Lindsay Corporation reported fiscal Q1 2026 total revenues of $155.8 million, down 6% year over year, as irrigation volumes remained soft in North America and timing of international project revenues weighed on Iocean. The Infrastructure segment posted solid momentum with a 17% year-over-year revenue increase, underscoring a diversified exposure to road construction activity and Road Zipper demand. Despite a lower revenue base, consolidated operating margin held at 12.6% and EBITDA reached $27.2 million (margin approximately 17.5%), reflecting ongoing cost management and pricing discipline. Net income was $16.5 million ($1.54 per diluted share), with a modest step down versus the prior year due to a higher tax rate and lower operating income; management emphasized earnings quality despite external headwinds. Liquidity remained robust with total available liquidity of $249.6 million, including $199.6 million in cash and $50 million available under the revolver, and Lindsay repurchased $30.3 million of shares in the quarter, followed by a new authorization of up to $150 million.
Management also highlighted a meaningful near-term positive catalyst in the international irrigation franchise via a supply agreement for Zimmatic irrigation systems and FieldNET in the Middle East and North Africa (MENA) region valued at approximately $80 million in total revenue, with about $70 million expected to realize this fiscal year. While near-term North American irrigation remains soft, the company expects a multiyear runway for international projects and structural improvements from ongoing capital investments (e.g., tube mill and galvanizing upgrades) to enhance throughput and reduce labor intensity over time. Management’s stance on Road Zipper suggests a lumpy but long-term revenue opportunity, with adherence to a funnel-driven approach and a focus on a more balanced margin profile through the Road Zipper leasing model.