Industry Segment Information

9 Months Ended

May 31, 2022

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, 2022 or 2021.

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						Nine months ended
($ in thousands)	May 31, 2022			May 31, 2021			May 31, 2022			May 31, 2021
Operating revenues:
Irrigation:
North America	$	96,153		$	87,364		$	275,601		$	220,332
International		92,540			52,811			239,759			125,772
Irrigation total		188,693			140,175			515,360			346,104
Infrastructure		25,566			21,761			65,187			67,894
Total operating revenues	$	214,259		$	161,936		$	580,547		$	413,998
Operating income:
Irrigation	$	39,567		$	23,925		$	81,513		$	52,603
Infrastructure		3,779			3,767			6,869			14,364
Corporate		(8,184	)		(6,351	)		(21,521	)		(22,283	)
Total operating income		35,162			21,341			66,861			44,684
Interest and other expense, net		394			(187	)		(2,625	)		(2,087	)
Earnings before income taxes	$	35,556		$	21,154		$	64,236		$	42,597