Earnings soften at Lindsay (NYSE: LNN) as irrigation slows but backlog grows
Rhea-AI Filing Summary
Lindsay Corporation reported third quarter fiscal 2026 results showing softer earnings as irrigation demand weakened but infrastructure stayed resilient. Total revenue was $160.8 million, down 5 percent from $169.5 million a year earlier. Irrigation revenue fell 7 percent to $133.0 million, while infrastructure revenue grew 8 percent to $27.7 million, driven by higher road safety product sales.
Operating income declined 22 percent to $18.5 million and net earnings were $15.8 million, or $1.53 per diluted share, compared with $19.5 million, or $1.78 per diluted share, in the prior year. Backlog at May 31, 2026 increased to $136.1 million from $117.1 million, supported by a large irrigation project in the MENA region that remains on schedule. The company repurchased $25.2 million of shares in the quarter, bringing fiscal year-to-date repurchases to $80.7 million, and highlighted ample liquidity and manageable debt as it invests for growth and returns capital to shareholders.
Positive
- None.
Negative
- None.
8-K Event Classification
Key Figures
Key Terms
operating margin financial
fixed cost deleverage financial
Road Zipper System technical
Infrastructure Investment and Jobs Act regulatory
backlog of unfulfilled orders financial
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On July 2, 2026, Lindsay Corporation (the “Company”) issued a press release announcing the Company’s results of operations for its third quarter ended May 31, 2026. A copy of the press release is furnished herewith as Exhibit 99.1.
In addition, a copy of the slide presentation to be used during the Company’s fiscal 2026 third quarter investor conference call at 11:00 a.m. Eastern Time on May 31, 2026 is furnished herewith as Exhibit 99.2.
Item 9.01 Financial Statements and Exhibits.
99.1 Earnings Press Release, dated July 2, 2026, issued by the Company.
99.2 Slide Presentation for Fiscal 2026 Third Quarter Investor Conference Call on July 2, 2026.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
In accordance with General Instruction B.2 of Form 8-K, the information contained in Item 2.02 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 relating to Item 2.02 and attached hereto, is being “furnished” and, as such, shall not be deemed to be “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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LINDSAY CORPORATION |
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Date: |
July 2, 2026 |
By: |
/s/ Samuel S. Hinrichsen |
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Samuel S. Hinrichsen, Senior Vice President and Chief Financial Officer |
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Exhibit 99.1
18135 BURKE ST. OMAHA, NE 68022 TEL: 402-829-6800 FAX: 402-829-6836 |
Lindsay Corporation Reports Fiscal 2026 Third Quarter Results
OMAHA, Neb., July 2, 2026 - Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, today announced results for its third quarter of fiscal 2026, which ended on May 31, 2026.
Key Highlights:
“Deliveries for the large irrigation project in the Middle East North Africa (MENA) region remain on schedule despite continued geopolitical challenges" said Randy Wood, President and Chief Executive Officer. "In North America, demand for irrigation equipment remains tempered as margin pressure from high input costs continues to impact customer sentiment. In Brazil, demand continued to be impacted by low profitability and limited credit availability. As we enter road construction season in the northern hemisphere, our road safety products business delivered another consecutive quarter of growth."
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 volatile macro-economic environment."
Third Quarter Summary
Consolidated Financial Summary |
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Third Quarter |
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(dollars in millions, except per share amounts) |
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FY2026 |
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FY2025 |
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$ Change |
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% Change |
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Total revenues |
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$160.8 |
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$169.5 |
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($8.7) |
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(5%) |
Operating income |
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$18.5 |
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$23.8 |
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($5.3) |
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(22%) |
Operating margin |
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11.5% |
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14.0% |
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Net earnings |
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$15.8 |
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$19.5 |
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($3.7) |
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(19%) |
Diluted earnings per share |
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$1.53 |
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$1.78 |
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($0.25) |
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(14%) |
Revenues for the third quarter of fiscal 2026 were $160.8 million, a decrease of $8.7 million, or 5 percent, compared to $169.5 million in the prior year. The increase in infrastructure revenues was more than offset by the decrease in irrigation revenues compared to the prior year.
Operating income for the third quarter of fiscal 2026 was $18.5 million, a decrease of $5.3 million, or 22 percent, compared to $23.8 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 11.5 percent of sales, compared to 14.0 percent of sales in the prior year.
Net earnings for the third quarter of 2026 were $15.8 million, or $1.53 per diluted share, compared to $19.5 million, or $1.78 per diluted share, in the prior year. Net earnings were impacted by lower operating income, which was partially offset by a lower effective tax rate and an increase in other income.
1
Third Quarter Segment Results
Irrigation Segment |
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Third Quarter |
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(dollars in millions) |
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FY2026 |
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FY2025 |
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$ Change |
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% Change |
Revenues: |
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North America |
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$61.3 |
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$69.1 |
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($7.7) |
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(11%) |
International |
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$71.7 |
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$74.7 |
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($3.0) |
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(4%) |
Total revenues |
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$133.0 |
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$143.7 |
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($10.7) |
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(7%) |
Operating income |
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$20.3 |
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$27.2 |
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($6.8) |
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(25%) |
Operating margin |
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15.3% |
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18.9% |
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Irrigation segment revenues for the third quarter of fiscal 2026 were $133.0 million, a decrease of $10.7 million, or 7 percent, compared to $143.7 million in the prior year. North America irrigation revenues of $61.3 million decreased $7.7 million, or 11 percent, compared to the prior year. The decrease in revenues resulted primarily from lower unit sales volume and was partially offset by higher average selling prices compared to the prior year. Persistent weakness in commodity markets and tempered farmer sentiment continue to constrain demand for irrigation equipment in North America.
International irrigation revenues for the third quarter of fiscal 2026 of $71.7 million decreased $3.0 million, or 4 percent, compared to the prior year. The decrease resulted primarily from lower sales volumes in Brazil, which were partially offset by growth in other regions. Revenues in the current year quarter were favorably impacted by the effects of foreign currency translation of approximately $3.9 million compared to the prior year.
Irrigation segment operating income for the third quarter of fiscal 2026 was $20.3 million, a decrease of $6.8 million, or 25 percent, compared to the prior year. Operating margin was 15.3 percent of sales, compared to 18.9 percent of sales in the prior year. The decrease in operating income resulted primarily from lower unit sales volume, increases in input costs, and the impact of fixed cost deleverage compared to the prior year.
Infrastructure Segment |
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Third Quarter |
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(dollars in millions) |
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FY2026 |
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FY2025 |
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$ Change |
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% Change |
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Total revenues |
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$27.7 |
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$25.7 |
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$2.0 |
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8% |
Operating income |
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$5.4 |
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$5.4 |
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— |
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— |
Operating margin |
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19.5% |
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21.1% |
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Infrastructure segment revenues for the third quarter of fiscal 2026 were $27.7 million, an increase of $2.0 million, or 8 percent, compared to $25.7 million in the prior year. The increase was driven by higher road safety product revenues, comparable Road Zipper lease revenues, both of which were partially offset by lower Road Zipper System revenues compared to the prior year.
Infrastructure segment operating income for the third quarter of fiscal 2026 was $5.4 million, which was comparable to the prior year. Operating margin was 19.5 percent of sales, compared to 21.1 percent of sales in the prior year. The decrease in operating margin resulted primarily from an unfavorable mix of lower Road Zipper System project revenues compared to the prior year.
The backlog of unfulfilled orders at May 31, 2026 was $136.1 million compared with $117.1 million at May 31, 2025. Included in these backlogs are amounts of $20.1 million and $12.3 million, respectively, for orders that are not expected to be fulfilled within the subsequent 12 months. The backlog in irrigation increased as a result of the large irrigation project in the MENA region, while the backlog in infrastructure decreased compared to the prior year.
Outlook
Mr. Wood concluded, “In the U.S., irrigation market conditions remain soft as growers await further trade certainty and an improvement in commodity prices. We expect Brazil to return to growth due to the solid drivers of secular demand that support investments in irrigation, although credit constraints and high interest rates could remain a headwind. We will continue delivery of the irrigation project in the MENA region and we expect to recognize approximately $70 million of revenue for the project in our current fiscal year. We will take further actions to align our cost structure with current demand levels to protect margins and support future earnings as demand rebounds."
“In infrastructure, we anticipate continued growth in road safety products and while we continue to actively manage a robust pipeline of Road Zipper System projects, we do not expect to deliver a large project in fiscal 2026.”
2
Third Quarter Conference Call
Lindsay’s fiscal 2026 third quarter investor conference call is scheduled for 11:00 a.m. Eastern Time today. Interested investors may participate in the call by dialing (833) 535-2202 in the U.S., or (412) 902-6745 internationally, and requesting the Lindsay Corporation call. Additionally, the conference call will be simulcast live on the internet and can be accessed via the investor relations section of the Company's website, www.lindsay.com. Replays of the conference call will remain on our website through the next quarterly earnings release. The Company will have a slide presentation available to augment management's formal presentation, which will also be accessible via the Company's website.
About the Company
Lindsay Corporation (NYSE: LNN) is a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology. Established in 1955, the company has been at the forefront of research and development of innovative solutions to meet the food, fuel, fiber and transportation needs of the world’s rapidly growing population. The Lindsay family of irrigation brands includes Zimmatic™ center pivot and lateral move agricultural irrigation systems, FieldNET™ and FieldWise™ remote irrigation management technology, FieldNET Advisor™ irrigation scheduling technology, and industrial IoT solutions. Also a global leader in the transportation industry, Lindsay Transportation Solutions manufactures equipment to improve road safety and keep traffic moving on the world’s roads, bridges and tunnels, through the Barrier Systems™, Road Zipper™ and Snoline™ brands. For more information about Lindsay Corporation, visit www.lindsay.com.
Concerning Forward-looking Statements
This release contains forward-looking statements that are subject to risks and uncertainties, and which reflect management’s current beliefs and estimates of future economic circumstances, industry conditions, Company performance and financial results. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that the Company files with the Securities and Exchange Commission. Forward-looking statements include information concerning possible or assumed future results of operations and planned financing of the Company and those statements preceded by, followed by or including the words “anticipate,” “estimate,” “believe,” “intend,” "expect," "outlook," "could," "may," "should," “will,” or similar expressions. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company undertakes no obligation to update any forward-looking information contained in this press release.
For further information, contact:
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LINDSAY CORPORATION: |
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Alpha IR Group: |
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Alicia Pfeifer |
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Joe Caminiti |
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Vice President, Investor Relations & Treasury |
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312-445-2870 |
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402-933-6429 |
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LNN@alpha-ir.com |
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Alicia.Pfeifer@lindsay.com |
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3
LINDSAY CORPORATION AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS |
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(Unaudited) |
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Three months ended |
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Nine months ended |
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(in thousands, except per share amounts) |
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May 31, |
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May 31, |
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May 31, |
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May 31, |
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Operating revenues |
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$ |
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160,764 |
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$ |
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169,464 |
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$ |
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474,297 |
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$ |
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522,809 |
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Cost of operating revenues |
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112,932 |
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115,842 |
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334,014 |
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356,734 |
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Gross profit |
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47,832 |
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53,622 |
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140,283 |
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166,075 |
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Operating expenses: |
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Selling expense |
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10,320 |
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10,217 |
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31,856 |
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31,278 |
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General and administrative expense |
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14,349 |
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14,903 |
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43,929 |
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45,263 |
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Engineering and research expense |
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4,650 |
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4,709 |
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13,366 |
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12,735 |
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Total operating expenses |
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29,319 |
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29,829 |
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89,151 |
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89,276 |
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Operating income |
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18,513 |
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23,793 |
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51,132 |
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76,799 |
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Other income: |
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Interest income, net |
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2,315 |
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1,897 |
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7,618 |
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3,832 |
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Other (expense) income, net |
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(250 |
) |
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24 |
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(719 |
) |
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330 |
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Total other income |
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2,065 |
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1,921 |
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6,899 |
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4,162 |
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Earnings before income taxes |
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20,578 |
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25,714 |
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58,031 |
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80,961 |
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Income tax expense |
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4,758 |
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6,214 |
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13,642 |
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17,722 |
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Net earnings |
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$ |
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15,820 |
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$ |
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19,500 |
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$ |
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44,389 |
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$ |
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63,239 |
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Earnings per share: |
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Basic |
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$ |
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1.54 |
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$ |
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1.80 |
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$ |
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4.24 |
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$ |
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5.82 |
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Diluted |
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$ |
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1.53 |
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$ |
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1.78 |
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$ |
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4.22 |
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$ |
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5.79 |
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Shares used in computing earnings per share: |
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Basic |
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10,299 |
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10,862 |
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10,474 |
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10,860 |
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Diluted |
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10,341 |
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10,931 |
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10,509 |
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10,915 |
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Cash dividends declared per share |
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$ |
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0.37 |
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$ |
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0.36 |
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$ |
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1.11 |
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$ |
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1.08 |
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4
LINDSAY CORPORATION AND SUBSIDIARIES |
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SUMMARY OPERATING RESULTS |
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(Unaudited) |
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Three months ended |
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Nine months ended |
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(in thousands) |
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May 31, |
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May 31, |
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May 31, |
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May 31, |
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Operating revenues: |
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Irrigation: |
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North America |
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$ |
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61,349 |
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$ |
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69,082 |
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$ |
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206,704 |
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$ |
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223,793 |
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International |
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71,684 |
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74,663 |
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201,003 |
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215,178 |
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Irrigation total |
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133,033 |
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143,745 |
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407,707 |
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438,971 |
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Infrastructure |
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27,731 |
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25,719 |
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66,590 |
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|
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|
83,838 |
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Total operating revenues |
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$ |
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160,764 |
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|
$ |
|
169,464 |
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|
$ |
|
474,297 |
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|
$ |
|
522,809 |
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Operating income: |
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Irrigation |
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$ |
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20,336 |
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$ |
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27,154 |
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$ |
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62,768 |
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$ |
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79,266 |
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Infrastructure |
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5,401 |
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5,426 |
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11,061 |
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22,806 |
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Corporate |
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(7,224 |
) |
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(8,787 |
) |
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|
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(22,697 |
) |
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|
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(25,273 |
) |
Total operating income |
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$ |
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18,513 |
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|
$ |
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23,793 |
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|
$ |
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51,132 |
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$ |
|
76,799 |
|
The Company manages its business activities in two reportable segments as follows:
Irrigation – This reporting segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems, 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 IoT solutions.
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.
5
LINDSAY CORPORATION AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(Unaudited) |
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(in thousands) |
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May 31, |
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May 31, |
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August 31, |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
154,760 |
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$ |
196,117 |
|
$ |
250,575 |
Marketable securities |
|
|
— |
|
|
14,676 |
|
|
— |
Receivables, net |
|
|
137,449 |
|
|
147,848 |
|
|
113,027 |
Inventories, net |
|
|
145,945 |
|
|
150,462 |
|
|
136,859 |
Other current assets |
|
|
42,198 |
|
|
38,143 |
|
|
32,303 |
Total current assets |
|
|
480,352 |
|
|
547,246 |
|
|
532,764 |
|
|
|
|
|
|
|
|
|
|
Property, plant, and equipment, net |
|
|
166,394 |
|
|
130,611 |
|
|
142,307 |
Intangibles, net |
|
|
22,576 |
|
|
23,703 |
|
|
23,331 |
Goodwill |
|
|
84,473 |
|
|
84,304 |
|
|
84,459 |
Operating lease right-of-use assets |
|
|
19,887 |
|
|
16,899 |
|
|
18,096 |
Deferred income tax assets |
|
|
23,173 |
|
|
18,945 |
|
|
19,525 |
Equity method investment |
|
|
8,423 |
|
|
8,337 |
|
|
8,763 |
Other noncurrent assets |
|
|
16,365 |
|
|
10,818 |
|
|
11,591 |
Total assets |
|
$ |
821,643 |
|
$ |
840,863 |
|
$ |
840,836 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
58,712 |
|
$ |
47,000 |
|
$ |
48,670 |
Current portion of long-term debt |
|
|
89 |
|
|
232 |
|
|
233 |
Other current liabilities |
|
|
104,872 |
|
|
103,012 |
|
|
94,689 |
Total current liabilities |
|
|
163,673 |
|
|
150,244 |
|
|
143,592 |
|
|
|
|
|
|
|
|
|
|
Pension benefits liabilities |
|
|
3,215 |
|
|
3,979 |
|
|
3,418 |
Long-term debt |
|
|
114,816 |
|
|
114,856 |
|
|
114,810 |
Operating lease liabilities |
|
|
18,796 |
|
|
16,572 |
|
|
17,354 |
Deferred income tax liabilities |
|
|
1,163 |
|
|
693 |
|
|
1,024 |
Other noncurrent liabilities |
|
|
20,884 |
|
|
25,743 |
|
|
27,788 |
Total liabilities |
|
|
322,547 |
|
|
312,087 |
|
|
307,986 |
|
|
|
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
|
|
|
|
Preferred stock |
|
|
— |
|
|
— |
|
|
— |
Common stock |
|
|
19,199 |
|
|
19,162 |
|
|
19,167 |
Capital in excess of stated value |
|
|
117,974 |
|
|
110,523 |
|
|
113,042 |
Retained earnings |
|
|
778,258 |
|
|
738,598 |
|
|
745,397 |
Less treasury stock - at cost |
|
|
(391,962) |
|
|
(302,367) |
|
|
(311,224) |
Accumulated other comprehensive loss, net |
|
|
(24,373) |
|
|
(37,140) |
|
|
(33,532) |
Total shareholders' equity |
|
|
499,096 |
|
|
528,776 |
|
|
532,850 |
Total liabilities and shareholders' equity |
|
$ |
821,643 |
|
$ |
840,863 |
|
$ |
840,836 |
6
LINDSAY CORPORATION AND SUBSIDIARIES |
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
||||||||
(Unaudited) |
|
||||||||
|
|
|
|
|
|
|
|
||
|
|
Nine months ended |
|
||||||
(in thousands) |
|
May 31, 2026 |
|
|
|
May 31, 2025 |
|
||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
||
Net earnings |
$ |
|
44,389 |
|
|
$ |
|
63,239 |
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
17,047 |
|
|
|
|
15,707 |
|
Provision for uncollectible accounts receivable |
|
|
201 |
|
|
|
|
1,238 |
|
Deferred income taxes |
|
|
5,548 |
|
|
|
|
(2,386 |
) |
Share-based compensation expense |
|
|
4,890 |
|
|
|
|
5,971 |
|
Unrealized foreign currency transaction gain |
|
|
(288 |
) |
|
|
|
(629 |
) |
Other, net |
|
|
29 |
|
|
|
|
(2,493 |
) |
Changes in assets and liabilities: |
|
|
|
|
|
|
|
||
Receivables |
|
|
(21,694 |
) |
|
|
|
(32,512 |
) |
Inventories |
|
|
(6,107 |
) |
|
|
|
3,857 |
|
Other current assets |
|
|
(7,985 |
) |
|
|
|
(3,390 |
) |
Accounts payable |
|
|
7,831 |
|
|
|
|
10,010 |
|
Other current liabilities |
|
|
(7,516 |
) |
|
|
|
6,006 |
|
Other noncurrent assets and liabilities |
|
|
(5,719 |
) |
|
|
|
4,256 |
|
Net cash provided by operating activities |
|
|
30,626 |
|
|
|
|
68,874 |
|
|
|
|
|
|
|
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
||
Purchases of property, plant, and equipment |
|
|
(35,514 |
) |
|
|
|
(28,251 |
) |
Purchases of marketable securities |
|
|
— |
|
|
|
|
(14,676 |
) |
Purchase of equity method investment |
|
|
— |
|
|
|
|
(5,815 |
) |
Proceeds from settlement of net investment hedge |
|
|
— |
|
|
|
|
835 |
|
Payments for settlement of net investment hedge |
|
|
(1,746 |
) |
|
|
|
(98 |
) |
Other investing activities, net |
|
|
(1,106 |
) |
|
|
|
(438 |
) |
Net cash used in investing activities |
|
|
(38,366 |
) |
|
|
|
(48,443 |
) |
|
|
|
|
|
|
|
|
||
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
||
Repurchase of common shares |
|
|
(80,738 |
) |
|
|
|
(2,675 |
) |
Dividends paid |
|
|
(11,528 |
) |
|
|
|
(11,734 |
) |
Common stock withheld for payroll tax obligations |
|
|
(1,253 |
) |
|
|
|
(1,450 |
) |
Proceeds from exercise of stock options |
|
|
805 |
|
|
|
|
1,194 |
|
Other financing activities, net |
|
|
346 |
|
|
|
|
306 |
|
Net cash used in financing activities |
|
|
(92,368 |
) |
|
|
|
(14,359 |
) |
|
|
|
|
|
|
|
|
||
Effect of exchange rate changes on cash and cash equivalents |
|
|
4,293 |
|
|
|
|
(834 |
) |
Net change in cash and cash equivalents |
|
|
(95,815 |
) |
|
|
|
5,238 |
|
Cash and cash equivalents, beginning of period |
|
|
250,575 |
|
|
|
|
190,879 |
|
Cash and cash equivalents, end of period |
$ |
|
154,760 |
|
|
$ |
|
196,117 |
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
||
7
3rd Quarter Fiscal 2026 Earnings Presentation Exhibit 99.2
Safe-Harbor Statement © 2026 Lindsay Corporation This presentation contains forward-looking statements that are subject to risks and uncertainties, and which reflect management’s current beliefs and estimates of future economic circumstances, industry conditions, Company performance, financial results and planned financing. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that the Company files with the Securities and Exchange Commission. Investors should understand that a number of factors could cause future economic and industry conditions and the Company’s actual financial condition and results of operations to differ materially from management’s beliefs expressed in the forward-looking statements contained in this presentation. These factors include those outlined in the “Risk Factors” section of the Company’s most recent annual report on Form 10-K filed with the Securities and Exchange Commission, and investors are urged to review these factors when considering the forward-looking statements contained in this presentation. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. For additional financial statement information, please see the Company’s earnings release dated July 2, 2026.
© 2026 Lindsay Corporation Key Highlights International irrigation project in the Middle East North Africa (MENA) region remains on schedule Infrastructure revenues increased 8 percent, supported by another consecutive quarter of road safety products growth Irrigation revenues decreased 7 percent as challenging market conditions in North America and Brazil persist Completed $25.2 million of share repurchases during the quarter, bringing total repurchases to $80.7 million for the fiscal year
Third Quarter Summary © 2026 Lindsay Corporation Revenues decreased $8.7 million, or 5 percent, compared to the prior year Irrigation decreased $10.7 million Infrastructure increased $2.0 million Operating income decreased $5.3 million, or 22 percent, compared to the prior year Diluted earnings per share decreased $0.25 per share, or 14 percent, compared to the prior year -5% -22% -14% Revenue Operating Income (with operating margin) Diluted EPS $ in millions, except per share amounts
Irrigation – Current Market Factors © 2026 Lindsay Corporation In February, the USDA estimated 2026 U.S. net farm income to be $153.4 billion, a decrease of 1 percent from 2025 U.S. net farm income of $154.5 billion The projected decrease is mainly driven by an expected decrease in cash receipts of 3 percent and is partially offset by an increase in government support payments In December 2025, $12.0 billion Farm Bridge Assistance Program announced $11.0 billion to support row crop farmers with payments beginning in the first calendar quarter of 2026 Through April, 87% of the funds were disbursed with row crop acres receiving the largest share of payments In May, China agreed to purchase $17.0 billion in U.S. agricultural products through 2028 in addition to existing soybean commitments The One Big Beautiful Bill Act was signed into law July 4, 2025 Extends provisions of the 2017 Tax Act, including accelerated depreciation of equipment purchases Extends key commodity support programs under the Farm Bill, which expired September 30, 2025 Demand for irrigation equipment in Brazil remains suppressed High interest rates and ongoing credit constraints remain as headwinds Commodity price pressure remains due to record harvests Pipeline of project opportunities in developing international markets continues to be robust, driven by secular megatrends of food security and water conservation
Irrigation Segment – Third Quarter Summary © 2026 Lindsay Corporation North America revenue of $61.3 million decreased 11 percent Lower unit sales volume due to high input costs and tempered farmer sentiment Higher average selling prices compared to the prior year Unit sales volume breakdown by category: Replacement 45%, Conversion 30%, Dryland 25% International revenue of $71.7 million decreased 4 percent Lower unit sales volume in Brazil due to low profitability and credit availability Favorable effects of foreign currency translation of $3.9 million Operating income of $20.3 million decreased 25 percent Lower unit sales volume Increases in input costs Impact of fixed cost deleverage Revenue -25% -7% Operating Income (with operating margin) 6 $ in millions
Infrastructure – Current Market Factors Infrastructure Investment and Jobs Act (IIJA) funding includes $110 billion in incremental federal funding for roads, bridges, and other transportation projects and runs through September 2026 Inflation on material prices and labor costs have offset some of the impact of incremental funding To date, 87 percent of the IIJA funds have been committed to the states, and 72 percent of the funds have been reimbursed to the states* The value of state and local government contract awards increased 8-12 percent year to date versus 2025 driven by bridges, tunnels and the rail sector* The Road Zipper ™ project pipeline continues to be actively managed, and project timing remains challenging to predict © 2026 Lindsay Corporation *Source: American Road and Transportation Builders Association
Infrastructure Segment – Third Quarter Summary © 2026 Lindsay Corporation Revenue of $27.7 million increased 8 percent Higher sales of road safety products compared to the prior year Road Zipper lease revenues comparable to prior year Road Zipper system project revenues below prior year Operating income of $5.4 million comparable to prior year The decrease in operation margin resulted from the mix impact of lower Road Zipper system project revenues compared to prior year Revenue NA Operating Income (with operating margin) +8% $ in millions
© 2026 Lindsay Corporation Ample Liquidity to Execute Capital Allocation Priorities $205M Available liquidity Current Liquidity 1.15x Gross Debt to EBITDA leverage Substantial Room to Add Leverage No Near-Term Debt Maturities $115M Total Debt 2030 Maturity
Capital Allocation Priorities © 2026 Lindsay Corporation Working capital to support sales growth New product development Capacity and productivity investments Align with strategic growth priorities Leverage or add to existing capabilities Deliver incremental return on invested capital Increase annual dividends Opportunistic share repurchase Support Growth and Profitability of Current Businesses Acquisitions Return Capital to Shareholders
Innovation Leadership: Addressing Global Megatrends © 2026 Lindsay Corporation Capitalizing on global megatrends Megatrends Innovation Leadership Innovative sustainable solutions for growers across the globe Mobilizing global populations safely and sustainably Food Security Water Scarcity Land Availability Aging Infrastructure Mobility Safety Increased Safety Standards
Strong Commitment to Sustainable Practices © 2026 Lindsay Corporation Our mission is to conserve natural resources, expand our world’s potential, and enhance the quality of life for people. Investing in sustainable technologies Striving for operational and environmental excellence A great place to work Supporting communities Operating with integrity
Appendix © 2026 Lindsay Corporation
U.S. Corn Prices Source: Trading Economics © 2026 Lindsay Corporation USD/BU
U.S. Soybean Prices © 2026 Lindsay Corporation USD/BU Source: Trading Economics
United States Drought Condition Source: US Drought Monitor, May 2025/2026 2025 2026 © 2026 Lindsay Corporation
Soybean Cash Price Index – Brazil Source:Cepea © 2026 Lindsay Corporation R$/bag
Brazil Central Bank Interest Rate Source: Trading Economics| Banco Central do Brasil Percent © 2026 Lindsay Corporation