Lindsay Corporation reported fiscal 2026 first‑quarter revenue of $155.8 million, a 6 percent decline from $166.3 million in the same quarter last year. Operating income held steady at $19.6 million, or 12.6 percent of sales, while net earnings reached $16.5 million, translating to earnings per share of $1.54. The $1.54 EPS beat consensus estimates of $1.48–$1.49, a margin of $0.05–$0.06 per share, but revenue fell $11.0–$12.7 million below the $166.8–$168.5 million consensus.
The decline in top line was driven by a 9 percent drop in irrigation revenue to $133.4 million. North American irrigation sales fell 4 percent to $74.3 million, while international sales slipped 15 percent to $59.1 million, reflecting weaker activity in Brazil and the Middle East‑North Africa region. In contrast, the infrastructure segment grew 17 percent to $22.4 million, supported by a 20 percent increase in road‑safety product sales and steady Road Zipper System revenue. Gross margin in irrigation improved to 17.2 percent from 16.8 percent, whereas infrastructure operating margin contracted to 20.1 percent from 21.5 percent.
CEO Randy Wood said the company’s price‑management and operational‑efficiency initiatives helped lift irrigation margins even as demand softened. He noted that the international irrigation business remains strong, with headwinds in Brazil and MENA offset by a new technology‑enabled project in the region. Wood also highlighted the infrastructure business’s robust start, driven by road‑construction activity, and reiterated the company’s focus on building a technology‑enabled platform that delivers recurring revenue streams.
Lindsay’s balance sheet remains solid, with $250.6 million in cash and minimal debt. The company authorized a new $150 million share‑repurchase program and completed $30 million of repurchases during the quarter. In addition, Lindsay is investing $50 million to modernize its Nebraska manufacturing facility with Industry 4.0 technologies, positioning the company for future growth.
Investors reacted negatively to the results, largely because the revenue miss outweighed the EPS beat. Management did not issue new guidance for the coming quarter, but the company’s continued investment in technology and capital expenditures signals confidence in its long‑term transition to a platform‑based business model.
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