UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
| (State of Incorporation) |
(Commission File Number) |
(IRS Employer Identification Number) |
| |
||
| (Address of principal executive offices) | (Zip Code) |
(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 | ||
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 April 6, 2021, Lindsay Corporation (the “Company”) issued a press release announcing the Company’s results of operations for its second quarter ended February 28, 2021. 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 2021 second quarter investor conference call at 11:00 a.m. Eastern Time on April 6, 2021 is furnished herewith as Exhibit 99.2.
| Item 9.01. | Financial Statements and Exhibits. |
| 99.1 | Press Release, dated April 6, 2021, issued by the Company. | |
| 99.2 | Slide Presentation for Fiscal 2021 Second Quarter Investor Conference Call on April 6, 2021. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
In accordance with General Instruction B.2 of Form 8-K, the information contained in Item 2.02 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 relating to Item 2.02 and 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.
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: April 6, 2021 |
LINDSAY CORPORATION | |||||
| By: | /s/ Brian L. Ketcham | |||||
| Brian L. Ketcham, Senior Vice President and Chief Financial Officer | ||||||
Exhibit 99.1
|
|
18135 BURKE ST. OMAHA, NE 68022 TEL: 402-829-6800 FAX: 402-829-6836 |
For further information, contact:
| LINDSAY CORPORATION: | THREE PART ADVISORS: | |
| Brian Ketcham | Hala Elsherbini | |
| Senior Vice President & Chief Financial Officer | 214-442-0016 | |
| 402-827-6579 | ||
Lindsay Corporation Reports Fiscal 2021 Second Quarter Results
| • | Second quarter operating income increased 83 percent on a 26 percent increase in revenues |
| • | Improved agricultural market conditions drive improved Irrigation performance |
| • | Infrastructure results fueled by increase in Road Zipper System® sales and leases |
OMAHA, Neb., April 6, 2021—Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, today announced results for its second quarter of fiscal 2021, which ended on February 28, 2021.
Second Quarter Summary
Revenues for the second quarter of fiscal 2021 were $143.6 million, an increase of $29.8 million, or 26 percent, compared to revenues of $113.8 million in the prior year second quarter. Net earnings for the quarter were $11.9 million, or $1.08 per diluted share, compared with net earnings of $5.5 million, or $0.51 per diluted share, for the prior year second quarter.
“Second quarter results were aided by improved agricultural market conditions as commodity prices reached their highest level in several years. We experienced strong demand for irrigation equipment throughout the quarter in North America as well as most international markets,” said Randy Wood, President and Chief Executive Officer. “Improved results in our infrastructure business resulted from higher Road Zipper System® sales and lease revenue,” Mr. Wood continued.
Second Quarter Segment Results
Irrigation segment revenues for the second quarter of fiscal 2021 increased $25.1 million, or 27 percent, to $118.6 million compared to $93.5 million in the prior year second quarter. North America irrigation revenues increased $13.1 million, or 19 percent, to $80.2 million compared to the prior year second quarter. The increase resulted primarily from higher irrigation equipment unit sales volume and higher average selling prices. The increase was partially offset by revenue from engineering project services in the prior year that did not repeat. International irrigation revenues of $38.4 million increased $12.0 million, or 45 percent, compared to the prior year second quarter. The increase resulted from higher unit sales volumes in several international markets.
Irrigation segment operating income was $18.0 million, an increase of $7.9 million, or 79 percent, compared to the prior year second quarter. Operating margin was 15.2 percent of sales, compared to 10.8 percent of sales in the prior year second quarter. The increase resulted primarily from the impact of higher irrigation system unit volume and was partially offset by the impact of higher raw material and freight costs.
Infrastructure segment revenues for the second quarter of fiscal 2021 increased $4.7 million, or 23 percent, to $25.0 million, compared to $20.3 million in the prior year second quarter. The increase resulted primarily from higher Road Zipper System® sales and lease revenue.
Infrastructure segment operating income was $6.3 million, an increase of $0.4 million, or 8 percent, compared to the prior year second quarter. Operating margin was 25.4 percent of sales, compared to 29.0 percent of sales in the prior year second quarter. Prior year operating income included a gain of $1.2 million on the sale of a building that had been held for sale.
The backlog of unfilled orders at February 28, 2021 was $101.4 million compared with $104.4 million at February 29, 2020. Included in these backlogs are amounts of $2.7 million and $5.5 million, respectively, that are not expected to be fulfilled within the subsequent twelve months. The decrease in backlog is due to two large infrastructure orders in the prior year totaling $38 million that did not repeat, while order backlogs in North America and international irrigation are higher compared to the prior year.
Outlook
“Solid agricultural market fundamentals set the stage for improved irrigation equipment demand for the balance of the year. Significantly higher raw material and freight costs, along with supply chain constraints, continue to present challenges but our teams have been effective in working through these issues,” said Mr. Wood. “In our infrastructure business, while our sales pipeline remains robust, we expect continued coronavirus-related delays in road construction activity and projects.
Mr. Wood continued, “Our financial position remains strong, providing support for our innovation growth strategy across our businesses that address global megatrends and provide solutions that improve customer profitability and assist in their sustainability efforts.”
Second Quarter Conference Call
Lindsay’s fiscal 2021 second 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 | Six months ended | |||||||||||||||
| (in thousands, except per share amounts) |
February 28, 2021 |
February 29, 2020 |
February 28, 2021 |
February 29, 2020 |
||||||||||||
| Operating revenues |
$ | 143,577 | $ | 113,788 | $ | 252,062 | $ | 223,181 | ||||||||
| Cost of operating revenues |
102,403 | 80,382 | 179,480 | 155,701 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Gross profit |
41,174 | 33,406 | 72,582 | 67,480 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Operating expenses: |
||||||||||||||||
| Selling expense |
7,778 | 8,192 | 15,110 | 14,684 | ||||||||||||
| General and administrative expense |
14,275 | 13,167 | 27,727 | 24,971 | ||||||||||||
| Engineering and research expense |
3,312 | 3,405 | 6,402 | 6,907 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total operating expenses |
25,365 | 24,764 | 49,239 | 46,562 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Operating income |
15,809 | 8,642 | 23,343 | 20,918 | ||||||||||||
| Other (expense) income: |
||||||||||||||||
| Interest expense |
(1,205 | ) | (1,191 | ) | (2,406 | ) | (2,377 | ) | ||||||||
| Interest income |
268 | 389 | 571 | 1,004 | ||||||||||||
| Other expense, net |
(311 | ) | (973 | ) | (65 | ) | (1,423 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total other (expense) income |
(1,248 | ) | (1,775 | ) | (1,900 | ) | (2,796 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Earnings before income taxes |
14,561 | 6,867 | 21,443 | 18,122 | ||||||||||||
| Income tax expense |
2,685 | 1,351 | 2,472 | 4,261 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net earnings |
$ | 11,876 | $ | 5,516 | $ | 18,971 | $ | 13,861 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Earnings per share: |
||||||||||||||||
| Basic |
$ | 1.09 | $ | 0.51 | $ | 1.75 | $ | 1.28 | ||||||||
| Diluted |
$ | 1.08 | $ | 0.51 | $ | 1.74 | $ | 1.28 | ||||||||
| Shares used in computing earnings per share: |
||||||||||||||||
| Basic |
10,884 | 10,825 | 10,865 | 10,810 | ||||||||||||
| Diluted |
10,981 | 10,857 | 10,934 | 10,843 | ||||||||||||
| Cash dividends declared per share |
$ | 0.32 | $ | 0.31 | $ | 0.64 | $ | 0.62 | ||||||||
3
LINDSAY CORPORATION AND SUBSIDIARIES
SUMMARY OPERATING RESULTS
(Unaudited)
| Three months ended | Six months ended | |||||||||||||||
| (in thousands) |
February 28, 2021 |
February 29, 2020 |
February 28, 2021 |
February 29, 2020 |
||||||||||||
| Operating revenues: |
||||||||||||||||
| Irrigation: |
||||||||||||||||
| North America |
$ | 80,178 | $ | 67,088 | 132,968 | $ | 120,675 | |||||||||
| International |
38,394 | 26,406 | 72,961 | 56,145 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Irrigation segment |
118,572 | 93,494 | $ | 205,929 | $ | 176,820 | ||||||||||
| Infrastructure segment |
25,005 | 20,294 | 46,133 | 46,361 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total operating revenues |
$ | 143,577 | $ | 113,788 | $ | 252,062 | $ | 223,181 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Operating income (loss): |
||||||||||||||||
| Irrigation segment |
$ | 18,045 | $ | 10,084 | $ | 28,678 | $ | 19,867 | ||||||||
| Infrastructure segment |
6,341 | 5,888 | 10,597 | 14,630 | ||||||||||||
| Corporate |
(8,577 | ) | (7,330 | ) | (15,932 | ) | (13,579 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total operating income |
$ | 15,809 | $ | 8,642 | $ | 23,343 | $ | 20,918 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
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 and large diameter steel tubing 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.
Certain immaterial reclassifications have been made to the prior year operating results to conform with current year presentation, as revenues and operating income from certain product lines previously included within the Infrastructure reporting segment are now included within the Irrigation reporting segment.
4
LINDSAY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| (in thousands) |
February 28, 2021 |
February 29, 2020 |
August 31, 2020 |
|||||||||
| ASSETS |
||||||||||||
| Current assets: |
||||||||||||
| Cash and cash equivalents |
$ | 110,775 | $ | 101,272 | $ | 121,403 | ||||||
| Marketable securities |
19,555 | 18,740 | 19,511 | |||||||||
| Receivables, net |
94,211 | 80,468 | 84,604 | |||||||||
| Inventories, net |
121,566 | 105,454 | 104,792 | |||||||||
| Other current assets, net |
29,509 | 19,083 | 17,625 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total current assets |
375,616 | 325,017 | 347,935 | |||||||||
|
|
|
|
|
|
|
|||||||
| Property, plant, and equipment, net |
89,221 | 68,762 | 79,581 | |||||||||
| Intangibles, net |
22,383 | 23,162 | 23,477 | |||||||||
| Goodwill |
68,087 | 64,338 | 68,004 | |||||||||
| Operating lease right-of-use assets |
20,173 | 27,257 | 27,457 | |||||||||
| Deferred income tax assets |
10,347 | 10,162 | 9,935 | |||||||||
| Other noncurrent assets, net |
10,821 | 15,632 | 14,137 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total assets |
$ | 596,648 | $ | 534,330 | $ | 570,526 | ||||||
|
|
|
|
|
|
|
|||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||||||
| Current liabilities: |
||||||||||||
| Accounts payable |
$ | 39,934 | $ | 33,307 | $ | 29,554 | ||||||
| Current portion of long-term debt |
215 | 211 | 195 | |||||||||
| Other current liabilities |
74,687 | 54,303 | 72,646 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total current liabilities |
114,836 | 87,821 | 102,395 | |||||||||
|
|
|
|
|
|
|
|||||||
| Pension benefits liabilities |
6,182 | 5,868 | 6,374 | |||||||||
| Long-term debt |
115,599 | 115,765 | 115,682 | |||||||||
| Operating lease liabilities |
20,174 | 25,919 | 25,862 | |||||||||
| Deferred income tax liabilities |
900 | 839 | 889 | |||||||||
| Other noncurrent liabilities |
19,933 | 20,791 | 20,806 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total liabilities |
277,624 | 257,003 | 272,008 | |||||||||
|
|
|
|
|
|
|
|||||||
| Shareholders’ equity: |
||||||||||||
| Preferred stock |
— | — | — | |||||||||
| Common stock |
18,990 | 18,918 | 18,918 | |||||||||
| Capital in excess of stated value |
84,206 | 74,645 | 77,686 | |||||||||
| Retained earnings |
511,728 | 481,890 | 499,724 | |||||||||
| Less treasury stock - at cost |
(277,238 | ) | (277,238 | ) | (277,238 | ) | ||||||
| Accumulated other comprehensive loss, net |
(18,662 | ) | (20,888 | ) | (20,572 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Total shareholders’ equity |
319,024 | 277,327 | 298,518 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total liabilities and shareholders’ equity |
$ | 596,648 | $ | 534,330 | $ | 570,526 | ||||||
|
|
|
|
|
|
|
|||||||
5
LINDSAY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| Six months ended | ||||||||
| (in thousands) |
February 28, 2021 |
February 29, 2020 |
||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: |
||||||||
| Net earnings |
$ | 18,971 | $ | 13,861 | ||||
| Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: |
||||||||
| Depreciation and amortization |
9,878 | 9,418 | ||||||
| Gain on sale of assets held-for-sale |
— | (1,191 | ) | |||||
| Provision for uncollectible accounts receivable |
246 | 213 | ||||||
| Deferred income taxes |
206 | 1,806 | ||||||
| Share-based compensation expense |
4,047 | 2,575 | ||||||
| Unrealized foreign currency transaction (gain) loss |
(754 | ) | 1,515 | |||||
| Other, net |
1,804 | (2,153 | ) | |||||
| Changes in assets and liabilities: |
||||||||
| Receivables |
(10,769 | ) | (5,716 | ) | ||||
| Inventories |
(16,245 | ) | (14,153 | ) | ||||
| Other current assets |
(9,492 | ) | (4,539 | ) | ||||
| Accounts payable |
10,962 | 3,540 | ||||||
| Other current liabilities |
334 | (2,183 | ) | |||||
| Other noncurrent assets and liabilities |
1,940 | (5,178 | ) | |||||
|
|
|
|
|
|||||
| Net cash provided by (used in) operating activities |
11,128 | (2,185 | ) | |||||
|
|
|
|
|
|||||
| CASH FLOWS FROM INVESTING ACTIVITIES: |
||||||||
| Purchases of property, plant, and equipment |
(16,556 | ) | (5,335 | ) | ||||
| Proceeds from sale of property and equipment held-for-sale |
— | 3,955 | ||||||
| Purchases of marketable securities available-for-sale |
(8,313 | ) | (19,978 | ) | ||||
| Proceeds from maturities of marketable securities available-for-sale |
8,043 | 1,250 | ||||||
| Other investing activities, net |
(860 | ) | 1,092 | |||||
|
|
|
|
|
|||||
| Net cash used in investing activities |
(17,686 | ) | (19,016 | ) | ||||
|
|
|
|
|
|||||
| CASH FLOWS FROM FINANCING ACTIVITIES: |
||||||||
| Proceeds from exercise of stock options |
3,814 | 1,545 | ||||||
| Common stock withheld for payroll tax obligations |
(1,269 | ) | (1,111 | ) | ||||
| Principal payments on long-term debt |
(88 | ) | (104 | ) | ||||
| Dividends paid |
(6,967 | ) | (6,711 | ) | ||||
|
|
|
|
|
|||||
| Net cash used in financing activities |
(4,510 | ) | (6,381 | ) | ||||
|
|
|
|
|
|||||
| Effect of exchange rate changes on cash and cash equivalents |
440 | 1,650 | ||||||
| Net change in cash and cash equivalents |
(10,628 | ) | (25,932 | ) | ||||
| Cash and cash equivalents, beginning of period |
121,403 | 127,204 | ||||||
|
|
|
|
|
|||||
| Cash and cash equivalents, end of period |
$ | 110,775 | $ | 101,272 | ||||
|
|
|
|
|
|||||
6

2nd Quarter Fiscal 2021 Earnings Slide Deck Exhibit 99.2

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 April 6, 2021.

Second Quarter Summary Revenues increased $29.8 million compared to prior year Irrigation increased $25.1 million Infrastructure increased $4.7 million Operating income increased $7.2 million compared to prior year results Irrigation increased $8.0 million Infrastructure increased $0.4 million Corporate expense increased $1.2 million Includes expense of $1.5 million related to the modification of equity awards in connection with CEO retirement Amounts in millions, except per share amounts Revenue Operating Income Diluted EPS +26% +112% +83%

Second Quarter and YTD Financial Summary Certain immaterial reclassifications have been made to the prior year operating results to conform with the current year presentation, as revenue and operating income from certain product lines included within the infrastructure reporting segment in the prior year are now included within the irrigation reporting segment.

Current Market Factors As of February 2021, U.S. corn and soybean prices have reached multi-year highs as a result of lower production levels in 2020 coupled with higher demand coming primarily from increased exports to China. Estimated net farm income for 2020 of $121.1 billion increased 46 percent from the prior year. Most of the increase was attributed to higher federal government direct farm program payments. Net farm income for 2021 is estimated to decrease 8 percent to $111.4 billion. Federal government direct farm program payments are estimated to return to more historical levels while cash receipts from crops and livestock are projected to increase. Significant increases in raw material and freight costs have resulted in short-term margin pressure until increased costs are fully recovered by price increases. Constraints on availability of raw materials, labor and trucking resources extend lead times for deliveries. Irrigation Infrastructure The five-year $305 billion U.S. highway bill (the “FAST Act”) expired September 30, 2020 and was extended for one year. The extension includes an additional $13.6 billion added to the Highway Trust Fund. Construction activity has slowed globally as a result of delays in approvals and government budget constraints caused by the Covid-19 pandemic. A Federal Covid-19 relief bill signed December 27, 2020 includes $10 billion of emergency aid for state departments of transportation to help fund eligible projects. A Federal Covid-19 relief bill signed March 11, 2021 provides $350 billion in additional assistance to states and local governments. President Biden is proposing a $2 trillion infrastructure bill that includes, among other things, $135 billion to repair and rebuild bridges, highways and roads and to improve road safety.

Irrigation Segment 6 North America revenue increased $13.1 million Higher irrigation equipment unit sales volume Higher average selling prices Lower engineering services revenue International revenue increased $12.0 million Higher irrigation equipment unit sales volume in several regions Unfavorable currency impact of $0.6 million Operating income increased $7.9 million Higher irrigation system unit volume Negatively impacted by higher raw material and freight costs Revenue Operating Income North America International FY20 FY21 Amounts in millions Certain immaterial reclassifications have been made to the prior year operating results to conform with the current year presentation, as revenue and operating income from certain product lines included within the infrastructure reporting segment in the prior year are now included within the irrigation reporting segment. +19% +45% +79%

Infrastructure Segment Total revenue increased $4.7 million Higher Road Zipper System® sales and lease revenue Sales of road safety products were relatively flat with prior year Operating income increased $0.4 million Positive margin mix from higher Road Zipper System® sales and lease revenue Negative impact from higher raw material and other costs compared to the prior year Prior year included a gain of $1.2 million on the sale of a building that had been held for sale Revenue Operating Income Amounts in millions Certain immaterial reclassifications have been made to the prior year operating results to conform with the current year presentation, as revenue and operating income from certain product lines included within the infrastructure reporting segment in the prior year are now included within the irrigation reporting segment. +23% +8%

COVID-19 Update Innovative Market Leader – Sustainable Solutions Lindsay’s products and technologies support the following critical infrastructure sectors as defined by the Department of Homeland Security (CISA.gov) and other global government agencies: Food and Agriculture – our irrigation business supports the production of food and the conservation of water and energy Transportation Systems – our infrastructure business supports the movement of people and goods efficiently, safely and securely Lindsay’s production facilities are considered “business essential” and will remain operational as long as we 1) have demand for our products, 2) are allowed to remain open by local governments, and 3) can provide for the safety of our employees. At the present time, all of our facilities are operational. Other potential business impacts associated with COVID-19 include but are not limited to: additional facility closures and the duration of such closures, supply chain disruption and additional costs, logistics delays, border closures, workforce disruption, reduced demand for our products and services, delay in the implementation of projects and other effects that may result from a general economic downturn. Lindsay is well positioned with a strong balance sheet and sufficient liquidity as we face the uncertainty and challenges presented by the COVID-19 pandemic. As of February 28, 2021, we have: Available liquidity of $180.3 million, with $130.3 million in cash, cash equivalents and marketable securities and $50.0 million available under revolving credit facility Total debt of $116.3 million, of which $115.0 million matures in 2030 A funded debt to EBITDA leverage ratio (as defined in our credit agreements) of 1.4 compared to a covenant limit of 3.0

Financial Flexibility Strengthening our balance sheet and managing leverage. Managing operations to minimize customer disruption and ensure continuity of supply. Business Continuity Safety First Prioritizing safety with work-from-home policy, safety practices at all locations and restricting non-essential travel. Playing Offense Positioning Lindsay to emerge a stronger company. Our COVID-19 Response Protecting the health and well-being of our employees is a top priority, as is maintaining frequent communication and providing important updates.

Innovation Leadership: Addressing Global Megatrends Capitalizing on global megatrends Key Trends Food Security Water Scarcity Land Availability Mobility Safety Reducing Emissions Labor Savings

Strong Commitment to Sustainable Practices Our mission is to provide solutions that conserve natural resources, enhance the quality of life for people, and expand our world’s potential. Investing in sustainable technologies Improving our operational footprint Empowering and protecting our people Engaging in our local communities Operating with integrity 1 2 3 4 5

Summary Balance Sheet

Summary of Cash Flow * YTD FY21 includes $8.5 million to exercise a purchase option for the land and buildings related to the Company’s manufacturing operation in Turkey *

Capital Allocation – A Balanced Approach Allocation History (1) Other includes debt repayments, net cash sources/uses from note receivables, net investment hedges, stock compensation and related tax benefits. 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 Capital expenditures - expected to be $20-25 million in fiscal 2021 Dividend payments Synergistic acquisitions that leverage core capabilities Excess cash invested in opportunistic share repurchases Allocation Plan