Lindsay(US:LNN)2026-01-08 12:22Financial Performance - Total revenues for Q1 FY2026 were $155.8 million, a decrease of $10.5 million or 6% compared to $166.3 million in Q1 FY2025[3] - Operating income for Q1 FY2026 was $19.6 million, down $1.3 million or 6% from $20.9 million in the prior year[4] - Net earnings for Q1 FY2026 were $16.5 million, or $1.54 per diluted share, compared to $17.2 million, or $1.57 per diluted share, in Q1 FY2025, reflecting a 4% decrease in net earnings[5] - Net earnings for the three months ended November 30, 2025, were $16,524,000, a decrease of 3.7% compared to $17,164,000 for the same period in 2024[28] Segment Performance - Irrigation segment revenues decreased by $13.7 million or 9% to $133.4 million in Q1 FY2026, with North America down 4% and international down 15%[6][7] - Infrastructure segment revenues increased by $3.2 million or 17% to $22.4 million in Q1 FY2026, driven by higher sales of road safety products[9] Shareholder Actions - The company completed share repurchases of $30.3 million during the quarter and authorized a new share repurchase program of up to $150 million[2] - The company repurchased common shares worth $30,252,000 during the three months ended November 30, 2025[28] Future Outlook - A new supply agreement for Zimmatic™ irrigation systems and FieldNET™ technology in the MENA region is valued at approximately $80 million, expected to enhance food security[2] - The company anticipates recognizing approximately $70 million in revenue from the new irrigation project in the MENA region during the current fiscal year[13] - The company expects soft market conditions in North America for irrigation until trade certainty and commodity prices improve[12] Balance Sheet Highlights - Total assets increased to $828,400,000 in November 2025 from $771,001,000 in November 2024, representing a growth of approximately 7.5%[26] - Total current liabilities rose to $148,425,000 in November 2025, up from $129,849,000 in November 2024, an increase of 14.2%[26] - Shareholders' equity increased to $518,162,000 in November 2025 from $488,459,000 in November 2024, a growth of 6.1%[26] - Accounts payable increased to $57,248,000 in November 2025 from $53,185,000 in November 2024, an increase of 7.8%[26] - The company reported a decrease in inventories to $146,388,000 in November 2025 from $158,255,000 in November 2024, a decline of 7.5%[26] Cash Flow and Investments - Cash and cash equivalents decreased to $199,622,000 in November 2025 from $250,575,000 in August 2025, a decline of 20.3%[28] - The company reported a net cash used in operating activities of $597,000 for the three months ended November 30, 2025, compared to net cash provided of $21,603,000 in the same period of 2024[28] - Purchases of property, plant, and equipment amounted to $14,476,000 for the three months ended November 30, 2025, compared to $9,142,000 in the same period of 2024, reflecting a 58.5% increase[28] Backlog Information - The backlog of unfulfilled orders decreased to $119.2 million as of November 30, 2025, down from $168.2 million a year earlier[11]