Lindsay Corporation Reports 5% Revenue Decline in Q3 Fiscal 2026

Lindsay Corporation reported a decline in financial performance for the third quarter of fiscal 2026, with operating revenues of $160.8 million, down 5% from $169.5 million in the same period last year. The decrease was primarily driven by a 7% drop in the irrigation segment, which generated $133.0 million, while the infrastructure segment saw an 8% increase to $27.7 million. Net earnings for the quarter 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, reflecting a 19% decrease in profitability.

For the nine months ended May 31, 2026, total operating revenues decreased by 9% to $474.3 million from $522.8 million in the previous year. The irrigation segment accounted for 86% of total revenues, with a 7% decline to $407.7 million, while the infrastructure segment revenues fell 21% to $66.6 million. Gross profit for the nine-month period was $140.3 million, down 16% from $166.1 million, resulting in a gross margin of 29.6%, compared to 31.8% in the prior year. The decline in gross profit was attributed to lower revenues and increased input costs.

Operationally, Lindsay Corporation's cash and cash equivalents totaled $154.8 million as of May 31, 2026, a decrease from $250.6 million a year earlier. The company reported cash provided by operating activities of $30.6 million for the nine months, significantly lower than $68.9 million in the same period last year. The company also repurchased approximately 667,000 shares for $80.7 million during the nine months, compared to $2.7 million in the prior year, reflecting a strategic focus on returning capital to shareholders.

Looking ahead, Lindsay Corporation anticipates continued challenges in the irrigation segment due to fluctuating agricultural commodity prices and farmer sentiment. The company noted that U.S. corn prices have decreased by approximately 2%, while soybean prices have increased by 11% compared to the previous year. The company is also monitoring international markets for growth opportunities, particularly in regions where irrigation use is less developed. The backlog of unshipped orders stood at $136.1 million as of May 31, 2026, up from $117.1 million a year earlier, indicating potential for future revenue growth as projects are fulfilled.