Lindsay Earnings Call Transcripts
Fiscal Year 2026
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Revenue and earnings declined sharply year-over-year due to lower irrigation and infrastructure sales, with margin compression driven by fixed cost deleverage and input inflation. The MENA project remains on track, while Brazil's outlook depends on upcoming crop plan financing.
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Q1 FY2026 saw revenues and net earnings decline slightly year-over-year due to lower irrigation volumes, but operating margins remained resilient. A major $80M MENA project and strong infrastructure segment growth offset some headwinds, while robust liquidity and a new $150M share repurchase program support future flexibility.
Fiscal Year 2025
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Record fiscal 2025 results were driven by international irrigation and infrastructure growth, offsetting North American weakness. 2026 guidance anticipates continued North American headwinds, stable to slightly higher international revenues, and increased CapEx for facility expansion.
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Q3 revenue grew 22% year-over-year to $169.5M, led by strong international irrigation and steady infrastructure results. Net earnings were $19.5M, with EPS up 26% excluding a prior-year tax credit. New MENA projects and operational efficiencies support a positive long-term outlook.
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Record Q2 net earnings and revenue growth were driven by strong international irrigation and infrastructure project execution. Margins held up despite tariff and market headwinds, with a robust balance sheet supporting future growth.
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Q1 revenue grew 3% to $166.3M and net earnings rose 14% to $17.2M, driven by strong international irrigation growth, while North America and infrastructure revenues declined. A $20M+ Road Zipper project and a strategic tech investment are set to boost future performance.
Fiscal Year 2024
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Q4 and full-year results showed lower revenues and earnings due to international irrigation weakness, especially in Brazil, but infrastructure segment growth and recurring technology revenues provided margin support. Large MENA projects and U.S. infrastructure spending are expected to drive 2025 growth.
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Q3 revenue fell 15% year-over-year due to irrigation declines, but net earnings rose on higher interest income, FX gains, and a one-time Brazil tax credit. Infrastructure grew strongly, led by Road Zipper, and a record $100M+ international irrigation contract was secured.