Core Insights - Lindsay Corporation has introduced the AlphaGuard Channelizing Device, a next-generation solution aimed at enhancing safety and infrastructure management across various applications [1][3] - The device is designed for rapid deployment, making it suitable for construction sites, event crowd management, and traffic flow direction [1][2] Product Features - AlphaGuard is constructed from UV- and impact-resistant Medium Density Polyethylene (MDPE), making it lightweight and easily fillable with water for ballast [2] - Each unit stands 32 inches tall and includes multiple integrated drain plugs for quick filling and release, a forklift-ready design for easy handling, and interlocking ends for modular setups [2] - The device is versatile, applicable in construction zones, pedestrian walkways, airports, and outdoor dining areas [2] Company Background - Lindsay Corporation, founded in 1955, is a leading global manufacturer and distributor of innovative irrigation and infrastructure equipment and technology [4] - The company’s product portfolio includes Zimmatic pivot irrigation systems, FieldNET remote irrigation management technology, and Road Zipper road safety products [4]

Engineered for durability, speed, and safety—launching at ATSSA 2026 Lindsay's Road Runner Truck-Mounted Attenuator For more information about the Road Runner, please visit www.lindsay.com/Road-Runner. About Lindsay Corporation Designed to MASH TL-3 standards and constructed from heavy-gauge aluminum, the Road Runner is highly resilient and rugged enough to withstand accidental side impacts from guardrails, concrete barriers, and other roadside obstacles—without costly repairs or downtime. This means trucks ...

Industry Overview - The Zacks Manufacturing - Farm Equipment industry is expected to face challenges due to lower farm income, with a forecasted 0.7% year-over-year dip in net farm income to $153.4 billion by 2026 [4] - Despite short-term challenges, the industry is projected to benefit from rising global food demand driven by population growth and improving living standards, with the U.S. agricultural machinery market expected to grow at a CAGR of 2.38% from 2025 to 2031 [5] - The industry is characterized by major players such as Deere, Kubota, and CNH Industrial, which are the top three global manufacturers of agricultural equipment [3] Trends and Challenges - The U.S. Department of Agriculture (USDA) anticipates total production expenses to rise by 1%, with livestock/poultry purchases, feed, and labor being the primary expense categories [4] - Companies in the industry are facing cost inflation, labor shortages, and tariff-related pressures, prompting them to implement pricing actions and cost-cutting measures to protect profitability [6] - Technological advancements in agriculture, including automation and precision farming, are expected to drive growth, with companies like Deere, CNH Industrial, and Kubota increasing investments in technology [2][7] Company Highlights - **Kubota**: The company is focusing on smart agriculture initiatives and expects revenue growth in its Farm and Industrial machinery segment, supported by strong construction equipment sales in North America and recovery in Europe [18] The Zacks Consensus Estimate for Kubota's earnings for fiscal 2026 has increased to $4.90 per share, with a trailing four-quarter earnings surprise of 22.2% [19] - **AGCO**: The company is investing in precision farming technology and has seen strong demand for its products, with a long-term earnings growth rate estimated at 24.4% [24] The consensus estimate for AGCO's 2026 earnings has increased by 2%, suggesting year-over-year growth of 8.5% [24] - **Alamo Group**: The company is investing in organic growth and strategic acquisitions, including the recent acquisition of Petersen Industries, which is expected to enhance growth and margins [27] The Zacks Consensus Estimate for Alamo's fiscal 2026 earnings implies year-over-year growth of 16.9% [28] - **Lindsay**: The company has enhanced its irrigation management capabilities through a minority interest acquisition in Pessl Instruments GmbH and is benefiting from rising infrastructure spending in the U.S. [30] The Zacks Consensus Estimate for Lindsay's fiscal 2026 earnings has remained unchanged, with a trailing four-quarter earnings surprise of 15.2% [31] Market Performance - The Zacks Manufacturing - Farm Equipment industry has underperformed its sector but outperformed the S&P 500 over the past 12 months, with an 18.3% gain compared to the S&P 500's 13.9% [11] - The industry is currently trading at a trailing 12-month EV/EBITDA ratio of 30.66X, significantly higher than the S&P 500's 17.70X and the Industrial Products sector's 21.66X [14]

Core Insights - Nuance Investments, LLC increased its holdings in Lindsay Corporation by 133,190 shares during Q4 2025, with an estimated transaction value of $16.03 million [1] - The total position in Lindsay Corporation reached 178,571 shares, with a valuation change of $14.67 million due to trading activity and price movement [1] Company Overview - Lindsay Corporation is a leading provider of irrigation and infrastructure solutions, with a market capitalization of $1.43 billion and annual revenue of $665.90 million [5] - The company focuses on addressing critical needs in global agriculture and roadway safety through its diversified portfolio, which includes advanced irrigation technology and highway infrastructure products [5] Financial Metrics - As of February 10, 2026, shares of Lindsay Corporation were priced at $134.89, reflecting a 5.23% increase over the past year, although underperforming the S&P 500 by 9 percentage points [3] - The company's net income for the trailing twelve months (TTM) is $73.41 million [4] Investment Implications - After eight consecutive quarters of selling Lindsay stock, Nuance Investments reversed its strategy by significantly increasing its holdings, potentially capitalizing on a stock price drop of over 25% in Q4 [8]

Company Overview - Lindsay is a leading provider of water management and road infrastructure solutions, focusing on agricultural productivity and highway safety through technology and engineering expertise [6] - The company operates with a diversified product portfolio and has a strong presence in both irrigation and infrastructure markets [6] - Key brands include Zimmatic, Perrot, Greenfield, and GrowSmart, serving agricultural producers, transportation departments, municipal agencies, and roadway contractors [9] Financial Performance - For the fiscal first quarter ended November 30, Lindsay reported revenue of $155.8 million, a decrease of 6% year over year [11] - Operating margin was maintained at 12.6%, with irrigation revenue declining by 9% due to weaker North American demand, while infrastructure revenue increased by 17% [11] - The infrastructure segment achieved a 20.1% operating margin, which helped offset the decline in irrigation revenue [11] Recent Developments - Pier Capital fully exited its position in Lindsay by selling 71,799 shares for an estimated value of $10.09 million [2][3] - The Lindsay stake previously represented approximately 1.58% of Pier Capital's assets under management (AUM) [3] - As of February 2, Lindsay shares were priced at $127.27, reflecting a 1.86% decline over the past year, underperforming the S&P 500's 14% gain during the same period [3] Strategic Actions - The company has been proactive in capital returns, repurchasing approximately $30 million of stock during the quarter and authorizing a new $150 million buyback program [12] - Despite strong margins and a clean balance sheet, the backlog fell sharply to $119.2 million from $168.2 million a year earlier, indicating challenges in irrigation demand [12]

Core Insights - Lindsay Corporation (LNN) reported earnings per share of $1.54 for Q1 fiscal 2026, exceeding the Zacks Consensus Estimate of $1.46, although this represents a 2% decline year over year [1] - The company's revenues were $156 million, down from $166 million in the same quarter last year, missing the Zacks Consensus Estimate of $168 million [1] - LNN's backlog as of Nov. 30, 2025, was approximately $119 million, a decrease from about $168 million a year earlier [1] Financial Performance - The cost of operating revenues decreased by 9.1% year over year to around $106 million, while gross profit remained flat at $50 million, resulting in a gross margin of 32.2%, up from 30% in the previous year [2] - Operating expenses rose by 4.8% year over year to $30.4 million, leading to an operating income of roughly $20 million, down from $21 million in the prior year [2] Segment Performance - The Irrigation segment's revenues fell by 9% year over year to approximately $133 million, with North American irrigation revenues declining by 4% to around $74 million due to lower unit sales volume, and international irrigation revenues dropping by 15% to about $59 million [3] - Operating income for the Irrigation segment decreased by 7% year over year to $23 million [3] - Conversely, the Infrastructure segment's revenues increased by 17% year over year to roughly $22 million, driven by higher sales of road safety products, with operating income rising by 9% to $4.5 million [4] Financial Position - As of the end of Q1 fiscal 2026, LNN had cash and cash equivalents of $199.6 million, up from $194.1 million a year earlier, while long-term debt remained stable at around $115 million [5] Future Outlook - The company anticipates that demand for irrigation equipment in North America will remain challenging until commodity prices and farm income improve, but it expects growth opportunities in Brazil [6] - LNN plans to manage a robust pipeline of Road Zipper System projects in fiscal 2026, although it does not expect to deliver any large projects [6] Stock Performance - Lindsay's shares have decreased by 0.5% over the past year, contrasting with the industry's growth of 11.7% [9]

Core Insights - Lindsay Corporation reported earnings per share (EPS) of $1.54, exceeding the estimated $1.46, while revenue was approximately $155.8 million, slightly below the estimated $163 million [1][6] Financial Performance - During Q1 2026 earnings call, the company noted a decline in revenues in both North American and international markets, but improved its irrigation operating margin, indicating efficient cost management [2] - The infrastructure segment experienced a 17% increase in revenues, driven by higher sales of road safety products, showcasing the company's ability to meet market demand [3] Strategic Initiatives - Lindsay Corporation secured an $80 million irrigation contract, which further strengthens its financial performance and market position [3] Valuation Metrics - The company has a price-to-earnings (P/E) ratio of approximately 18.41, a price-to-sales ratio of about 2.06, and an enterprise value to sales ratio of around 1.95, reflecting favorable market valuation [4] Financial Health - Lindsay Corporation maintains a strong liquidity position with a current ratio of 3.42, indicating its ability to cover short-term liabilities with short-term assets [5] - The debt-to-equity ratio stands at 0.25, suggesting a relatively low level of debt compared to equity, indicating financial stability [5] - The company's earnings yield is 5.43%, providing insight into the return on investment for shareholders [5]

Financial Performance - Operating revenues for the three months ended November 30, 2025, were $155.818 million, a decrease of 6.8% compared to $166.281 million for the same period in 2024[7] - Net earnings for the three months ended November 30, 2025, were $16.524 million, down 3.7% from $17.164 million in the same period last year[7] - Earnings per share (EPS) for the three months ended November 30, 2025, were $1.55 (basic) and $1.54 (diluted), compared to $1.58 (basic) and $1.57 (diluted) in 2024[7] - Total comprehensive income for the three months ended November 30, 2025, was $19.235 million, significantly higher than $10.842 million in the prior year, driven by foreign currency translation adjustments[8] - Gross profit increased slightly to $50.102 million, compared to $49.966 million in the prior year, reflecting a gross margin improvement[7] Cash and Liquidity - Cash and cash equivalents as of November 30, 2025, were $199.622 million, an increase from $194.066 million a year earlier[11] - The company reported a net cash used in operating activities of $(597,000) for the three months ended November 30, 2025, compared to $21,603,000 provided in the same period of 2024[14] - Cash and cash equivalents at the end of the period were $199,622,000, a decrease from $194,066,000 at the end of November 30, 2024[14] - The Company’s cash and cash equivalents totaled $199.6 million at November 30, 2025, a decrease from $250.6 million at August 31, 2025[80] Assets and Liabilities - Total assets as of November 30, 2025, were $828.400 million, up from $771.001 million in the previous year[11] - Total liabilities increased to $310.238 million as of November 30, 2025, compared to $282.542 million in the same period last year[11] - Shareholders' equity rose to $518.162 million as of November 30, 2025, from $488.459 million a year earlier, reflecting retained earnings growth[11] - Total current liabilities rose to $148.4 million, up from $129.8 million, marking an increase of 14.2%[11] Revenue Segmentation - Revenue from contracts with customers in the Irrigation segment was $133,437,000, while the Infrastructure segment generated $22,381,000 for the same period[19] - Irrigation segment revenues decreased 9% to $133.4 million, while infrastructure segment revenues increased 17% to $22.4 million[63] - International irrigation revenues fell by 15% to $59.1 million, primarily due to lower sales in Brazil and Western Europe, along with reduced project revenues in the MENA region[74] Shareholder Actions - Cash dividends declared per share increased to $0.37 for the three months ended November 30, 2025, compared to $0.36 in the same period of 2024[7] - The company repurchased 232 thousand shares of its common stock for $30.3 million during the three months ended November 30, 2025[52] - A new share repurchase program of up to $150.0 million was authorized in November 2025, with $150.0 million remaining available as of November 30, 2025[53] Taxation - The estimated annual effective income tax rate increased to 22.4% for the three months ended November 30, 2025, from 22.0% in 2024[25] - The effective income tax rate for the three months ended November 30, 2025 was slightly higher than the prior year[63] Operational Metrics - The backlog of unshipped orders as of November 30, 2025, was $119.2 million, down from $168.2 million a year earlier[69] - Operating expenses increased by 5% to $30.5 million, driven by higher selling and engineering costs[77] - The Company’s operating income for the three months ended November 30, 2025 was $19.61 million, down from $20.88 million in the same period of 2024[63] Environmental and Legal Matters - The company has accrued an estimated aggregate cost of $10.6 million for environmental remediation at its Lindsay, Nebraska facility, with $8.0 million calculated on a discounted basis[40][41] - The Company believes it has strong defenses against ongoing lawsuits related to the X-Lite end terminal and does not expect a material adverse effect on its financial statements[39] Future Outlook - The Company anticipates a significant increase in agricultural-focused spending of approximately $65.6 billion over the next decade due to the OBBBA[67] - A new supply agreement for irrigation systems in the MENA region is expected to generate over $80 million in revenue, with approximately $70 million recognized in the current fiscal year[67]

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Financial Data and Key Metrics Changes - Total revenues for Q1 FY2026 were $155.8 million, a decrease of 6% from $166.3 million in the same quarter last year [8] - Operating income for the quarter was $19.6 million, down 6% from $20.9 million in the prior year, with an operating margin of 12.6%, consistent with the prior year [9] - Net earnings were $16.5 million, or $1.54 per diluted share, slightly down from $17.2 million, or $1.57 per diluted share in the first quarter of last year [9][10] Business Line Data and Key Metrics Changes - Irrigation segment revenue decreased by 9% to $133.4 million compared to $147.1 million in the prior year, with North America irrigation revenues down 4% to $74.3 million [10][11] - International irrigation revenues were $59.1 million, down from $69.4 million, primarily due to timing of project revenues and lower sales volumes in Brazil [11] - Infrastructure segment revenues increased by 17% to $22.4 million, driven by higher sales of road safety products, while operating income rose 9% to $4.5 million [12] Market Data and Key Metrics Changes - North American irrigation market conditions are expected to remain soft in the near term, with a $12 billion Farmer Bridge assistance package announced to support U.S. farmers [4][5] - Internationally, there is optimism for growth in Latin America, particularly Brazil, despite elevated interest rates and credit access constraints [5][6] Company Strategy and Development Direction - The company announced a supply agreement for Zimmatic irrigation systems in the MENA region, valued at approximately $80 million, reflecting its ability to compete in large-scale projects [3] - The infrastructure segment is expected to gain momentum as infrastructure funding and road project activity advance, with a focus on Road Zipper Solutions [4][7] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing trade uncertainty, low commodity prices, and high input costs affecting customer profitability and sentiment [2] - The company anticipates that while near-term irrigation market conditions will remain soft, it expects resilience in its business [9] Other Important Information - Total available liquidity at the end of Q1 was $249.6 million, including $199.6 million in cash and cash equivalents [13] - The company repurchased $30.3 million in shares during the quarter and announced a new share repurchase program of up to $150 million [14] Q&A Session Summary Question: North America irrigation market outlook - Management agrees that the market is at a trough, with no significant upside expected until profitability improves [18] Question: Opportunities for international projects - There are both repeat and new customers in the MENA region, with a robust project funnel and long-term growth potential [20][21] Question: Impact of elevated CapEx on profitability - Investments in production facilities are expected to improve efficiency and throughput, with incremental benefits anticipated post-completion [23][25] Question: Margin expectations for new projects - The margin profile for the new $80 million project is expected to be slightly below segment average, consistent with similar projects [30][31] Question: Demand related to accelerated depreciation - No significant impact from accelerated depreciation was observed, as negative macro drivers outweighed potential benefits [32] Question: Infrastructure segment outlook - The Road Zipper business is characterized as lumpy, with ongoing engagement in the sales funnel and long-term growth opportunities [47][50]