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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