Lindsay Corp
F:LMF
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Lindsay Corp
Lindsay Corp makes equipment that helps farmers move water to crops and helps road builders protect traffic. Its main farm products are large irrigation systems, especially center-pivot and lateral-move machines, plus controls and replacement parts. On the infrastructure side, it sells road safety products such as barriers and equipment used on highways and work zones. Its customers are farmers, ranches, irrigation dealers, contractors, and government transportation agencies. Lindsay makes money by selling new systems, spare parts, and maintenance or service work, with dealers and project customers forming an important part of the sales channel. The farm business tends to be tied to water use and crop production, while the infrastructure business depends on road and highway projects. What makes Lindsay’s business model distinct is that it sits in two practical, hard-to-replace niches: precision water delivery for agriculture and physical safety gear for roads. In both cases, buyers want equipment that lasts a long time and can be serviced over many years, so parts and support matter as much as the original sale.
Lindsay Corp makes equipment that helps farmers move water to crops and helps road builders protect traffic. Its main farm products are large irrigation systems, especially center-pivot and lateral-move machines, plus controls and replacement parts. On the infrastructure side, it sells road safety products such as barriers and equipment used on highways and work zones.
Its customers are farmers, ranches, irrigation dealers, contractors, and government transportation agencies. Lindsay makes money by selling new systems, spare parts, and maintenance or service work, with dealers and project customers forming an important part of the sales channel. The farm business tends to be tied to water use and crop production, while the infrastructure business depends on road and highway projects.
What makes Lindsay’s business model distinct is that it sits in two practical, hard-to-replace niches: precision water delivery for agriculture and physical safety gear for roads. In both cases, buyers want equipment that lasts a long time and can be serviced over many years, so parts and support matter as much as the original sale.
Revenue: Lindsay reported second-quarter revenue of $157.7 million, down 16% from last year, as weaker irrigation demand and the absence of a large Road Zipper project weighed on results.
Margins: Operating margin fell to 8.3% from 17.2%, with management citing lower volumes, fixed cost deleverage, mix, and cost inflation as the main pressures.
Demand: North America irrigation remained soft as farmers delayed big equipment purchases, while Brazil stayed muted because of high interest rates and limited access to credit.
Outlook: Management expects near-term conditions to stay weak in North America and said Brazil is unlikely to recover meaningfully until the new crop plan is released in July.
Middle East: The large MENA project remains on schedule, with supply chains currently operating without disruption, though management said a prolonged conflict could change that view.
Infrastructure: Infrastructure sales were hit by an unusually tough comparison to last year, but excluding the prior-year Road Zipper project, the business grew 6% and road safety products remained a bright spot.
Capital Spending: The Nebraska investment program is progressing, but management said the benefits will be limited near term by depreciation until market conditions improve and the new galvanizing facility comes online in early 2027.
