Lindsay (LNN) 8-K Lindsay Corporation Reports Fiscal 2021 Third Quarter Results

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 Third Quarter Results

• Third quarter consolidated revenues increase 32 percent to $161.9 million with EPS of $1.61

• Higher agriculture commodity prices drive improved demand for irrigation equipment across all geographies

• Irrigation revenues increase 39 percent in North America and 62 percent in international markets

• Infrastructure revenues decrease 21 percent due to coronavirus-related project delays

OMAHA, Neb., July 1, 2021—Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, today announced results for its third quarter of fiscal 2021, which ended on May 31, 2021.

Third Quarter Summary

Revenues for the third quarter of fiscal 2021 were $161.9 million, an increase of $38.8 million, or 32 percent, compared to revenues of $123.1 million in the prior year third quarter. Net earnings for the quarter were $17.8 million, or $1.61 per diluted share, compared with net earnings of $10.1 million, or $0.93 per diluted share, for the prior year third quarter.

“Healthy agricultural market fundamentals and positive grower sentiment continue to drive increased global demand for irrigation equipment,” said Randy Wood, President and Chief Executive Officer. “At the same time, raw material inflation and other supply chain issues continue to create challenges and margin headwinds. Our teams have responded well and effectively managed through these dynamic market conditions in order to support our customers.”

Third Quarter Segment Results

Irrigation segment revenues for the third quarter of fiscal 2021 increased $44.7 million, or 47 percent, to $140.2 million, compared to $95.5 million in the prior year third quarter. North America irrigation revenues increased $24.5 million, or 39 percent, to $87.4 million compared to the prior year third quarter. The increase resulted from a combination of higher irrigation equipment unit sales volume and higher average selling prices. The increase was partially offset by lower engineering services revenue. International irrigation revenues of $52.8 million increased $20.2 million, or 62 percent, compared to the prior year third quarter. The increase resulted from higher unit sales volumes in most international markets, higher prices, and favorable foreign currency translation impact of $2.3 million.

Irrigation segment operating income was $23.9 million, an increase of $8.5 million, or 55 percent, compared to the prior year third quarter. Operating margin was 17.1 percent of sales, compared to 16.1 percent of sales in the prior year third 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 other costs.

Infrastructure segment revenues for the third quarter of fiscal 2021 decreased $5.8 million, or 21 percent, to $21.8 million, compared to $27.6 million in the prior year third quarter. The decrease resulted from lower Road Zipper System^® sales, which were partially offset by higher Road Zipper System lease revenue and increased sales of road safety products. Road construction activity and the timing of certain projects continues to be impacted by coronavirus-related delays.

Infrastructure segment operating income was $3.8 million, a decrease of $4.4 million, or 54 percent, compared to the prior year third quarter. Operating margin was 17.3 percent of sales, compared to 29.5 percent of sales in the prior year third quarter. Current year results reflect lower revenues and a less favorable margin mix of revenues compared to the prior year.

The backlog of unfilled orders at May 31, 2021 was $120.8 million compared with $78.6 million at May 31, 2020. The irrigation backlog is higher compared to the prior year while the infrastructure backlog is lower due to two large orders in the prior year that did not repeat.

Outlook

“Market conditions support continued robust demand for irrigation equipment, and we also expect raw material inflation and supply chain challenges to persist through the balance of our fiscal year,” said Mr. Wood. “We remain optimistic about the outlook for our infrastructure business, particularly as coronavirus restrictions are lifted and road construction activity returns to more normal levels.”

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.”

Third Quarter Conference Call

Lindsay’s fiscal 2021 third 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						Nine months ended
(in thousands, except per share amounts)	May 31, 2021			May 31, 2020			May 31, 2021			May 31, 2020
Operating revenues	$	161,936		$	123,106		$	413,998		$	346,287
Cost of operating revenues		117,880			83,410			297,360			239,111
Gross profit		44,056			39,696			116,638			107,176
Operating expenses:
Selling expense		7,570			7,417			22,680			22,101
General and administrative expense		12,043			13,055			39,770			38,026
Engineering and research expense		3,102			3,396			9,504			10,303
Total operating expenses		22,715			23,868			71,954			70,430
Operating income		21,341			15,828			44,684			36,746
Other (expense) income:
Interest expense		(1,178	)		(1,197	)		(3,584	)		(3,574	)
Interest income		227			408			798			1,412
Other expense, net		764			(2,774	)		699			(4,197	)
Total other (expense) income		(187	)		(3,563	)		(2,087	)		(6,359	)
Earnings before income taxes		21,154			12,265			42,597			30,387
Income tax expense		3,357			2,171			5,829			6,432
Net earnings	$	17,797		$	10,094		$	36,768		$	23,955
Earnings per share:
Basic	$	1.63		$	0.93		$	3.38		$	2.21
Diluted	$	1.61		$	0.93		$	3.35		$	2.21
Shares used in computing earnings per share:
Basic		10,907			10,835			10,879			10,818
Diluted		11,033			10,877			10,967			10,854
Cash dividends declared per share	$	0.33		$	0.32		$	0.97		$	0.94

3

LINDSAY CORPORATION AND SUBSIDIARIES

SUMMARY OPERATING RESULTS

(Unaudited)

	Three months ended						Nine months ended
(in thousands)	May 31, 2021			May 31, 2020			May 31, 2021			May 31, 2020
Operating revenues:
Irrigation:
North America	$	87,364		$	62,895			220,332		$	183,570
International		52,812			32,606			125,772			88,751
Irrigation segment		140,176			95,501		$	346,104		$	272,321
Infrastructure segment		21,760			27,605			67,894			73,966
Total operating revenues	$	161,936		$	123,106		$	413,998		$	346,287
Operating income (loss):
Irrigation segment	$	23,925		$	15,417		$	52,603		$	35,282
Infrastructure segment		3,767			8,157			14,364			22,788
Corporate		(6,351	)		(7,746	)		(22,283	)		(21,324	)
Total operating income	$	21,341		$	15,828		$	44,684		$	36,746

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)	May 31, 2021			May 31, 2020			August 31, 2020
ASSETS
Current assets:
Cash and cash equivalents	$	120,801		$	102,474		$	121,403
Marketable securities		19,663			19,012			19,511
Receivables, net		107,713			84,931			84,604
Inventories, net		136,601			113,301			104,792
Other current assets, net		32,947			19,469			17,625
Total current assets		417,725			339,187			347,935
Property, plant, and equipment, net		92,517			72,827			79,581
Intangibles, net		21,893			24,053			23,477
Goodwill		68,134			67,635			68,004
Operating lease right-of-use assets		19,360			27,663			27,457
Deferred income tax assets		10,247			11,118			9,935
Other noncurrent assets, net		12,341			15,003			14,137
Total assets	$	642,217		$	557,486		$	570,526
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	49,351		$	35,310		$	29,554
Current portion of long-term debt		216			195			195
Other current liabilities		94,589			71,712			72,646
Total current liabilities		144,156			107,217			102,395
Pension benefits liabilities		6,086			5,787			6,374
Long-term debt		115,557			115,723			115,682
Operating lease liabilities		19,369			26,333			25,862
Deferred income tax liabilities		881			835			889
Other noncurrent liabilities		19,995			18,633			20,806
Total liabilities		306,044			274,528			272,008
Shareholders’ equity:
Preferred stock		—			—			—
Common stock		18,991			18,918			18,918
Capital in excess of stated value		85,257			76,188			77,686
Retained earnings		525,926			488,518			499,724
Less treasury stock - at cost		(277,238	)		(277,238	)		(277,238	)
Accumulated other comprehensive loss, net		(16,763	)		(23,428	)		(20,572	)
Total shareholders’ equity		336,173			282,958			298,518
Total liabilities and shareholders’ equity	$	642,217		$	557,486		$	570,526

5

LINDSAY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine months ended
(in thousands)	May 31, 2021			May 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$	36,768		$	23,955
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		14,688			14,146
Gain on sale of assets held-for-sale		—			(1,191	)
Provision for uncollectible accounts receivable		304			466
Deferred income taxes		205			27
Share-based compensation expense		5,021			4,118
Unrealized foreign currency transaction (gain) loss		(1,934	)		3,632
Other, net		(2,123	)		1,575
Changes in assets and liabilities:
Receivables		(22,934	)		(11,379	)
Inventories		(28,612	)		(23,765	)
Other current assets		(14,025	)		(6,681	)
Accounts payable		20,828			5,385
Other current liabilities		20,149			14,485
Other noncurrent assets and liabilities		2,325			(8,810	)
Net cash provided by operating activities		30,660			15,963
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant, and equipment		(22,532	)		(12,268	)
Proceeds from sale of property and equipment held-for-sale		—			3,955
Purchases of marketable securities available-for-sale		(13,067	)		(23,389	)
Proceeds from maturities of marketable securities available-for-sale		12,592			4,320
Acquisition of business, net of cash acquired		—			(3,034	)
Other investing activities, net		(1,960	)		1,503
Net cash used in investing activities		(24,967	)		(28,913	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options		3,892			1,545
Common stock withheld for payroll tax obligations		(1,269	)		(1,111	)
Principal payments on long-term debt		(141	)		(174	)
Dividends paid		(10,566	)		(10,177	)
Net cash used in financing activities		(8,084	)		(9,917	)
Effect of exchange rate changes on cash and cash equivalents		1,789			(1,863	)
Net change in cash and cash equivalents		(602	)		(24,730	)
Cash and cash equivalents, beginning of period		121,403			127,204
Cash and cash equivalents, end of period	$	120,801		$	102,474

6