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):

January 7, 2020

 

 

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 January 9, 2020, Lindsay Corporation (the “Company”) issued a press release announcing the Company’s results of operations for its first quarter ended November 30, 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 2020 first quarter investor conference call at 11:00 a.m. Eastern Time on January 9, 2020 is furnished herewith as Exhibit 99.2.

In accordance with General Instruction B.2 of Form 8-K, the information contained in this Item 2.02, 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.

 

Item  5.02.

Submission of Matters to a Vote of Security Holders.

On January 7, 2020, the Company held its annual meeting of stockholders (the “Fiscal 2020 Annual Meeting”). A total of 9,589,433 shares of the Company’s common stock, or 88.68% of the 10,813,363 shares entitled to vote, were represented in person or by proxy at the Fiscal 2020 Annual Meeting.

The final results for each of the matters submitted to a stockholder vote at the Fiscal 2020 Annual Meeting are set forth below.

 

1.

The stockholders elected two directors with terms expiring at the fiscal 2023 annual meeting of stockholders, based on the following voting results:

 

     Votes For      Votes Withheld      Broker Non-Votes  

Election of Directors

        

Michael N. Christodolou

     8,729,790        376,553        483,090  

David B. Rayburn

     8,917,486        188,857        483,090  

 

2.

The stockholders ratified the appointment of KPMG LLP as the Company’s independent registered public accounting firm for the fiscal year ending August 31, 2020, based on the following voting results:

 

     Votes For    Votes Against    Abstentions

Ratification of Independent Registered Public Accounting Firm

   9,414,122    53,230    122,081

 

3.

The stockholders approved, on an advisory basis, the compensation of the Company’s named executive officers, based on the following voting results:

 

     Votes For    Votes Against    Abstentions    Broker Non-Votes

Advisory Vote on Executive Compensation

   8,714,775    257,711    133,857    483,090


Item 9.01.

Financial Statements and Exhibits.

 

99.1    Press Release, dated January 9, 2020, issued by the Company.
99.2    Slide Presentation for Fiscal 2020 First Quarter Investor Conference Call on January 9, 2020.


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: January 9, 2020    

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
Senior Vice President & Chief Financial Officer    972-458-8000
402-827-6579   

Lindsay Corporation Reports Fiscal 2020 First Quarter Results

 

   

Operating margin performance of 11.2 percent and EPS of $0.77

 

   

Irrigation operating income and margin improved on lower revenue

 

   

Infrastructure delivers solid results on higher revenue and favorable margin mix

OMAHA, Neb., January 9, 2020—Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, today announced results for its first quarter of fiscal 2020, which ended on November 30, 2019.

First Quarter Summary

Revenues for the first quarter of fiscal 2020 were $109.4 million, a decrease of $2.6 million, or 2 percent, compared to revenues of $112.0 million in the prior year first quarter. Revenues decreased $3.3 million as a result of the divestiture of a company-owned irrigation dealership that occurred in the first quarter of fiscal 2019. Net earnings for the quarter were $8.3 million, or $0.77 per diluted share, compared with net earnings of $1.2 million, or $0.11 per diluted share, for the prior year first quarter. Net earnings for the prior year first quarter adjusted to eliminate costs associated with the Foundation for Growth initiative were $4.1 million, or $0.38 per diluted share.1

“We were pleased to see our fiscal 2020 get off to a solid start, with improved results in both the irrigation and infrastructure businesses,” said Tim Hassinger, President and Chief Executive Officer. “Margin expansion gained through our Foundation for Growth initiatives contributed to improved performance in our irrigation business. Outstanding results in our infrastructure business were achieved through revenue growth, margin improvement, and a favorable mix of higher margin revenue.”

First Quarter Segment Results

Irrigation segment revenues for the first quarter of fiscal 2020 were $82.4 million, a decrease of $5.3 million, or 6 percent, compared to $87.6 million in the prior year first quarter. North America irrigation revenues of $52.6 million decreased $3.9 million, or 7 percent, compared to the prior year, although $3.3 million of the decrease was attributable to the divestiture of a company-owned dealership. Higher irrigation equipment unit volume was offset by the impact of lower average selling prices and lower sales of replacement parts. International irrigation revenues of $29.7 million decreased $1.4 million, or 5 percent, due primarily to the negative impact of changes in foreign currency translation rates.

Irrigation segment operating margin was 11.8 percent of sales in the first quarter, compared to 8.9 percent of sales (9.0 percent adjusted)1 in the prior year. Operating margin improvement resulted primarily from improved cost and pricing performance compared to the prior year.

Infrastructure segment revenues for the first quarter of fiscal 2020 were $27.0 million, an increase of $2.7 million, or 11 percent, compared to $24.3 million in the prior year first quarter. The increase resulted from higher sales of road safety products along with an increase in Road Zipper System® lease revenue compared to the prior year.

Infrastructure segment operating margin was 32.4 percent of sales in the first quarter, compared to 17.1 percent of sales (17.6 percent adjusted)1 in the prior year first quarter. Operating margin improvement resulted from a more favorable revenue mix and from improved cost and pricing performance compared to the prior year.

 

1 

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


The backlog of unfilled orders at November 30, 2019 was $69.2 million compared with $49.2 million at November 30, 2018. Included in these backlogs are amounts of $5.2 million and $0.3 million, respectively, that are not expected to be fulfilled within the subsequent twelve months.

Outlook

“Recent progress regarding a preliminary trade agreement between the U.S. and China offers encouragement for U.S. farmers by improving the outlook for agricultural exports,” said Mr. Hassinger. “In the international markets we continue to see good activity in Brazil and in developing markets.”

Mr. Hassinger added, “We like the traction we are getting with our Road Zipper growth strategy and the pipeline of opportunities that are being generated.”

First Quarter Conference Call

Lindsay’s fiscal 2020 first 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  

(in thousands, except per share amounts)

   November 30,
2019
    November 30,
2018
 

Operating revenues

   $ 109,393     $ 111,951  

Cost of operating revenues

     75,319       83,303  
  

 

 

   

 

 

 

Gross profit

     34,074       28,648  
  

 

 

   

 

 

 

Operating expenses:

    

Selling expense

     6,492       7,982  

General and administrative expense

     11,804       15,058  

Engineering and research expense

     3,502       3,568  
  

 

 

   

 

 

 

Total operating expenses

     21,798       26,608  
  

 

 

   

 

 

 

Operating income

     12,276       2,040  

Interest expense

     (1,186     (1,205

Interest income

     615       654  

Other income (expense), net

     (450     192  
  

 

 

   

 

 

 

Earnings before income taxes

     11,255       1,681  

Income tax expense

     2,910       469  
  

 

 

   

 

 

 

Net earnings

   $ 8,345     $ 1,212  
  

 

 

   

 

 

 

Earnings per share:

    

Basic

   $ 0.77     $ 0.11  

Diluted

   $ 0.77     $ 0.11  

Shares used in computing earnings per share:

    

Basic

     10,795       10,766  

Diluted

     10,828       10,806  

Cash dividends declared per share

   $ 0.31     $ 0.31  

 

3


LINDSAY CORPORATION AND SUBSIDIARIES

SUMMARY OPERATING RESULTS

(Unaudited)

 

     Three months ended  

(in thousands)

   November 30,
2019
    November 30,
2018
 

Operating revenues:

    

Irrigation:

    

North America

   $ 52,613     $ 56,464  

International

     29,739       31,146  
  

 

 

   

 

 

 

Irrigation segment

     82,352       87,610  

Infrastructure segment

     27,041       24,341  
  

 

 

   

 

 

 

Total operating revenues

   $ 109,393     $ 111,951  
  

 

 

   

 

 

 

Operating income:

    

Irrigation segment

   $ 9,757     $ 7,783  

Infrastructure segment

     8,768       4,168  

Corporate

     (6,249     (9,911
  

 

 

   

 

 

 

Total operating income

   $ 12,276     $ 2,040  
  

 

 

   

 

 

 

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)

   November 30,
2019
    November 30,
2018
    August 31,
2019
 

ASSETS

      

Current assets:

      

Cash and cash equivalents

   $ 120,910     $ 137,217     $ 127,204  

Receivables, net

     79,317       84,864       75,551  

Inventories, net

     97,284       88,912       92,287  

Assets held-for-sale

     2,744       2,744       2,744  

Other current assets, net

     16,376       11,585       15,704  
  

 

 

   

 

 

   

 

 

 

Total current assets

     316,631       325,322       313,490  
  

 

 

   

 

 

   

 

 

 

Property, plant, and equipment, net

     70,305       60,482       68,968  

Intangibles, net

     23,739       26,576       24,382  

Goodwill

     64,358       64,557       64,387  

Operating lease right-of-use assets

     25,764       —         —    

Deferred income tax assets

     9,902       5,639       11,758  

Other noncurrent assets, net

     16,112       19,511       17,329  
  

 

 

   

 

 

   

 

 

 

Total assets

   $ 526,811     $ 502,087     $ 500,314  
  

 

 

   

 

 

   

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

      

Current liabilities:

      

Accounts payable

   $ 30,097     $ 41,338     $ 29,434  

Current portion of long-term debt

     210       206       209  

Other current liabilities

     54,494       41,480       52,488  
  

 

 

   

 

 

   

 

 

 

Total current liabilities

     84,801       83,024       82,131  
  

 

 

   

 

 

   

 

 

 

Pension benefits liabilities

     5,948       5,803       6,029  

Long-term debt

     115,805       116,086       115,846  

Operating lease liabilities

     25,323       —         —    

Deferred income tax liabilities

     845       1,048       872  

Other noncurrent liabilities

     21,089       19,451       27,227  
  

 

 

   

 

 

   

 

 

 

Total liabilities

     253,811       225,412       232,105  
  

 

 

   

 

 

   

 

 

 

Shareholders’ equity:

      

Preferred stock

     —         —         —    

Common stock

     18,897       18,870       18,870  

Capital in excess of stated value

     71,706       68,710       71,684  

Retained earnings

     479,732       483,811       474,740  

Less treasury stock - at cost

     (277,238     (277,238     (277,238

Accumulated other comprehensive loss, net

     (20,097     (17,478     (19,847
  

 

 

   

 

 

   

 

 

 

Total shareholders’ equity

     273,000       276,675       268,209  
  

 

 

   

 

 

   

 

 

 

Total liabilities and shareholders’ equity

   $ 526,811     $ 502,087     $ 500,314  
  

 

 

   

 

 

   

 

 

 

 

5


LINDSAY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

     Three months ended  

(in thousands)

   November 30,
2019
    November 30,
2018
 

CASH FLOWS FROM OPERATING ACTIVITIES:

    

Net earnings

   $ 8,345     $ 1,212  

Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:

    

Depreciation and amortization

     4,748       3,424  

Loss on sale of business

     —         67  

Provision for uncollectible accounts receivable

     248       (159

Deferred income taxes

     1,987       742  

Share-based compensation expense

     1,160       1,303  

Other, net

     374       (1,053

Changes in assets and liabilities:

    

Receivables

     (4,122     (14,782

Inventories

     (4,931     (11,387

Other current assets

     (2,466     298  

Accounts payable

     725       13,917  

Other current liabilities

     (1,901     (7,106

Other noncurrent assets and liabilities

     (2,626     (792
  

 

 

   

 

 

 

Net cash provided by (used in) operating activities

     1,541       (14,316
  

 

 

   

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

    

Purchases of property, plant, and equipment

     (4,322     (5,701

Proceeds from settlement of net investment hedges

     1,092       962  

Other investing activities, net

     24       8  
  

 

 

   

 

 

 

Net cash used in investing activities

     (3,206     (4,731
  

 

 

   

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

    

Proceeds from exercise of stock options

     —         177  

Common stock withheld for payroll tax obligations

     (1,111     (1,120

Principal payments on long-term debt

     (52     (51

Dividends paid

     (3,352     (3,344
  

 

 

   

 

 

 

Net cash used in financing activities

     (4,515     (4,338
  

 

 

   

 

 

 

Effect of exchange rate changes on cash and cash equivalents

     (114     (185
  

 

 

   

 

 

 

Net change in cash and cash equivalents

     (6,294     (23,570

Cash and cash equivalents, beginning of period

     127,204       160,787  
  

 

 

   

 

 

 

Cash and cash equivalents, end of period

   $ 120,910     $ 137,217  
  

 

 

   

 

 

 

 

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              

(in thousands, except per share amounts)

   November 30,
2018
    Diluted
earnings per
share
 

Net earnings - reported GAAP measure

   $ 1,212     $ 0.11  

FFG costs - before tax

     3,995     $ 0.37  

Tax effect - FFG costs

     (1,079   $ (0.10
  

 

 

   

 

 

 

Net earnings - adjusted

   $ 4,128     $ 0.38  
  

 

 

   

 

 

 

Average shares outstanding - diluted

       10,806  
     For the three months ended November 30, 2018  

Operating income reconciliation

   Consolidated     Irrigation     Infrastructure     Corporate  

Operating income - reported GAAP measure

     2,040     $ 7,783     $ 4,168     $ (9,911

FFG costs - before tax

     3,995       126       112       3,757  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted operating income

   $ 6,035     $ 7,909     $ 4,280     $ (6,154
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating revenues

     111,951     $ 87,610     $ 24,341     $ —    

Operating income as a percent of operating revenues

     1.8     8.9     17.1     N/A  

Adjusted operating income as a percent of operating revenues

     5.4     9.0     17.6     N/A  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

7

EX-99.2

Exhibit 99.2 st 1 Quarter Fiscal 2020 Earnings Slide Deck Exhibit 99.2 st 1 Quarter Fiscal 2020 Earnings Slide Deck


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 January 9, 2020. 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 January 9, 2020. 2


First Quarter Summary Amounts in millions, except per share amounts Revenue Operating Income Diluted EPS GAAP Adjusted* GAAP Adjusted* $112.0 $109.4 $12.3 $12.3 $0.77 $0.77 11.2% 11.2% $6.0 $0.38 1.8% 5.4% $2.0 $0.11 1.8% FY19 FY20 FY19 FY20 FY19 FY20 • Revenues decreased $2.6 million compared to prior year • Decrease of $3.3 million from the divestiture of a company-owned irrigation dealership in prior year • Irrigation decreased $2.0 million exclusive of the impact of the divestiture • Infrastructure increased $2.7 million • Operating income increased $6.3 million compared to adjusted prior year results* • Irrigation increased $1.9 million • Infrastructure increased $4.5 million 3 *Please see Reg G reconciliation of GAAP operating income, net earnings and diluted earnings per share to adjusted figures at end of presentation.First Quarter Summary Amounts in millions, except per share amounts Revenue Operating Income Diluted EPS GAAP Adjusted* GAAP Adjusted* $112.0 $109.4 $12.3 $12.3 $0.77 $0.77 11.2% 11.2% $6.0 $0.38 1.8% 5.4% $2.0 $0.11 1.8% FY19 FY20 FY19 FY20 FY19 FY20 • Revenues decreased $2.6 million compared to prior year • Decrease of $3.3 million from the divestiture of a company-owned irrigation dealership in prior year • Irrigation decreased $2.0 million exclusive of the impact of the divestiture • Infrastructure increased $2.7 million • Operating income increased $6.3 million compared to adjusted prior year results* • Irrigation increased $1.9 million • Infrastructure increased $4.5 million 3 *Please see Reg G reconciliation of GAAP operating income, net earnings and diluted earnings per share to adjusted figures at end of presentation.


First Quarter Financial Summary ($ in millions, except per share amounts) Q1 - FY20 Q1 - FY19 Change Revenue North America irrigation $ 52.6 $ 56.5 -7% International irrigation $ 29.7 $ 31.1 -5% Irrigation $ 82.4 $ 87.6 -6% Infrastructure $ 27.0 $ 24.3 11% Total revenue $ 109.4 $ 112.0 -2% Operating income $ 12.3 $ 2.0 502% Adjusted operating income* $ 12.3 $ 6.0 105% Net earnings $ 8.3 $ 1.2 589% Adjusted net earnings* $ 8.3 $ 4.1 104% Diluted earnings per share (EPS) $ 0.77 $ 0.11 600% Adjusted diluted EPS* $ 0.77 $ 0.38 103% *Please see Reg G reconciliation of GAAP operating income, net earnings and diluted earnings per share to adjusted figures at end of presentation. 4First Quarter Financial Summary ($ in millions, except per share amounts) Q1 - FY20 Q1 - FY19 Change Revenue North America irrigation $ 52.6 $ 56.5 -7% International irrigation $ 29.7 $ 31.1 -5% Irrigation $ 82.4 $ 87.6 -6% Infrastructure $ 27.0 $ 24.3 11% Total revenue $ 109.4 $ 112.0 -2% Operating income $ 12.3 $ 2.0 502% Adjusted operating income* $ 12.3 $ 6.0 105% Net earnings $ 8.3 $ 1.2 589% Adjusted net earnings* $ 8.3 $ 4.1 104% Diluted earnings per share (EPS) $ 0.77 $ 0.11 600% Adjusted diluted EPS* $ 0.77 $ 0.38 103% *Please see Reg G reconciliation of GAAP operating income, net earnings and diluted earnings per share to adjusted figures at end of presentation. 4


Current Market Factors Irrigation Infrastructure • The phase-one trade deal between the U.S. and • States continue the transition to new federal MASH China is expected to be signed January 15. Under testing standards for road safety products. Almost the deal, China would greatly increase agricultural all of our road safety product offerings in the U.S. purchases from the U.S. in exchange for a have now received MASH eligibility. reduction or elimination of tariffs. • Our “shift left” strategy is gaining traction and ® • 2019 Net Farm Income is projected to be $92.5 contributing to an increase in Road Zipper System billion, an increase of 10.2% from 2018. About lease revenue. $14.3 billion will come from Market Facilitation ® • Road Zipper System gaining interest globally as a Payments that are part of the trade relief package. solution to traffic congestion and air quality. A multi- • Final U.S. harvest results remain uncertain but will year lease in Germany was secured in the first be updated by the USDA on January 10. quarter. • The EPA finalized 2020 volume requirements under • The five-year $305 billion U.S. highway bill enacted the Renewable Fuels Standard that slightly in December 2015 (the “FAST Act”) is scheduled to increases biofuel volumes compared with 2019. expire in September 2020 unless it is reauthorized by Congress. • Interest rates have been declining in Brazil, with the latest 50bps drop in December putting the federal funds rate at 4.5%. 5Current Market Factors Irrigation Infrastructure • The phase-one trade deal between the U.S. and • States continue the transition to new federal MASH China is expected to be signed January 15. Under testing standards for road safety products. Almost the deal, China would greatly increase agricultural all of our road safety product offerings in the U.S. purchases from the U.S. in exchange for a have now received MASH eligibility. reduction or elimination of tariffs. • Our “shift left” strategy is gaining traction and ® • 2019 Net Farm Income is projected to be $92.5 contributing to an increase in Road Zipper System billion, an increase of 10.2% from 2018. About lease revenue. $14.3 billion will come from Market Facilitation ® • Road Zipper System gaining interest globally as a Payments that are part of the trade relief package. solution to traffic congestion and air quality. A multi- • Final U.S. harvest results remain uncertain but will year lease in Germany was secured in the first be updated by the USDA on January 10. quarter. • The EPA finalized 2020 volume requirements under • The five-year $305 billion U.S. highway bill enacted the Renewable Fuels Standard that slightly in December 2015 (the “FAST Act”) is scheduled to increases biofuel volumes compared with 2019. expire in September 2020 unless it is reauthorized by Congress. • Interest rates have been declining in Brazil, with the latest 50bps drop in December putting the federal funds rate at 4.5%. 5


Irrigation Segment Revenue $56.5 $52.6 • North America revenue decreased $0.6 million exclusive of the business divestiture • Higher irrigation equipment unit volume $31.1 $29.7 • Lower average selling prices due to lower steel costs • Lower sales of replacement parts • International revenue decreased $1.4 million • Unfavorable currency impact of approximately $1.1 million North America International FY19 FY20 in millions • Operating income increased $1.9 million compared to adjusted prior year results* Operating Income • Improved cost and pricing performance resulting from Adjusted* GAAP margin improvement initiatives $9.8 $9.8 • Improvements partially offset by negative mix impact from lower sales of replacement parts $7.9 $7.8 11.8% 11.8% • Operating margin of 11.8% compared to 9.0% adjusted prior year results* 9.0% 8.9% in millions FY19 FY20 *Please see Reg G reconciliation of GAAP operating income, net earnings and diluted earnings per share to adjusted figures at end of presentation. 6Irrigation Segment Revenue $56.5 $52.6 • North America revenue decreased $0.6 million exclusive of the business divestiture • Higher irrigation equipment unit volume $31.1 $29.7 • Lower average selling prices due to lower steel costs • Lower sales of replacement parts • International revenue decreased $1.4 million • Unfavorable currency impact of approximately $1.1 million North America International FY19 FY20 in millions • Operating income increased $1.9 million compared to adjusted prior year results* Operating Income • Improved cost and pricing performance resulting from Adjusted* GAAP margin improvement initiatives $9.8 $9.8 • Improvements partially offset by negative mix impact from lower sales of replacement parts $7.9 $7.8 11.8% 11.8% • Operating margin of 11.8% compared to 9.0% adjusted prior year results* 9.0% 8.9% in millions FY19 FY20 *Please see Reg G reconciliation of GAAP operating income, net earnings and diluted earnings per share to adjusted figures at end of presentation. 6


Infrastructure Segment Revenue $27.0 $24.3 • Total revenue increased $2.7 million • Higher sales of road safety products ® • Increase in Road Zipper System lease revenue • Ongoing delivery of Road Zipper System order in Japan • Prior year included the majority of the San Rafael Bridge project • Operating income increased $4.5 million compared to in millions FY19 FY20 adjusted prior year results* • Positive mix impact from higher-margin Road Zipper Operating Income Adjusted* System sales and lease revenue GAAP • Improved cost and pricing performance resulting from $8.8 $8.8 margin improvement initiatives • Operating margin of 32.4% compared to 17.6% adjusted prior 32.4% 32.4% year results* $4.3 $4.2 17.6% 17.1% in millions FY19 FY20 *Please see Reg G reconciliation of GAAP operating income, net earnings and diluted earnings per share to adjusted figures at end of presentation. 7Infrastructure Segment Revenue $27.0 $24.3 • Total revenue increased $2.7 million • Higher sales of road safety products ® • Increase in Road Zipper System lease revenue • Ongoing delivery of Road Zipper System order in Japan • Prior year included the majority of the San Rafael Bridge project • Operating income increased $4.5 million compared to in millions FY19 FY20 adjusted prior year results* • Positive mix impact from higher-margin Road Zipper Operating Income Adjusted* System sales and lease revenue GAAP • Improved cost and pricing performance resulting from $8.8 $8.8 margin improvement initiatives • Operating margin of 32.4% compared to 17.6% adjusted prior 32.4% 32.4% year results* $4.3 $4.2 17.6% 17.1% in millions FY19 FY20 *Please see Reg G reconciliation of GAAP operating income, net earnings and diluted earnings per share to adjusted figures at end of presentation. 7


Executing Long-Term Value Creation • Deepening customer relationships through technology differentiation • Solutions and growth aligned to market megatrends…. designed to sustain and protect our evolving world • Foundation for Growth initiative driving margin expansion ONE LINDSAY • Empowered global culture through Innovative Market Leader Vision, Values and Behaviors Framework Innovative Market Leader – Sustainable Solutions – Sustainable Solutions 8Executing Long-Term Value Creation • Deepening customer relationships through technology differentiation • Solutions and growth aligned to market megatrends…. designed to sustain and protect our evolving world • Foundation for Growth initiative driving margin expansion ONE LINDSAY • Empowered global culture through Innovative Market Leader Vision, Values and Behaviors Framework Innovative Market Leader – Sustainable Solutions – Sustainable Solutions 8


Foundation for Growth Initiative Objectives • Raise operating margin floor • Innovation leader in core markets • Renewed culture and identity 11 22 33 44 Commercial Global Manufacturing Lower G&A Excellence Sourcing Optimization Expenses Cultural Changes 55 Strategic Choices 66 Margin improvement Strategy and Culture Cost 9Foundation for Growth Initiative Objectives • Raise operating margin floor • Innovation leader in core markets • Renewed culture and identity 11 22 33 44 Commercial Global Manufacturing Lower G&A Excellence Sourcing Optimization Expenses Cultural Changes 55 Strategic Choices 66 Margin improvement Strategy and Culture Cost 9


Foundation for Growth Execution Accomplishments through Q1 Fiscal 2020 • Divested four non-core businesses ü • Closed an infrastructure facility; consolidated activity into ü an existing irrigation facility • Established a centralized shared services organization ü • Made tangible progress in culture change and aligning behaviors to ü strategy • Projects in each of the four margin-improvement workstreams ü have moved to implementation and realization stage Execution is on track 10Foundation for Growth Execution Accomplishments through Q1 Fiscal 2020 • Divested four non-core businesses ü • Closed an infrastructure facility; consolidated activity into ü an existing irrigation facility • Established a centralized shared services organization ü • Made tangible progress in culture change and aligning behaviors to ü strategy • Projects in each of the four margin-improvement workstreams ü have moved to implementation and realization stage Execution is on track 10


Summary Balance Sheet ($ in millions) November 30, 2019 November 30, 2018 August 31, 2019 Cash and cash equivalents $120.9 $137.2 $127.2 Current assets $316.6 $325.3 $313.5 Current liabilities $84.8 $83.0 $82.1 Net working capital $231.8 $242.3 $231.4 Long-term debt $116.0 $116.3 $116.1 Shareholders' equity $273.0 $276.7 $268.2 11Summary Balance Sheet ($ in millions) November 30, 2019 November 30, 2018 August 31, 2019 Cash and cash equivalents $120.9 $137.2 $127.2 Current assets $316.6 $325.3 $313.5 Current liabilities $84.8 $83.0 $82.1 Net working capital $231.8 $242.3 $231.4 Long-term debt $116.0 $116.3 $116.1 Shareholders' equity $273.0 $276.7 $268.2 11


Summary of Cash Flow ($ in millions) Q1 FY20 Q1 FY19 Net earnings $8.3 $1.2 Depreciation / amortization $4.7 $3.4 Other non-cash adjustments $3.8 $0.9 Changes in assets and liabilities: Receivables ( $4.1) ($14.8) Inventories ($4.9) ($11.4) Other working capital ($6.3) $6.4 Net cash provided by (used in) operations $1.5 ($14.3) Purchases of property, plant and equipment ($4.3) ($5.7) Dividends paid ($3.4) ($3.3) 12Summary of Cash Flow ($ in millions) Q1 FY20 Q1 FY19 Net earnings $8.3 $1.2 Depreciation / amortization $4.7 $3.4 Other non-cash adjustments $3.8 $0.9 Changes in assets and liabilities: Receivables ( $4.1) ($14.8) Inventories ($4.9) ($11.4) Other working capital ($6.3) $6.4 Net cash provided by (used in) operations $1.5 ($14.3) Purchases of property, plant and equipment ($4.3) ($5.7) Dividends paid ($3.4) ($3.3) 12


Capital Allocation – A Balanced Approach Allocation Plan Allocation History • Targeted cash balance of $60-75 million, including international accounts • To support cyclical and seasonal fluctuations in working capital and projected capital expenditures • $115 million in Senior Notes maturing on 2/19/30 at annual interest rate of 3.82% • The Company’s prioritization for cash use: • Organic growth initiatives (1) Other includes debt repayments, net cash sources/uses from note receivables, net investment  • Capital expenditures - expected to hedges, stock compensation and related tax benefits. be $15-20 million in fiscal 2020 • Dividend payments • Synergistic acquisitions that leverage core capabilities • Excess cash invested in opportunistic share repurchases 13Capital Allocation – A Balanced Approach Allocation Plan Allocation History • Targeted cash balance of $60-75 million, including international accounts • To support cyclical and seasonal fluctuations in working capital and projected capital expenditures • $115 million in Senior Notes maturing on 2/19/30 at annual interest rate of 3.82% • The Company’s prioritization for cash use: • Organic growth initiatives (1) Other includes debt repayments, net cash sources/uses from note receivables, net investment • Capital expenditures - expected to hedges, stock compensation and related tax benefits. be $15-20 million in fiscal 2020 • Dividend payments • Synergistic acquisitions that leverage core capabilities • Excess cash invested in opportunistic share repurchases 13


Attractive Long-Term Megatrends Water Conservation Advancing Technology Improve Road Safety Population Growth Alternative Fuels Increase Yields 14Attractive Long-Term Megatrends Water Conservation Advancing Technology Improve Road Safety Population Growth Alternative Fuels Increase Yields 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 November 30, Diluted earnings per (in thousands, except per share amounts) 2018 share Net earnings - reported GAAP measure $ 1,212 $ 0.11 FFG costs - before tax 3,995 $ 0.37 Tax effect - FFG costs (1,079) $ (0.10) Net earnings - adjusted $ 4,128 $ 0.38 Average shares outstanding - diluted 10,806 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 November 30, Diluted earnings per (in thousands, except per share amounts) 2018 share Net earnings - reported GAAP measure $ 1,212 $ 0.11 FFG costs - before tax 3,995 $ 0.37 Tax effect - FFG costs (1,079) $ (0.10) Net earnings - adjusted $ 4,128 $ 0.38 Average shares outstanding - diluted 10,806 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 November 30, 2018 Operating income reconciliation Consolidated Irrigation Infrastructure Corporate Operating income - reported GAAP measure 2,040 $ 7,783 $ 4,168 $ (9,911) FFG costs - before tax 3,995 126 112 3,757 Adjusted operating income $ 6,035 $ 7,909 $ 4,280 $ (6,154) Operating revenues 111,951 $ 87,610 $ 24,341 $ — Operating income as a percent of operating revenues 1.8% 8.9% 17.1% N/A Adjusted operating income as a percent of operating revenues 5.4% 9.0% 17.6% N/A 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 November 30, 2018 Operating income reconciliation Consolidated Irrigation Infrastructure Corporate Operating income - reported GAAP measure 2,040 $ 7,783 $ 4,168 $ (9,911) FFG costs - before tax 3,995 126 112 3,757 Adjusted operating income $ 6,035 $ 7,909 $ 4,280 $ (6,154) Operating revenues 111,951 $ 87,610 $ 24,341 $ — Operating income as a percent of operating revenues 1.8% 8.9% 17.1% N/A Adjusted operating income as a percent of operating revenues 5.4% 9.0% 17.6% N/A 16