Total revenues for the first quarter of fiscal 2021 were $108.5 million compared to $109.4 million in the same quarter last year.
Net earnings for the quarter were $7.1 million or $0.65 per diluted share compared to net earnings of $8.3 million or $0.77 per diluted share in the prior year.
Net earnings for the quarter included an income tax benefit of approximately $1.7 million or $0.16 per diluted share related to the release of a valuation allowance in a foreign tax jurisdiction.
Irrigation segment revenues of $87.4 million for the first quarter increased $4.1 million or 5% compared to $83.3 million in the same quarter last year.
North American irrigation revenues were $52.8 million compared to $53.6 million in the same quarter last year.
In the international irrigation markets, revenues of $34.6 million increased $4.8 million or 16% compared to $29.7 million in the same quarter last year.
Increase resulted from higher unit sales volumes in several regions, which were partially offset by the unfavorable effects of differences in foreign currency translation rates compared to the prior year that totaled approximately $2.4 million.
Total irrigation segment operating income for the first quarter was $10.6 million, an increase of 9% compared to $9.8 million in the same quarter last year.
And operating margin improved to 12.2% of sales compared to 11.7% of sales in the prior year.
Improved [Phonetic] margins were supported by higher irrigation equipment sales volume.
However, this improvement was tempered somewhat by the impact of higher raw material costs and also from higher freight costs that resulted from reduced availability of commercial trucking resources.
Market prices for all types of steel products began to rise rapidly during the quarter with steel coil prices increasing over 70% from September to the end of December.
Infrastructure segment revenues for the first quarter were $21.1 million compared to $26.1 million in the same quarter last year.
Infrastructure segment operating income for the first quarter was $4.3 million compared to $8.7 million in the same quarter last year.
Infrastructure operating margin for the quarter was 20.1% of sales compared to 33.5% of sales in the prior year.
During the quarter, we generated free cash flow of almost $10 million, representing 138% of net earnings.
Our total available liquidity at the end of the first quarter was $196.4 million with $146.4 million in cash and marketable securities and $50 million available under our revolving credit facility.
Our total debt was $115.9 million at the end of the first quarter, almost all of which matures in 2030.
Additionally, at the end of the quarter, we were well within the financial covenants of our borrowing facilities, including a funded debt to EBITDA leverage ratio of 1.5 compared to a covenant limit of 3.0.

Summary:
Total revenues for the first quarter of fiscal 2021 were $108.5 million compared to $109.4 million in the same quarter last year.
Net earnings for the quarter were $7.1 million or $0.65 per diluted share compared to net earnings of $8.3 million or $0.77 per diluted share in the prior year.
Improved [Phonetic] margins were supported by higher irrigation equipment sales volume.
However, this improvement was tempered somewhat by the impact of higher raw material costs and also from higher freight costs that resulted from reduced availability of commercial trucking resources.