Lindsay Corporation (NYSE:LNN) reported first-quarter fiscal 2026 results on Thursday that narrowly topped profit expectations, though softer-than-anticipated revenue weighed on investor sentiment.
The update left the company’s shares down about 1.3% in pre-market trading.
Lindsay posted adjusted earnings of $1.54 per share, just ahead of the consensus estimate of $1.53. Revenue, however, totalled $155.8 million, falling well short of analysts’ expectations of $172.42 million and representing a 6% decline from $166.3 million in the same period last year.
Despite the drop in sales, the company held its operating margin steady at 12.6%, unchanged from the prior-year first quarter. Revenue in the irrigation segment declined 9% to $133.4 million, with North American irrigation sales down 4% year on year and international irrigation revenue falling 15%.
Commenting on market conditions, president and chief executive officer Randy Wood said: “In the U.S., farmer sentiment continues to reflect trade uncertainty, lower commodity prices, and higher input costs, however, our team’s diligent focus on price management, operational efficiencies, and cost management led to improved gross margin in our irrigation segment that muted the impact of softer demand.”
The infrastructure segment provided a partial offset to weaker irrigation sales, with revenue rising 17% to $22.4 million, driven by stronger demand for road safety products.
After the quarter ended, Lindsay secured an irrigation and technology project in the Middle East and North Africa region valued at $80 million, with around $70 million expected to be recognised in the current fiscal year.
During the quarter, the company also repurchased $30 million of its shares under a newly authorised $150 million buyback programme approved by the board. Lindsay’s backlog of unfulfilled orders stood at $119.2 million as of November 30, 2025, down from $168.2 million a year earlier.