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|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|
Lindsay Corporation Reports Fiscal 2019 Fourth Quarter and Full Year Results
Market uncertainty continues to impact demand for irrigation equipment
Infrastructure fourth quarter results improved on higher Road Zipper System® revenue
Reported fourth quarter EPS of $0.14; adjusted fourth quarter EPS of $0.54
OMAHA, Neb., October 29, 2019Lindsay 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, 2019.
Fourth Quarter and Full Year Summary
Revenues for the fourth quarter of fiscal 2019 were $101.9 million, a decrease of $21.4 million, or 17 percent, compared to revenues of $123.3 million in the prior year fourth quarter. Approximately $18.7 million of the decrease in revenues was attributable to previously announced business divestitures in the irrigation segment that were part of the Companys Foundation for Growth initiative. Net earnings for the quarter were $1.5 million, or $0.14 per diluted share, compared with net earnings of $5.0 million, or $0.46 per diluted share, for the same period in the prior year. Net earnings for the quarter adjusted to eliminate (i) costs associated with the Foundation for Growth initiative, and (ii) a valuation adjustment for indirect tax credits in a foreign jurisdiction were $5.8 million, or $0.54 per diluted share, compared to adjusted net earnings of $4.5 million, or $0.42 per diluted share, for the same period in the prior year.1
Total revenues for the year ended August 31, 2019 were $444.1 million, a decrease of $103.6 million, or 19 percent, compared to revenues of $547.7 million in the prior year. Approximately $78.1 million of the decrease in revenues was attributable to business divestitures in the irrigation segment that were part of the Companys Foundation for Growth initiative. Net earnings for the year were $2.2 million, or $0.20 per diluted share, compared with net earnings of $20.3 million, or $1.88 per diluted share, in the prior year. Net earnings for the year adjusted to eliminate (i) costs associated with the Foundation for Growth initiative, and (ii) a valuation adjustment for indirect tax credits in a foreign jurisdiction were $15.6 million, or $1.45 per diluted share, compared to adjusted net earnings of $31.6 million, or $2.94 per diluted share, in the prior year.1
The decrease in irrigation segment revenues for the year and quarter resulted primarily from the business divestitures that were part of our strategy to simplify the business and improve operating margin. In addition, challenging market conditions have persisted in our core irrigation equipment markets, said Tim Hassinger, President and Chief Executive Officer. Solid fourth quarter results in our infrastructure segment reflect the progress we are making in our strategy to grow the Road Zipper® business.
Fourth Quarter Segment Results
Irrigation segment revenues for the fourth quarter of fiscal 2019 were $69.5 million, a decrease of $26.7 million, or 28 percent, compared to $96.2 million in the prior year fourth quarter. Excluding the impact of the divestitures, North America irrigation revenues of $41.5 million were relatively flat compared to the prior year. Higher revenue from engineering project services and the impact of higher average selling prices were offset by lower irrigation equipment unit volume. International irrigation revenues of $28.0 million decreased $7.6 million, or 21 percent, primarily due to lower activity levels in several markets.
Please see Reg G reconciliation of GAAP operating income, net earnings and diluted earnings per share to adjusted figures at end of document.
The following information was filed by Lindsay Corp (LNN) on Tuesday, October 29, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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