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Industry Segment Information
 9 Months Ended
May 31, 2021
Segment Reporting [Abstract]  
Industry Segment Information

Note 13 – Industry Segment Information

 

The Company manages its business activities in two reportable segments: irrigation and infrastructure.  The Company evaluates the performance of its reportable segments based on segment revenues, gross profit and operating income, with operating income for segment purposes excluding unallocated corporate general and administrative expenses, interest income, interest expense, other income and expenses and income taxes.  Operating income for segment purposes includes general and administrative expenses, selling expenses, engineering and research expenses and other overhead charges directly attributable to the segment.  There are no inter-segment sales included in the amounts disclosed. The Company had no single customer who represented 10 percent or more of its total revenues during the three or nine months ended May 31, 2021 or 2020.

 

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 internet of things, or “IIoT”, solutions. The irrigation reporting segment consists of one operating segment.   

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. The infrastructure reporting segment consists of one operating segment.

Certain immaterial reclassifications have been made to the prior year’s operating results to conform with the current year’s 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.

 

 

 

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

 

 

52,811

 

 

 

32,606

 

 

 

125,772

 

 

 

88,751

 

Irrigation total

 

 

140,175

 

 

 

95,501

 

 

 

346,104

 

 

 

272,321

 

Infrastructure

 

 

21,761

 

 

 

27,605

 

 

 

67,894

 

 

 

73,966

 

Total operating revenues

 

$

161,936

 

 

$

123,106

 

 

$

413,998

 

 

$

346,287

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Irrigation

 

$

23,925

 

 

$

15,417

 

 

$

52,603

 

 

$

35,282

 

Infrastructure

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other expense, net

 

 

(187

)

 

 

(3,563

)

 

 

(2,087

)

 

 

(6,359

)

Earnings before income taxes

 

$

21,154

 

 

$

12,265

 

 

$

42,597

 

 

$

30,387

 

 

($ in thousands)

 

May 31,

2021

 

 

May 31,

2020

 

 

August 31,

2020

 

Total assets:

 

 

 

 

 

 

 

 

 

 

 

 

Irrigation

 

$

402,304

 

 

$

313,216

 

 

$

307,537

 

Infrastructure

 

 

92,436

 

 

 

105,832

 

 

 

113,111

 

Corporate

 

 

147,477

 

 

 

138,438

 

 

 

149,878

 

 

 

$

642,217

 

 

$

557,486

 

 

$

570,526