Key Takeaways
- Lindsay Corporation reported Q2 fiscal 2026 revenue of $157.7 million, a 16 percent decrease compared to the prior year.
- Irrigation revenues declined 5 percent as weak commodity prices and high interest rates constrained demand in North America and Brazil.
- Infrastructure revenue, excluding a $20 million Road Zipper System project from the prior year, grew 6 percent driven by road safety products.
- Lindsay Corporation completed $25.2 million in share repurchases during the quarter, with $125 million remaining under its $150 million authorization.
- The company’s unfulfilled order backlog stood at $151.8 million, up from $127.0 million in the prior year, driven by a large irrigation project in the MENA region.
Lindsay Corporation Posts Lower Q2 Revenue Amid Soft Irrigation Market
Lindsay Corporation (NYSE: LNN) reported second quarter fiscal 2026 revenues of $157.7 million, a decrease of $29.3 million, or 16 percent, compared to $187.1 million in the prior year. The decrease was driven by lower revenues in both the irrigation and infrastructure segments. Net earnings 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.
Operating income fell 59 percent to $13.0 million, with operating margin at 8.3 percent compared to 17.2 percent in the prior year.
Lindsay Corporation’s Irrigation Segment Under Pressure
Irrigation segment revenues were $141.2 million, down 5 percent from $148.1 million in the prior year. North America irrigation revenues declined 8 percent to $71.0 million, driven primarily by lower unit sales volume, though partially offset by higher average selling prices. Persistent weakness in commodity markets and tempered farmer sentiment continue to constrain demand.
International irrigation revenues decreased 1 percent to $70.2 million. Lower sales volumes in Brazil and timing of project volume in the MENA region were partially offset by growth in other regions. Credit constraints and elevated interest rates in Brazil continue to limit farmers’ ability to invest in capital equipment. Foreign currency translation had a favorable impact of approximately $4.0 million compared to the prior year.
Irrigation operating income fell 29 percent to $19.5 million, with operating margin at 13.8 percent versus 18.5 percent in the prior year.
Infrastructure Growth in Road Safety Offset by Road Zipper System Decline
Infrastructure segment revenues were $16.5 million, a 58 percent decrease from $38.9 million in the prior year. The decline was primarily due to a $20 million Road Zipper System project in the prior year that did not repeat. Excluding that project, road safety product sales increased, driven by sustained road construction activity.
Infrastructure operating income was $1.2 million, down 91 percent, with operating margin at 7.1 percent compared to 34.1 percent in the prior year.
MENA Project and New Product Launches
Lindsay Corporation President and CEO Randy Wood said deliveries have begun for the $80.0 million irrigation and technology project in the MENA region, which remains on schedule. “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,” Wood said.
Wood also noted that the infrastructure team introduced two new road safety products during the quarter: the Road Runner truck-mounted attenuator and the AlphaGuard barrier system.
Lindsay Corporation Outlook
The company’s backlog of unfulfilled orders at February 28, 2026 was $151.8 million, compared to $127.0 million a year earlier, with the increase driven by the MENA irrigation project.
Wood said U.S. irrigation market conditions remain soft as growers await further trade certainty and improvement in commodity prices. Lindsay Corporation expects to recognize approximately $70 million of revenue from the MENA project in the current fiscal year. In infrastructure, the company anticipates growth in road safety products but does not expect to deliver a large Road Zipper System project in fiscal 2026.
Read the company’s financial results here.
