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:

International irrigation project in the Middle East North Africa (MENA) region remains on schedule
Infrastructure revenues increased 8 percent, driven by another consecutive quarter of growth in road safety products
Irrigation revenues decreased 7 percent as challenging market conditions in North America and Brazil persist
Net earnings of $15.8 million and $1.53 of diluted earnings per share
Completed $25.2 million of share repurchases during the quarter, bringing total repurchases to $80.7 million for the fiscal year

"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	Third Quarter
(dollars in millions, except per share amounts)	FY2026	FY2025	$ Change	% Change

Total revenues	$160.8	$169.5	($8.7)	(5%)
Operating income	$18.5	$23.8	($5.3)	(22%)
Operating margin	11.5%	14.0%
Net earnings	$15.8	$19.5	($3.7)	(19%)
Diluted earnings per share	$1.53	$1.78	($0.25)	(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.

Third Quarter Segment Results

Irrigation Segment	Third Quarter
(dollars in millions)	FY2026	FY2025	$ Change	% Change
Revenues:
North America	$61.3	$69.1	($7.7)	(11%)
International	$71.7	$74.7	($3.0)	(4%)
Total revenues	$133.0	$143.7	($10.7)	(7%)
Operating income	$20.3	$27.2	($6.8)	(25%)
Operating margin	15.3%	18.9%

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	Third Quarter
(dollars in millions)	FY2026	FY2025	$ Change	% Change

Total revenues	$27.7	$25.7	$2.0	8%
Operating income	$5.4	$5.4	—	—
Operating margin	19.5%	21.1%

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 Systemproject 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."

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.

LINDSAY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)

	Three months ended							Nine months ended
(in thousands, except per share amounts)		May 31, 2026				May 31, 2025			May 31, 2026				May 31, 2025

Operating revenues	$		160,764		$		169,464	$		474,297		$		522,809
Cost of operating revenues			112,932				115,842			334,014				356,734
Gross profit			47,832				53,622			140,283				166,075

Operating expenses:
Selling expense			10,320				10,217			31,856				31,278
General and administrative expense			14,349				14,903			43,929				45,263
Engineering and research expense			4,650				4,709			13,366				12,735
Total operating expenses			29,319				29,829			89,151				89,276

Operating income			18,513				23,793			51,132				76,799

Other income:
Interest income, net			2,315				1,897			7,618				3,832
Other (expense) income, net			(250	)			24			(719	)			330
Total other income			2,065				1,921			6,899				4,162

Earnings before income taxes			20,578				25,714			58,031				80,961

Income tax expense			4,758				6,214			13,642				17,722

Net earnings	$		15,820		$		19,500	$		44,389		$		63,239

Earnings per share:
Basic	$		1.54		$		1.80	$		4.24		$		5.82
Diluted	$		1.53		$		1.78	$		4.22		$		5.79

Shares used in computing earnings per share:
Basic			10,299				10,862			10,474				10,860
Diluted			10,341				10,931			10,509				10,915

Cash dividends declared per share	$		0.37		$		0.36	$		1.11		$		1.08

LINDSAY CORPORATION AND SUBSIDIARIES
SUMMARY OPERATING RESULTS
(Unaudited)

	Three months ended									Nine months ended
(in thousands)		May 31, 2026				May 31, 2025				May 31, 2026				May 31, 2025
Operating revenues:
Irrigation:
North America	$		61,349		$		69,082		$		206,704		$		223,793
International			71,684				74,663				201,003				215,178
Irrigation total			133,033				143,745				407,707				438,971
Infrastructure			27,731				25,719				66,590				83,838
Total operating revenues	$		160,764		$		169,464		$		474,297		$		522,809

Operating income:
Irrigation	$		20,336		$		27,154		$		62,768		$		79,266
Infrastructure			5,401				5,426				11,061				22,806
Corporate			(7,224	)			(8,787	)			(22,697	)			(25,273	)
Total operating income	$		18,513		$		23,793		$		51,132		$		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.

LINDSAY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)


(in thousands)	May 31, 2026		May 31, 2025		August 31, 2025

ASSETS
Current assets:
Cash and cash equivalents	$	154,760	$	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

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20260702768613/en/

LINDSAY CORPORATION:

Alicia Pfeifer

Vice President, Investor Relations & Treasury

402-933-6429

Alicia.Pfeifer@lindsay.com

Alpha IR Group:

Joe Caminiti

312-445-2870

LNN@alpha-ir.com