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Industry Segment Information
 6 Months Ended
Feb. 28, 2023
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 six months ended February 28, 2023 or 2022.

 

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.

 

 

Three months ended

 

 

Six months ended

 

($ in thousands)

 

February 28,
2023

 

 

February 28,
2022

 

 

February 28,
2023

 

 

February 28,
2022

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Irrigation:

 

 

 

 

 

 

 

 

 

 

 

 

   North America

 

$

90,354

 

 

$

100,730

 

 

$

174,288

 

 

$

179,705

 

   International

 

 

57,422

 

 

 

80,029

 

 

 

125,571

 

 

 

146,962

 

Irrigation total

 

 

147,776

 

 

 

180,759

 

 

 

299,859

 

 

 

326,667

 

Infrastructure

 

 

18,465

 

 

 

19,378

 

 

 

42,541

 

 

 

39,621

 

Total operating revenues

 

$

166,241

 

 

$

200,137

 

 

$

342,400

 

 

$

366,288

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income:

 

 

 

 

 

 

 

 

 

 

 

 

Irrigation

 

$

32,820

 

 

$

24,734

 

 

$

61,461

 

 

$

41,946

 

Infrastructure

 

 

2,019

 

 

 

324

 

 

 

5,391

 

 

 

3,090

 

Corporate

 

 

(7,574

)

 

 

(6,720

)

 

 

(14,989

)

 

 

(13,337

)

Total operating income

 

 

27,265

 

 

 

18,338

 

 

 

51,863

 

 

 

31,699

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other expense, net

 

 

(1,532

)

 

 

866

 

 

 

(2,125

)

 

 

(3,019

)

Earnings before income taxes

 

$

25,733

 

 

$

19,204

 

 

$

49,738

 

 

$

28,680