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Apr. 3, 2026 Source: Lindsay Corp. news release OMAHA, Neb. - Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, today announced results for its second quarter of fiscal 2026, which ended on February 28, 2026. Key Highlights: *Deliveries began for the $80.0 million irrigation and technology project in the MENA region *Irrigation revenues decreased 5 percent as market uncertainty persists *Continued growth in road safety products with Infrastructure revenue up 6 percent, excluding Road Zipper System project that was included in the prior year *Completed $25.2 million of share repurchases during the quarter, bringing total repurchases to $55.5 million for the fiscal year "During the quarter we began shipping the large project in the Middle East North Africa (MENA) region. While this project remains on schedule, we are exercising caution and prioritizing the safety of our teams in the region," said Randy Wood, President and Chief Executive Officer. "Solid execution of this project is helping to support revenue performance as U.S. market conditions continue to put pressure on commodity prices and constrain demand for irrigation equipment. "Credit availability constraints and persistently high interest rates continue to suppress demand in Brazil, resulting in lower order levels this quarter. Excluding the $20 million Road Zipper System project in the prior year, which was not expected to repeat, our infrastructure business increased 6 percent. This growth was driven by a sustained increase in road construction activity supporting increased sales of road safety products. "We continued executing against our capital allocation priorities and completed $25.2 million of share repurchases leaving $125 million available under the recent $150 million authorization." Wood continued, "I am pleased with the resiliency and performance of our teams around the world, as we demonstrate our ability to deliver on project opportunities despite a very volatile macro-economic environment. During the quarter, our Infrastructure team introduced two new road safety products. The Road Runner truck-mounted attenuator and the AlphaGuard barrier system. These new products highlight our continued investment in innovation and the growing demand for high-performance roadway safety solutions." Revenues for the second quarter of fiscal 2026 were $157.7 million, a decrease of $29.3 million, or 16 percent, compared to $187.1 million in the prior year. The decrease was primarily driven by lower revenues in both the irrigation and infrastructure segments compared to the prior year. Operating income for the second quarter of fiscal 2026 was $13.0 million, a decrease of $19.1 million, or 59 percent, compared to $32.1 million in the prior year. Lower operating income in both the irrigation and infrastructure segments was partially offset by a reduction in corporate expense. Operating margin was 8.3 percent of sales, compared to 17.2 percent of sales in the prior year. Net earnings for the second quarter of 2026 were $12.0 million, or $1.15 per diluted share, compared to $26.6 million, or $2.44 per diluted share, in the prior year. Net earnings were impacted by lower operating income and a higher effective tax rate, both of which were partially offset by an increase in other income. To read the entire report click here. Tweet |
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