in a lower margin mix in the current quarter.

Infrastructure segment revenues for the third quarter of fiscal 2019 were $22.4 million, a decrease of $18.7 million, or 45 percent, compared to $41.2 million in the prior year third quarter. The decrease resulted almost entirely from lower Road Zipper System^® sales compared to the prior year’s period.

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

Infrastructure segment operating margin was 15.8 percent of sales (16.0 percent adjusted)¹ in the third quarter, compared to 34.6 percent of sales (35.0 percent adjusted)¹ in the third quarter of the prior year. The prior year period included high margin Road Zipper System^® orders that did not repeat in the current quarter.

The backlog of unshipped orders at May 31, 2019 was $42.5 million compared with $55.8 million at May 31, 2018. Approximately $12.4 million of the reduction in backlog resulted from business divestitures. Excluding the impact of the divestitures, irrigation segment backlogs were higher and infrastructure backlogs were lower compared to the prior year. Subsequent to the end of the quarter, a $15.0 million Road Zipper System^® order was received from a customer in Japan, with delivery expected to begin in the fourth quarter of fiscal 2019.

Foundation for Growth Initiative

In fiscal 2018, the Company announced a defined performance improvement initiative, referred to as Foundation for Growth, with the objectives of simplifying the business and achieving operating margin performance of 11 percent to 12 percent in fiscal 2020, assuming no improvement in market conditions from fiscal 2017.

Outlook

“Severe wet weather and widespread flooding in the U.S. have caused delayed corn plantings and curtailed planted acreage, reducing supply estimates and driving a recent increase in corn prices. Any further reduction in supply and increase in corn prices supports an improved outlook for irrigation equipment demand.” said Mr. Hassinger. “The short-term outlook for international markets remains mixed, with growth expected in Brazil and developing markets while certain other markets remain challenged.”

Mr. Hassinger added, “The receipt of a large international Road Zipper System order, along with early successes we are seeing in partnering with states on road construction projects, positions the infrastructure segment for growth. In addition, we expect that execution of our Foundation for Growth initiative will help us achieve our objective of delivering improved operating margins.”

Third Quarter Conference Call

Lindsay’s fiscal 2019 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.

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.

2

LINDSAY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)

	Three months ended						Nine months ended
(in thousands, except per share amounts)	May 31,2019			May 31,2018			May 31,2019			May 31,2018
Operating revenues	$	121,054		$	169,571		$	342,187		$	424,436
Cost of operating revenues		91,055			118,093			259,066			305,245
Gross profit		29,999			51,478			83,121			119,191
Operating expenses:
Selling expense		7,515			10,842			23,934			31,087
General and administrative expense		14,695			17,862			46,585			43,866
Engineering and research expense		3,314			3,960			10,547			11,932
Total operating expenses		25,524			32,664			81,066			86,885
Operating income		4,475			18,814			2,055			32,306
Interest expense		(1,169	)		(1,226	)		(3,552	)		(3,502	)
Interest income		525			540			1,930			1,171
Other income (expense), net		(602	)		(683	)		(591	)		(2,062	)
Earnings (loss) before income taxes		3,229			17,445			(158	)		27,913
Income tax expense (benefit)		332			7,066			(827	)		12,614
Net earnings	$	2,897		$	10,379		$	669		$	15,299
Earnings per share:
Basic	$	0.27		$	0.96		$	0.06		$	1.43
Diluted	$	0.27		$	0.96		$	0.06		$	1.42
Shares used in computing earnings per share:
Basic		10,786			10,757			10,779			10,735
Diluted		10,814			10,785			10,807			10,763
Cash dividends declared per share	$	0.31		$	0.30		$	0.93		$	0.90

3

LINDSAY CORPORATION AND SUBSIDIARIES

SUMMARY OPERATING RESULTS

(Unaudited)

	Three months ended						Nine months ended
(in thousands)	May 31,2019			May 31,2018			May 31,2019			May 31,2018
Operating revenues:
Irrigation segment	$	98,618		$	128,421		$	281,994		$	343,639
Infrastructure segment		22,436			41,150			60,193			80,797
Total operating revenues	$	121,054		$	169,571		$	342,187		$	424,436
Operating income:
Irrigation segment	$	11,037		$	11,718		$	26,341		$	31,502
Infrastructure segment		3,537			14,248			7,259			20,058
Corporate		(10,099	)		(7,152	)		(31,545	)		(19,254	)
Total operating income	$	4,475		$	18,814		$	2,055		$	32,306

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.

4

LINDSAY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands)	May 31, 2019			May 31, 2018			August 31, 2018
ASSETS
Current assets:
Cash and cash equivalents	$	110,839		$	111,779		$	160,787
Receivables, net		94,584			92,135			69,107
Inventories, net		91,091			82,635			79,233
Assets held-for-sale		2,744			51,516			10,837
Other current assets, net		17,903			12,341			11,087
Total current assets		317,161			350,406			331,051
Property, plant, and equipment, net		70,367			59,884			57,248
Intangibles, net		25,103			28,656			27,376
Goodwill		64,454			64,723			64,671
Deferred income tax assets		8,783			4,581			6,645
Other noncurrent assets, net		20,054			11,528			12,824
Total assets	$	505,922		$	519,778		$	499,815
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	37,509		$	30,281		$	30,530
Current portion of long-term debt		208			204			205
Liabilities held-for-sale		—			14,275			2,424
Other current liabilities		49,102			53,911			46,935
Total current liabilities		86,819			98,671			80,094
Pension benefits liabilities		5,661			6,080			5,874
Long-term debt		115,885			116,172			116,129
Deferred income tax liabilities		918			1,117			1,083
Other noncurrent liabilities		26,245			20,229			19,769
Total liabilities		235,528			242,269			222,949
Shareholders’ equity:
Preferred stock		—			—			—
Common stock		18,870			18,841			18,841
Capital in excess of stated value		70,566			67,587			68,465
Retained earnings		476,580			483,243			484,886
Less treasury stock—at cost		(277,238	)		(277,238	)		(277,238	)
Accumulated other comprehensive loss, net		(18,384	)		(14,924	)		(18,088	)
Total shareholders’ equity		270,394			277,509			276,866
Total liabilities and shareholders’ equity	$	505,922		$	519,778		$	499,815

5

LINDSAY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine months ended
(in thousands)	May 31, 2019			May 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$	669		$	15,299
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Depreciation and amortization		10,452			12,851
Loss on sale of business		301			6,023
Provision for uncollectible accounts receivable		(726	)		(2,407	)
Deferred income taxes		(2,556	)		(687	)
Share-based compensation expense		3,226			2,942
Other, net		(14	)		473
Changes in assets and liabilities:
Receivables		(26,371	)		(29,826	)
Inventories		(14,467	)		(8,247	)
Other current assets		546			(971	)
Accounts payable		9,072			1,901
Other current liabilities		(4,078	)		10,058
Other noncurrent assets and liabilities		4,318			766
Net cash (used in) provided by operating activities		(19,628	)		8,175
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant, and equipment		(20,210	)		(6,920	)
Proceeds from settlement of net investment hedges		2,262			101
Payments for settlement of net investment hedges		(327	)		(3,089	)
Other investing activities, net		60			241
Net cash used in investing activities		(18,215	)		(9,667	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options		177			2,788
Common stock withheld for payroll tax obligations		(1,124	)		(833	)
Principal payments on long-term debt		(153	)		(150	)
Payment of debt issuance costs		(115	)		—
Dividends paid		(10,032	)		(9,671	)
Net cash used in financing activities		(11,247	)		(7,866	)
Effect of exchange rate changes on cash and cash equivalents		(858	)		(483	)
Net change in cash and cash equivalents		(49,948	)		(9,841	)
Cash and cash equivalents, beginning of period		160,787			121,620
Cash and cash equivalents, end of period	$	110,839		$	111,779

6

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—as reported	$	2,897		$	0.27		$	669		$	0.06
FFG costs—after tax		2,553			0.23			9,140			0.85
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—as reported	$	4,475		$	11,037		$	3,537		$	(10,099	)
FFG costs—pre-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—as reported	$	2,055		$	26,341		$	7,259		$	(31,545	)
FFG costs—pre-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

7

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) tax expense attributed to enactment of the U.S. Tax Cuts and Jobs Act (“U.S. Tax Reform”), and (2) severance costs and professional consulting fees 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, 2018			Diluted earnings per share			May 31, 2018			Diluted earnings per share
Net earnings—as reported	$	10,379		$	0.96		$	15,299		$	1.42
Impact of U.S. Tax Reform		—			0.00			2,578			0.24
FFG costs—after tax		7,525			0.70			9,193			0.85
Net earnings—adjusted	$	17,904		$	1.66		$	27,070		$	2.52
Average shares outstanding—diluted					10,785						10,763
	For the three months ended May 31, 2018
Operating income reconciliation	Consolidated			Irrigation			Infrastructure			Corporate
Operating income—as reported	$	18,814		$	11,718		$	14,248		$	(7,152	)
FFG costs—pre-tax		7,556			6,356			165			1,035
Adjusted operating income	$	26,370		$	18,074		$	14,413		$	(6,117	)
Operating revenues	$	169,571		$	128,421		$	41,150		$	—
Operating income as a percent of operating revenues		11.1	%		9.1	%		34.6	%		N/A
Adjusted operating income as a percent of operating revenues		15.6	%		14.1	%		35.0	%		N/A
	For the nine months ended May 31, 2018
Operating income reconciliation	Consolidated			Irrigation			Infrastructure			Corporate
Operating income—as reported	$	32,306		$	31,502		$	20,058		$	(19,254	)
FFG costs—pre-tax		9,887			6,929			165			2,793
Adjusted operating income	$	42,193		$	38,431		$	20,223		$	(16,461	)
Operating revenues	$	424,436		$	343,639		$	80,797		$	—
Operating income as a percent of operating revenues		7.6	%		9.2	%		24.8	%		N/A
Adjusted operating income as a percent of operating revenues		9.9	%		11.2	%		25.0	%		N/A

8

EX-99.2

Exhibit 99.2 3rd Quarter Fiscal 2019 Earnings Slide Deck rd 3 Quarter Fiscal 2019 Earnings Call PresentationExhibit 99.2 3rd Quarter Fiscal 2019 Earnings Slide Deck rd 3 Quarter Fiscal 2019 Earnings Call Presentation

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 July 9, 2019. rd 3 Quarter Fiscal 2019 Earnings Call Presentation 2Safe-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 July 9, 2019. rd 3 Quarter Fiscal 2019 Earnings Call Presentation 2

Third Quarter Summary Amounts in millions, except per share amounts Revenue Operating Income Diluted EPS Adjusted* Adjusted* GAAP GAAP $26.4 $169.6 $1.66 $121.1 $18.8 $0.96 15.6% $8.4 11.1% $0.50 $4.5 6.9% $0.27 3.7% FY18 FY19 FY18 FY19 FY18 FY19 • Revenues decreased $48.5 million • Business divestitures account for $27.2 million of the decrease ® • Infrastructure decreased $18.7 million due to large Road Zipper System orders in prior year • Excluding the impact of divestitures, Irrigation decreased $2.6 million • Adjusted operating income* decreased $18.0 million • Infrastructure decreased $10.8 million • Irrigation decreased $6.5 million • Corporate expense increased $0.7 million on higher project-related expenses rd 3 Quarter Fiscal 2019 *Please see Reg G reconciliation of GAAP operating income, net earnings and earnings per share to adjusted figures at end of presentation. Earnings Call Presentation 3Third Quarter Summary Amounts in millions, except per share amounts Revenue Operating Income Diluted EPS Adjusted* Adjusted* GAAP GAAP $26.4 $169.6 $1.66 $121.1 $18.8 $0.96 15.6% $8.4 11.1% $0.50 $4.5 6.9% $0.27 3.7% FY18 FY19 FY18 FY19 FY18 FY19 • Revenues decreased $48.5 million • Business divestitures account for $27.2 million of the decrease ® • Infrastructure decreased $18.7 million due to large Road Zipper System orders in prior year • Excluding the impact of divestitures, Irrigation decreased $2.6 million • Adjusted operating income* decreased $18.0 million • Infrastructure decreased $10.8 million • Irrigation decreased $6.5 million • Corporate expense increased $0.7 million on higher project-related expenses rd 3 Quarter Fiscal 2019 *Please see Reg G reconciliation of GAAP operating income, net earnings and earnings per share to adjusted figures at end of presentation. Earnings Call Presentation 3

Third Quarter and YTD Financial Summary ($ in millions, except per share amounts) Q3 - FY19 Q3 - FY18 Change YTD - FY19 YTD - FY18 Change Revenue North America irrigation $ 63.0 $ 87.4 -28% $ 177. 1 $ 234. 0 -24% International irrigation $ 35.6 $ 41.0 -13% $ 104. 9 $ 109. 6 -4% Irrigation $ 98.6 $ 128. 4 -23% $ 282. 0 $ 343. 6 -18% Infrastructure $ 22.4 $ 41.2 -45% $ 60.2 $ 80.8 -26% Total revenue $ 121. 1 $ 169. 6 -29% $ 342. 2 $ 424. 4 -19% Operating income $ 4.5 $ 18.8 -76% $ 2.1 $ 32.3 -94% Adjusted operating income* $ 8.4 $ 26.4 -68% $ 15.2 $ 42.2 -64% Net earnings $ 2.9 $ 10.4 -72% $ 0.7 $ 15.3 -96% Adjusted net earnings* $ 5.5 $ 17.9 -70% $ 9.8 $ 27.1 -64% Diluted earnings per share (EPS) $ 0.27 $ 0.96 -72% $ 0.06 $ 1.42 -96% Adjusted diluted EPS* $ 0.50 $ 1.66 -70% $ 0.91 $ 2.52 -64% rd 3 Quarter Fiscal 2019 *Please see Reg G reconciliation of GAAP operating income, net earnings and earnings per share to adjusted figures at end of presentation. Earnings Call Presentation 4Third Quarter and YTD Financial Summary ($ in millions, except per share amounts) Q3 - FY19 Q3 - FY18 Change YTD - FY19 YTD - FY18 Change Revenue North America irrigation $ 63.0 $ 87.4 -28% $ 177. 1 $ 234. 0 -24% International irrigation $ 35.6 $ 41.0 -13% $ 104. 9 $ 109. 6 -4% Irrigation $ 98.6 $ 128. 4 -23% $ 282. 0 $ 343. 6 -18% Infrastructure $ 22.4 $ 41.2 -45% $ 60.2 $ 80.8 -26% Total revenue $ 121. 1 $ 169. 6 -29% $ 342. 2 $ 424. 4 -19% Operating income $ 4.5 $ 18.8 -76% $ 2.1 $ 32.3 -94% Adjusted operating income* $ 8.4 $ 26.4 -68% $ 15.2 $ 42.2 -64% Net earnings $ 2.9 $ 10.4 -72% $ 0.7 $ 15.3 -96% Adjusted net earnings* $ 5.5 $ 17.9 -70% $ 9.8 $ 27.1 -64% Diluted earnings per share (EPS) $ 0.27 $ 0.96 -72% $ 0.06 $ 1.42 -96% Adjusted diluted EPS* $ 0.50 $ 1.66 -70% $ 0.91 $ 2.52 -64% rd 3 Quarter Fiscal 2019 *Please see Reg G reconciliation of GAAP operating income, net earnings and earnings per share to adjusted figures at end of presentation. Earnings Call Presentation 4

Irrigation Segment in millions Revenue Financial Summary $87.4 • Excluding divestitures, North America revenue increased $2.8 million $63.0 • Higher revenue from engineering project services • Higher average selling prices $41.0 • Lower irrigation equipment unit volume $35.6 • Lower sales of replacement parts • International revenue decreased $2.7 million, net of unfavorable currency North America International impact of $2.7 million FY18 FY19 • Increased revenue in Brazil and Europe • Decreased revenue in other markets Operating Income • Adjusted operating income* decreased $6.5 million Adjusted* GAAP $18.1 • Prior year results included $2.5 million recovery in previously reserved accounts receivable • Divestitures account for $2.1 million of the decrease $11.7 $11.6 $11.0 • Lower sales of irrigation equipment and replacement parts resulted in 14.1% a lower margin mix 11.7% 11.2% 9.1% FY18 FY19 rd 3 Quarter Fiscal 2019 *Please see Reg G reconciliation of GAAP operating income, net earnings and earnings per share to adjusted figures at end of presentation. Earnings Call Presentation 5Irrigation Segment in millions Revenue Financial Summary $87.4 • Excluding divestitures, North America revenue increased $2.8 million $63.0 • Higher revenue from engineering project services • Higher average selling prices $41.0 • Lower irrigation equipment unit volume $35.6 • Lower sales of replacement parts • International revenue decreased $2.7 million, net of unfavorable currency North America International impact of $2.7 million FY18 FY19 • Increased revenue in Brazil and Europe • Decreased revenue in other markets Operating Income • Adjusted operating income* decreased $6.5 million Adjusted* GAAP $18.1 • Prior year results included $2.5 million recovery in previously reserved accounts receivable • Divestitures account for $2.1 million of the decrease $11.7 $11.6 $11.0 • Lower sales of irrigation equipment and replacement parts resulted in 14.1% a lower margin mix 11.7% 11.2% 9.1% FY18 FY19 rd 3 Quarter Fiscal 2019 *Please see Reg G reconciliation of GAAP operating income, net earnings and earnings per share to adjusted figures at end of presentation. Earnings Call Presentation 5

Infrastructure Segment in millions Revenue Financial Summary $41.2 • Total revenue decreased $18.7 million ® • Prior year quarter included two large Road Zipper System orders $22.4 • Sales of road safety and other products were flat • Adjusted operating income* decreased $10.8 million • High-margin Road Zipper System orders in prior year • Lower selling expenses in the current year FY18 FY19 Other Highlights Operating Income TM Adjusted* GAAP • TAU-M MASH crash cushion approved and released $14.4 $14.2 • Shift-left strategy success in Indiana • Road Zipper System to mitigate congestion and provide positive protection for increased safety in construction work 35.0% zones 34.6% • Subsequent to the end of the quarter, a $15.0 million Road Zipper System order was received from a customer in Japan $3.6 $3.5 • Delivery expected to begin in the fourth quarter of fiscal 16.0% 2019 15.8% FY18 FY19 rd 3 Quarter Fiscal 2019 *Please see Reg G reconciliation of GAAP operating income, net earnings and earnings per share to adjusted figures at end of presentation. Earnings Call Presentation 6Infrastructure Segment in millions Revenue Financial Summary $41.2 • Total revenue decreased $18.7 million ® • Prior year quarter included two large Road Zipper System orders $22.4 • Sales of road safety and other products were flat • Adjusted operating income* decreased $10.8 million • High-margin Road Zipper System orders in prior year • Lower selling expenses in the current year FY18 FY19 Other Highlights Operating Income TM Adjusted* GAAP • TAU-M MASH crash cushion approved and released $14.4 $14.2 • Shift-left strategy success in Indiana • Road Zipper System to mitigate congestion and provide positive protection for increased safety in construction work 35.0% zones 34.6% • Subsequent to the end of the quarter, a $15.0 million Road Zipper System order was received from a customer in Japan $3.6 $3.5 • Delivery expected to begin in the fourth quarter of fiscal 16.0% 2019 15.8% FY18 FY19 rd 3 Quarter Fiscal 2019 *Please see Reg G reconciliation of GAAP operating income, net earnings and earnings per share to adjusted figures at end of presentation. Earnings Call Presentation 6

Foundation for Growth Initiative – 2020 Objectives Financial Performance • 11% to 12% operating margin • Shareholder value creation External perception • Fully leverage the global organization • Viewed by customers as the innovation leader in core markets Culture and Health • Highly engaged employees • One common culture and identity © 2018 Lindsay Corporation rd 3 Quarter Fiscal 2019 Earnings Call Presentation 7Foundation for Growth Initiative – 2020 Objectives Financial Performance • 11% to 12% operating margin • Shareholder value creation External perception • Fully leverage the global organization • Viewed by customers as the innovation leader in core markets Culture and Health • Highly engaged employees • One common culture and identity © 2018 Lindsay Corporation rd 3 Quarter Fiscal 2019 Earnings Call Presentation 7

Foundation for Growth Workstreams Commercial Sourcing Manufacturing G&A Expense 1 2 3 4 Productivity improvement Integrate and leverage Create value through Center-led global opportunities, network share services activities channel optimization strategic sourcing optimization Culture change & Culture assessment, aligning behaviors to strategy, 5 improving global work processes operating model Set strategic direction, portfolio assessment Strategic choices 6 Strategy and Culture Margin improvement Cost rd 3 Quarter Fiscal 2019 Earnings Call Presentation 8Foundation for Growth Workstreams Commercial Sourcing Manufacturing G&A Expense 1 2 3 4 Productivity improvement Integrate and leverage Create value through Center-led global opportunities, network share services activities channel optimization strategic sourcing optimization Culture change & Culture assessment, aligning behaviors to strategy, 5 improving global work processes operating model Set strategic direction, portfolio assessment Strategic choices 6 Strategy and Culture Margin improvement Cost rd 3 Quarter Fiscal 2019 Earnings Call Presentation 8

Operating Margin Improvement by Workstream 11-12% 7.8% 80 bps 240-340 bps Approximately $13M-$18M 2017 Divestitures Commercial Sourcing Manufacturing G&A 2020 • 2020 operating margin objective assumes market conditions similar to 2017 rd 3 Quarter Fiscal 2019 Earnings Call Presentation 9Operating Margin Improvement by Workstream 11-12% 7.8% 80 bps 240-340 bps Approximately $13M-$18M 2017 Divestitures Commercial Sourcing Manufacturing G&A 2020 • 2020 operating margin objective assumes market conditions similar to 2017 rd 3 Quarter Fiscal 2019 Earnings Call Presentation 9

Summary Balance Sheet ($ in millions) May 31, 2019 May 31, 2018 Cash and cash equivalents $110. 8 $111. 8 Current assets $317. 2 $350. 4 Current liabilities $86.8 $98.7 Net working capital $230. 3 $251. 7 Long-term debt $116. 1 $116. 4 Shareholders' equity $270. 4 $277. 5 rd 3 Quarter Fiscal 2019 Earnings Call Presentation 10Summary Balance Sheet ($ in millions) May 31, 2019 May 31, 2018 Cash and cash equivalents $110. 8 $111. 8 Current assets $317. 2 $350. 4 Current liabilities $86.8 $98.7 Net working capital $230. 3 $251. 7 Long-term debt $116. 1 $116. 4 Shareholders' equity $270. 4 $277. 5 rd 3 Quarter Fiscal 2019 Earnings Call Presentation 10

Summary of Cash Flow ($ in millions) YTD-FY19 YTD-FY18 Net earnings $0. 7 $15.3 Depreciation / amortization $10.5 $12.9 Changes in assets and liabilities: Receivables ($26.4) ($29.8) Inventories ($14.5) ( $8.2) Other working capital $9. 9 $11.8 Other $0. 2 $6. 3 Net cash (used in) provided by operations ($19.6) $8. 2 Purchases of property, plant and equipment ($20.2) ( $6.9) Dividends paid ($10.0) ( $9.7) rd 3 Quarter Fiscal 2019 Earnings Call Presentation 11Summary of Cash Flow ($ in millions) YTD-FY19 YTD-FY18 Net earnings $0. 7 $15.3 Depreciation / amortization $10.5 $12.9 Changes in assets and liabilities: Receivables ($26.4) ($29.8) Inventories ($14.5) ( $8.2) Other working capital $9. 9 $11.8 Other $0. 2 $6. 3 Net cash (used in) provided by operations ($19.6) $8. 2 Purchases of property, plant and equipment ($20.2) ( $6.9) Dividends paid ($10.0) ( $9.7) rd 3 Quarter Fiscal 2019 Earnings Call Presentation 11

Attractive Long-Term Market Drivers Water Conservation Advancing Technology Improve Road Safety Population Growth Alternative Fuels Increase Yields rd 3 Quarter Fiscal 2019 Earnings Call Presentation 12Attractive Long-Term Market Drivers Water Conservation Advancing Technology Improve Road Safety Population Growth Alternative Fuels Increase Yields rd 3 Quarter Fiscal 2019 Earnings Call Presentation 12

Current Market Factors Irrigation Infrastructure • The 2018 Farm Bill was signed into law in • Five-year $305 billion U.S. highway bill enacted in December 2018. It continues many of the December 2015 provides stability but does not programs that were in the Agricultural Act of 2014, increase funding levels which expired in September 2018. • American Road & Transportation Builders • Late planting and curtailed acreage has lifted corn Association forecasts U.S. transportation prices above $4.00 per bushel construction spending to increase 4% in 2019 • Net Farm Income in 2019 projected to be $69.4 • States are transitioning to new MASH testing billion, a 10% increase from 2018 standards for road safety products ® • EPA 2019 ethanol production target levels modestly • Road Zipper System gaining interest globally as a increase volume requirements solution to traffic congestion and air quality • Increased tax incentives provide additional support for capital investment • Irrigation project markets continue to be active but timing remains variable rd 3 Quarter Fiscal 2019 Earnings Call Presentation 13Current Market Factors Irrigation Infrastructure • The 2018 Farm Bill was signed into law in • Five-year $305 billion U.S. highway bill enacted in December 2018. It continues many of the December 2015 provides stability but does not programs that were in the Agricultural Act of 2014, increase funding levels which expired in September 2018. • American Road & Transportation Builders • Late planting and curtailed acreage has lifted corn Association forecasts U.S. transportation prices above $4.00 per bushel construction spending to increase 4% in 2019 • Net Farm Income in 2019 projected to be $69.4 • States are transitioning to new MASH testing billion, a 10% increase from 2018 standards for road safety products ® • EPA 2019 ethanol production target levels modestly • Road Zipper System gaining interest globally as a increase volume requirements solution to traffic congestion and air quality • Increased tax incentives provide additional support for capital investment • Irrigation project markets continue to be active but timing remains variable rd 3 Quarter Fiscal 2019 Earnings Call Presentation 13

Capital Allocation – A Balanced Approach Allocation Plan Allocation History § Targeted cash balance of $60-75 $800,000 = Source of Cash $ in thousands million, including international = Use of Cash $700,000 accounts $25,452 $129,380 § To support cyclical and seasonal $123,128 $600,000 54% of cash from operations fluctuations in working capital and returned to shareholders $500,000 $105,360 projected capital expenditures $400,000 $88,803 § $115 million in Senior Notes maturing 45% of cash from operations $511,775 $300,000 invested in growth on 2/19/30 at annual interest rate of $186,277 $200,000 3.82% $100,000 $160,787 § The Company’s prioritization for cash $48,652 $- use: Beginning Cash Cash from Long-term Debt Other (2) Capital Acquisitions net Dividends Share Ending Cash (8/31/07) (1) Operations Expenditures of Divestitures Repurchases (8/31/18) § Organic growth initiatives § Capital expenditures - expected to be $20-25 million in fiscal 2019 (1) Includes marketable securities that were not included in the cash and cash equivalents balance on 8/31/07. § Dividend payments (2) Other includes debt repayments, net cash sources/uses from note receivables, net investment hedges, stock compensation and related tax benefits. § Synergistic acquisitions that leverage core capabilities § Excess cash invested in opportunistic share repurchases rd 3 Quarter Fiscal 2019 Earnings Call Presentation 14Capital Allocation – A Balanced Approach Allocation Plan Allocation History § Targeted cash balance of $60-75 $800,000 = Source of Cash $ in thousands million, including international = Use of Cash $700,000 accounts $25,452 $129,380 § To support cyclical and seasonal $123,128 $600,000 54% of cash from operations fluctuations in working capital and returned to shareholders $500,000 $105,360 projected capital expenditures $400,000 $88,803 § $115 million in Senior Notes maturing 45% of cash from operations $511,775 $300,000 invested in growth on 2/19/30 at annual interest rate of $186,277 $200,000 3.82% $100,000 $160,787 § The Company’s prioritization for cash $48,652 $- use: Beginning Cash Cash from Long-term Debt Other (2) Capital Acquisitions net Dividends Share Ending Cash (8/31/07) (1) Operations Expenditures of Divestitures Repurchases (8/31/18) § Organic growth initiatives § Capital expenditures - expected to be $20-25 million in fiscal 2019 (1) Includes marketable securities that were not included in the cash and cash equivalents balance on 8/31/07. § Dividend payments (2) Other includes debt repayments, net cash sources/uses from note receivables, net investment hedges, stock compensation and related tax benefits. § Synergistic acquisitions that leverage core capabilities § Excess cash invested in opportunistic share repurchases rd 3 Quarter Fiscal 2019 Earnings Call Presentation 14

Regulation G Reconciliation of GAAP to Non-GAAP Financial Measures 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 May 31, Diluted earnings per May 31, Diluted earnings per (in thousands, except per share amounts) 2019 share 2019 share Net earnings - as reported $ 2, 897 $ 0.27 $ 669 $ 0.06 FFG costs - after tax 2,553 0. 23 9, 140 0.85 Net earnings - adjusted $ 5,450 $ 0.50 $ 9, 809 $ 0. 91 Average shares outstanding - diluted 10, 814 10, 807 rd 3 Quarter Fiscal 2019 Earnings Call Presentation 15Regulation G Reconciliation of GAAP to Non-GAAP Financial Measures 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 May 31, Diluted earnings per May 31, Diluted earnings per (in thousands, except per share amounts) 2019 share 2019 share Net earnings - as reported $ 2, 897 $ 0.27 $ 669 $ 0.06 FFG costs - after tax 2,553 0. 23 9, 140 0.85 Net earnings - adjusted $ 5,450 $ 0.50 $ 9, 809 $ 0. 91 Average shares outstanding - diluted 10, 814 10, 807 rd 3 Quarter Fiscal 2019 Earnings Call Presentation 15

Regulation G Reconciliation of GAAP to Non-GAAP Financial Measures LINDSAY CORPORATION AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited) (Continued) For the three months ended May 31, 2019 Operating income reconciliation Consolidated Irrigation Infrastructure Corporate Operating income - as reported $ 4,475 $ 11,037 $ 3,537 $ (10,099) FFG costs - pre-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 - as reported $ 2,055 $ 26, 341 $ 7, 259 $ (31,545) FFG costs - pre-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 rd 3 Quarter Fiscal 2019 Earnings Call Presentation 16Regulation G Reconciliation of GAAP to Non-GAAP Financial Measures LINDSAY CORPORATION AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited) (Continued) For the three months ended May 31, 2019 Operating income reconciliation Consolidated Irrigation Infrastructure Corporate Operating income - as reported $ 4,475 $ 11,037 $ 3,537 $ (10,099) FFG costs - pre-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 - as reported $ 2,055 $ 26, 341 $ 7, 259 $ (31,545) FFG costs - pre-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 rd 3 Quarter Fiscal 2019 Earnings Call Presentation 16

Regulation G Reconciliation of GAAP to Non-GAAP Financial Measures 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) tax expense attributed to enactment of the Tax Cuts and Jobs Act ( U.S. Tax Reform ), and (2) an adjustment to the carrying value of businesses held-for-sale, severance costs and consulting fees 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 Diluted earnings per Diluted earnings per (in thousands, except per share amounts) May 31, 2018 share May 31, 2018 share Net earnings - as reported $ 10,379 $ 0.96 $ 15,299 $ 1.42 Impact of U.S. Tax Reform — 0.00 2,578 0.24 FFG costs - after tax 7, 525 0.70 9, 193 0.85 Net earnings - adjusted $ 17, 904 $ 1.66 $ 27, 070 $ 2. 52 Average shares outstanding - diluted 10, 785 10, 763 rd 3 Quarter Fiscal 2019 Earnings Call Presentation 17Regulation G Reconciliation of GAAP to Non-GAAP Financial Measures 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) tax expense attributed to enactment of the Tax Cuts and Jobs Act ( U.S. Tax Reform ), and (2) an adjustment to the carrying value of businesses held-for-sale, severance costs and consulting fees 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 Diluted earnings per Diluted earnings per (in thousands, except per share amounts) May 31, 2018 share May 31, 2018 share Net earnings - as reported $ 10,379 $ 0.96 $ 15,299 $ 1.42 Impact of U.S. Tax Reform — 0.00 2,578 0.24 FFG costs - after tax 7, 525 0.70 9, 193 0.85 Net earnings - adjusted $ 17, 904 $ 1.66 $ 27, 070 $ 2. 52 Average shares outstanding - diluted 10, 785 10, 763 rd 3 Quarter Fiscal 2019 Earnings Call Presentation 17

Regulation G Reconciliation of GAAP to Non-GAAP Financial Measures LINDSAY CORPORATION AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited) (Continued) For the three months ended May 31, 2018 Operating income reconciliation Consolidated Irrigation Infrastructure Corporate Operating income - as reported $ 18, 814 $ 11, 718 $ 14, 248 $ (7,152) FFG costs - pre-tax 7,556 6,356 165 1,035 Adjusted operating income $ 26,370 $ 18, 074 $ 14,413 $ (6,117) Operating revenues $ 169,571 $ 128, 421 $ 41,150 $ — Operating income as a percent of operating revenues 11.1% 9.1% 34.6% N/A Adjusted operating income as a percent of operating revenues 15.6% 14.1% 35.0% N/A For the nine months ended May 31, 2018 Operating income reconciliation Consolidated Irrigation Infrastructure Corporate Operating income - as reported $ 32,306 $ 31, 502 $ 20, 058 $ (19,254) FFG costs - pre-tax 9,887 6,929 165 2,793 Adjusted operating income $ 42, 193 $ 38,431 $ 20,223 $ (16,461) Operating revenues $ 424,436 $ 343, 639 $ 80,797 $ — Operating income as a percent of operating revenues 7.6% 9.2% 24.8% N/A Adjusted operating income as a percent of operating revenues 9.9% 11.2% 25.0% N/A rd 3 Quarter Fiscal 2019 Earnings Call Presentation 18Regulation G Reconciliation of GAAP to Non-GAAP Financial Measures LINDSAY CORPORATION AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited) (Continued) For the three months ended May 31, 2018 Operating income reconciliation Consolidated Irrigation Infrastructure Corporate Operating income - as reported $ 18, 814 $ 11, 718 $ 14, 248 $ (7,152) FFG costs - pre-tax 7,556 6,356 165 1,035 Adjusted operating income $ 26,370 $ 18, 074 $ 14,413 $ (6,117) Operating revenues $ 169,571 $ 128, 421 $ 41,150 $ — Operating income as a percent of operating revenues 11.1% 9.1% 34.6% N/A Adjusted operating income as a percent of operating revenues 15.6% 14.1% 35.0% N/A For the nine months ended May 31, 2018 Operating income reconciliation Consolidated Irrigation Infrastructure Corporate Operating income - as reported $ 32,306 $ 31, 502 $ 20, 058 $ (19,254) FFG costs - pre-tax 9,887 6,929 165 2,793 Adjusted operating income $ 42, 193 $ 38,431 $ 20,223 $ (16,461) Operating revenues $ 424,436 $ 343, 639 $ 80,797 $ — Operating income as a percent of operating revenues 7.6% 9.2% 24.8% N/A Adjusted operating income as a percent of operating revenues 9.9% 11.2% 25.0% N/A rd 3 Quarter Fiscal 2019 Earnings Call Presentation 18