Lindsay Corporation Reports 16% Revenue Decline in Q2 Fiscal 2026

Lindsay Corporation reported a decline in financial performance for the second quarter of fiscal 2026, with operating revenues of $157.7 million, a decrease of 16% from $187.1 million in the same period last year. The company's net earnings also fell significantly, totaling $12.0 million, or $1.15 per diluted share, compared to $26.6 million, or $2.44 per diluted share, in the prior year. The decrease in revenue was attributed to lower sales in both the irrigation and infrastructure segments, with irrigation revenues decreasing by 5% to $141.2 million and infrastructure revenues dropping by 58% to $16.5 million.

For the first six months of fiscal 2026, Lindsay's total operating revenues were $313.5 million, down 11% from $353.3 million in the same period of fiscal 2025. The irrigation segment accounted for 88% of total revenues, reflecting a decrease of 7% to $274.7 million, while the infrastructure segment saw a more pronounced decline of 33% to $38.9 million. The overall gross profit for the six months was $92.5 million, an 18% decrease from $112.5 million, with gross margins also declining from 31.8% to 29.5%.

In terms of operational developments, Lindsay's backlog of unshipped orders increased to $151.8 million as of February 28, 2026, compared to $127.0 million a year earlier. This increase was primarily driven by a large irrigation project in the MENA region. The company continues to focus on international markets for growth, particularly where irrigation use is less developed. However, challenges such as fluctuating commodity prices and geopolitical factors in regions like the Middle East could impact future performance.

Lindsay's strategic initiatives included a significant share repurchase program, with $55.5 million spent on repurchasing common shares during the first half of fiscal 2026, compared to just $1.4 million in the same period last year. The company also declared a quarterly cash dividend of $0.37 per share, slightly up from $0.36 in the previous year. Looking ahead, Lindsay anticipates continued investment in organic growth and potential acquisitions, while also navigating the complexities of market conditions and regulatory changes that could affect its operations.