Lindsay Stock Earnings Reports

Lindsay reported fiscal Q2 2026 revenue of $157.7M, down 16% year-over-year, driven by declines in both segments. Irrigation revenues fell 5% to $141.2M (North America down 8% due to lower unit volumes; international roughly flat but pressured by Brazil volume and MENA project timing). Infrastructure revenue fell to $16.5M from $38.9M last year, primarily due to the non-recurrence of a prior-year $20M Road Zipper project (excluding that project, infrastructure grew ~6% led by road safety products). Operating income was $13.0M (8.3% margin) vs. $32.1M (17.2% margin) prior year; net earnings were $12.0M, $1.15 per diluted share vs. $26.6M, $2.44 prior year. Margin compression reflects lower volumes, fixed-cost deleverage, unfavorable regional mix and higher input costs that outpaced pricing gains. Liquidity remains strong with $236.1M available (cash $186.1M + $50M revolver). Management executed $25M of share repurchases during the quarter and continues strategic investments (Project Fortify: tube mill commissioned; galvanizing facility expected online early fiscal 2027). Key near-term risks and outlook: soft North American demand to persist until clearer trade, farm profitability and Middle East resolution; Brazil recovery depends on the July crop plan and financing availability; the large MENA project is currently on schedule but could be affected if the conflict prolongs. Management remains focused on pricing discipline, cost control, operational efficiency and selective investment while pursuing road safety product growth.