Lindsay Corp. revenue grows on increased demand
The company’s backlog declined 43% YoY
Lindsay Corp. reported revenue growth in the third quarter of its fiscal 2025 as demand for irrigation and infrastructure products improved compared to the previous year.
The global irrigation and infrastructure equipment and technology manufacturer announced Q3 revenue of $169.5 million, a 22% increase year over year, driven by strong international irrigation demand, particularly in the Middle East and North Africa, according to a June 26 Lindsay release. Operating income rose 19% year over year to $23.8 million, while net earnings declined 4% to $19.5 million due to the absence of a one-time tax credit recognized the previous year.
International irrigation revenue surged 60% YoY to $74.7 million, supported by large-scale projects in the Middle East and North Africa region and improved sales in Brazil, according to the release. North American irrigation revenue increased 1% to $69.1 million.
Total irrigation segment revenue rose 25% to $143.7 million, with operating income up 39% to $27.2 million and operating margin improving to 18.9% from 17%. Infrastructure segment revenue grew 6% YoY to $25.7 million, but operating income fell 14% to $5.4 million, with operating margin declining to 21.1% from 25.8% due to a less favorable product mix.
The company’s backlog declined 43% YoY to $117.1 million, reflecting the completion of major project deliveries, according to the release. Lindsay expects continued pressure on North American irrigation demand due to uncertain farm income, while international project opportunities remain strong, especially in regions focused on improving food security.
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