Lindsay Corp 10-Q for FY2026 Q3

Lindsay Corp (LNN)

10-Q 2026-07-02 For: 2026-05-31

Added on July 03, 2026

About this 10-Q

Lindsay Corp filed this 10-Q on July 2, 2026, covering the quarter ended May 31, 2026 (FY2026 Q3).

Headline figures

Quarter ended May 31, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $160.76M; down 5.1% from $169.46M a year earlier
Net income: $15.82M; down 18.9% from net income of $19.5M a year earlier
Diluted EPS: $1.53; down 14.0% from $1.78 a year earlier

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Delaware		47-0554096
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

18135 Burke Street, Suite 100, Omaha, Nebraska		68022
(Address of principal executive offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 par value	LNN	New York Stock Exchange, Inc.


Large accelerated filer	☒	Accelerated filer	☐
Non‑accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐


		Page

Part I – FINANCIAL INFORMATION		3

	ITEM 1 – Financial Statements	3

	Condensed Consolidated Statements of Earnings for the three and nine months ended May 31, 2026 and May 31, 2025	3

	Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended May 31, 2026 and May 31, 2025	4

	Condensed Consolidated Balance Sheets as of May 31, 2026, May 31, 2025, and August 31, 2025	5

	Condensed Consolidated Statements of Shareholders’ Equity for the three and nine months ended May 31, 2026 and May 31, 2025	6

	Condensed Consolidated Statements of Cash Flows for the nine months ended May 31, 2026 and May 31, 2025	8

	Notes to the Condensed Consolidated Financial Statements	9

	ITEM 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations	17

	ITEM 3 – Quantitative and Qualitative Disclosures About Market Risk	25

	ITEM 4 – Controls and Procedures	25

Part II – OTHER INFORMATION		27

	ITEM 1 – Legal Proceedings	27

	ITEM 1A – Risk Factors	27

	ITEM 2 – Unregistered Sales of Equity Securities and Use of Proceeds	27

	ITEM 3 – Defaults Upon Senior Securities	27

	ITEM 4 – Mine Safety Disclosures	27

	ITEM 5 – Other Information	27

	ITEM 6 – Exhibits	28

SIGNATURES		29


	Three months ended					Nine months ended
($ and shares 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


	Three months ended					Nine months ended
($ in thousands)	May 31, 2026		May 31, 2025			May 31, 2026		May 31, 2025
Net earnings	$	15,820	$	19,500		$	44,389	$	63,239
Other comprehensive income (loss):
Defined benefit pension plan adjustment, net of tax		25		37			76		110
Foreign currency translation adjustment, net of hedging activities and tax		2,527		(4,683	)		9,083		(7,263	)
Unrealized gain on marketable securities, net of tax		—		—			—		14
Total other comprehensive income (loss), net of tax expense (benefit) of $484, ($3,632), $61, and ($2,201), respectively		2,552		(4,646	)		9,159		(7,139	)
Total comprehensive income	$	18,372	$	14,854		$	53,548	$	56,100


($ and shares in thousands, except par values)	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 of allowance of $5,999, $6,326, and $6,089, respectively		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:
Cost		347,980			304,625			315,060
Less accumulated depreciation		(181,586	)		(174,014	)		(172,753	)
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 of $1 par value - authorized 2,000 shares; no shares issued and outstanding		—			—			—
Common stock of $1 par value - authorized 25,000 shares; 19,199, 19,162, and 19,167 shares issued, respectively		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, 9,030, 8,300, and 8,363 shares, respectively		(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 SHAREHOLDERS’ EQUITY
($ and shares in thousands, except per share amounts)
(Unaudited)
	Shares of common stock		Shares of treasury stock		Common stock		Capital in excess of stated value		Retained earnings			Treasury stock			Accumulated other comprehensive loss, net			Total shareholders’ equity
Balance at August 31, 2024		19,124		8,277	$	19,124	$	104,369	$	687,093		$	(299,692	)	$	(30,001	)	$	480,893
Comprehensive income:
Net earnings		—		—		—		—		63,239			—			—			63,239
Other comprehensive loss		—		—		—		—		—			—			(7,139	)		(7,139	)
Total comprehensive income		—		—		—		—		—			—			—			56,100
Cash dividends ($1.08) per share		—		—		—		—		(11,734	)		—			—			(11,734	)
Repurchase of common stock		—		23		—		—		—			(2,675	)		—			(2,675	)
Issuance of common shares under share compensation plans, net		38		—		38		183		—			—			—			221
Share-based compensation expense		—		—		—		5,971		—			—			—			5,971
Balance at May 31, 2025		19,162		8,300	$	19,162	$	110,523	$	738,598		$	(302,367	)	$	(37,140	)	$	528,776


Balance at August 31, 2025		19,167		8,363	$	19,167	$	113,042	$	745,397		$	(311,224	)	$	(33,532	)	$	532,850
Comprehensive income:
Net earnings		—		—		—		—		44,389			—			—			44,389
Other comprehensive income		—		—		—		—		—			—			9,159			9,159
Total comprehensive income		—		—		—		—		—			—			—			53,548
Cash dividends ($1.11) per share		—		—		—		—		(11,528	)		—			—			(11,528	)
Repurchase of common stock		—		667		—		—		—			(80,738	)		—			(80,738	)
Issuance of common shares under share compensation plans, net		32		—		32		42		—			—			—			74
Share-based compensation expense		—		—		—		4,890		—			—			—			4,890
Balance at May 31, 2026		19,199		9,030	$	19,199	$	117,974	$	778,258		$	(391,962	)	$	(24,373	)	$	499,096

See accompanying notes to condensed consolidated financial statements.


	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


Due within	$ in thousands
1 year	$	89
Thereafter		115,000
Total debt	$	115,089


	May 31, 2026
($ in thousands)	Level 1		Level 2			Level 3		Total
Cash and cash equivalents	$	154,760	$	—		$	—	$	154,760
Derivative liabilities		—		(12,739	)		—		(12,739	)

	May 31, 2025
($ in thousands)	Level 1		Level 2			Level 3		Total
Cash and cash equivalents	$	196,117	$	—		$	—	$	196,117
Marketable securities		—		14,676			—		14,676
Derivative liabilities		—		(10,325	)		—		(10,325	)

	August 31, 2025
($ in thousands)	Level 1		Level 2			Level 3		Total
Cash and cash equivalents	$	250,575	$	—		$	—	$	250,575
Derivative liabilities		—		(14,622	)		—		(14,622	)


		Three months ended May 31, 2026
($ in thousands)	Irrigation			Infrastructure		Consolidated
Operating revenues	$	133,033	(1)	$	27,731	$	160,764
Cost of operating revenues		95,238			17,694		112,932
Gross profit		37,795			10,037		47,832
Operating expenses		17,459			4,636		22,095
Segment operating income	$	20,336		$	5,401	$	25,737
Unallocated corporate expenses							7,224
Operating income						$	18,513
(1) includes North America revenues of $61,349 and international revenues of $71,684


		Three months ended May 31, 2025
($ in thousands)	Irrigation			Infrastructure		Consolidated
Operating revenues	$	143,745	(1)	$	25,719	$	169,464
Cost of operating revenues		100,331			15,511		115,842
Gross profit		43,414			10,208		53,622
Operating expenses		16,260			4,782		21,042
Segment operating income	$	27,154		$	5,426	$	32,580
Unallocated corporate expenses							8,787
Operating income						$	23,793
(1) includes North America revenues of $69,082 and international revenues of $74,663


		Nine months ended May 31, 2026
($ in thousands)	Irrigation			Infrastructure		Consolidated
Operating revenues	$	407,707	(1)	$	66,590	$	474,297
Cost of operating revenues		292,642			41,372		334,014
Gross profit		115,065			25,218		140,283
Operating expenses		52,297			14,157		66,454
Segment operating income	$	62,768		$	11,061	$	73,829
Unallocated corporate expenses							22,697
Operating income						$	51,132
(1) includes North America revenues of $206,704 and international revenues of $201,003


		Nine months ended May 31, 2025
($ in thousands)	Irrigation			Infrastructure		Consolidated
Operating revenues	$	438,971	(1)	$	83,838	$	522,809
Cost of operating revenues		309,332			47,402		356,734
Gross profit		129,639			36,436		166,075
Operating expenses		50,373			13,630		64,003
Segment operating income	$	79,266		$	22,806	$	102,072
Unallocated corporate expenses							25,273
Operating income						$	76,799
(1) includes North America revenues of $223,793 and international revenues of $215,178


ISSUER PURCHASES OF EQUITY SECURITIES
Period	Total Number of Shares Purchased			Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs			Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (1) ($ in thousands)
March 1, 2026 to March 31, 2026		—	$		—		—	$		125,000
April 1, 2026 to April 30, 2026		176,914	$		109.13		176,914	$		105,694
May 1, 2026 to May 31, 2026		50,966	$		111.73		50,966	$		100,000
Total		227,880	$		109.71		227,880	$		100,000

(1) On November 5, 2025, the Company announced that its Board of Directors authorized a new share repurchase program for the Company to repurchase up to $150.0 million of the Company's outstanding common stock (the “2025 Repurchase Program”). Under the 2025 Repurchase Program, shares may be repurchased from time to time in open market transactions at prevailing market prices and/or in privately negotiated transactions, as well as under formalized trading plans in accordance with the guidelines specified under Rule 10b5-1. The 2025 Repurchase Program does not have any expiration date.


Exhibit
No.		Description

3.1		Restated Certificate of Incorporation of the Company, incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on December 14, 2006.
3.2		Amended and Restated By‑Laws of the Company, incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on August 22, 2023.
4.1		Specimen Form of Common Stock Certificate, incorporated by reference to Exhibit 4(a) of the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended November 30, 2006.
31.1*		Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 18 U.S.C. Section 1350.
31.2*		Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 18 U.S.C. Section 1350.
32.1*		Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 18 U.S.C. Section 1350.
101*		Interactive Data Files pursuant to Rule 405 of Regulation S-T formatted in Inline Extensible Business Reporting Language ("Inline XBRL").
104*		Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).


($ in thousands)	May 31, 2026			May 31, 2025			August 31, 2025
Raw materials and supplies	$	73,499		$	84,403		$	70,510
Work in process		10,849			8,330			7,186
Finished goods and purchased parts, net		83,372			78,594			78,631
Total inventory value before LIFO adjustment		167,720			171,327			156,327
Less adjustment to LIFO value		(21,775	)		(20,865	)		(19,468	)
Inventories, net	$	145,945		$	150,462		$	136,859


	Three months ended						Nine months ended
($ in thousands)	May 31, 2026			May 31, 2025			May 31, 2026			May 31, 2025
Product warranty accrual balance, beginning of period	$	14,489		$	13,999		$	14,158		$	14,180
Liabilities accrued for warranties during the period		1,495			3,066			5,058			7,548
Warranty claims paid during the period		(1,522	)		(2,547	)		(4,754	)		(7,210	)
Product warranty accrual balance, end of period	$	14,462		$	14,518		$	14,462		$	14,518


($ in thousands)	May 31, 2026		May 31, 2025		August 31, 2025
Other current liabilities:
Compensation and benefits	$	23,518	$	24,371	$	28,799
Contract liabilities		23,249		19,927		13,474
Warranties		14,462		14,518		14,158
Tax related liabilities		11,026		16,758		7,617
Derivative liabilities		8,372		—		—
Dealer related liabilities		7,500		7,961		9,919
Operating lease liabilities		4,131		3,717		4,113
Deferred revenue - lease		1,789		4,856		4,465
Accrued insurance		792		886		975
Accrued environmental liabilities		509		509		509
Other		9,524		9,509		10,660
Total other current liabilities	$	104,872	$	103,012	$	94,689


			LINDSAY CORPORATION

	By:		/s/ SAMUEL S. HINRICHSEN
	Name:		Samuel S. Hinrichsen
	Title:		Senior Vice President and Chief Financial Officer
			(on behalf of the registrant and as principal financial officer)



/s/ RANDY A. WOOD		President and Chief Executive Officer
Randy A. Wood		July 2, 2026