Lindsay : Second Quarter 2021 Earnings Release

		18135 BURKE ST. OMAHA, NE 68022 TEL: [phone] FAX: [phone]
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 [phone] in the U.S., or [phone] 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.

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LINDSAY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)

		Three months ended		Six months ended
		February 28,		February 29,		February 28,		February 29,
(in thousands, except per share amounts)		2021		2020		2021		2020

Operating revenues	$
Cost of operating revenues
Gross profit
Operating expenses:
Selling expense
General and administrative expense
Engineering and research expense
Total operating expenses
Operating income
Other (expense) income:
Interest expense
Interest income
Other expense, net
Total other (expense) income
Earnings before income taxes
Income tax expense
Net earnings	$
Earnings per share:
Basic	$
Diluted	$
Shares used in computing earnings per share:
Basic
Diluted
Cash dividends declared per share	$

143,577 $

102,403

41,174

7,778

14,275

3,312

25,365

15,809

(1,205)

268

(311)

(1,248)

14,561

2,685

11,876 $

1.09 $

1.08 $

10,884

10,981

0.32 $

113,788 $

80,382

33,406

8,192

13,167

3,405

24,764

8,642

(1,191 )

389

(973 )

(1,775 )

6,867

1,351

5,516 $

0.51 $

0.51 $

10,825

10,857

0.31 $

252,062 $ 223,181

179,480155,701

72,58267,480

15,11014,684

27,72724,971

6,4026,907

49,23946,562

23,34320,918

(2,406)(2,377)

5711,004

(65)(1,423)

(1,900)(2,796)

21,443		18,122
2,472		4,261
18,971	$	13,861
1.75	$	1.28
1.74	$	1.28
10,865		10,810
10,934		10,843
0.64	$	0.62

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LINDSAY CORPORATION AND SUBSIDIARIES

SUMMARY OPERATING RESULTS

(Unaudited)

				Three months ended			Six months ended
				February 28,		February 29,		February 28,		February 29,
(in thousands)			2021			2020			2021			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.

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LINDSAY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

			February 28,		February 29,		August 31,
(in thousands)			2021			2020			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

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