Lindsay Earnings Call Transcripts
Fiscal Year 2026
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Q4 revenue and earnings grew, while FY26 results declined amid lower irrigation volumes and a prior-year project comparison. Cost reductions, technology growth, infrastructure demand, and the Setorial deal support longer-term plans, though farm economics and project timing remain uncertain.
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Q3 revenue declined 5% year-over-year due to ongoing irrigation market softness, while infrastructure grew 8%. Lower financing rates in Brazil and new technology initiatives support long-term optimism, but near-term demand remains constrained by funding and competitive pressures.
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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 decline 6% year-over-year due to lower irrigation volumes, but profitability and margins remained solid. Infrastructure revenues grew 17%, and a major $80 million MENA project was secured, with most revenue to be realized this year.
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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Revenue grew 22% year-over-year to $169.5M, with strong international irrigation and infrastructure performance. Net earnings were $19.5M, and liquidity remains robust at $261M. Outlook is positive internationally, while North American irrigation faces demand headwinds.
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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 saw 3% revenue growth and 14% higher net earnings, driven by strong international irrigation and improved infrastructure margins, despite North America softness. A $20M+ Road Zipper project and digital expansion via Pessl Instruments support future growth.
Fiscal Year 2024
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Fiscal 2024 saw resilient performance amid irrigation market headwinds, with infrastructure segment growth offsetting international irrigation declines. Strong cash flow and liquidity support ongoing investments, while large MENA projects and U.S. infrastructure spending are expected to drive 2025 results.
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Q3 revenue declined 15% year-over-year, but net earnings rose on higher infrastructure sales and a one-time tax credit. Irrigation faced demand softness in North America and Brazil, while infrastructure saw strong Road Zipper growth. Large international projects and ongoing investments support long-term growth.