Lindsay Corp. (NYSE: LNN) posted Q2 FY2026 diluted EPS of $1.15, missing the consensus estimate of $1.60, while revenue came in at $157.7 million down 16% year-over-year and below analyst expectations of ~$173.5 million. Shares plunged to a new 52-week low in after-hours trading following the earnings miss.
About Lindsay Corporation
Lindsay Corporation (NYSE: LNN) is a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, established in 1955 and headquartered in Omaha, Nebraska. The company operates through two reportable segments: Irrigation (center pivot and lateral move systems, remote management technology under the Zimmatic and FieldNET brands) and Infrastructure (road safety products, moveable barriers, Road Zipper System, crash cushions, and end terminals under the Barrier Systems, Road Zipper, and Snoline brands).
As of April 2026, Lindsay’s market capitalization stands at approximately $1.07-$1.08 billion, with roughly 10.4 million shares outstanding. The company employs approximately 1,300 people worldwide. Key valuation metrics include a trailing P/E ratio of ~17.9x (2026 estimate), a dividend yield of ~1.44% (quarterly dividend of $0.37 per share, payable May 29, 2026), and a 52-week range of $102.87-$150.96. The stock trades on the NYSE under the ticker LNN, with total trailing twelve-month revenue of approximately $636.6 million and TTM net income of $58.9 million.
Top Financial Highlights
- Q2 FY2026 total revenue reached $157.7 million, declining by $29.3 million or 16% from $187.1 million in Q2 FY2025.
- Net income stood at $12.0 million, down $14.5 million or 55% compared to $26.6 million in the prior-year quarter.
- Diluted EPS was $1.15, decreasing by $1.29 or 53% from $2.44 in Q2 FY2025.
- Gross profit totaled $42.3 million, down from $62.5 million, with gross margin compressing to 26.8% from 33.4%.
- Operating income was $13.0 million, declining 59% from $32.1 million, while operating margin reduced to 8.3% from 17.2%.
- Total operating expenses were $29.3 million, slightly lower than $30.4 million in Q2 FY2025.
- Irrigation segment revenue reached $141.2 million, down 5% year over year, with North America declining 8% to $71.0 million and international markets down 1% to $70.2 million.
- Irrigation segment operating income was $19.5 million, falling 29% from $27.4 million, with operating margin decreasing to 13.8% from 18.5%.
- Infrastructure segment revenue was $16.5 million, declining 58% from $38.9 million due to the absence of a prior large project.
- Infrastructure segment operating income stood at $1.2 million, down 91% from $13.3 million, with operating margin dropping to 7.1% from 34.1%.
- Cash and cash equivalents totaled $186.1 million as of February 28, 2026, increasing from $172.0 million a year earlier.
- Order backlog reached $151.8 million, rising 20% from $127.0 million, supported by strong project demand.
- Share repurchases totaled $25.2 million during the quarter, with $55.5 million repurchased year-to-date and $125 million remaining under authorization.
- A quarterly cash dividend of $0.37 per share has been declared, payable on May 29, 2026.
- Six-month revenue reached $313.5 million, compared to $353.3 million in the prior-year period, reflecting a decline of approximately 11%.
Beat or Miss?
| Metric | Reported | Estimated/Consensus | Difference / Analysis |
| Diluted EPS | $1.15 | $1.60–$1.70 | Miss by ~$0.45–$0.55 (-27.9% to -32.4%) – significant negative surprise |
| Total Revenue | $157.7M | ~$173.5M | Miss by ~$15.8M (-9.1%) – fell short on both irrigation and infrastructure weakness |
| Operating Income | $13.0M | N/A | Down 59% YoY; margin at 8.3% vs. 17.2% prior year |
| Net Income | $12.0M | N/A | Down 55% YoY – impacted by lower operating income and higher effective tax rate |
| Irrigation Revenue | $141.2M | N/A | Down 5% YoY; in line with management’s expectations per CFO commentary |
| Infrastructure Revenue | $16.5M | N/A | Down 58% YoY – primary drag on overall results due to absent Road Zipper project |
What Leadership Is Saying?
CEO Randy Wood
“During the quarter we began shipping the large project in the Middle East North Africa (MENA) region. While this project remains on schedule, we are exercising caution and prioritizing the safety of our teams in the region. Solid execution of this project is helping to support revenue performance as U.S. market conditions continue to put pressure on commodity prices and constrain demand for irrigation equipment.
Credit availability constraints and persistently high interest rates continue to suppress demand in Brazil, resulting in lower order levels this quarter. Excluding the $20 million Road Zipper System project in the prior year, which was not expected to repeat, our infrastructure business increased 6 percent. This growth was driven by a sustained increase in road construction activity supporting increased sales of road safety products.
CFO Sam Hinrichsen
“Total revenues for the second quarter of fiscal 2026 were $157.7 million, a decrease of 16% compared to $187.1 million in the prior year. Decline in our consolidated topline was driven by lower revenues in both of our operating segments. Results [in irrigation] were largely in line with our expectations against the backdrop of a continued challenging agricultural environment.”
The CFO attributed the year-over-year decline in net earnings to lower operating income and a higher effective tax rate, while margin compression in the irrigation segment was attributed to lower North America volume, unfavorable regional mix, and fixed cost deleverage.
Historical Performance
Q2 FY2026 vs. Q2 FY2025
| Category | Q2 FY2026 | Q2 FY2025 | Change (%) |
| Total Revenue | $157.7M | $187.1M | -16% |
| Irrigation Revenue | $141.2M | $148.1M | -5% |
| – North America | $71.0M | $77.1M | -8% |
| – International | $70.2M | $71.0M | -1% |
| Infrastructure Revenue | $16.5M | $38.9M | -58% |
| Gross Profit | $42.3M | $62.5M | -32.30% |
| Operating Income | $13.0M | $32.1M | -59% |
| Operating Margin | 8.30% | 17.20% | -890 bps |
| Net Earnings | $12.0M | $26.6M | -55% |
| Diluted EPS | $1.15 | $2.44 | -53% |
| Total Operating Expenses | $29.3M | $30.4M | -3.50% |
| Cash & Equivalents | $186.1M | $172.0M | 8.20% |
| Order Backlog | $151.8M | $127.0M | 19.50% |
Competitor Comparison
Lindsay Corporation vs. Valmont Industries
Lindsay Corporation’s primary peer in the irrigation and infrastructure equipment space is Valmont Industries (NYSE: VMI). Both companies are headquartered in Omaha, Nebraska and serve overlapping agricultural and infrastructure end markets. However, their financial reporting periods differ – Lindsay’s fiscal year ends in August, while Valmont’s is calendar-year based making direct quarter-to-quarter comparisons approximate.
| Category | Lindsay (LNN) Q2 FY2026 (ended Feb 28, 2026) | Valmont (VMI) Q4 FY2025 (ended Dec 27, 2025) | Change YoY |
| Total Revenue | $157.7M | ~$1.04B | LNN -16%; VMI +0.1% |
| Agriculture/Irrigation Revenue | $141.2M (Irrigation) | ~$222.7M (Agriculture Segment) | LNN -5%; VMI -19.9% |
| Operating Income | $13.0M | ~$116.5M | LNN -59%; VMI -2.9% |
| Net Earnings / EPS | $1.15 diluted | $9.05 diluted (GAAP) / $4.92 adj. | LNN -53%; VMI EPS +135.7% (aided by tax benefit) |
| Operating Margin | 8.30% | ~11.2% | LNN compressed from 17.2%; VMI down modestly |
| Key Driver | MENA project deliveries, Road Zipper absence | Utility infrastructure strength, Brazil credit losses | Mixed demand across both |
Valmont’s Q4 FY2025 EPS jump was largely driven by a one-time $3.98 tax benefit from the Prospera wind-down; adjusted EPS of $4.92 grew a more modest 28.1%. Both companies are navigating similar headwinds: soft North American agricultural demand due to low commodity prices, Brazil credit constraints, and high interest rates dampening farmer capital spending.
How the Market Reacted?
Lindsay Corporation’s stock suffered a sharp post-earnings selloff, reaching a new 52-week low of $102.87–$105.07 on April 2, 2026, the day results were announced down from a prior close of $117.15. The stock declined more than 9% in extended trading to around $105.91 after the results, which fell substantially short of analyst expectations on both EPS and revenue fronts. The disappointing results reflected a -32.35% EPS surprise (actual $1.15 vs. expected $1.70) and a -9.1% revenue miss ($157.7 million vs. expected ~$173.5 million).
Investor sentiment was decidedly bearish, compounded by management’s cautious guidance citing ongoing North American irrigation market softness, Middle East conflict uncertainty affecting the MENA project, and Brazil credit headwinds expected to persist into the near term. The stock’s 52-week high of $150.96 underscores the severity of the decline, as LNN has shed roughly 32% from its peak over the past year.
