Lindsay's farm irrigation business earned less in fiscal 2026 as volumes fell and costs rose. The question is whether its margins can recover now that a large Middle East project has ended.
Seen from an airplane window, a green circle on farmland is probably the work of a center pivot: a long steel arm on wheels that turns around a fixed point, watering the crop. Lindsay builds these machines for growers around the world. After the first sale it keeps selling parts and controls, plus farm technology such as FieldNET for managing irrigation remotely. A smaller business makes road-safety gear for highway agencies, such as crash cushions and moveable barriers.
Irrigation is the engine. A grower buys a long-lived machine through a local dealer, choosing on price, seasonal deals, service and, at busy times, delivery speed. Four manufacturers control most U.S. center pivot sales, and they compete partly on price. What Lindsay keeps depends on two things: how many machines run through its plants, because more machines spread fixed factory and overhead costs, and how far selling prices stay above the cost of steel, zinc, freight and other inputs. Large projects, such as a key customer's project in the Middle East and North Africa, can lift a year's volume and then end.
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