Lindsay reported third-quarter fiscal 2026 results with revenues of $160.8 million and net earnings of $15.8 million, or $1.53 diluted earnings per share. Operating income for the quarter was $18.5 million and gross profit was $47.8 million. The company completed $25.2 million of share repurchases during the quarter and increased fiscal year repurchases to $80.7 million.

Financial Highlights

  • Total revenues: $160.8 million for the third quarter of fiscal 2026 (down from $169.5 million a year earlier).
  • Gross profit: $47.8 million for the quarter (gross profit and related dollar amount disclosed in condensed statements).
  • Operating income: $18.5 million for the quarter (compared with $23.8 million in prior year).
  • Net earnings: $15.8 million for the quarter; diluted earnings per share: $1.53 (prior year $19.5 million and $1.78 diluted).
  • Share repurchases: $25.2 million repurchased during the quarter, totaling $80.7 million repurchased in the fiscal year to date.

Business Highlights

  • Irrigation segment revenues declined 7% year-over-year to $133.0 million, with North America down 11% to $61.3 million and international irrigation down 4% to $71.7 million; weakness driven by lower unit volumes and softer farmer sentiment.
  • Infrastructure segment revenues increased 8% to $27.7 million, driven by higher road safety product revenues and comparable Road Zipper lease revenues, partially offset by lower Road Zipper System revenues.
  • Large irrigation project in the Middle East North Africa region remains on schedule; company expects to recognize approximately $70 million of revenue for the project in the current fiscal year.
  • Backlog increased to $136.1 million at May 31, 2026 (from $117.1 million a year earlier), with the irrigation backlog rising due to the MENA project while infrastructure backlog declined.
  • Management actions: continuing cost-structure alignment to protect margins amid softer demand; expects continued growth in road safety products and no large Road Zipper System project delivery in fiscal 2026.

Original SEC Filing:

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