Lindsay Corporation (NYSE: LNN) is a prominent global manufacturer and distributor of irrigation and infrastructure equipment, specializing in precision irrigation systems and road safety solutions. The company has reported its fiscal third quarter results for 2025, reflecting a period of growth for both its irrigation and infrastructure segments.

For the third quarter of fiscal 2025, consolidated revenues increased by 22% to $169.5 million compared to $139.2 million in the same quarter last year. Net earnings were $19.5 million, or $1.78 per diluted share, representing a decrease of 4% from the prior year’s net earnings of $20.4 million, or $1.85 per diluted share. This decline in earnings is attributed to the prior year’s recognition of a one-time tax credit of approximately $4.8 million, which contributed $0.44 to earnings per share.

Irrigation segment revenues rose by 25% to $143.7 million, up from $114.8 million in the previous year. North American irrigation revenues slightly increased by 1% to $69.1 million, while international irrigation revenues surged by 60%, reaching $74.7 million compared to $46.6 million last year. The increase in international revenues was primarily driven by project volumes in the Middle East and North Africa, alongside improved sales volumes in Brazil and other South American regions.

Operating income for the irrigation segment surged by 39% to $27.2 million, compared to $19.5 million in the same quarter last year. The operating margin improved to 18.9% of sales, up from 17.0% in the prior year. However, the growth was partially offset by a higher proportion of international project revenues, which diluted overall operating margins.

The infrastructure segment also experienced a revenue increase of 6%, reporting $25.7 million for the quarter, compared to $24.4 million in the previous year. This growth was mainly due to higher sales of road safety products, although Road Zipper System project sales and lease revenues remained stable compared to the prior year. However, operating income for the infrastructure segment fell to $5.4 million, down 14% from $6.3 million, resulting in a decline in operating margin to 21.1% from 25.8% a year earlier.

As for liquidity, Lindsay Corporation reported total available liquidity of $261 million, consisting of $211 million in cash, cash equivalents, and marketable securities, alongside $50 million available under the revolving credit facility. The company maintains a gross debt to EBITDA leverage of 0.9x, indicating a robust balance sheet position.

Looking forward, management expects that market dynamics, particularly in North America, will remain uncertain due to tariff issues and potential disruptions in the agricultural sector. However, international markets, particularly in developing regions, continue to present robust opportunities driven by factors such as food security and infrastructure demands.