Lindsay Corporation posted a robust fiscal Q2 2025, delivering revenue of $187.1 million, up 23% year over year, and net earnings of $26.6 million or $2.44 per diluted share — a company-record quarterly earnings milestone. The quarterly performance was enabled by a strong international irrigation contribution, led by a large project in the MENA region, and a near-doubling of Infra revenue from the completion of a Road Zipper system in the Northeast (value >$20 million). Irrigation international revenues rose 42% y/y to $71 million, while North American irrigation faced modest pressure with a roughly flat-to-low decline backdrop. Infrastructure benefited from a high-margin Road Zipper sale mix, lifting segment margins as revenues more than doubled to $38.9 million. The result is a balanced mix of two high-value segments with a clear tilt toward higher-margin, project-driven international activity and strategically important infrastructure wins.
Management underscored ongoing moderate improvement in international irrigation markets and a stable near-term outlook for North American irrigation demand, with Brazil showing signs of sentiment improvement albeit with macro headwinds from rising interest rates. The Road Zipper funnel remains a key growth driver with a strong pipeline, though sales timing for large complex projects remains uncertain. The company also highlighted tariff exposure as a near-term headwind, intending to manage costs via supplier negotiations and inventory actions, with price passthrough likely to be exercised where needed. Overall, Lindsay enters the second half of fiscal 2025 with solid liquidity, improving profitability dynamics, and a diversified franchise across irrigation and road infrastructure that supports earnings resilience amid macro uncertainty.