LNN

This article first appeared on GuruFocus. - Q4 Total Revenue: $161.6 million, up 5% year over year. - Q4 Net Earnings: $11.3 million, or $1.10 per diluted share (vs. $10.8 million / $0.99 prior year). - Full-Year Revenue: $635.9 million, down 6% year over year. - Full-Year Net Earnings: $55.7 million (vs. $74.1 million prior year). - Full-Year EPS: $5.33 per diluted share, down 21% year over year. - Irrigation Segment Revenue (Q4): $133.7 million, up 4%; North America up 11% to $55.4 million; International flat at $78.3 million. - Irrigation Segment Revenue (FY): $541.5 million, down 5%; North America $262.1 million (down 4%); International $279.3 million (down 5%); FX benefit ~$12.1 million. - Irrigation Operating Income: Q4 $17.3 million (12.9% margin vs. 13.7%); FY $80.1 million, down 17% (14.8% margin vs. 17.1%). - Infrastructure Segment Revenue: Q4 $27.8 million, up 13%; FY $94.4 million, down 13% (prior year included $20 million Road Zipper project). - Infrastructure Operating Income: Q4 $5.0 million, up 41% (17.9% margin vs. 14.4%); FY $16.0 million (17.0% margin vs. 24.3%). - Infrastructure Ex-Project Growth: Revenue up 11% and operating income up 12% excluding prior-year large Road Zipper sale. - MENA Project Revenue: ~$70 million recognized in fiscal year; remaining balance is services revenue expected over next 1224 months. - Agricultural Technology ARR: Grew ~11% year over year; 5-year CAGR above 15%. - Restructuring Savings: $8 million in net annualized cost reductions expected from global restructuring plan. - Liquidity: $239.8 million total available, including $189.8 million cash and $50 million revolver availability. - Free Cash Flow: 62% of net earnings; capital expenditures of $40.2 million. - Shareholder Returns: $96.1 million returned ($80.7 million buybacks, $15.4 million dividends), ~173% of net earnings; new $150 million repurchase authorization approved. - Warning! GuruFocus has detected 1 Warning Sign with LNN. - Is LNN fairly valued? Test your thesis with our free DCF calculator. Release Date: October 22, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. - Lindsay Corp (NYSE:LNN) achieved a total recordable incident rate below 1.0, reflecting world-class safety performance. - North America irrigation revenues increased 11% in Q4 fiscal 2026, driven by higher unit volumes and storm damage. - Agricultural technology annual recurring revenue grew approximately 11% year over year, with a 5-year CAGR exceeding 15%. - Infrastructure segment revenues grew 13% in Q4, with operating income up 41%, marking the third consecutive quarter of growth. - Lindsay Corp (NYSE:LNN) executed a global restructuring plan expected to generate $8 million in net annualized cost reductions, improving operating leverage. - Full year fiscal 2026 revenues decreased 6% to $635.9 million, with net earnings down 21% to $5.33 per diluted share. - Irrigation segment operating income fell 17% for the full year, with operating margin contracting to 14.8% from 17.1%. - Infrastructure segment revenues decreased 13% for the full year due to the non-repetition of a $20 million Road Zipper project. - Lindsay Corp (NYSE:LNN) does not anticipate any large project awards in the MENA region to begin delivery in fiscal 2027, creating a revenue hole. - Brazil irrigation demand remains constrained by high interest rates, limited credit availability, and election-related uncertainty. Q: Brian Drab (William Blair) asked about the international business, noting Lindsay doesn't expect a large project to start shipping in fiscal 2027, and asked how much of the ~$70 million MENA revenue hole could be covered.A: CEO Randy Wood explained that while the MENA project pipeline remains active across North Africa, the Middle East, and Central Asia, project timelines are long and no single large award is expected to reach revenue recognition in fiscal 2027. He said Lindsay is comfortable covering at least half of the $70 million with smaller projects and other growth initiatives, though those $1015 million projects likely won't be individually disclosed. Q: Adam Farley (Stifel) asked whether Lindsay expects to be price-cost neutral given renewed inflation in materials and freight, and about timing dynamics.A: Co-interim CFO Alicia Pfeifer said Lindsay continues passing along input cost increases, but it is challenging to keep pace with rising costs, and pricing realization typically lags by a couple of quarters. She noted higher North America volume helped fixed-cost absorption in Q4, and assuming input costs stabilize, price realization should flow through over the next couple of quarters. Q: Adam Farley (Stifel) asked how to think about the domestic irrigation market near term given commodity price moves, and whether sentiment will oscillate with crop prices.A: CEO Randy Wood said Q4 demand responded quickly to positive commodity moves, including volume outside traditional storm-damage replacement, as growers sold crop above $5 per bushel and locked in profits. However, with commodity prices receding recently, he characterized the market as "subdued" and said a sustained recovery requires more durable commodity price support and improved net farm income. Q: Ryan Connors (Northcoast Research) asked for details on the nature of the $8 million restructuring cost reductionswhere they fell by segment and function.A: CEO Randy Wood said the cuts were "all of the above," spanning both SG&A and COGS, driven by a forward view that project volume wouldn't repeat and no significant U.S. recovery was assumed. He emphasized the restructuring simplified the organization without impairing key strategies, with some savings reinvested in channel, technology, and innovation. CFO Alicia Pfeifer added that all program costs were fully realized in fiscal 2026, so savings begin materializing immediately in fiscal 2027. Q: Ryan Connors (Northcoast Research) asked about the strategic rationale for acquiring Setorial, a hose reel technology company, and whether it signals hose reels are important to the Brazil growth story.A: CEO Randy Wood said hose reels serve a niche for small and irregularly shaped fields where center pivots aren't optimal, and Lindsay already has hose reel experience from its Western Europe business. He noted Setorial has strong penetration in Brazil's sugarcane market, which benefits from ethanol growth, and combining hose reels with center pivots plus overlaying FieldNET technology creates differentiation and another growth trajectory across Latin America. Q: Ryan Connors (Northcoast Research) noted the language on the remaining MENA balance shifted from shipping early in fiscal 2027 to a 1224 month recognition window, and asked what changed.A: CEO Randy Wood clarified the remaining balance is services revenueinstallation, maintenance, and technology productsand delays in regional infrastructure (roads, underground, electricity) have slowed machine installation and commissioning. All equipment has been fully shipped, so the only change is timing of revenue recognition as installations complete. Q: Jon Braatz (Kansas City Capital) asked about the size of the Setorial acquisition.A: CEO Randy Wood said Setorial is relatively small, particularly on a consolidated basis, but sees synergy opportunities in channel and product mixcustomers who trust Setorial for hose reels may adopt Lindsay center pivots. He reiterated the standalone financial impact is modest. Q: Jon Braatz (Kansas City Capital) asked about opportunities to bring in outside galvanizing business at the new Nebraska facility given strong industry demand.A: CEO Randy Wood said the step-up in capacity, automation, and capabilities will allow Lindsay to take on outside products, absorbing overhead and strengthening profitability. He said resources have been added to work the Midwest market, where pent-up demand exists, and expects this to become a more meaningful part of the story. Zinc is expected in the kettle and dipping to begin before calendar year-end, with full utilization possibly 3060 days later. Q: Brett Kearney (American River Opportunities) asked whether Lindsay's consistent project execution in the Middle East is a differentiator for future pipeline wins, including freight cost advantages from its strategic regional location.A: CEO Randy Wood said Lindsay's stellar reputation from two back-to-back significant projects in a complex region is a real differentiator, as investors deploying $70100 million want proven partners. He highlighted the favorable Turkey manufacturing position to serve North Africa, the Middle East, and a potential Russia/Ukraine recovery, and noted specific investments in people and processes there. Q: Brett Kearney (American River Opportunities) asked what Lindsay is hearing from Brazilian farmers ahead of the election and whether a pro-agriculture candidate could move the needle.A: CEO Randy Wood said both candidates are pro-agriculture, though the right-of-center candidate is perceived as somewhat stronger for ag. He said customers are "on a launch pad and ready to go," with quotation activity improving, particularly in the north where drier El Nino conditions are expected to make irrigation a priority investment. He expects the market to warm up once the election passes and stability returns. Q: Brian Drab (William Blair) asked about the highway funding expiration at the end of 2026 and why Lindsay flagged that cutoff given disbursements can persist beyond it.A: CEO Randy Wood agreed the money carries over and projects in the system will continue, so no immediate impact is expected. He said Lindsay monitors the funding mechanism closely as a potential future red flag and still projects growth in the infrastructure business through fiscal 2027. Q: Ryan Connors (Northcoast Research) asked about the jump in the quarterly tax rate and whether it normalizes in fiscal 2027.A: Co-interim CFO Brett Coburn said the increase was a onetime item that disproportionately affected the rate given annual calculations. He said the full-year rate of just over 26% is a solid representation for fiscal 2026, and the rate For the complete transcript of the earnings call, please refer to the full earnings call transcript.

OMAHA, Neb., October 23, 2026--(BUSINESS WIRE)--Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, announced today that its Board of Directors has declared a regular quarterly cash dividend of $0.38 per share, payable November 30, 2026, to shareholders of record at the close of business on November 16, 2026. As of October 21, 2026, Lindsay Corporation had approximately 10.2 million shares outstanding, which are traded on the New York Stock Exchange under the symbol LNN. About the Company Lindsay Corporation (NYSE: LNN) is a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology. Established in 1955, the company has been at the forefront of research and development of innovative solutions to meet the food, fuel, fiber and transportation needs of the world's rapidly growing population. The Lindsay family of irrigation brands includes Zimmatic™ center pivot and lateral move agricultural irrigation systems, FieldNET™ and FieldWise™ remote irrigation management technology, FieldNET Advisor™ irrigation scheduling technology, and industrial IoT solutions. Also a global leader in the transportation industry, Lindsay Transportation Solutions manufactures equipment to improve road safety and keep traffic moving on the world's roads, bridges and tunnels, through the Barrier Systems™, Road Zipper™ and Snoline™ brands. For more information about Lindsay Corporation, visit www.lindsay.com. Concerning Forward-Looking Statements This release contains forward-looking statements that are subject to risks and uncertainties and which reflect management's current beliefs and estimates of future economic circumstances, industry conditions, Company performance and financial results. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that the Company files with the Securities and Exchange Commission. Forward-looking statements include information concerning possible or assumed future results of operations and planned financing of the Company and those statements preceded by, followed by or including the words "anticipate," "estimate," "believe," "intend," "expect," "outlook," "could," "may," "should," "will," or similar expressions. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company undertakes no obligation to update any forward-looking information contained in this press release. View source version on businesswire.com: https://www.businesswire.com/news/home/20261023591219/en/ Contacts For further information, contact: LINDSAY CORPORATION: Alicia Pfeifer Vice President, Business Finance 402-933-6429 [email protected] Alpha IR: Joe Caminiti or Nick Nelson 312-445-2870 [email protected]

Lindsay entered its Q4 2026 report with shares already drifting lower over the past quarter, and the stock dropped another 5.4% today. That appears to reflect concerns about shrinking profitability rather than headline revenue. Q4 irrigation and infrastructure revenue reached US$161.6m, while basic earnings per share were US$1.11. Full-year earnings from continuing operations of US$55.7m and an 8.8% trailing net margin are now central to the story. Traders are reacting to that margin squeeze, and the question is whether they are pricing in pressure or panic. Appreciate the resilience in Lindsay's revenue, but remain uneasy about the squeeze on earnings and the pressure on net margins. Scan a curated list of financially stronger peers with sturdier profitability in our list of solid balance sheet and fundamentals stocks (25 results) - Q4 2026 Revenue: US$161.6m vs. US$153.6m in Q4 2025 (up about 5%) - Q4 2026 Net Income from Continuing Operations: US$11.3m vs. US$10.8m in Q4 2025 (up about 4%) - Q4 2026 Basic EPS: US$1.11 vs. US$1.00 in Q4 2025 (up about 11%) - Trailing 12 Month Net Margin: 8.8% compared with 10.9% a year earlier (margin compressed by about 2.1 percentage points) Lindsay just finished a big MENA project but sees no similar FY27 win. Ask Charlie what makes Lindsay so confident in MENA projects. The optimistic view is that Lindsay can offset a soft North American irrigation cycle with dependable international, tech and infrastructure conversion. "The main requirement is that international irrigation projects, technology offerings and infrastructure products continue to convert into revenue despite financing constraints, project lumpiness and soft U.S. farm economics." Q4 results partly back this up. Irrigation revenue rose 4% with North America up 11%, and infrastructure increased 13% on road safety strength. Ag tech annual recurring revenue climbed about 11%. Yet full year irrigation revenue declined 5% and irrigation operating margin compressed, so resilience is showing but not yet on a clean, upward run rate. The cautionary read is that project lumpiness and heavy Project Fortify spending could weigh on profitability longer than hoped. "Lindsay is committing significant capital to Project Fortify in Nebraska, including US$35.5 million of capex in the first nine months of FY26 and higher depreciation that management expects will largely offset efficiency gains at current demand levels." FY26 irrigation operating income fell 17% and margin moved from 17.1% to 14.8%, aligning with that concern. Infrastructure still showed sensitivity, with full year revenue down 13% after a prior one time Road Zipper job. Management now expects no large MENA project shipping in FY27, so volume recovery to support that new capacity remains unproven. One Narrative has put a figure on that disagreement. → See the Narrative with its higher Fair Value, assumptions and all. Lindsay just showed how quickly sentiment can shift when margins compress and earnings surprise. The real opportunity is in stocks that may be undervalued before expectations and pricing fully adjust. - Company 1 - 33% below our estimate - sells data center AI hardware and software that support intensive training workloads. - Company 2 - 39% below our estimate - expands a coconut beverage from niche origins into mass retail through branded and private label lines. - Company 3 - 30% below our estimate - supplies durable offshore vessels that energy operators charter as multi year project activity increases. Three companies from the same screener. Open all 29 potentially undervalued companies → This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include LNN. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

- Interested in Lindsay Corporation? Here are five stocks we like better. - Fourth-quarter results improved: Revenue rose 5% year over year to $161.6 million and earnings increased to $1.10 per diluted share, although fiscal 2026 revenue fell 6% and net earnings declined amid weaker irrigation demand and the absence of a prior-year Road Zipper project. - Irrigation remains subdued: North American irrigation revenue grew 11% in the quarter, but management said sustained recovery depends on better farm incomes and commodity-price visibility. Lindsay does not expect another large MENA project in fiscal 2027 and aims to replace at least half of the related revenue through smaller projects and other initiatives. - Cost savings and strategic investments are underway: A global restructuring is expected to deliver $8 million in annualized net savings, while Lindsay plans to acquire Brazil's Setorial Irrigação and continue investing in agricultural technology, manufacturing capacity and road-safety products. Lindsay (NYSE:LNN) reported fiscal fourth-quarter revenue growth and higher earnings, while full-year results declined amid weaker irrigation demand in North America and Brazil and the absence of a large prior-year Road Zipper project sale. Fourth-quarter revenue rose 5% year over year to $161.6 million, while net earnings increased to $11.3 million, or $1.10 per diluted share, from $10.8 million, or $0.99 per share, a year earlier. For fiscal 2026, revenue fell 6% to $635.9 million and net earnings declined to $55.7 million, or $5.33 per diluted share, compared with $74.1 million, or a 21% decline in earnings per share, in the prior year. → Aurora Rejects Curaleaf's Higher Bid, But the Takeover Fight Isn't Over The irrigation segment generated fourth-quarter revenue of $133.7 million, up 4% from the prior-year period. North American irrigation revenue increased 11% to $55.4 million, driven primarily by higher unit volume, while average selling prices were comparable with the previous year. Chief Executive Officer Randy Wood said demand benefited from an improvement in agricultural commodity prices early in the quarter, as well as slightly higher storm-damage replacement activity. He said corn prices moving above $5 per bushel improved customer sentiment, though prices have since declined and the overall market remains subdued. → Could Quantinuum's Breakthrough Make Its Sell-Off a Bargain? "For that recovery to become more sustained, growers will need greater forward visibility and improved net farm income," Wood said. The company expects irrigation-equipment investment to remain relatively subdued until farm economics improve more meaningfully. International irrigation revenue was $78.3 million in the quarter, roughly flat from a year earlier. Increased project sales in the Middle East and North Africa, or MENA, region and higher volumes in other developed markets were offset by lower Brazil volumes. Lindsay completed equipment delivery during the quarter for an $80 million MENA project. → IonQ's Bold Expansion Could Leave Shareholders Paying the Price For the full year, irrigation revenue declined 5% to $541.5 million. North American revenue fell 4% to $262.1 million as lower commodity prices pressured farm incomes and unit volumes. International irrigation revenue declined 5% to $279.3 million, reflecting smaller MENA project activity and lower Brazilian sales volumes, partly offset by a $12.1 million favorable foreign-currency translation effect. Irrigation operating income for fiscal 2026 fell 17% to $80.1 million, and operating margin declined to 14.8% from 17.1%. Interim Co-Chief Financial Officer Alicia Pfeifer cited lower unit volume, reduced fixed-cost absorption and higher input costs. Lindsay said it continues to grow its agricultural technology business, with annual recurring revenue increasing about 11% year over year and a five-year compound annual growth rate exceeding 15%. Its technology offerings include FieldNET and FieldNET Advisor. Infrastructure revenue increased 13% in the fourth quarter to $27.8 million, driven by higher road-safety product sales. Segment operating income rose 41% to $5 million, while operating margin expanded to 17.9% from 14.4% a year earlier, aided by higher sales and a more favorable revenue mix. For the full year, infrastructure revenue fell 13% to $94.4 million and operating income declined to $16 million from $26.3 million. The comparison reflected a $20 million Road Zipper System project sale in the prior year that did not repeat. Excluding that project, the company said infrastructure revenue and operating income increased 11% and 12%, respectively, during fiscal 2026. Wood said the company expects continued growth in road-safety products in fiscal 2027, supported by infrastructure spending and product introductions. Road Zipper leasing is expected to remain generally in line with fiscal 2026. Although the Infrastructure Investment and Jobs Act expired at the end of September, funding was extended through the end of the calendar year, and Wood said existing funds in the system are expected to continue supporting projects. In June, Lindsay launched a global restructuring program intended to streamline operations and simplify its organization. The company expects the plan to generate $8 million in net annualized cost reductions after reinvesting part of the savings in priority growth initiatives. Pfeifer said restructuring-related costs were fully recognized in fiscal 2026 and that savings should begin to materialize immediately in fiscal 2027. Management said the actions affected both selling, general and administrative expenses and cost of goods sold, while preserving spending on strategic priorities including technology, channel development and innovation. The company also signed a definitive agreement to acquire Setorial Irrigação, a Brazilian manufacturer of hose reels and irrigation equipment. Wood characterized Setorial as relatively small on a consolidated basis but said it would broaden Lindsay's irrigation portfolio in Brazil and Latin America. He said hose reels are suited to smaller or irregularly shaped fields and have meaningful use in sugarcane production. The deal is expected to close in the coming months, subject to customary conditions, and will be funded with cash on hand. Lindsay ended the fourth quarter with $239.8 million of available liquidity, including $189.8 million in cash and cash equivalents. - Fiscal 2026 free cash flow equaled 62% of net earnings and included $40.2 million in capital expenditures. - The company returned $96.1 million to shareholders during the year through $80.7 million of share repurchases and $15.4 million of dividends. - Lindsay has $100 million remaining under its current $150 million share-repurchase authorization. Wood also said a next-generation galvanizing operation at the company's Lindsay, Nebraska, facility is expected to be online before the end of the calendar year. Along with a tube mill investment, the project is intended to improve safety, capacity, productivity and operating flexibility, while potentially expanding contract manufacturing and galvanizing services in the Midwest. Looking ahead, Lindsay does not expect another large MENA project to begin revenue delivery in fiscal 2027. Wood said the company expects to offset at least half of the approximately $70 million of fiscal 2026 MENA project revenue through smaller projects and other growth initiatives, but does not anticipate another project of similar size during the coming fiscal year. Lindsay Corporation is a U.S.-based manufacturer of irrigation and infrastructure products. The company's irrigation business provides center-pivot and lateral-move irrigation systems, water-management technologies, and related equipment used by agricultural producers to improve the application and conservation of water. Lindsay's irrigation portfolio includes Zimmatic irrigation systems and digital tools such as FieldNET, which helps growers monitor and manage irrigation operations remotely. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Lindsay Q4 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for October 2026.

OMAHA, Neb., October 22, 2026--(BUSINESS WIRE)--Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, today announced results for its fourth quarter and fiscal year, which ended on August 31, 2026. Key Highlights Fourth Quarter: - North America irrigation revenues increased 11 percent - International irrigation revenues were comparable to the prior year - Infrastructure revenues increased 13 percent, with a third consecutive quarter of road safety products growth - Operating income increased 39 percent to $15.8 million Full-Year: - North America irrigation revenues decreased 4 percent as challenging market conditions persisted - Delivered approximately $70 million of the $80 million project in the Middle East North Africa region - Infrastructure revenues decreased 13 percent, as a $20.0M Road Zipper project in the prior year did not repeat - Returned $96.1 million to shareholders through $80.7 million of share repurchases and $15.4 million of dividends "North America irrigation revenue and unit volume increased in the fourth quarter, supported by stronger commodity prices and improving farmer sentiment," said Randy Wood, President and Chief Executive Officer. "In the Middle East North Africa (MENA) region we completed delivery of approximately $70 million of the $80 million project that began in our fiscal second quarter. We expect to recognize the majority of the remaining $10 million in services revenue over the next 12 to 24 months. In Brazil, limited credit availability and low farmer profitability continued to pressure demand. We continue to be encouraged by the strong performance across our infrastructure business, which delivered double-digit percent revenue and operating income growth in the fourth quarter, supported by road safety products' third consecutive quarter of growth." Mr. Wood continued, "I'm pleased with the dedication and resiliency of our global team as we continue to demonstrate strong execution despite a volatile macro-economic environment. During the quarter, we took additional actions to better align our cost structure with current market demand and support margins. In June, we implemented a global restructuring that reduced our workforce, which we expect to generate approximately $8.0 million of net annualized savings. We remain focused on strengthening our operating performance, while investing in opportunities that support sustainable, long-term shareholder value creation. In fiscal 2026, we returned $96.1 million to shareholders through share repurchases and dividends, while also funding the largest capital investment in our history at our Lindsay, Nebraska facility. During the year, we announced a new share repurchase authorization of $150.0 million, of which $100.0 million remained available at the end of the fiscal year." Fourth Quarter Summary Consolidated Financial Summary | | Fourth Quarter (dollars in millions, except per share amounts) | | FY 2026 | | FY 2025 | | $ Change | | % Change | | | | | | | | Total revenues | | $161.6 | | $153.6 | | $8.0 | | 5% Operating income | | $15.8 | | $11.3 | | $4.5 | | 39% Operating margin | | 9.8% | | 7.4% | | | | Net earnings | | $11.3 | | $10.8 | | $0.5 | | 4% Earnings per share | | $1.10 | | $0.99 | | $0.11 | | 11% Revenues for the fourth quarter of fiscal 2026 were $161.6 million, an increase of $8.0 million, or 5 percent, compared to revenues of $153.6 million in the prior year. North America irrigation revenues and infrastructure segment revenues were higher, while international irrigation revenues were comparable to the prior year. Operating income for the fourth quarter of fiscal 2026 was $15.8 million, an increase of $4.5 million, or 39 percent, compared to operating income of $11.3 million in the prior year. Operating margin was 9.8 percent of sales, compared to 7.4 percent of sales in the prior year. The increase in operating income and operating margin resulted from higher revenues and lower operating expenses compared to the prior year. Net earnings for the fourth quarter of fiscal 2026 were $11.3 million, an increase of $0.5 million, or 4 percent, compared with net earnings of $10.8 million in the prior year. Diluted earnings per share for the quarter of $1.10 reflected an increase of 11 percent compared with diluted earnings per share of $0.99 in the prior year. The year-over-year increase in net earnings resulted from higher operating income, which was partially offset by a higher effective tax rate and lower other income compared to the prior year. Fourth Quarter Segment Results Irrigation Segment | | Fourth Quarter (dollars in millions) | | FY 2026 | | FY 2025 | | $ Change | | % Change Revenues: | | | | | | | | North America | | $55.4 | | $50.0 | | $5.4 | | 11% International | | $78.3 | | $79.0 | | ($0.6) | | (1%) Total revenues | | $133.7 | | $129.0 | | $4.7 | | 4% Operating income | | $17.3 | | $17.7 | | ($0.4) | | (2%) Operating margin | | 12.9% | | 13.7% | | | | Irrigation segment revenues for the fourth quarter of fiscal 2026 were $133.7 million, an increase of $4.7 million, or 4 percent, compared to $129.0 million in the prior year. North America irrigation revenues of $55.4 million increased $5.4 million, or 11 percent, compared to the prior year. The increase in revenues resulted primarily from higher unit sales volume while average selling prices were comparable to the prior year. International irrigation revenues for the fourth quarter of fiscal 2026 of $78.3 million were comparable to the prior year. Increases in the MENA region and other developed markets were offset by a decrease in Brazil. Revenues in the current year quarter were favorably impacted by the effects of foreign currency translation of approximately $2.4 million compared to the prior year. Irrigation segment operating income for the fourth quarter of fiscal 2026 of $17.3 million was comparable to the prior year. Operating margin was 12.9 percent of sales, compared to 13.7 percent in the prior year. The decrease in operating margin resulted primarily from higher input costs, which was partially offset by reductions in operating expenses compared to the prior year. Infrastructure Segment | | Fourth Quarter (dollars in millions) | | FY 2026 | | FY 2025 | | $ Change | | % Change | | | | | | | | Total revenues | | $27.8 | | $24.5 | | $3.3 | | 13% Operating income | | $5.0 | | $3.5 | | $1.4 | | 41% Operating margin | | 17.9% | | 14.4% | | | | Infrastructure segment revenues for the fourth quarter of fiscal 2026 were $27.8 million, an increase of $3.3 million, or 13 percent, compared to $24.5 million in the prior year. The increase was primarily driven by higher sales of road safety products, which was partially offset by lower Road Zipper System™ sales and lease revenues compared to the prior year. Infrastructure segment operating income for the fourth quarter of fiscal 2026 was $5.0 million, an increase of $1.4 million, or 41 percent, compared to $3.5 million in the prior year. Operating margin was 17.9 percent of sales, compared to 14.4 percent of sales in the prior year. The increase in operating income and operating margin resulted from increased revenue and a more favorable margin mix of revenues compared to the prior year. Full-Year Summary Consolidated Financial Summary | | Full-Year (dollars in millions, except per share amounts) | | FY 2026 | | FY 2025 | | $ Change | | % Change | | | | | | | | Total revenues | | $635.9 | | $676.4 | | ($40.5) | | (6%) Operating income | | $66.9 | | $88.1 | | ($21.2) | | (24%) Operating margin | | 10.5% | | 13.0% | | | | Net earnings | | $55.7 | | $74.1 | | ($18.4) | | (25%) Earnings per share | | $5.33 | | $6.78 | | ($1.45) | | (21%) Revenues for fiscal 2026 were $635.9 million, a decrease of $40.5 million, or 6 percent, compared to revenues of $676.4 million in the prior year. Irrigation revenues decreased $26.5 million primarily due to lower comparative project sales in the MENA region and lower sales volume in North America and Brazil. Infrastructure revenues decreased $14.0 million, primarily due to lower Road Zipper System project sales as the prior year included a $20.0 million project that did not repeat. The decrease was partially offset by higher sales of road safety products compared to the prior year. Operating income for fiscal 2026 was $66.9 million, a decrease of $21.2 million, or 24 percent, compared to operating income of $88.1 million in the prior year. Operating margin was 10.5 percent of sales, compared to 13.0 percent of sales in the prior year. The decrease in operating income resulted primarily from lower revenues in both segments. Irrigation segment operating margin decreased primarily due to lower unit volume and the resulting lower fixed cost absorption as well as higher input costs. Infrastructure operating margin decreased primarily due to a $20.0 million Road Zipper project in the prior year that did not repeat. Net earnings for fiscal 2026 were $55.7 million, a decrease of $18.4 million, or 25 percent, compared to net earnings of $74.1 million in the prior year. Diluted earnings per share for fiscal 2026 of $5.33 reflects a decrease of 21 percent compared to $6.78 in the prior year. The decrease in net earnings resulted from lower operating income and a higher effective tax rate, both of which were partially offset by higher other income compared to the prior year. The backlog of unfilled orders as of August 31, 2026, was $102.5 million compared with $110.7 million on August 31, 2025. Included in these backlogs are amounts of $17.6 million and $9.8 million, respectively, for orders not expected to be fulfilled within the subsequent twelve months. The decrease in backlog is primarily attributed to deliveries relating to the large irrigation projects in the MENA region. Outlook Mr. Wood concluded, "During our fourth quarter, we saw encouraging signs for forward crop prices, improving farmer sentiment in the near-term in North America, however, it is still too early to forecast significant recovery. We expect demand for irrigation equipment in North America to remain tempered until the outlook for commodity prices and farm income improves. In Brazil, high interest rates and ongoing credit constraints remain as headwinds. We're managing the business with discipline through these headwinds so that we're well-positioned when financing conditions improve. Brazil remains central to our long-term international growth, and our planned acquisition of Setorial Irrigação further expands our irrigation portfolio and strengthens our position in the Brazilian market. While we expect difficult year-over-year comparisons in the international irrigation project markets in fiscal 2027, we remain optimistic about the long-term opportunities driven by the growing need to improve food security and water conservation." "In our infrastructure business, we anticipate sustained growth in road safety products, supported by the new road safety solutions we've recently introduced in the market. We anticipate Road Zipper System leasing to be comparable to this fiscal year, while we continue to actively manage Road Zipper System projects through the sales funnel." Fourth Quarter Conference Call Lindsay's fiscal 2026 fourth quarter investor conference call is scheduled for 11:00 a.m. Eastern Time today. Interested investors may participate in the call by dialing (833) 535-2202 in the U.S., or (412) 902-6745 internationally, and requesting the Lindsay Corporation call. Additionally, the conference call will be simulcast live on the internet and can be accessed via the investor relations section of the Company's website, www.lindsay.com. Replays of the conference call will remain on our website through the next quarterly earnings release. The Company will have a slide presentation available to augment management's formal presentation, which will also be accessible via the Company's website. About the Company Lindsay Corporation (NYSE: LNN) is a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology. Established in 1955, the company has been at the forefront of research and development of innovative solutions to meet the food, fuel, fiber and transportation needs of the world's rapidly growing population. The Lindsay family of irrigation brands includes Zimmatic™ center pivot and lateral move agricultural irrigation systems, FieldNET™ and FieldWise™ remote irrigation management technology, FieldNET Advisor™ irrigation scheduling technology, and industrial IoT solutions. Also a global leader in the transportation industry, Lindsay Transportation Solutions manufactures equipment to improve road safety and keep traffic moving on the world's roads, bridges and tunnels, through the Road Zipper™ and Snoline™ brands. For more information about Lindsay Corporation, visit www.lindsay.com. Concerning Forward-looking Statements This release contains forward-looking statements that are subject to risks and uncertainties, and which reflect management's current beliefs and estimates of future economic circumstances, industry conditions, Company performance and financial results. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that the Company files with the Securities and Exchange Commission. Forward-looking statements include information concerning possible or assumed future results of operations and planned financing of the Company and those statements preceded by, followed by or including the words "anticipate," "estimate," "believe," "intend," "expect," "outlook," "could," "may," "should," "will," or similar expressions. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company undertakes no obligation to update any forward-looking information contained in this press release. LINDSAY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) | | | | | | | | | | | | | Three Months Ended August 31, | | | Years Ended August 31, (in thousands, except per share amounts) | | 2026 | | | 2025 | | | 2026 | | | 2025 | | | | | | | | | | | | | | | Operating revenues | | $ | | 161,566 | | | $ | | 153,559 | | | $ | | 635,863 | | | $ | | 676,368 Cost of operating revenues | | | | 118,066 | | | | | 108,854 | | | | | 452,080 | | | | | 465,588 Gross profit | | | | 43,500 | | | | | 44,705 | | | | | 183,783 | | | | | 210,780 | | | | | | | | | | | | | | | Operating expenses: | | | | | | | | | | | | | | | Selling expense | | | | 10,402 | | | | | 10,462 | | | | | 42,258 | | | | | 41,740 General and administrative expense | | | | 13,669 | | | | | 17,723 | | | | | 57,598 | | | | | 62,986 Engineering and research expense | | | | 3,636 | | | | | 5,195 | | | | | 17,002 | | | | | 17,930 Total operating expenses | | | | 27,707 | | | | | 33,380 | | | | | 116,858 | | | | | 122,656 | | | | | | | | | | | | | | | Operating income | | | | 15,793 | | | | | 11,325 | | | | | 66,925 | | | | | 88,124 | | | | | | | | | | | | | | | Other income (expense): | | | | | | | | | | | | | | | Interest income, net | | | | 2,272 | | | | | 2,053 | | | | | 9,890 | | | | | 5,885 Other expense, net | | | | (781 | ) | | | | 244 | | | | | (1,500 | ) | | | | 574 Total other income | | | | 1,491 | | | | | 2,297 | | | | | 8,390 | | | | | 6,459 | | | | | | | | | | | | | | | Earnings before income taxes | | | | 17,284 | | | | | 13,622 | | | | | 75,315 | | | | | 94,583 | | | | | | | | | | | | | | | Income tax expense | | | | 6,020 | | | | | 2,809 | | | | | 19,662 | | | | | 20,531 | | | | | | | | | | | | | | | Net earnings | | $ | | 11,264 | | | $ | | 10,813 | | | $ | | 55,653 | | | $ | | 74,052 | | | | | | | | | | | | | | | Earnings per share: | | | | | | | | | | | | | | | Basic | | $ | | 1.11 | | | $ | | 1.01 | | | $ | | 5.35 | | | $ | | 6.82 Diluted | | $ | | 1.10 | | | $ | | 0.99 | | | $ | | 5.33 | | | $ | | 6.78 | | | | | | | | | | | | | | | Shares used in computing earnings per share: | | | | | | | | | | | | | | | Basic | | | | 10,169 | | | | | 10,857 | | | | | 10,397 | | | | | 10,859 Diluted | | | | 10,219 | | | | | 10,928 | | | | | 10,436 | | | | | 10,918 | | | | | | | | | | | | | | | Cash dividends declared per share | | $ | | 0.38 | | | $ | | 0.37 | | | $ | | 1.49 | | | $ | | 1.45 | | | | | | | | | | | | | | | | | | | LINDSAY CORPORATION AND SUBSIDIARIES | SUMMARY OPERATING RESULTS | (Unaudited) | | | | | | | | | | | | | | | | | | | Three Months Ended August 31, | | | | Years Ended August 31, | (in thousands) | | 2026 | | | 2025 | | | 2026 | | | 2025 | Operating revenues: | | | | | | | | | | | | | | | | Irrigation: | | | | | | | | | | | | | | | | North America | | $ | | 55,400 | | | $ | | 50,046 | | | $ | | 262,104 | | | $ | | 273,839 | International | | | | 78,343 | | | | | 78,984 | | | | | 279,346 | | | | | 294,161 | Irrigation total | | | | 133,743 | | | | | 129,029 | | | | | 541,450 | | | | | 568,000 | Infrastructure | | | | 27,823 | | | | | 24,530 | | | | | 94,413 | | | | | 108,368 | Total operating revenues | | $ | | 161,566 | | | $ | | 153,559 | | | $ | | 635,863 | | | $ | | 676,368 | | | | | | | | | | | | | | | | | Operating income: | | | | | | | | | | | | | | | | Irrigation | | $ | | 17,313 | | | $ | | 17,697 | | | $ | | 80,081 | | | $ | | 96,963 | Infrastructure | | | | 4,973 | | | | | 3,533 | | | | | 16,033 | | | | | 26,338 | Corporate | | | | (6,493 | ) | | | | (9,906 | ) | | | | (29,189 | ) | | | | (35,177 | ) Total operating income | | $ | | 15,793 | | | $ | | 11,325 | | | $ | | 66,925 | | | $ | | 88,124 | The Company manages its business activities in two reportable segments as follows: Irrigation – This reporting segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems, repair and replacement parts for irrigation systems and controls, and large diameter steel tubing, as well as various innovative technology solutions such as GPS positioning and guidance, variable rate irrigation, remote irrigation management and scheduling technology, irrigation consulting and design and industrial IoT solutions. Infrastructure – This reporting segment includes the manufacture and marketing of movable barriers, specialty barriers, crash cushions and end terminals, road marking and road safety equipment, railroad signals and structures, and technology to monitor critical safety infrastructure on roadways. LINDSAY CORPORATION AND SUBSIDIARIES | CONDENSED CONSOLIDATED BALANCE SHEETS | (Unaudited) | | | | | | | | | | | | | | | | (in thousands) | | August 31, 2026 | | | August 31, 2025 | | | | | | | | | ASSETS | | | | | | | | Current assets: | | | | | | | | Cash and cash equivalents | | $ | | 189,836 | | | $ | | 250,575 | Receivables, net of allowance of $5,883 and $6,089, respectively | | | | 111,201 | | | | | 113,027 | Inventories, net | | | | 135,229 | | | | | 136,859 | Other current assets | | | | 35,331 | | | | | 32,303 | Total current assets | | | | 471,597 | | | | | 532,764 | | | | | | | | | Property, plant, and equipment, net | | | | 170,929 | | | | | 142,307 | Intangible assets, net | | | | 22,300 | | | | | 23,331 | Goodwill | | | | 84,446 | | | | | 84,459 | Operating lease right-of-use assets | | | | 19,412 | | | | | 18,096 | Deferred income tax assets | | | | 17,422 | | | | | 19,525 | Equity method investment | | | | 8,370 | | | | | 8,763 | Other noncurrent assets | | | | 20,626 | | | | | 11,591 | Total assets | | $ | | 815,102 | | | $ | | 840,836 | | | | | | | | | LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | Current liabilities: | | | | | | | | Accounts payable | | $ | | 56,940 | | | $ | | 48,670 | Current portion of long-term debt | | | — | | | | | 233 | Other current liabilities | | | | 92,877 | | | | | 94,689 | Total current liabilities | | | | 149,817 | | | | | 143,592 | | | | | | | | | Pension benefits liabilities | | | | 3,163 | | | | | 3,418 | Long-term debt | | | | 114,829 | | | | | 114,810 | Operating lease liabilities | | | | 18,128 | | | | | 17,354 | Deferred income tax liabilities | | | | 967 | | | | | 1,024 | Other noncurrent liabilities | | | | 22,537 | | | | | 27,788 | Total liabilities | | | | 309,441 | | | | | 307,986 | | | | | | | | | Shareholders' equity: | | | | | | | | Preferred stock | | | — | | | | — | Common stock | | | | 19,200 | | | | | 19,167 | Capital in excess of stated value | | | | 118,796 | | | | | 113,042 | Retained earnings | | | | 785,658 | | | | | 745,397 | Less treasury stock - at cost, 9,030 and 8,363 shares, respectively | | | | (391,962 | ) | | | | (311,224 | ) Accumulated other comprehensive loss, net | | | | (26,031 | ) | | | | (33,532 | ) Total shareholders' equity | | | | 505,661 | | | | | 532,850 | Total liabilities and shareholders' equity | | $ | | 815,102 | | | $ | | 840,836 | | | | | | | | | LINDSAY CORPORATION AND SUBSIDIARIES | CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | (Unaudited) | | | | | | | | | | | Years Ended August 31, | ($ in thousands) | | 2026 | | | 2025 | CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | Net earnings | | $ | | 55,653 | | | $ | | 74,052 | Adjustments to reconcile net earnings to net cash provided by operating activities: | | | | | | | | Depreciation and amortization | | | | 23,061 | | | | | 20,896 | Provision for uncollectible accounts receivable | | | | 261 | | | | | 1,725 | Deferred income taxes | | | | 10,904 | | | | | (1,433 | ) Share-based compensation expense | | | | 5,614 | | | | | 8,059 | Foreign currency transaction loss | | | | (770 | ) | | | | (718 | ) Other, net | | | | 1,168 | | | | | (2,669 | ) Changes in assets and liabilities: | | | | | | | | Receivables | | | | 1,739 | | | | | 3,448 | Inventories | | | | 4,234 | | | | | 19,090 | Other current assets | | | | (3,389 | ) | | | | (784 | ) Accounts payable | | | | (316 | ) | | | | 11,115 | Other current liabilities | | | | (14,002 | ) | | | | (4,422 | ) Other noncurrent assets and liabilities | | | | (9,237 | ) | | | | 4,551 | Net cash provided by operating activities | | | | 74,920 | | | | | 132,910 | | | | | | | | | CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | Purchases of property, plant and equipment | | | | (40,172 | ) | | | | (42,496 | ) Purchases of marketable securities available-for-sale | | | — | | | | | (14,676 | ) Proceeds from maturities of marketable securities available-for-sale | | | — | | | | | 15,000 | Purchase of equity method investment | | | — | | | | | (5,813 | ) Proceeds from settlement of net investment hedge | | | | 220 | | | | | 835 | Payments for settlement of net investment hedge | | | | (1,746 | ) | | | | (98 | ) Other investing activities, net | | | | (1,119 | ) | | | | (1,326 | ) Net cash used in investing activities | | | | (42,817 | ) | | | | (48,574 | ) | | | | | | | | | | | | | | | | CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | Repurchase of common shares | | | | (80,738 | ) | | | | (11,532 | ) Dividends paid | | | | (15,392 | ) | | | | (15,748 | ) Proceeds from exercise of stock options | | | | 805 | | | | | 1,507 | Common stock withheld for payroll tax obligations | | | | (1,253 | ) | | | | (1,450 | ) Other financing activities, net | | | | 356 | | | | | 372 | Net cash used in financing activities | | | | (96,222 | ) | | | | (26,851 | ) | | | | | | | | Effect of exchange rate changes on cash and cash equivalents | | | | 3,380 | | | | | 2,211 | Net change in cash and cash equivalents | | | | (60,739 | ) | | | | 59,696 | Cash and cash equivalents, beginning of period | | | | 250,575 | | | | | 190,879 | Cash and cash equivalents, end of period | | $ | | 189,836 | | | $ | | 250,575 | | | | | | | | | SUPPLEMENTAL CASH FLOW INFORMATION | | | | | | | | Accrual of unpaid property, plant and equipment | | | | 9,483 | | | | | 1,022 | View source version on businesswire.com: https://www.businesswire.com/news/home/20261022439791/en/ Contacts For further information, contact: LINDSAY CORPORATION: Alicia Pfeifer Vice President, Business Finance 402-933-6429 [email protected] Alpha IR: Joe Caminiti 312-445-2870 [email protected]

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. - Management attributed the 11% North America irrigation revenue growth to a temporary spike in commodity prices and storm damage, though they characterized the broader market as remaining in a 'subdued' state. - The company implemented a global restructuring plan expected to yield $8 million in net annualized savings, aimed at improving operating leverage ahead of an eventual market recovery. - International performance was bolstered by the successful completion of a $70 million equipment shipment in the MENA region, demonstrating execution capability in complex geopolitical environments. - Infrastructure growth was driven by road safety products, leveraging stable financing and healthy demand despite the expiration of the Infrastructure Investment and Jobs Act. - Agricultural Technology momentum continued with 11% year-over-year growth in annual recurring revenue, reflecting a strategic shift toward deepening customer relationships beyond hardware sales. - In Brazil, while near-term demand is constrained by high interest rates and election uncertainty, management noted improved quotation activity as a leading indicator of underlying demand. - Operational efficiency was supported by major capital investments in Nebraska, including a next-generation galvanizing operation designed to increase capacity and flexibility. - Management does not anticipate any large project awards to begin delivery in the MENA region during fiscal 2027, creating a year-over-year revenue gap they aim to partially offset with smaller projects. - The acquisition of Setorial Irrigação is expected to close in the coming months, providing a strategic entry into the Brazilian hose reel market and sugarcane sector. - Infrastructure growth is projected to continue through fiscal 2027, supported by the carryover of existing funding and the progression of the Build America 250 Act. - Price realization is expected to lag input cost increases by a couple of quarters, assuming stabilization in material and freight inflation. - The company expects to recognize the remaining services-based revenue from the MENA project over the next 12 to 24 months as infrastructure and installation delays are resolved. - A global restructuring charge was fully realized in fiscal 2026, with savings intended for reinvestment into high-priority growth initiatives like technology and innovation. - The Infrastructure segment faced a difficult year-over-year comparison due to the non-repeat of a $20 million Road Zipper project from the prior year. - The fiscal fourth quarter tax rate was impacted by one-time annual calculations, with management expecting a normalization to the 24.5% to 25% range in fiscal 2027. - Management flagged elevated fuel and fertilizer costs as persistent headwinds that continue to pressure net farm income and grower sentiment. - Management confirmed the absence of a $70 million project creates an immediate revenue hole, but they expect to recover at least half of that through smaller projects and technology initiatives. - They noted that projects in the $10 million to $20 million range are considered 'traditional volume' and typically won't be broken out individually. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. - Hose reels are viewed as a natural complement to center pivots for irregularly shaped fields and the growing Brazilian sugarcane/ethanol market. - The acquisition allows Lindsay to overlay its FieldNET technology onto a new equipment category, creating a secondary growth trajectory in Latin America. - Management acknowledged difficulty in keeping pricing ahead of rising input costs, noting that realized pricing typically lags cost increases by several months. - They anticipate it will take a couple of quarters for recent pricing actions to fully flow through to the margin line. - The new Nebraska facility will have excess capacity that Lindsay intends to market to third parties throughout the Midwest. - This contract manufacturing approach is designed to absorb overhead and improve the overall profitability of the internal irrigation business. - Management expressed confidence that both major candidates are pro-agriculture, though the ag community generally prefers the right-of-center candidate. - They believe the market is on a 'launch pad' and will warm up once election uncertainty is resolved and El Niño weather patterns drive irrigation necessity.

Image source: The Motley Fool. Oct. 22, 2026 - Chief Executive Officer and President - Randy Wood - Co-Interim Chief Financial Officer - Alicia Pfeifer - Co-Interim Chief Financial Officer - Brett Coburn Operator: Good morning, and welcome to the Lindsay Corporation Fiscal Fourth Quarter and Full Year 2026 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Randy Wood, CEO and President. Please go ahead. Randy Wood: Thank you, and good morning, everyone. Welcome to our fiscal 2026 Fourth Quarter and full year earnings call. With me today are Alicia Pfeifer and Brett Coburn, our Co-Interim Chief Financial Officers. I want to begin by recognizing our global teams for their strong execution, resilience and operational discipline throughout the year as we remain focused on our priorities, strengthening operational performance, improving our cost structure and making targeted investments that enhance our competitive position and support long-term growth. From expanding our agricultural technology offerings and manufacturing capabilities to pursuing strategic acquisitions and developing new infrastructure solutions. Our actions are designed to position Lindsay to generate sustainable value through the market cycle. In Irrigation, we executed extremely well in project markets while remaining disciplined in challenging North America and Brazil markets. In Infrastructure, our team continued to leverage improving market fundamentals and stable financing conditions to deliver growth. That same operating discipline is reflected in our safety performance. Safety is a core one Lindsay value, and this year, we achieved a total recordable incident rate below 1.0, representing a world-class level of performance. Our Norfolk, Olathe, France and Italy operations each achieved perfect safety records for the year. I'm extremely proud of these accomplishments and grateful to our employees around the world for their continued commitment to work safely every day. We also strengthened our financial position by actively managing pricing, implementing structural cost reductions and driving operational efficiencies. In June, we executed a global restructuring plan focused on streamlining operations and simplifying the organization. We expect these actions to generate $8 million in net annualized cost reductions after reinvesting a portion of the savings in our highest-priority growth initiatives. The resulting leaner operating model should improve efficiency and drive stronger operating leverage as market conditions improve. In North America, we saw encouraging signs of improvement in the fourth quarter with irrigation revenues increasing 11%, driven primarily by higher unit volumes and storm damage. Improving commodity prices also supported stronger customer sentiment early in the quarter with corn moving above $5 per bushel. While commodity prices have receded recently and market conditions remain below what we would consider mid-cycle, the improvement we saw during the quarter reinforces our confidence that demand can recover as farm economics strengthen. For that recovery to become more sustained, growers will need greater forward visibility and improved net farm income. Until then, we expect irrigation equipment investment to remain relatively subdued. Our Agricultural Technology business continued to build momentum, reflecting strong execution against our innovation strategy. Annual recurring revenue grew approximately 11% year-over-year, extending our 5-year CAGR to more than 15%. Through solutions such as FieldNET and FieldNET Advisor, we are expanding our relationships with growers beyond the initial equipment sale, providing technology that helps customers improve productivity, optimize water usage and make more informed operating decisions. The continued growth of this business demonstrates our ability to build recurring revenue streams, deepen customer relationships and create additional opportunities for long-term growth. In Brazil, near-term irrigation demand continues to be constrained by high interest rates, limited credit availability and softer crop economics, with election-related uncertainty also contributing to some delayed purchasing decisions. However, we are seeing encouraging signs of underlying demand. Expectations for drier conditions in the north are increasing grower interest in irrigation and quotation activity has improved year-over-year. We view this as a positive leading indicator, although a more meaningful recovery will depend on improvement in financing conditions and grower economics. In the MENA region, our team completed all scheduled equipment shipments despite ongoing regional uncertainty, and we recognized approximately $70 million of revenue during the fiscal year. The remaining balance is for services revenue in the region, which we expect to recognize over the next 12 to 24 months. Our ability to provide equipment, technology and ongoing service support is an important differentiator in these large-scale projects. We also believe this services-based model deepens our customer relationships and generates longer-term revenue. And as our installed base expands, we see opportunities for additional technology adoption, aftermarket products and ongoing services, extending the value of these projects beyond the initial equipment sale. In Infrastructure, we continue to deliver solid growth and strong operating performance driven by our road safety products business. This marked our third consecutive quarter of growth as continued road infrastructure investments supported healthy demand. While the Infrastructure Investment and Jobs Act expired at the end of September, funding has been extended through the end of the calendar year. Looking ahead, as the Build America 250 Act progresses, we remain confident in the underlying infrastructure funding environment and the long-term growth opportunity it provides for our business. We're also encouraged by the momentum in Road Zipper leasing and continue to pursue additional project opportunities. Turning to our outlook. In North America, elevated fuel and fertilizer costs continue to pressure farm economics, but a sustained improvement in net farm income and customer confidence would provide an important catalyst for broader recovery in irrigation investments. We continue to see Brazil as one of the most compelling long-term growth markets for global irrigation, although financing availability and election uncertainty remain important factors in near-term demand, the underlying fundamentals continue to support our confidence in the market's long-term growth potential. Consistent with that view, we signed a definitive agreement to acquire Setorial Irrigação, a leading Brazilian manufacturer of hose reel irrigation equipment. This targeted investment builds on our existing capabilities in the region and advances 2 strategic priorities: capitalizing on growth opportunities in Brazil and creating incremental value for customers through a broader portfolio of irrigation solutions. We believe hose reels are a natural complement to our Zimmatic center pivots, particularly for smaller and irregularly shaped fields and applications such as sugarcane, where Setorial has strong customer relationships. Over time, we see opportunities to leverage our existing dealer network to expand Setorial's reach, introduce Zimmatic solutions to Setorial customers and grow the business across Latin America. The transaction is subject to customary closing conditions and is expected to close in the coming months. Our success in MENA continues to reinforce our confidence in the long-term opportunity in the region, supporting food security and water conservation. While the project pipeline remains active, we do not currently anticipate any large project awards to begin delivery in fiscal 2027. In Infrastructure, we expect continued growth in road safety products, supported by ongoing infrastructure investment and new product introductions. We expect Road Zipper leasing to remain generally in line with fiscal 2026, while the project pipeline remains active with a number of opportunities under development. Our major capital investment at the Lindsay, Nebraska facility continues to progress with our next-generation galvanizing operation expected to be online before calendar year-end. Together with our tube mill investment, these capabilities are designed to improve safety, increase capacity and productivity and provide greater operating flexibility across the cycle. We believe the added capacity also creates new growth opportunities by enabling us to expand our contract manufacturing business and serve growing demand for galvanizing services throughout the Midwest. Lastly, I want to thank Alicia and Brett for their leadership and commitment as interim Co-CFOs. Together with our Board, we've made strong progress in our CFO search and are very pleased with the caliber of candidates we have evaluated. We're now in the final stages of the process and expect to announce our selection in the coming weeks. With that, I'd like to turn the call over to Alicia to discuss our fiscal fourth quarter and full year financial results. Alicia? Alicia Pfeifer: Thank you, Randy, and good morning, everyone. Total revenues for the fourth quarter of fiscal 2026 were $161.6 million, an increase of 5% compared to the fourth quarter last year. Net earnings for the quarter were $11.3 million or $1.10 per diluted share compared to net earnings of $10.8 million or $0.99 per diluted share in the fourth quarter last year. Total revenues for the full year 2026 were $635.9 million, a decrease of 6% compared to the prior year. Net earnings were $55.7 million compared to $74.1 million in the prior year. Earnings per share were $5.33 per diluted share, a decrease of 21% compared to the prior year. Full year results reflected lower revenues in both segments as the Irrigation segment was negatively impacted by the lower comparative project size in the MENA region and lower sales volumes in North America and Brazil. Full year 2026 Infrastructure results were affected by lower Road Zipper System project sales as the prior year included a $20 million project that we did not expect to repeat in 2026, partially offset by sales growth of road safety products. Turning to our quarterly segment results. Irrigation segment revenues for the fourth quarter increased 4% to $133.7 million compared to the prior year. North America irrigation revenues for the fourth quarter increased 11% to $55.4 million. The increase in revenues resulted primarily from higher unit sales volume, while average selling prices were comparable to the prior year. Higher unit sales volumes were supported by near-term improvement in agricultural commodity prices, which strengthened demand and slightly higher storm damage replacement volume compared to the prior year. In international irrigation markets, revenues for the fourth quarter were $78.3 million, a level that was comparable to the prior year. Increases in project sales in the MENA region and higher sales volume in other developed markets were largely offset by the decrease in volumes from Brazil. In the MENA region, as Randy mentioned, we completed equipment delivery for the $80 million project during the quarter. Total Irrigation segment operating income for the fourth quarter was $17.3 million, comparable to the prior year. Operating margin was 12.9% of sales compared to 13.7% of sales last year. The decrease in operating margin resulted from higher input costs, which were partially offset by reductions in operating expenses compared to the prior year. For the full fiscal year, total Irrigation segment revenues decreased 5% to $541.5 million. North America Irrigation revenues of $262.1 million decreased 4% primarily due to lower unit sales volume compared to the prior year as weaker agricultural commodity pricing continued to weigh on farm incomes and demand. International irrigation revenues of $279.3 million decreased 5%, primarily a function of the smaller overall project scale in the MENA region and the lower sales volumes in Brazil. The favorable impact of foreign currency translation was approximately $12.1 million compared to the prior year. International irrigation revenues exceeded North America irrigation revenues for the second consecutive fiscal year, highlighting the value of our geographic diversification and the strong growing demand for irrigation outside of North America. Operating income in the Irrigation segment for the full fiscal year was $80.1 million, a decrease of 17% compared to the prior year and operating margin of 14.8% of sales compared to 17.1% of sales in the prior year. The decrease in operating income resulted primarily from lower revenues, where the decrease in operating margin was a function of lower unit volume and the resulting lower fixed cost absorption as well as higher input costs. Infrastructure segment revenues for the fourth quarter increased 13% to $27.8 million. The solid increase in revenues resulted primarily from higher sales of road safety products which were partially offset by lower Road Zipper System sales and lease revenues compared to the prior year. Infrastructure segment operating income for the fourth quarter increased 41% to $5 million. Infrastructure operating margin for the quarter was 17.9% of sales, up compared to 14.4% of sales in the fourth quarter last year. Higher operating income and operating margin resulted from higher revenues and a more favorable margin mix of revenues compared to the prior year. For the full fiscal year, Infrastructure segment revenues decreased 13% to $94.4 million. The decrease was primarily due to a $20 million Road Zipper System project in the prior year that did not repeat. Infrastructure operating income for the full fiscal year was $16 million compared to $26.3 million in the prior year. Operating margin for the year was 17% of sales compared to 24.3% of sales in the prior year. The decrease in operating income and operating margin resulted from the non-repeat of last year's project sale. Excluding the impact of the large Road Zipper project sale in the prior year, revenue and operating income for the Infrastructure business increased 11% and 12%, respectively, compared to the prior year. Turning to the balance sheet and liquidity. Our total available liquidity at the end of the fourth quarter was $239.8 million, which included $189.8 million in cash and cash equivalents and $50 million available under our revolving credit facility. Free cash flow for the year was 62% of net earnings and included capital expenditures of $40.2 million. As Randy mentioned in his opening remarks, we have entered into a definitive agreement to purchase 100% of Setorial. We expect to fund the transaction with cash on hand and closing is subject to the fulfillment of customary conditions expected to occur in the upcoming months. During fiscal 2026, we returned $96.1 million to shareholders, including $80.7 million of share repurchases and $15.4 million of dividends, representing approximately 173% of net earnings. During the year, our Board of Directors approved a new share repurchase program of up to $150 million. Our repurchases this year exhausted a prior $250 million authorization and leave $100 million available under this current program. Our strong balance sheet and cash flow generation provide the flexibility to execute against our capital allocation priorities. We remain focused on deploying capital where we believe it can generate attractive long-term returns, including investments in productivity, innovation and strategic growth opportunities while continuing to return capital to shareholders. We believe this balanced approach reflects our commitment to maintaining financial discipline and creating sustainable shareholder value throughout the cycle. This concludes my remarks, and I will now turn the call over to the operator to take your questions. Operator: [Operator Instructions] The first question comes from Nathan Jones with Stifel. Adam Farley: This is Adam Farley on for Nathan. My first question is going to be around price cost. So in recent months, we have seen renewed inflation with increases in material prices, freight, et cetera. Do you anticipate being price cost neutral in dollars, maybe at the margin line or somewhere in between? And is there any type of timing dynamics that we should consider maybe here in the near term? Alicia Pfeifer: Yes. Adam, this is Alicia. I think just in terms of pricing, we continue to pass along input cost increases to our customers. But it's pretty clear, our operating margins continue to be impacted. I think kind of in the fourth quarter, specifically in North America, increased volume moving through the facility certainly helped from a favorable volume and fixed cost absorption perspective. Just however, in the market, it's challenging to be able to keep up with the pricing in terms of covering the rising costs. So typically, when we do price, there's a delay in terms of how quickly that pricing becomes realized. So assuming we start to see some stabilization in input costs, we would anticipate it to take a couple of quarters for price realization to actually flow through. Adam Farley: Okay. That's helpful. And then looking at domestic irrigation, maybe here in the near term, how should we think about the market, just given the moves in the commodity prices? Should we expect that sentiment to maybe oscillate with crop prices here in the short term? Or are there other factors involved that could maybe help as well? Randy Wood: Yes, Adam, this is Randy. I think a couple of perspectives on that one. I think we were pleased in the fourth quarter that when we did see some positive movement on commodity price, we saw a very near-term move in demand and volume. And I think the demand for us in the quarter, we did see some storm damage lift, but I was really pleased that we also saw some volume outside of the traditional storm volume market. So it does look like customers had a bump in sentiment. They were willing -- some guys maybe sold some crop at that $5-plus level and felt like they had locked in a profit, so they're willing to spend some of that. So I think we've said pretty consistently when farm economics improve, we're going to see that volume. And right now, there's a lot of that pent-up demand developing. Now obviously, commodity prices have come back here recently, and I wouldn't say that there's a lot of optimism in the market. But right now, we've got a lot of guys looking at their tax situation, planning for year-end, planning with accelerated depreciation. But I think it would be really tough to say that the market has turned, and we're back on the upswing. I think that the language we used in the prepared remarks was subdued, and I think that's probably going to continue until we see a little more sustainable level of commodity price support and a little more sustained level of net farm income. Operator: The next question comes from Brian Drab with William Blair. Brian Drab: First, on the international business. You made a point in the prepared remarks to say that you don't expect a large project to start shipping in fiscal '27. Wondering if you could just talk about the dynamics that are driving that comment. And obviously, I guess it has to do with the volatility in the region. And then can you do anything to set the bar for us for where you think that means international irrigation revenue goes in 2027 because it kind of looks like the -- if you just take that project out, then you're down pretty significantly, like double digits, like maybe around 20% year-over-year in fiscal '27, all else equal? Randy Wood: Yes. The volume internationally related to projects, obviously, we want to be as transparent as we can with what we see. And we still see active projects across the MENA region, whether it's North Africa, the Middle East, Central Asia. The tricky part is these things don't start and end within a quarter. If there's design and engineering specifications, there may be a competitive quoting and bidding process. Once you know you won the project, then you move into a confirmed letter of credit. And these can take months from the time you see the project to the time it's closed, and we're talking to you guys about a confirmed project that we're going to recognize in revenue. So I think right now, on the front end of all of that, we do see projects in that part of the world that are real people, real pieces of land, real geographies where we believe and expect projects are going to be designed and delivered. We've got a track record here of identifying these projects, of winning them and executing them extremely well. So we're at the table for almost anything that we would see in the region. And again, right now, there are several of those in the early stages. There may be project awards within the fiscal year. And if there are, we'll certainly be willing to talk about those. But right now, we don't see one large one that we expect is going to get right to the finish line and be recognized in revenue in fiscal '27. And that was the basis of the comments. If we look at what it means to '27 results, I think it's pretty clear that if we had a $70 million project last year that we don't have this year, that's an immediate hole that we've got to cover. And I think we're comfortable saying that we're going to get at least half of that with some smaller projects that we do expect to kind of flow through the funnel. And to be honest, anything in that $10 million, $15 million, $20 million range, we're probably not going to identify specifically. That's kind of traditional project volume that we wouldn't talk about. But between smaller projects, some other growth initiatives, whether it's technology or other mature market initiatives, we would expect half of that $70 million we cover with some self-help growth projects, Brian, but we don't see another $70 million project coming through in fiscal '27. But as that changes, we'll obviously continue to keep you updated. Brian Drab: Okay. That's great to know. Okay. And then just one other question for now. You also mentioned in the prepared remarks that the highway funding within the current bill is going to expire at the end of 2026. But isn't -- there's nuance to that, isn't there? And the disbursements that could benefit you can persist quite a ways beyond 2026. Isn't that right? I'm just curious why you made a point to talk about that cutoff. Randy Wood: Yes. I think the money is going to carry over. So the faucet doesn't get turned off and all of a sudden projects stop. Anything that's in the system is going to carry through and go forward. I think it's just something we keep an eye on. The funding mechanism is critically important to that business and having any level of uncertainty is certainly something we work very closely with our government officials here in the state and in D.C. So I think it's just a recognition of a potential red flag in the future, Brian. But right now, we wouldn't expect that to have any impact, and we are still projecting to see some growth in that business through fiscal '27. Operator: The next question comes from Ryan Connors with Northcoast Research. Ryan Connors: I wanted to start off, if I could, on the cost reduction side. Can you drill down for us on the exact nature of what those moves were, where they fell from a segment perspective, whether they're operational, back office, sales? Just curious what the nature of those cost-cutting initiatives were. Randy Wood: Yes, I'll start and then let Alicia provide any additional granularity. And it really was all of the above. I think we sat with our leadership team and kind of projected forward understanding some of the project volume that wasn't going to repeat year-over-year. If we assume that there isn't going to be a significant recovery in the domestic U.S. market, we wanted to make sure we continue to maintain business quality and control the things that we could control and really challenged everybody to look at how we're organized, how work gets done and really restructured and simplified the organization. So we took cost out of a number of areas of the business, both on an SG&A basis and a COGS basis, without impacting our ability to continue executing our key strategies. And in fact, some of the savings we generated through restructuring, we're reinvesting in the business, and it's really about resource allocation and making sure that we're being smart in how we run the company in the near term, but we certainly never want to limit our ability to respond to the recovery when it comes, and we certainly don't want to take oxygen away from any of the key initiatives, particularly in channel, technology and innovation. So I would say across the board, a close look at the business, removing costs where they would impact our ability to operate or drive execution of our strategies and really pleased with how everybody contributed. And I think we're going to see that flow through on a full year basis. And Alicia, any more granularity you'd add? Alicia Pfeifer: Yes. I mean I think the only thing I would add, Ryan, is just making sure it's clear that any of the costs associated with this program were fully realized in the fiscal 2026 results. And so those identified savings will immediately start to materialize in fiscal 2027. Ryan Connors: Got it. Very helpful. I wanted to talk also about the Setorial acquisition. And interesting that it's a hose reel technology. Is there anything we should read into that in terms of how you think the market is moving in Brazil? And should we read that to think that you think hose reels are strategically important in terms of the growth story there? And if so, why would that be? Because I guess I've always viewed that system as being more kind of the -- not quite as sophisticated or for larger operations as a traditional center pivot. Randy Wood: Yes, I can take that one. And Setorial and hose reels in general, like a lot of other types of mechanized irrigation, have a niche. They have a purpose, and they are better in small and irregularly shaped fields where center pivots aren't necessarily going to be the best option from a design or cost-per-acre -- cost-per-hectare perspective. So hose reels certainly have a place. In fact, we've got a very robust hose reel business in Western Europe that we acquired as part of our Lindsay France expansion 20-plus years ago. So we've got experience in this space, understand how to design, engineer, manage technology in hose reels. And I think Setorial really did 2 things. I think it expands the irrigation solutions that we can offer across all of Latin America, really, but it also gives us another option in Brazil. And we've talked a lot about Brazil having a long-term growth trajectory. And where we see hose reels in Brazil, they've got great penetration in the sugarcane market. And if you look at the growing ethanol business there, sugarcane is going to continue to see good signs of growth. Having a path to those customers now with both hose reels and center pivots, we think, gives us a nice position of differentiation. If we can overlay technology like FieldNET and FieldNET Advisor with some of these hose reel companies, we think that creates another growth trajectory for us as well. So to me, this is an investment in a growing market in Brazil. It's an investment in expanding our irrigation portfolio that we think is going to give us more meaningful relationships with our customers in that part of the world. Ryan Connors: Got it. That's very clear. And then a couple of quick housekeeping items. One is going back to the MENA project that, as you mentioned, Randy, is going to create that hole. But what I did notice was a bit of a change in the language around the residual piece of that. I think that the remaining $10 million where we -- I believe 3 months ago, you talked about that shipping early in fiscal '27. And now it seems like the language is more 12 to 24 months. Anything we should read into that in terms of that final piece? Randy Wood: Yes. So the final piece is really related to services, to installation, to maintenance, to FieldNET, some of the technology products as well. And we do see some delays in installations there. And the good news is we're fully shipped on all of the equipment, but those delays on infrastructure, in roads, in underground electricity, some of those have kind of delayed how quickly the machines are getting installed and put into operation there. So nothing that operationally shifts other than we're not going to see that revenue as quickly as we thought because it will come as those installations get completed in the region. Ryan Connors: Got it. And then one last housekeeping on the tax rate, really jumped in the quarter. I apologize, Alicia, if I missed it. I don't think you mentioned that, but are we -- I assume that's something special in the quarter and that we're going to revert to a more normal kind of low-20s level as we go into fiscal '27. Brett Coburn: Yes, Ryan, this is Brett. I can take that one. Yes, you're right. It is a one-time item that we expect to normalize out going forward. So it just represented a disproportionate impact on the rate this year, just given some annual calculations we finalized, not having visibility to full year results. But our full year rate of just over 26% is a solid representation of the full year. And looking forward to next year, we'd expect the rate to be kind of normalized back in that 24.5%, 25% range. Operator: The next question comes from Jon Braatz with Kansas City Capital. Jon Braatz: Randy, back to the acquisition of Setorial, how sizable is it? Can you give us some idea of some numbers on the acquisition? Randy Wood: Yes. It's relatively small, particularly when you look at it on a consolidated basis. But I think, again, if it opens up good synergy opportunities in channel and product mix and some of the customers that have trusted Setorial with their hose reel business that might now trust Lindsay with their Zimmatic center pivot business, that's where we see the opportunity. But the Setorial number on its own is still relatively small, again, particularly on a consolidated basis. Jon Braatz: Okay. Okay. And you talked a little bit about the new galvanizing facility up in Nebraska. And over the last 1.5 years or so, galvanizing has become a hot industry. And what are the opportunities to, let's say, bring in outside business to do more with that galvanizing beyond what you need to do internally? Randy Wood: Yes. We are going to be blessed with some capacity. And I think when you look at the step-up in capabilities and capacity and automation, we are going to have the ability to bring in some outside products. And then anything that we can do for somebody outside of Lindsay, obviously, is going to absorb the overhead and make the Lindsay business more profitable and stronger. So we have, to be clear, added resources here. We're working throughout the Midwest market. And you're right, there is some pent-up demand here, and we are going to be very uniquely positioned in terms of geography and capabilities to run that through the facility and strengthen the business. So that's something that we look forward to keeping you updated on going forward because I do think it will become a more meaningful part of the story. Jon Braatz: When will that be in place? Randy Wood: So we should have zinc in there molten and be dipping before the end of the year. It may be 30, 60 days before we're fully utilized and up to full capacity, but we will have things going through that facility at the end of the calendar year. Jon Braatz: Okay. Okay. One last question. Obviously, you did some restructuring in the quarter. But I noticed in the fourth quarter, your R&D, your engineering costs were -- and research were down rather sharply year-over-year and maybe sequentially too. Was that impacted by the restructuring, so to speak? Or how do you see that going forward? Randy Wood: No. Some of that is just calendarization, John. There weren't any significant shifts in that part of the company. Operator: [Operator Instructions] The next question comes from Brett Kearney with American River Opportunity. Brett Kearney: It's been pretty notable the consistent execution of your teams on the project you've had in the Middle East in spite of a very fluid situation over there. Wondering whether that factors in on a going-forward basis at all as your teams work potential new projects in the pipeline, both the continuity of project delivery your teams can provide as well as potentially also your shipping freight costs, given your strategic location in that region of the world, whether that is an element at all going forward? Randy Wood: We are very confident that the skills we've developed through consistent execution, I think it's obvious, if you make mistakes in that part of the world, you get noticed. And if you execute well in that part of the world, you get noticed. And I think right now, our team has a stellar reputation in that part of the world because of 2 back-to-back projects, significant projects in a region with a lot of complexity. I don't think flawless is the word I'd use, but they did a pretty darn good job. And so to me, I think we're proud of that. It does become a differentiator. And if you picture a government or a private investor investing $70 million, $80 million, $100 million, you want to make sure you're with a partner that has a proven track record and Lindsay certainly does. So I'm proud of that team again, and I think it does give us a certain element of confidence going forward that when those projects are identified, we're going to be at the table, and we're going to have the opportunity to win those based on historical performance. Relative to geography, I don't want to jinx anything, to be honest with you, but I feel very fortunate with where we are in Turkey right now, and it puts us in a good spot to serve North Africa, the Middle East. As we see recovery in Russia, Ukraine, obviously, that can be a pretty big market that we can service easily from there as well. So I like where we're positioned. I like the strength of the team. We've made very specific investments in people and talent and processes there that we'll continue to leverage going forward, Brett. Brett Kearney: Terrific. And then just one on Brazil, Randy, given the recent engagement with Setorial, I know you guys are always close to the farmer down there. Obviously, interest rates, crop prices, major factors. But curious what you're hearing, feeling from farmers down there in terms of potential meaningful elections coming up in that country this month. I believe one of the candidates' fathers was very supportive of the farm community, not only policy-wise, but infrastructure helping growers expand their fields and just physical roads to get the crop to market. Just what you're sensing whether that would move the needle at all for the farm community in Brazil? Randy Wood: Yes. So we are watching the election results fairly closely. I think we're 3 days away here now from the final runoff. I would say both candidates are pro-agriculture. You can't not be pro-agriculture in that part of the world as important as it is to GDP and exports. So I think both candidates are good for ag. I would say that the candidate that leans to the right, Bolsonaro, the one that you mentioned, is probably preferred by the ag community, and he was ahead of lead, coming out of the first round. And I guess we'll see what happens here in a couple of days. But either way, both candidates, I think, are going to be supportive and maybe the right-of-center candidate may be perceived as being a little stronger for ag. I think customers there generally are -- it's like they're on a launch pad and ready to go. We are looking at the El Niño impact. And right now, I mentioned in my remarks, quotation volume, particularly in the north where they're projecting maybe a drier year, whether it's El Niño or Super El Niño, I think they're looking very closely at irrigation investment maybe being one of the most important investments that they'd have to make this year to protect from weather. So Brazil, long term is obviously a high-growth market. We've commented on it. Others in the industry have as well. In the near term, we've got to get this election behind us, get some stability. And then I think we could see that market start to warm up again. But I know customers there are ready. I know the yield improvement benefits are proven and weather is going to be a supporting factor this year. So we're ready to go. Operator: Thank you. This concludes our question-and-answer session. I would like to turn the conference back over to Randy Wood for any closing remarks. Randy Wood: Thank you, operator. As we close today's call, I want to take a moment to reinforce why we remain confident in Lindsay's long-term outlook. We're executing a clear strategy, strengthening our core Irrigation and Infrastructure businesses, growing recurring technology revenue, expanding in attractive international markets such as Brazil and allocating capital with discipline. We believe our fourth quarter results demonstrate the operating leverage we're building into the business. Our balance sheet provides flexibility, and we continue to return meaningful capital to shareholders. Our leadership team and Board remain focused on delivering sustainable long-term value, and we believe Lindsay is well positioned to benefit as our markets recover. Thank you again for joining us today and for your continued interest in Lindsay. We look forward to updating you on our fiscal 2027 first quarter earnings call. Operator: Thank you. The conference has now concluded. Thank you for attending today's presentation. 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This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has positions in and recommends Lindsay. The Motley Fool has a disclosure policy. Lindsay (LNN) Q4 2026 Earnings Call Transcript was originally published by The Motley Fool

Lindsay (LNN) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended August 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on October 22. On the other hand, if they miss, the stock may move lower. While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise. This irrigation equipment maker is expected to post quarterly earnings of $0.98 per share in its upcoming report, which represents a year-over-year change of -1%. Revenues are expected to be $149.56 million, down 2.6% from the year-ago quarter. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction). The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For Lindsay, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +3.06%. On the other hand, the stock currently carries a Zacks Rank of #3. So, this combination indicates that Lindsay will most likely beat the consensus EPS estimate. While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that Lindsay would post earnings of $1.41 per share when it actually produced earnings of $1.53, delivering a surprise of +8.51%. Over the last four quarters, the company has beaten consensus EPS estimates two times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Lindsay appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Lindsay Corporation (LNN) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research