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Lindsay Corp (LNN) SEC Filing 10-K Annual report for the fiscal year ending Friday, August 31, 2018

Lindsay Corp

CIK: 836157 Ticker: LNN

 

 

 

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.

 


The following information was filed by Lindsay Corp (LNN) on Thursday, October 18, 2018 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts (Details)
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Earnings
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (Parenthetical)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Roll Forward Of Balances In Accumulated Other Comprehensive Income (Loss)) (Details)
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss) (Details)
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss) (Details) (Parenthetical)
Accumulated Other Comprehensive Loss (Tables)
Commitments And Contingencies
Commitments And Contingencies (Narrative) (Details)
Commitments And Contingencies (Schedule Of Future Minimum Lease Payments) (Details)
Commitments And Contingencies (Summary Of Undiscounted Environmental Remediation Liability Classifications) (Details)
Commitments And Contingencies (Tables)
Credit Arrangements
Credit Arrangements (Narrative) (Details)
Credit Arrangements (Schedule Of Long-Term Debt) (Details)
Credit Arrangements (Schedule Of Principal Payments Due On Long-Term Debt) (Details)
Credit Arrangements (Tables)
Description Of Business And Significant Accounting Policies
Description Of Business And Significant Accounting Policies (Narrative) (Details)
Description Of Business And Significant Accounting Policies (Policies)
Divestitures And Held-For-Sale
Divestitures And Held-For-Sale (Narrative) (Details)
Divestitures And Held-For-Sale (Tables)
Fair Value Measurements
Fair Value Measurements (Narrative) (Details)
Fair Value Measurements (Schedule Of Financial Assets And Liabilities Measured At Fair Value) (Details)
Fair Value Measurements (Tables)
Financial Derivatives
Financial Derivatives (Narrative) (Details)
Financial Derivatives (Schedule Of Derivative Instruments, Effect On Other Comprehensive Income (Loss)) (Details)
Financial Derivatives (Schedule Of Financial Derivatives) (Details)
Financial Derivatives (Tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Carrying Amount In Goodwill By Segments) (Details)
Goodwill And Other Intangible Assets (Narrative) (Details)
Goodwill And Other Intangible Assets (Schedule Of Future Estimated Amortization Of Intangible Assets) (Details)
Goodwill And Other Intangible Assets (Schedule Of Intangible Assets Finite And Infinite Excluding Goodwill) (Details)
Goodwill And Other Intangible Assets (Tables)
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details)
Income Taxes (Schedule Of Earnings Before Income Taxes) (Details)
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details)
Income Taxes (Schedule Of Significant Components Of Income Tax Provision) (Details)
Income Taxes (Schedule Of Unrecognized Tax Benefits Roll Forward) (Details)
Income Taxes (Tables)
Industry Segment Information
Industry Segment Information (Narrative) (Details)
Industry Segment Information (Schedule Of Revenue By Geographical Areas) (Details)
Industry Segment Information (Schedule Of Segment Reporting Information, By Segment) (Details)
Industry Segment Information (Tables)
Inventories
Inventories (Schedule Of Inventories) (Details)
Inventories (Tables)
Net Earnings Per Share
Net Earnings Per Share (Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share) (Details)
Net Earnings Per Share (Schedule Of Computation Of Basic And Diluted Net Earnings Per Share) (Details)
Net Earnings Per Share (Tables)
New Accounting Pronouncements
Other Current Liabilities
Other Current Liabilities (Schedule Of Other Liabilities Current) (Details)
Other Current Liabilities (Tables)
Property, Plant And Equipment
Property, Plant And Equipment (Details)
Property, Plant And Equipment (Narrative) (Details)
Property, Plant And Equipment (Tables)
Quarterly Results Of Operations
Quarterly Results Of Operations (Schedule Of Of Quarterly Results) (Details)
Quarterly Results Of Operations (Tables)
Retirement Plans
Retirement Plans (Narrative) (Details)
Retirement Plans (Schedule Of Amounts Recognized In Balance Sheet) (Details)
Retirement Plans (Schedule Of Amounts Recognized In The Statement Of Financial Position) (Details)
Retirement Plans (Schedule Of Before-Tax Amounts Recognized In Accumulated Other Comprehensive Loss) (Details)
Retirement Plans (Schedule Of Expected Benefit Payments) (Details)
Retirement Plans (Schedules Of Net Benefit Costs) (Details)
Retirement Plans (Tables)
Schedule Of Carrying Amounts Of Major Classes Of Assets And Liabilities Classified As Held-For-Sale (Details)
Schedule Of Carrying Amounts Of Major Classes Of Assets And Liabilities Classified As Held-For-Sale (Parenthetical) (Details)
Share Repurchases
Share Repurchases (Narrative) (Details)
Share-Based Compensation
Share-Based Compensation (Narrative) (Details)
Share-Based Compensation (Schedule Of Assumptions Used) (Details)
Share-Based Compensation (Schedule Of Performance Stock Status) (Details)
Share-Based Compensation (Schedule Of Share-Based Compensation Expense) (Details)
Share-Based Compensation (Summary Of Restricted Stock Units) (Details)
Share-Based Compensation (Summary Of Share Based Compensation Additional Information) (Details)
Share-Based Compensation (Summary Of Stock Option Activity) (Details)
Shared-Based Compensation (Tables)
Warranties
Warranties (Narrative) (Details)
Warranties (Schedule Of Product Warranty Liability) (Details)
Warranties (Tables)
Ticker: LNN
CIK: 836157
Form Type: 10-K Annual Report
Accession Number: 0001564590-18-024810
Submitted to the SEC: Tue Oct 23 2018 7:10:03 PM EST
Accepted by the SEC: Wed Oct 24 2018
Period: Friday, August 31, 2018
Industry: Farm Machinery And Equipment

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