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Lindsay Corporation Reports Third Quarter Fiscal 2025 Results

Double digit increases in revenue and operating income supported by growth in both segments

OMAHA, Neb., June 26, 2025—Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, today announced results for its third quarter ended May 31, 2025.

Key Highlights

“Continued strength in our international irrigation business, supported by ongoing project revenues in the MENA region, led to strong irrigation revenue growth for the quarter and a 22 percent increase in our overall revenues compared to last year," said Randy Wood, President and Chief Executive Officer. "North America irrigation revenues were up slightly in the quarter, demonstrating resilience despite increased market uncertainty related to tariffs and potential disruption of U.S. grain exports. In Brazil, our sales volumes improved compared to the prior year as market conditions continue to show incremental signs of improvement. Infrastructure revenues were also higher than the prior year as we enter road construction season in North America."

Wood continued, "I am pleased with the continued solid execution of our large irrigation project in the MENA region and the performance of our operations and supply chain teams globally. Our teams have adapted well in this dynamic environment in order to mitigate potential tariff impacts to our material costs while prioritizing safe and efficient operations. We also continue to leverage our global footprint to minimize potential impacts to the business from tariffs or trade disruptions and expect to pass through any unmitigated cost increases through pricing actions."

Third Quarter Summary

Revenues for the third quarter of fiscal 2025 were $169.5 million, an increase of $30.3 million, or 22 percent, compared to revenues of $139.2 million in the prior year. Revenues grew in both the irrigation and infrastructure segments.

Operating income for the third quarter of fiscal 2025 was $23.8 million, an increase of $3.9 million, or 19 percent, compared to operating income of $19.9 million in the prior year. Operating margin was 14.0 percent of sales, compared to 14.3 percent of sales in the prior year. The increase in operating income resulted primarily from higher revenues while a less favorable margin mix of revenues contributed to a slight reduction in operating margin.

Net earnings for the third quarter of fiscal 2025 were $19.5 million, a decrease of $0.9 million, or 4 percent, compared with net earnings of $20.4 million in the prior year. Diluted earnings per share for the quarter of $1.78 reflected a decrease of 4 percent compared with $1.85 in the prior year. The year-over-year decrease in net earnings resulted primarily from the recognition of a one-time income tax credit in the prior year of $4.8 million, or $0.44 per diluted share.

Third Quarter Segment Results

Irrigation segment revenues for the third quarter of fiscal 2025 were $143.7 million, an increase of $28.9 million, or 25 percent, compared to $114.8 million in the prior year. North America irrigation revenues of $69.1 million increased $0.8 million, or 1 percent, compared to the prior year. Unit sales volume of irrigation equipment was comparable to the prior year while average selling prices were up slightly. This increase was partially offset by the impact of slightly shorter machines, on average, compared to the prior year.

International irrigation revenues for the third quarter of fiscal 2025 of $74.7 million increased $28.1 million, or 60 percent, compared to the prior year. The majority of the increase resulted from revenues related to the large project in the MENA region, further supported by higher sales volumes in Brazil and other parts of South America. These increases were partially offset by the unfavorable effects of foreign currency translation of approximately $2.5 million compared to the prior year.

Irrigation segment operating income for the third quarter of fiscal 2025 was $27.2 million, an increase of $7.6 million, or 39 percent, compared to the prior year. Operating margin was 18.9 percent of sales, compared to 17.0 percent of sales in the prior year. Increased operating income and improved operating margin resulted primarily from higher revenues and from the positive leverage of fixed operating expenses. These increases were partially offset by some operating margin dilution resulting from a larger percentage of project revenues compared to the prior year.

Infrastructure segment revenues for the third quarter of fiscal 2025 were $25.7 million, an increase of $1.4 million, or 6 percent, compared to $24.4 million in the prior year. The increase was primarily driven by higher sales volumes of road safety products while Road Zipper System™ sales and lease revenues were comparable to the prior year.

Infrastructure segment operating income for the third quarter of fiscal 2025 was $5.4 million, a decrease of $0.9 million, or 14 percent, compared to $6.3 million in the prior year. Operating margin was 21.1 percent of sales, compared to 25.8 percent of sales in the prior year. Lower operating income and operating margin resulted primarily from a less favorable margin mix of Road Zipper System™ revenues compared to the prior year.

The backlog of unfilled orders as of May 31, 2025, was $117.1 million compared with $205.9 million as of May 31, 2024. Included in these backlogs are amounts of $12.3 million and $62.0 million, respectively, for orders that are not expected to be fulfilled within the subsequent 12 months. The decrease in backlog is primarily attributed to the completion of deliveries relating to the large irrigation project in the MENA region over the Company's past four fiscal quarters.

Outlook

Mr. Wood concluded, “We are now in the growing season in North America, when weather conditions will influence crop yields, production estimates and ultimately the direction of crop prices and net farm income for the year. We expect demand in our North America irrigation business to remain tempered until the outlook for net farm income improves. Severe drought conditions have begun to develop in certain parts of the Midwest which may provide a catalyst for incremental sales of replacement parts in the near-term. In Brazil, market conditions are improving; however, elevated interest rates and credit constraints continue to weigh on customers' ability to invest in capital purchases. Elsewhere in international irrigation markets, we remain confident and encouraged regarding project opportunities to address the food security needs of developing markets."

Third Quarter Conference Call

Lindsay’s fiscal 2025 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.

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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 and large diameter steel tubing, 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 movable barriers, specialty barriers, crash cushions and end terminals, and road marking and road safety equipment.