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Lindsay (LNN) investor relations material
Lindsay Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue increased 22% year-over-year to $169.5 million, driven by strong international irrigation and infrastructure sales, with international irrigation up 60% led by MENA projects.
Operating income rose 19% to $23.8 million, reflecting higher sales and solid execution.
Net earnings were $19.5 million ($1.78 per diluted share), down 4% from the prior year due to a one-time tax credit.
Infrastructure segment growth was led by higher road safety product sales, while Road Zipper System sales and lease revenues were stable.
Completed acquisition of a 49.9% stake in Pessl Instruments GmbH to expand agtech capabilities.
Financial highlights
Gross profit for the quarter increased 15% to $53.6 million; gross margin declined to 31.6% from 33.4% due to a higher mix of lower-margin international projects.
Operating margin was 14.0%, slightly down from 14.3% year-over-year.
Cash and marketable securities totaled $210.8 million at quarter-end, up from $152.7 million a year earlier.
For the nine months ended May 31, 2025, operating revenues grew 16% to $522.8 million, and net earnings increased 18% to $63.2 million.
Backlog at quarter-end was $117.1 million, down from $205.9 million a year ago.
Outlook and guidance
International irrigation growth is expected to continue, supported by food security, water scarcity, and population growth, though regional risks persist.
North American irrigation demand is tempered by declining crop revenue, weather, and government payments; USDA projects net farm income growth mainly from government payments.
Infrastructure demand is anticipated to benefit from federal funding under the Infrastructure Investment and Jobs Act through at least 2026, but project timing is uncertain.
Severe drought in the Midwest may boost near-term replacement part sales.
Fiscal 2025 capital expenditures are projected at $35–40 million, focused on modernization and productivity improvements.
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