Lindsay Stock Earnings Reports

Lindsay reported fiscal Q1 2026 total revenue of $155.8 million, down 6% year-over-year, driven by lower irrigation volumes amid trade uncertainty, low commodity prices and high input costs. Operating income was $19.6 million (operating margin 12.6%), roughly in line with prior year margins due to price and cost management. Net earnings were $16.5 million, or $1.54 per diluted share. Irrigation revenue fell 9% to $133.4 million (North America down modestly, international impacted by project timing in MENA and weaker Brazil demand). Infrastructure revenue grew 17% to $22.4 million, supported by road safety product sales; Road Zipper remains lumpy with no large project expected to exit the funnel this fiscal year. The company announced an ~$80 million MENA irrigation project (about $70 million expected this fiscal year), highlighting its ability to win large international projects. Balance sheet: $249.6 million in available liquidity (cash $199.6M + $50M revolver), free cash flow impacted by working capital and elevated capex to modernize plants (new tube mill, galvanizing upgrades). The company repurchased $30.3 million of stock in Q1 (exhausting the prior authorization) and authorized a new $150 million buyback program. Near-term outlook: North America irrigation likely to remain at or near a trough (flat-to-down full-year expectation); international project funnel and infrastructure leasing/model provide longer-term opportunities.