What does Lindsay do and what are its main business segments?

What guidance did Lindsay's management provide for the next earnings period?

What is Lindsay's latest dividend and current dividend yield?

What is Lindsay's gross profit margin?

What is the market's earnings forecast for Lindsay next quarter?

What is the revenue and EPS growth rate for Lindsay year over year?

What were the key takeaways from Lindsay’s earnings call?

What factors drove the changes in Lindsay's revenue and profit?

- **Record Performance**: FY2025 revenue +11%, net earnings +12%, driven by international irrigation growth (39%) and infrastructure expansion.
- **Market Dynamics**: North America irrigation down 9% vs international +39%, reflecting global diversification strategy success.
- **Innovation Edge**: TowerWatch reduces troubleshooting time by 75%, with 20% ARR growth in connected devices.
- **2026 Outlook**: Flat North America irrigation, MENA project pipeline potential, and 20%+ margin subscription revenue growth.
- **Liquidity Strength**: $300M available liquidity, 122% free cash flow conversion, $11.5M share buybacks.

**【CEO Summary Section】**
- Lindsay Corporation achieved record fiscal year 2025 results with 11% revenue growth and 12% net earnings growth, driven by double-digit growth in both Irrigation and Infrastructure segments.
- Irrigation segment highlights:
  - North America revenue down 9% due to low commodity prices and weak crop receipts.
  - International irrigation revenue up 39%, with MENA region project sales and South America exports leading growth.
  - First-time international irrigation revenue surpassing North America at $294.2M vs $273.8M.
- Innovation: Introduced TowerWatch, reducing troubleshooting time by 75%, with 150,000+ connected devices and 20% ARR growth.
- Capital projects: $42.5M in 2025 capex, including new tube mill and expanded galvanizing facility (completion delayed to end-2026).
- CFO transition: Brian Ketcham retiring after 10 years, Sam Hinrichsen joining as CFO in November.

**【CFO Financial Commentary】**
- Q4 2025 results:
  - Total revenue $153.6M (-1% YoY), net earnings $10.8M ($0.99 EPS) vs $12.7M ($1.17 EPS) prior year.
  - Full year free cash flow 122% of net earnings, share buybacks $11.5M.
  - 2025 capex $42.5M, 2026 capex expected ~$50M for facility upgrades.
- Segment margins:
  - Irrigation: 17.1% FY25 vs 16.3% prior year.
  - Infrastructure: 24.3% FY25 vs 20.4% prior year.
- Liquidity: $300M available (cash $250M, revolver $50M).

**【Q&A Key Highlights】**
- 2026 Outlook:
  - North America irrigation: Volume down low-single digits, offset by price increases and subscription growth.
  - International: MENA project pipeline potential to replace 2025's $120M in projects.
  - Infrastructure: Road Zipper leasing growth, but no large projects expected.
- Margin management:
  - Pricing discipline to offset volume declines.
  - Subscription revenue (20%+ margin) growing 150,000+ devices.
  - Brazil: Stable despite credit constraints, 3x annual cropping cycle supports demand.
- Risks:
  - North America farm income near pandemic lows, limiting investment.
  - Project timing uncertainty in MENA.
  - Elevated capex impacting short-term margins.

Lindsay Corporation (LNN) Q4 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

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Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

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Other Non-Operating Income (Loss)

Net Interest Expense

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Interest Income

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Net Income from Continuing Operations

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Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

LNN

LNN fundamentals

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