Lindsay Corporation Profit Falls 35% to $12M in Q2 FY2026 as Revenue Slides

Lindsay Corporation (NYSE: LNN), a manufacturer of irrigation systems and road infrastructure equipment, reported net income of $12.05 million for the three months ending February 28, 2026, down 55% from $26.58 million in the prior-year quarter. Revenue for the period fell 16% to $157.72 million from $187.06 million. Read more earnings reports.

For the six months ending February 28, the company reported net income of $28.57 million, down 35% from $43.74 million a year earlier. Six-month revenue declined 11% to $313.53 million from $353.35 million.

Diluted earnings per share for the fiscal second quarter came in at $1.15, compared to $2.44 a year earlier. For the half-year, diluted EPS fell to $2.70 from $4.01.

Operating Performance

Operating income for the December-through-February quarter dropped 59% to $13.01 million from $32.12 million. Gross profit fell 32% to $42.35 million from $62.49 million as gross margin compressed to 26.8% from 33.4%.

Cost of revenue declined 7% to $115.37 million from $124.58 million, while operating expenses decreased 3% to $29.34 million from $30.36 million. Research and development spending totaled $4.08 million, down from $4.16 million a year earlier.

For the six-month period, operating income dropped 38% to $32.62 million from $53.01 million. Gross profit for the half-year fell 18% to $92.45 million from $112.45 million.

Balance Sheet and Cash Flow

Total assets stood at $837.68 million as of February 28, 2026, down from $840.84 million at fiscal year-end on August 31, 2025. Cash and cash equivalents totaled $186.11 million, down from $250.58 million six months earlier.

Inventory increased to $144.58 million from $136.86 million at fiscal year-end. Property, plant and equipment rose to $162.62 million from $142.31 million.

Long-term debt remained flat at $114.80 million. Total stockholders' equity declined to $507.76 million from $532.85 million at the end of fiscal 2025.

Cash from operations for the six months totaled $23.97 million, down from $33.88 million a year earlier. Investing activities consumed $28.70 million, compared to $39.23 million in the prior-year period. Financing activities used $63.40 million, compared to $9.79 million a year earlier.

The company reported 10.40 million shares outstanding as of February 28, 2026. Lindsay Corporation is incorporated in Delaware and files as a large accelerated filer.