EX-99.1 2 lnn-ex991_6.htm EX-99.1 lnn-ex991_6.htm

 

 

 

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 Fourth Quarter and Full Year Results

 

 

Full year revenues increased 6 percent, with growth in both Irrigation and Infrastructure segments

 

Full year GAAP diluted earnings per share of $1.88 ($2.94 adjusted)1, compared to $2.17 for the prior year

 

North America Irrigation revenues increased 3 percent in the quarter

 

Completed divestitures of three businesses and closure of one manufacturing facility in the quarter

 

 

OMAHA, Neb., October 18, 2018—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 ended August 31, 2018.

 

Fourth Quarter and Full Year Summary

 

Revenues for the fourth quarter of fiscal 2018 were $123.3 million, a decrease of 7 percent compared to revenues of $131.9 million in the prior year’s fourth quarter.  Net earnings for the quarter were $5.0 million and diluted earnings per share were $0.46, compared with net earnings of $6.3 million and diluted earnings per share of $0.59 for the same period in the prior year.  Adjusted net earnings for the fourth quarter were $4.5 million, or $0.42 per diluted share.1

 

Total revenues for the year ended August 31, 2018 were $547.7 million, an increase of 6 percent compared to revenues of $518.0 million in the prior year.  Net earnings for the year were $20.3 million and diluted earnings per share were $1.88, compared with net earnings of $23.2 million and diluted earnings per share of $2.17 in the prior year.  Net earnings for the year were reduced by tax expense of $2.5 million due to the enactment of the U.S. Tax Reform and by after-tax costs of $8.8 million related to the Company’s Foundation for Growth initiative.  Adjusted net earnings for fiscal 2018 were $31.6 million, or $2.94 per diluted share.1

 

“Despite challenging market conditions resulting from tariffs and falling grain prices, our fourth quarter North America irrigation equipment sales were improved over the prior year,” said Tim Hassinger, President and Chief Executive Officer.  “Our full year revenue growth of 6 percent was led by 16 percent growth in North America irrigation and 8 percent growth in our infrastructure segment.  We also continue to make good progress on our Foundation for Growth objectives that we introduced earlier in the year.”  

 

Fourth Quarter Segment Results

 

Irrigation segment revenues decreased 6 percent to $96.2 million, compared to $101.9 million in the prior year’s fourth quarter.  North America irrigation revenues increased 3 percent to $60.6 million, reflecting an increase in irrigation system unit volume.  International irrigation revenues decreased 18 percent to $35.6 million due to the market disruption in Brazil that continued during the quarter and lower project activity in developing markets compared to the prior year.  

 

Irrigation segment operating margin was 10.8 percent of sales in the fourth quarter (8.8 percent adjusted)1, compared to 9.6 percent of sales in the prior year.  A net gain of $2.0 million from business divestitures was partially offset by a $1.6 million incremental LIFO inventory valuation expense resulting from raw material inflation.

 

 

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 revenues decreased 10 percent in the fourth quarter to $27.1 million, compared to $30.0 million in the prior year’s fourth quarter.  The decrease resulted primarily from lower Road Zipper System® lease revenue and lower road safety product sales, while Road Zipper System® sales were comparable to the prior year.

 

Infrastructure segment operating margin was 14.0 percent of sales in the fourth quarter (16.6 percent adjusted)1, compared to 25.1 percent of sales in the fourth quarter of the prior year.  Operating margin declined primarily due to less favorable revenue mix, resulting from lower revenue from leasing, compared to the prior year.

 

The backlog of unshipped orders at August 31, 2018 was $50.0 million, compared with $51.8 million at August 31, 2017.  

 

Foundation for Growth Initiative

 

Earlier in the fiscal year, 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, exclusive of market changes.

 

During the fourth quarter, the Company completed divestitures of its pump and filtration businesses and a water resource consulting firm, resulting in a net gain of $2.0 million reported in the irrigation segment.  In addition, the Company completed the closure of an infrastructure manufacturing facility and the consolidation of its activities with an existing irrigation operation.  Severance and other costs of $0.7 million were incurred in connection with the facility closure.  Additional operating expenses of $1.1 million, representing severance costs and professional consulting fees, were incurred during the quarter.

 

Results for the fiscal year include pre-tax costs of $9.7 million in connection with the Foundation for Growth initiative, including a net loss from business divestitures of $4.1 million.

 

Outlook

 

“Market headwinds in North America are expected to continue into our fiscal 2019 due to uncertainty regarding the outcome of global trade negotiations and pressure on grain prices.” said Mr. Hassinger.  “We expect improvement in international irrigation as Brazil returns to a level of normalcy and developing markets continue to grow.”

 

Mr. Hassinger added, “Following record infrastructure results in fiscal 2018, we continue to focus on converting the pipeline of Road Zipper projects into orders.”

 

Fourth Quarter Conference Call

 

Lindsay’s fiscal 2018 fourth 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 Corporation is a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology. The Lindsay family of irrigation brands includes Zimmatic® and FieldNET® as well as irrigation consulting, design, advanced machine-to-machine communication, remote control, monitoring and scheduling technology, and wireless networking 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

2


 

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.

3


 

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)

 

 

2018

 

 

 

2017

 

 

 

2018

 

 

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

 

123,269

 

 

$

 

131,937

 

 

$

 

547,705

 

 

$

 

517,985

 

Cost of operating revenues

 

 

 

90,998

 

 

 

 

94,146

 

 

 

 

396,243

 

 

 

 

372,973

 

Gross profit

 

 

 

32,271

 

 

 

 

37,791

 

 

 

 

151,462

 

 

 

 

145,012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling expense

 

 

 

9,798

 

 

 

 

10,140

 

 

 

 

40,885

 

 

 

 

40,705

 

General and administrative expense

 

 

 

11,759

 

 

 

 

11,681

 

 

 

 

55,962

 

 

 

 

46,959

 

Engineering and research expense

 

 

 

4,120

 

 

 

 

4,440

 

 

 

 

16,052

 

 

 

 

17,147

 

Total operating expenses

 

 

 

25,677

 

 

 

 

26,261

 

 

 

 

112,899

 

 

 

 

104,811

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

6,594

 

 

 

 

11,530

 

 

 

 

38,563

 

 

 

 

40,201

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

(1,185

)

 

 

 

(1,191

)

 

 

 

(4,687

)

 

 

 

(4,757

)

Interest income

 

 

 

469

 

 

 

 

297

 

 

 

 

1,640

 

 

 

 

1,178

 

Other (expense) income, net

 

 

 

62

 

 

 

 

(89

)

 

 

 

(1,663

)

 

 

 

(907

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

 

 

5,940

 

 

 

 

10,547

 

 

 

 

33,853

 

 

 

 

35,715

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

 

962

 

 

 

 

4,205

 

 

 

 

13,576

 

 

 

 

12,536

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

 

4,978

 

 

$

 

6,342

 

 

$

 

20,277

 

 

$

 

23,179

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

 

0.46

 

 

$

 

0.59

 

 

$

 

1.89

 

 

$

 

2.17

 

Diluted

 

$

 

0.46

 

 

$

 

0.59

 

 

$

 

1.88

 

 

$

 

2.17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in computing earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

10,757

 

 

 

 

10,692

 

 

 

 

10,741

 

 

 

 

10,666

 

Diluted

 

 

 

10,798

 

 

 

 

10,729

 

 

 

 

10,772

 

 

 

 

10,694

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per share

 

$

 

0.31

 

 

$

 

0.30

 

 

$

 

1.21

 

 

$

 

1.17

 

 

 

 

 

4


 

LINDSAY CORPORATION AND SUBSIDIARIES

 

SUMMARY OPERATING RESULTS

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

Twelve months ended

 

(in thousands)

 

 

August 31,

2018

 

 

 

August 31,

2017

 

 

 

August 31,

2018

 

 

 

August 31,

2017

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Irrigation segment

 

$

 

96,219

 

 

$

 

101,939

 

 

$

 

439,858

 

 

$

 

418,041

 

   Infrastructure segment

 

 

 

27,050

 

 

 

 

29,998

 

 

 

 

107,847

 

 

 

 

99,944

 

Total operating revenues

 

$

 

123,269

 

 

$

 

131,937

 

 

$

 

547,705

 

 

$

 

517,985

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Irrigation segment

 

$

 

10,431

 

 

$

 

9,813

 

 

$

 

41,933

 

 

$

 

42,774

 

   Infrastructure segment

 

 

 

3,799

 

 

 

 

7,543

 

 

 

 

23,857

 

 

 

 

20,131

 

   Corporate

 

 

 

(7,636

)

 

 

 

(5,826

)

 

 

 

(27,227

)

 

 

 

(22,704

)

Total operating income

 

$

 

6,594

 

 

$

 

11,530

 

 

$

 

38,563

 

 

$

 

40,201

 

 

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 irrigation consulting and design, remote control and monitoring, irrigation scheduling, and machine-to-machine technology.  

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.

5


 

 

 

LINDSAY CORPORATION AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

August 31,

2018

 

 

August 31,

2017

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 

160,787

 

 

$

 

121,620

 

Receivables, net of allowance of $3,585 and $7,447, respectively

 

 

 

69,107

 

 

 

 

73,850

 

Inventories, net

 

 

 

79,233

 

 

 

 

86,155

 

Prepaid expenses

 

 

 

3,883

 

 

 

 

4,384

 

Assets held-for-sale

 

 

 

10,837

 

 

 

 

 

Other current assets

 

 

 

7,204

 

 

 

 

6,925

 

Total current assets

 

 

 

331,051

 

 

 

 

292,934

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant, and equipment, net

 

 

 

57,248

 

 

 

 

74,498

 

Intangible assets, net

 

 

 

27,376

 

 

 

 

42,808

 

Goodwill

 

 

 

64,671

 

 

 

 

77,131

 

Deferred income tax assets

 

 

 

6,645

 

 

 

 

5,311

 

Other noncurrent assets

 

 

 

13,265

 

 

 

 

13,350

 

Total assets

 

$

 

500,256

 

 

$

 

506,032

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

 

30,530

 

 

$

 

36,717

 

Current portion of long-term debt

 

 

 

205

 

 

 

 

201

 

Liabilities held-for-sale

 

 

 

2,424

 

 

 

 

 

Other current liabilities

 

 

 

46,935

 

 

 

 

55,119

 

Total current liabilities

 

 

 

80,094

 

 

 

 

92,037

 

 

 

 

 

 

 

 

 

 

 

 

Pension benefits liabilities

 

 

 

5,874

 

 

 

 

6,295

 

Long-term debt

 

 

 

116,570

 

 

 

 

116,775

 

Deferred income tax liabilities

 

 

 

1,083

 

 

 

 

1,191

 

Other noncurrent liabilities

 

 

 

19,769

 

 

 

 

19,679

 

Total liabilities

 

 

 

223,390

 

 

 

 

235,977

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

 

 

Preferred stock

 

 

 

 

 

 

 

 

Common stock

 

 

 

18,841

 

 

 

 

18,780

 

Capital in excess of stated value

 

 

 

68,465

 

 

 

 

63,006

 

Retained earnings

 

 

 

484,886

 

 

 

 

477,615

 

Less treasury stock - at cost

 

 

 

(277,238

)

 

 

 

(277,238

)

Accumulated other comprehensive loss, net

 

 

 

(18,088

)

 

 

 

(12,108

)

Total shareholders' equity

 

 

 

276,866

 

 

 

 

270,055

 

Total liabilities and shareholders' equity

 

$

 

500,256

 

 

$

 

506,032

 

 

 

 

 

 

 

 

 

 

6


 

LINDSAY CORPORATION AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended August 31,

 

(in thousands)

 

 

2018

 

 

 

2017

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

 

20,277

 

 

$

 

23,179

 

   Adjustments to reconcile net earnings to net cash provided

 

 

 

 

 

 

 

 

 

 

   by operating activities:

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

16,514

 

 

 

 

16,678

 

Loss on sale of businesses

 

 

 

4,056

 

 

 

 

 

Provision for uncollectible accounts receivable

 

 

 

(2,587

)

 

 

 

(574

)

Deferred income taxes

 

 

 

(50

)

 

 

 

(903

)

Share-based compensation expense

 

 

 

3,891

 

 

 

 

3,598

 

Other, net

 

 

 

2,903

 

 

 

 

626

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

 

 

Receivables

 

 

 

(3,714

)

 

 

 

7,959

 

Inventories

 

 

 

(8,173

)

 

 

 

(10,092

)

Prepaid expenses and other current assets

 

 

 

(1,150

)

 

 

 

4,581

 

Accounts payable

 

 

 

159

 

 

 

 

4,076

 

Other current liabilities

 

 

 

2,946

 

 

 

 

(717

)

Current taxes payable

 

 

 

725

 

 

 

 

(3,104

)

Other noncurrent assets and liabilities

 

 

 

(1,863

)

 

 

 

(5,858

)

Net cash provided by operating activities

 

 

 

33,934

 

 

 

 

39,449

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

Purchases of property, plant, and equipment

 

 

 

(11,054

)

 

 

 

(8,863

)

Proceeds from sale of businesses

 

 

 

29,888

 

 

 

 

-

 

Proceeds from settlement of net investment hedges

 

 

 

2,278

 

 

 

 

2,117

 

Payments for settlement of net investment hedges

 

 

 

(3,089

)

 

 

 

(3,466

)

Other investing activities, net

 

 

 

82

 

 

 

 

233

 

Net cash provided by (used in) investing activities

 

 

 

18,105

 

 

 

 

(9,979

)

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

Proceeds from exercise of stock options

 

 

 

2,788

 

 

 

 

3,020

 

Common stock withheld for payroll tax obligations

 

 

 

(833

)

 

 

 

(635

)

Principal payments on long-term debt

 

 

 

(201

)

 

 

 

(197

)

Dividends paid

 

 

 

(13,006

)

 

 

 

(12,490

)

Cash and cash equivalents, end of period

 

 

 

(11,252

)

 

 

 

(10,302

)

 

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

 

 

(1,620

)

 

 

 

1,206

 

Net change in cash and cash equivalents

 

 

 

39,167

 

 

 

 

20,374

 

Cash and cash equivalents, beginning of period

 

 

 

121,620

 

 

 

 

101,246

 

Cash and cash equivalents, end of period

 

$

 

160,787

 

 

$

 

121,620

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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) income tax expense attributed to enactment of U.S. Tax Reform, and (2) gains and losses from businesses divested and 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

 

 

Twelve months ended

 

(in thousands, except per share amounts)

 

August 31,

2018

 

 

Diluted earnings per share

 

 

August 31,

2018

 

 

Diluted earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings - reported GAAP measure

 

$

4,978

 

 

$

0.46

 

 

$

20,277

 

 

$

1.88

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impact of U.S. Tax Reform

 

 

(82

)

 

 

(0.01

)

 

 

2,496

 

 

 

0.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFG costs (gain) - after tax

 

 

(349

)

 

 

(0.03

)

 

 

8,844

 

 

 

0.82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings - adjusted

 

$

4,547

 

 

$

0.42

 

 

$

31,617

 

 

$

2.94

 

Average shares outstanding - diluted

 

 

 

 

 

 

10,798

 

 

 

 

 

 

 

10,772

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended August 31, 2018

 

Operating income reconciliation

 

Consolidated

 

 

Irrigation

 

 

Infrastructure

 

 

Corporate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income - reported GAAP measure

 

$

6,594

 

 

$

10,431

 

 

$

3,799

 

 

$

(7,636

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFG costs (gain) - before tax

 

 

(166

)

 

 

(1,967

)

 

 

690

 

 

 

1,111

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted operating income

 

$

6,428

 

 

$

8,464

 

 

$

4,489

 

 

$

(6,525

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

123,269

 

 

$

96,219

 

 

$

27,050

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income as a percent of operating revenues

 

 

5.3

%

 

 

10.8

%

 

 

14.0

%

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted operating income as a percent of operating revenues

 

 

5.2

%

 

 

8.8

%

 

 

16.6

%

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve months ended August 31, 2018

 

Operating income reconciliation

 

Consolidated

 

 

Irrigation

 

 

Infrastructure

 

 

Corporate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income - reported GAAP measure

 

$

38,563

 

 

$

41,933

 

 

$

23,857

 

 

$

(27,227

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFG costs - before tax

 

 

9,721

 

 

 

4,962

 

 

 

855

 

 

 

3,904

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted operating income

 

$

48,284

 

 

$

46,895

 

 

$

24,712

 

 

$

(23,323

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

547,705

 

 

$

439,858

 

 

$

107,847

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income as a percent of operating revenues

 

 

7.0

%

 

 

9.5

%

 

 

22.1

%

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted operating income as a percent of operating revenues

 

 

8.8

%

 

 

10.7

%

 

 

22.9

%

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8