LINDSAY CORP
For the period ended Aug 31, 2025. Filed Oct 23, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Oct 23, 2025
LNN$106.33-0.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-08-31; filed 2024-10-24.
0000950170-24-117056
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-08-31; filed 2025-10-23.
0001193125-25-248751
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 80 previous paragraphs and 81 current paragraphs.
38 unchanged; 31 reworded; 12 added; 11 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
Critical Accounting Policies
Current report
Management has evaluated the Company’s accounting policies and determined that none involve estimates or assumptions that are considered critical under SEC guidance. However, the Company considers its revenue recognition policy to be critical to understanding its financial condition and results of operations due to the significance of revenue to its business and the judgment involved in applying the principles of ASC 606 as follows:
Current report
Revenue Recognition
Current report
The Company determines the appropriate revenue recognition for its contracts by analyzing the type, terms and conditions of each contract or arrangement with a customer. Revenue is recognized when the Company satisfies the performance obligation by transferring control over goods or services to a customer. The amount of revenue recognized is measured as the consideration the Company expects to receive in exchange for those goods or services pursuant to a contract with the customer. In both of its segments, the vast majority of the Company's revenues relate to the sale of physical goods, where control generally transfers to the customer based on shipping terms. In some circumstances, contracts include multiple performance obligations where revenue is allocated and recognized individually for each performance obligation. The standalone selling price for individual performance obligations is based on observable standalone prices or in other cases, management's estimate of the standalone selling price.
Current report
In response to U.S. tariffs on imports from Canada, Mexico, China and other countries, the Company implemented a comprehensive action plan that included supplier negotiation, strategic inventory placement, and other supply chain initiatives to manage potential cost impacts. The impact of the tariffs has resulted in a marginal increase to the Company's cost of goods, which has been passed through to the market through an increase in the pricing of products. The potential impact of additional tariffs or retaliatory actions has been considered, and the Company plans to utilize its global footprint and supply chain to try to minimize the potential impact of these actions on its business and customers.
Current report
On July 4, 2025, the One Big Beautiful Bill Act (the "OBBBA") was enacted in the U.S. permanently extending many of the expiring provisions of the Tax Cuts and Jobs Act of 2017. Namely, the OBBBA also restores Section 168 bonus depreciation, which is intended to encourage equipment purchases by allowing 100 percent of the cost of the equipment to be treated as an income tax deduction in the year of purchase rather than being amortized over its useful life. This new legislation has multiple effective dates, with certain provisions becoming effective in 2025 and others implemented through 2027. The enactment of the OBBBA did not have a significant impact on the Company's effective income tax rate in fiscal 2025.
Current report
The OBBBA extends key commodity support programs under the Farm Bill and is projected to increase agricultural-focused spending by approximately $65.6 billion over the next decade (fiscal 2025 through fiscal 2034). Of that total, $59.0 billion is directed toward core farm safety net enhancements.
Current report
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Current report
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Current report
The USDA's forecasted increase in estimated 2025 net farm income is not expected to have a meaningful positive impact on demand for irrigation equipment as the increase results primarily from government support payments while income from crop receipts is expected to be slightly lower compared to the prior year. Favorable weather conditions in key U.S. markets during the growing season are expected to result in higher crop production in 2025 and increased downward pressure on commodity prices in the near term.
Current report
International irrigation revenues in fiscal 2025 were $294.2 million, an increase of 39 percent or $82.4 million, from $211.7 million in fiscal 2024. The increase is attributable to a large project in the MENA region, along with higher sales volume in Brazil and other parts of South America, offset in part by lower sales in other regions and the impact of foreign currency translation of approximately $9.5 million compared to the prior fiscal year.
Current report
Other Income, net
Removed paragraphs (11)
Previous report
Critical Accounting Estimates
Previous report
In preparing the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”), management must make a variety of decisions which impact the reported amounts and the related disclosures. Such decisions include the selection of the appropriate accounting principles to be applied and the assumptions on which to base accounting estimates. In reaching such decisions, management applies judgment based on its understanding and analysis of the relevant facts and circumstances. Certain of the Company’s accounting policies are critical, as these policies are most important to the presentation of the Company’s consolidated results of operations and financial condition. They require the greatest use of judgments and estimates by management based on the Company’s historical experience and management’s knowledge and understanding of current facts and circumstances. Management periodically re-evaluates and adjusts the estimates that are used as circumstances change. Following is the accounting policy management considers critical to the Company’s consolidated results of operations and financial condition:
Previous report
Warranties
Previous report
The Company’s accounting policy on accounting for its product warranties is critical because it includes significant judgments and estimates by management about the amount, nature, and timing of future product-related warranty costs.
Previous report
The Company generally warrants its products against certain manufacturing and other defects. These product warranties are provided for specific periods and/or usage of the product. At the time a sale is recognized, the Company records the estimated future warranty costs. The Company generally determines its total future warranty liability by applying historical claims rate experience to the amount of equipment that has been sold and is still within the warranty period. In addition, the Company records provisions for known warranty claims.
Previous report
The Company periodically reviews the assumptions used to determine the liabilities for product warranties and adjusts its assumptions based upon factors such as actual failure rates and cost experience. A number of factors could affect actual failure rates and cost experience, including the amount and timing of new product introductions, changes in manufacturing techniques or locations, components or suppliers used. If actual costs differ from the estimates, an adjustment may be made to the product warranty liability.
Previous report
Changes to U.S. income tax laws enacted in December 2017 increased the benefit of certain tax incentives, such as the Section 179 income tax deduction and Section 168 bonus depreciation, which are intended to encourage equipment purchases by allowing 100 percent of the cost of equipment to be treated as an expense in the year of purchase rather than amortized over its useful life. This benefit is being phased out by 20 percent per year over a five-year period, beginning in 2023. For calendar 2024, the allowable deduction is 60 percent of the cost of equipment and in calendar 2025 the allowable deduction will drop to 40 percent.
Previous report
U.S. net farm income levels in calendar 2023, although lower than historically high 2022 levels, supported farmer profitability and demand for investment in the first half of fiscal 2024. However, the forecasted decline in estimated 2024 net farm income has led to tempered demand for irrigation equipment during the second half of fiscal 2024, and is expected to continue into at least fiscal 2025 until the outlook for net farm income may improve. The Company has been able to maintain its pricing for irrigation equipment while inflationary pressure on steel and other raw material costs, as well as freight and logistics costs, have moderated.
Previous report
See Note 18 Industry Segment Information, to the consolidated financial statements, for further details regarding segments.
Previous report
International irrigation revenues in fiscal 2024 were $211.7 million, a decrease of 23 percent or $64.7 million, from $276.5 million in fiscal 2023. The decrease resulted primarily from lower sales volumes in Brazil and other Latin America markets compared to the prior fiscal year. In Brazil, market demand declined due to a significant drop in local commodity prices that had a negative impact on farmer profitability and liquidity. This decrease was partially offset by higher revenues from project sales in developing markets compared to the prior fiscal year. The impact of foreign currency translation on current year revenues was not meaningful compared to the prior fiscal year.
Previous report
Other Income (Expense), net
Reworded paragraphs (31)
Previous wording
This Annual Report on Form 10-K, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains not only historical information, but also forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical are forward-looking and reflect expectations for future Company performance. In addition, forward-looking statements may be made orally or in press releases, conferences, reports, on the Company’s web site, or otherwise, in the future by or on behalf of the Company. When used by or on behalf of the Company, the words “expect,” “anticipate,” “estimate,” “believe,” “intend,” “will,” “plan,” “predict,” “project,” “outlook,” “could,” “may,” “should,” and similar expressions generally identify forward-looking statements. For these statements throughout the Annual Report on Form 10-K, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The entire sections entitled “Financial Overview and Outlook” and “Risk Factors” should be considered forward-looking statements.
Current wording
This Annual Report on Form 10-K, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains not only historical information, but also forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical are forward-looking and reflect expectations for future Company performance. In addition, forward-looking statements may be made orally or in press releases, conferences, reports, on the Company’s web site, or otherwise, in the future by or on behalf of the Company. When used by or on behalf of the Company, the words “expect,” “anticipate,” “estimate,” “believe,” “intend,” “will,” “plan,” “predict,” “project,” “outlook,” “could,” “may,” “should,” and similar expressions generally identify forward-looking statements. For these statements throughout this Annual Report on Form 10-K, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The entire sections entitled “Financial Overview and Outlook” and “Risk Factors” should be considered forward-looking statements.
Previous wording
For the business overall, the global, long-term drivers of population growth, water conservation and environmental sustainability, the need for increased food production, and the need for safer, more efficient transportation solutions remain positive. Key factors which impact demand for the Company’s irrigation products include total worldwide agricultural crop production, the profitability of agricultural crop production, agricultural commodity prices, net farm income, availability of financing for farmers, governmental policies regarding the agricultural sector, water and energy conservation policies, the regularity of rainfall, regional climate conditions, food security concerns and foreign currency exchange rates. A key factor which impacts demand for the Company’s infrastructure products is the amount of spending authorized by governments to improve road and highway systems. Much of the U.S. highway infrastructure market is driven by government spending programs. For example, the U.S. government funds highway and road improvements through the Federal Highway Trust Fund Program. This program provides funding to improve the nation’s roadway system. In November 2021, the Infrastructure Investment and Jobs Act was enacted and included a five-year reauthorization of the Fixing America's Surface Transportation (FAST) Act. This legislation also introduced $110 billion in incremental federal funding planned for roads, bridges, and other transportation projects, which the Company anticipates may support higher demand for its transportation safety products.
Current wording
For the business overall, the global, long-term drivers of population growth, water conservation and environmental sustainability, the need for increased food production, and the need for safer, more efficient transportation solutions remain positive. Key factors which impact demand for the Company’s irrigation products include total worldwide agricultural crop production, the profitability of agricultural crop production, agricultural commodity prices, net farm income, availability of financing for farmers, governmental policies regarding the agricultural sector, water and energy conservation policies, the regularity of rainfall, regional climate conditions, food security concerns and foreign currency exchange rates. A key factor which impacts demand for the Company’s infrastructure products is the amount of spending authorized by governments to improve road and highway systems. Much of the U.S. highway infrastructure market is driven by government spending programs. For example, the U.S. government funds highway and road improvements through the Federal Highway Trust Fund Program. This program provides funding to improve the nation’s roadway system. In November 2021, the Infrastructure Investment and Jobs Act ("IIJA") was enacted and included a five-year reauthorization of the Fixing America's Surface Transportation ("FAST") Act. This legislation also introduced $110 billion in incremental federal funding planned for roads, bridges, and other transportation projects, which supports demand for the Company's transportation safety products as states utilize these funds in construction projects. The federal programs under the IIJA are scheduled to run through September 2026.
Previous wording
Operating revenues in fiscal 2024 were $607.1 million, a 10 percent decrease compared to $674.1 million in the prior year. Irrigation segment revenues decreased 12 percent to $513.9 million and infrastructure segment revenues increased 6 percent to $93.2 million. Net earnings for fiscal 2024 decreased 8 percent to $66.3 million or $6.01 per diluted share compared with $72.4 million or $6.54 per diluted share in the prior year. The impact on net earnings of lower irrigation revenues was partially offset by higher infrastructure revenues that carry a favorable margin mix and by higher other income, driven by an increase in interest income and favorable foreign currency translation results, and by a lower effective income tax rate resulting from the realization of certain tax credits.
Current wording
Operating revenues in fiscal 2025 were $676.4 million, an 11 percent increase compared to $607.1 million in the prior year. Irrigation segment revenues increased 11 percent to $568.0 million and infrastructure segment revenues increased 16 percent to $108.4 million. Net earnings for fiscal 2025 increased 12 percent to $74.1 million or $6.78 per diluted share compared with $66.3 million or $6.01 per diluted share in the prior fiscal year. The increase in net earnings resulted from the impact of higher operating revenues and higher other income, driven by lower interest expense and higher interest income compared to the prior fiscal year. These increases were partially offset by the impact of a higher effective income tax rate compared to the prior fiscal year.
Previous wording
The global drivers for the Company’s irrigation segment are population growth and the attendant need for expanded food production and efficient water use. The need for irrigated agricultural crop production, which depends upon many factors, include the following primary drivers:
Current wording
The primary drivers for the Company’s irrigation segment are the need for irrigated agricultural crop production, which is tied to population growth and the attendant need for expanded food production, and the need to use water resources more efficiently. These drivers are affected by a number of factors, including the following:
Previous wording
Agricultural commodity prices - As of August 2024, corn prices were approximately 19 percent lower and soybean prices approximately 29 percent lower, when compared to August 2023. The reduction in commodity prices is due primarily to higher production levels anticipated in calendar 2024 that are resulting in increased supply and higher commodity inventory levels. Agriculture commodity prices fluctuate based on supply factors, such as global production and inventory levels and the ongoing conflict between Ukraine and Russia, which is in addition to demand factors such as food and feed consumption, biofuel production and the level of China's demand for agricultural imports.
Current wording
Agricultural commodity prices – As of August 2025, corn prices were approximately 5 percent higher and soybean prices approximately 8 percent higher, when compared to price levels prevailing in August 2024. Agriculture commodity prices fluctuate based on supply factors, such as global production and inventory levels of commodities, and demand factors such as food and feed consumption, biofuel production, and the level of China's demand for agricultural imports.
Previous wording
Net farm income - As of August 2024, the U.S. Department of Agriculture (the “USDA”) estimated U.S. 2024 net farm income to be $140.0 billion, a decrease of 4 percent from the USDA’s final U.S. 2023 net farm income of $146.5 billion. This projected decrease is resulting primarily from a reduction in government support payments and cash receipts for crops that is being partially offset by lower input costs.
Current wording
Net farm income – As of September 2025, the U.S. Department of Agriculture (the “USDA”) forecast for U.S. 2025 net farm income was projected to be $179.8 billion, an increase of 41 percent from the USDA’s final U.S. 2024 net farm income of $127.8 billion. This projected increase is based mainly on an increase in government support payments from supplemental and ad-hoc disaster support programs, while cash receipts from crops are expected to decrease 3 percent.
Previous wording
The Agriculture Improvement Act of 2018 (the “Farm Bill”) was signed into law in December 2018 and provides a degree of certainty to growers, including funding for the Environmental Quality Incentives Program, which provides financial assistance to farmers to implement conservation practices, and is frequently used to assist in the purchase of center pivot irrigation systems. In November 2023, Congress voted to extend the Farm Bill through September 30, 2024, at which date it expired without new legislation or another extension. It is expected that Congress will address the Farm Bill when it returns to session after the November 2024 elections and before benefits run out at the end of the calendar year.
Current wording
The Agriculture Improvement Act of 2018 (the “Farm Bill”) was signed into law in December 2018 and provides a degree of certainty to growers, including funding for the Environmental Quality Incentives Program, which provides financial assistance to farmers to implement conservation practices, and is frequently used to assist in the purchase of center pivot irrigation systems. The Farm Bill expired September 30, 2025, and although the expiration doesn't immediately stop all programs, it creates uncertainty and pauses certain programs. Congress is working to pass a new, comprehensive Farm Bill to provide longer-term certainty for farmers.
Previous wording
Biofuel production continues to be a major demand driver for irrigated corn, sugar cane and soybeans as these crops are used in high volumes to produce ethanol and biodiesel. On June 21, 2023, the U.S. Environmental Protection Agency (“EPA”) announced a final rule setting biofuel volume requirements for the Renewable Fuels Standard (RFS) program for 2023, 2024, and 2025. The final volume requirements reflect an increase in total gallons of renewable fuel of approximately 3 to 4 percent in each successive year.
Current wording
Biofuel production continues to be a major demand driver for irrigated corn, sugar cane and soybeans as these crops are used in high volumes to produce ethanol and biodiesel. The U.S. Environmental Protection Agency (the “EPA”) establishes biofuel volume requirements for the Renewable Fuels Standard ("RFS") program. In June 2025, the EPA proposed new volume requirements for 2026 and 2027 that represent increases of approximately 8 percent and 10 percent, respectively, over 2025 requirements. The new requirements, along with other proposed regulatory changes, are intended to strengthen the RFS program and support the growth of domestically produced renewable fuels.
Previous wording
Many international markets are affected by government policies such as subsidies and other agriculturally related incentives. While these policies can have a significant effect on individual markets, they typically do not have a material effect on the consolidated results of the Company.
Current wording
Many international markets are affected by government policies such as subsidies and other agricultural related incentives. While these policies can have a significant effect on individual markets, they typically do not have a material effect on the consolidated results of the Company.
Previous wording
The most significant opportunities for growth in irrigation sales over the next several years continue to be in international markets where irrigation use is less developed and demand is driven not only by commodity prices and farm income, but also by food security, water scarcity and population growth. While international irrigation markets remain active with opportunities for further development and expansion, regional political and economic factors, including armed conflict, currency conditions and other factors can create a challenging environment. The Company continues to monitor the Ukraine and Russia conflict for both short and long-term implications and has suspended new business activity in Russia and Belarus since February 2022. Sales with Russian, Ukrainian, and Belarusian customers have historically represented less than 5 percent of consolidated revenues. Additionally, international results are heavily dependent upon project sales which tend to fluctuate and can be difficult to forecast accurately. In May 2024, the Company announced a multi-year supply agreement to provide irrigation systems and remote management and scheduling technology for a large project in the Middle East and North Africa (MENA) region. The project is valued at over $100 million in revenue, with equipment deliveries beginning in the fourth quarter of fiscal 2024 and expected to continue through the first quarter of fiscal 2026.
Current wording
The most significant opportunities for growth in irrigation sales over the next several years continue to be in international markets where irrigation use is less developed and demand is driven not only by commodity prices and net farm income, but also by food security, water scarcity and population growth. While international irrigation markets remain active with opportunities for further development and expansion, regional political and economic factors, including armed conflict, currency conditions and other factors can create a challenging environment. Additionally, international results are influenced by large project sales which tend to fluctuate and can be difficult to forecast accurately. In the fourth quarter of fiscal 2024, the Company began shipment under a multi-year supply agreement to provide irrigation systems and remote management and scheduling technology for a large project in the MENA region. The project is valued at over $100 million in revenue, with equipment deliveries occurring throughout fiscal 2025 and continuing into the first quarter of fiscal 2026.
Previous wording
In the infrastructure business, demand for the Company's transportation safety products largely depends on government spending for road construction and improvements. The enactment of the Infrastructure Investment and Jobs Act ("IIJA") in November 2021 marked the largest infusion of federal investment into infrastructure projects in more than a decade. This legislation introduced $110 billion in incremental federal funding, planned for roads, bridges, and other transportation projects, which the Company anticipates may translate into higher demand for its transportation safety products as funds are appropriated and states begin to implement projects. This additional funding has supported an increase in Road Zipper System™ leasing revenues that the Company realized in fiscal 2024. The federal programs under IIJA run through September 2026 with funding extending up to two years beyond that date.
Current wording
The infrastructure business continues to be driven by the Company's transportation safety products, the demand for which largely depends on government spending for road construction and improvements. The enactment of the IIJA in November 2021 introduced $110 billion in incremental federal funding for roads, bridges, and other transportation projects, which the Company expects will support demand for its transportation safety products as states utilize these funds in construction projects. The federal programs under IIJA are scheduled to run through September 2026.
Previous wording
As of August 31, 2024, the Company had an order backlog of $180.9 million compared with $78.7 million at August 31, 2023. Included in these backlogs are amounts of $36.5 million and $3.8 million, respectively, for orders that are not expected to be fulfilled within the subsequent twelve months. The backlog in both segments was higher compared to the prior year, with the increase in irrigation backlog resulting from the addition of the large project in the MENA region. The Company’s backlog can fluctuate from period to period due to the seasonality, cyclicality, timing, and execution of contracts. Backlog typically represents long-term projects as well as short lead-time orders; therefore, it is generally not a good indication of the revenues to be realized in succeeding quarters.
Current wording
As of August 31, 2025, the Company had an order backlog of $110.7 million compared with $180.9 million at August 31, 2024. Included in these backlogs are amounts of $9.8 million and $36.5 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 project in the MENA region during fiscal 2025. The Company’s backlog can fluctuate from period to period due to the seasonality, cyclicality, timing, and execution of contracts. Backlog typically represents long-term projects as well as short lead-time orders; therefore, it is generally not a good indication of the revenues to be realized in succeeding quarters.
Previous wording
The following “Fiscal 2024 Compared to Fiscal 2023” section presents an analysis of the Company’s consolidated operating results displayed in the Consolidated Statements of Earnings and should be read together with the information in Note 18, Industry Segment Information, to the consolidated financial statements. A discussion regarding our financial condition and results of operations for fiscal 2023 compared to fiscal 2022 can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 7 of Part II of our Annual Report on Form 10-K for the fiscal year ended August 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on October 19, 2023, which is available free of charge on the SEC’s website atwww.sec.gov and the Company’s website atwww.lindsay.com under the tab “Investor Relations – SEC Filings.”
Current wording
The following “Fiscal 2025 Compared to Fiscal 2024” section presents an analysis of the Company’s consolidated operating results displayed in the Consolidated Statements of Earnings and should be read together with the information in Note 18, Business Segments, to the consolidated financial statements. A discussion regarding our financial condition and results of operations for fiscal 2024 compared to fiscal 2023 can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 7 of Part II of our Annual Report on Form 10-K for the fiscal year ended August 31, 2024, filed with the Securities and Exchange Commission (“SEC”) on October 24, 2024, which is available free of charge on the SEC’s website atwww.sec.gov and the Company’s website atwww.lindsay.com under the tab “Investor Relations – SEC Filings.”
Previous wording
Includes corporate general and administrative expenses of $29.9 million and $31.8 million for fiscal 2024 and 2023, respectively.
Current wording
Includes corporate general and administrative expenses of $35.2 million and $29.9 million for fiscal 2025 and 2024, respectively.
Previous wording
Operating revenues in fiscal 2024 were $607.1 million, a decrease of 10 percent or $67.0 million, compared to $674.1 million in fiscal 2023. Irrigation segment revenues of $513.9 million, decreased $72.1 million, or 12 percent, and infrastructure revenues increased $5.1 million, or 6 percent, compared to the prior fiscal year. The irrigation segment provided 85 percent of Company revenue in fiscal 2024 as compared to 87 percent in fiscal 2023.
Current wording
Operating revenues in fiscal 2025 were $676.4 million, an increase of 11 percent or $69.3 million, compared to $607.1 million in fiscal 2024. Irrigation segment revenues of $568.0 million increased $54.1 million, or 11 percent, compared to the prior fiscal year as an increase in international irrigation revenues was partially offset by a decrease in North America irrigation revenues. Infrastructure revenues of $108.4 million increased $15.2 million, or 16 percent, compared to the prior fiscal year. The irrigation segment provided 84 percent of Company revenue in fiscal 2025 as compared to 85 percent in fiscal 2024.
Previous wording
North America irrigation revenues in fiscal 2024 were $302.1 million, a decrease of 2 percent or $7.4 million, from $309.5 million in fiscal 2023. Higher unit sales volume in the current year was more than offset by lower sales of replacement parts, the impact of a less favorable mix of shorter machines, and slightly lower average selling prices compared to the prior fiscal year.
Current wording
North America irrigation revenues in fiscal 2025 were $273.8 million, a decrease of 9 percent or $28.3 million, from $302.1 million in fiscal 2024. The decrease resulted primarily from lower unit sales volume, as well as a less favorable mix of shorter machines, and slightly lower average selling prices compared to the prior fiscal year. Lower unit sales volume in the current year was due to softer market conditions and from the impact of lower storm damage replacement demand in the fourth quarter compared to the prior fiscal year.
Previous wording
Infrastructure segment revenues in fiscal 2024 were $93.2 million, an increase of $5.1 million, or 6 percent, from $88.1 million in fiscal 2023. The increase was primarily attributable to higher Road Zipper System lease revenues, which were partially offset by lower Road Zipper System project sales and lower sales of road safety products compared to the prior fiscal year.
Current wording
Infrastructure segment revenues in fiscal 2025 were $108.4 million, an increase of $15.2 million, or 16 percent, from $93.2 million in fiscal 2024. The increase was primarily driven by higher Road Zipper System project sales, along with slightly higher sales of road safety products. These increases were partially offset by lower Road Zipper System leasing revenue compared to the prior fiscal year.
Previous wording
Gross profit was $191.1 million for fiscal 2024, a decrease of $21.9 million, or 10 percent, compared to $213.0 million for fiscal 2023. The decrease in gross profit resulted primarily from lower revenues in irrigation. Gross margin was 31.5 percent of sales for fiscal 2024 compared to 31.6 percent of sales for fiscal 2023. Increased gross margin in infrastructure resulted primarily from a more favorable margin mix of revenues with higher Road Zipper System lease revenues compared to the prior fiscal year. This favorable impact was offset by lower irrigation gross margin resulting from a decrease in revenues without a corresponding reduction in fixed operating costs.
Current wording
Gross profit was $210.8 million for fiscal 2025, an increase of $19.7 million, or 10 percent, compared to $191.1 million for fiscal 2024. The increase in gross profit resulted primarily from higher revenues in irrigation and infrastructure. Gross margin was 31.2 percent of sales for fiscal 2025 compared to 31.5 percent of sales for fiscal 2024. Increased gross margin in infrastructure resulted primarily from a more favorable margin mix of revenues with higher Road Zipper System sales compared to the prior fiscal year. This favorable impact was partially offset by lower irrigation gross margin resulting primarily from a higher percentage of international project revenue that was dilutive to gross margin compared to the prior fiscal year.
Previous wording
The Company’s operating expenses of $114.4 million for fiscal 2024 increased $3.6 million, or 3 percent, compared to fiscal 2023 operating expenses of $110.8 million. Increased selling expense was partially offset by cost reductions in other areas compared to the prior fiscal year.
Current wording
The Company’s operating expenses of $122.7 million for fiscal 2025 increased $8.3 million, or 7 percent, compared to fiscal 2024 operating expenses of $114.4 million. The increase was driven by higher sales commissions and incentive compensation expense, which was partially offset by lower salary and wage expense compared to the prior fiscal year.
Previous wording
Other income amounted to $2.4 million in fiscal 2024 compared to other expense of $1.8 million in fiscal 2023. The change resulted primarily from a $2.4 million increase in interest income and a reduction in interest expense of $0.6 million compared to the prior fiscal year. The current year was also impacted by the unfavorable effects of foreign currency transaction gains and losses of approximately $0.6 million compared to the prior fiscal year.
Current wording
Other income amounted to $6.5 million in fiscal 2025 compared to $2.4 million in fiscal 2024. The increase in other income resulted primarily from a $2.5 million increase in interest income and a reduction in interest expense of $1.4 million compared to the prior fiscal year.
Previous wording
The Company recorded income tax expense of $12.8 million and $28.0 million for fiscal 2024 and 2023, respectively. Lower income tax expense in the current fiscal year resulted from lower earnings before income tax as well as a lower effective tax rate compared to the prior fiscal year. The effective tax rate was 16.2 percent and 27.9 percent for fiscal 2024 and 2023, respectively. The lower effective tax rate in the current fiscal year reflects the impact of one-time benefits in Brazil totaling $5.9 million along with a decreased proportion of earnings in higher rate foreign jurisdictions compared to the prior fiscal year. The impact of other discrete items in fiscal 2024 and 2023 was not significant.
Current wording
The Company recorded income tax expense of $20.5 million and $12.8 million for fiscal 2025 and 2024, respectively. Higher income tax expense in the current fiscal year resulted from higher earnings before income taxes as well as a higher effective tax rate compared to the prior fiscal year. The effective tax rate was 21.7 percent and 16.2 percent for fiscal 2025 and 2024, respectively. The current fiscal year effective tax rate reflects a higher proportion of earnings in low tax jurisdictions compared to the prior fiscal year, while the prior fiscal year includes discrete income tax benefits totaling $5.9 million that did not repeat in the current fiscal year.
Previous wording
Net earnings for fiscal 2024 were $66.3 million, or $6.01 per diluted share, compared to $72.4 million, or $6.54 per diluted share, for fiscal 2023.
Current wording
Net earnings for fiscal 2025 were $74.1 million, or $6.78 per diluted share, an increase of 12 percent, compared to $66.3 million, or $6.01 per diluted share, for fiscal 2024.
Previous wording
The Company’s cash and cash equivalents totaled $190.9 million at August 31, 2024 compared with cash, cash equivalents, and marketable securities of $166.3 million at August 31, 2023. The increase resulted from the excess of cash provided by operating activities over the cash used in investing and financing activities. The Company requires cash for financing its receivables and inventories, paying operating expenses and capital expenditures, and for dividends and share repurchases. The Company meets its liquidity needs and finances its capital expenditures from its available cash and funds provided by operations along with borrowings under the credit arrangements that are described below. In the normal course of business, the Company enters into contracts and commitments which obligate the Company to make future payments. The Company does not have any additional off-balance sheet arrangements that have or are reasonably likely to have a material current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources. The Company believes its current cash resources, projected operating cash flow, and remaining capacity under its continuing bank lines of credit are sufficient to cover all of its expected working capital needs, planned capital expenditures and dividends. The Company may require additional borrowings to fund potential acquisitions in the future.
Current wording
The Company’s cash and cash equivalents totaled $250.6 million at August 31, 2025 compared with cash and cash equivalents of $190.9 million at August 31, 2024. The increase resulted from the excess of cash provided by operating activities over the cash used in investing and financing activities. The Company requires cash for financing its receivables and inventories, paying operating expenses and capital expenditures, and for dividends and share repurchases. The Company meets its liquidity needs and finances its capital expenditures from its available cash and funds provided by operations along with borrowings under the credit arrangements that are described below. In the normal course of business, the Company enters into contracts and commitments which obligate the Company to make future payments. The Company does not have any additional off-balance sheet arrangements that have or are reasonably likely to have a material current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources. The Company believes its current cash resources, projected operating cash flow, and remaining capacity under its continuing bank lines of credit are sufficient to cover all of its expected working capital needs, planned capital expenditures and dividends. The Company may require additional borrowings to fund potential acquisitions in the future.
Previous wording
The Company’s total cash and cash equivalents held by foreign subsidiaries amounted to $84.3 million and $64.6 million as of August 31, 2024, and 2023, respectively. The Company considers earnings of foreign subsidiaries to be indefinitely reinvested, and would need to accrue and pay incremental state, local, and foreign taxes if such earnings were repatriated to the United States. The Company does not intend to repatriate the funds and does not expect these funds to have a significant impact on the Company’s overall liquidity.
Current wording
The Company’s total cash and cash equivalents held by foreign subsidiaries amounted to $97.4 million and $84.3 million as of August 31, 2025 and 2024, respectively. The Company does not consider its earnings in foreign subsidiaries to be permanently reinvested and accrues applicable taxes on its foreign subsidiaries' earnings. The Company does not expect the repatriation of these funds, and any applicable taxes, to have a significant impact on the Company’s overall liquidity.
Previous wording
Net working capital was $367.4 million at August 31, 2024 as compared with $351.4 million at August 31, 2023. Cash flows provided by operating activities totaled $95.8 million during the year ended August 31, 2024 compared to $119.7 million provided by operating activities during the prior fiscal year. The decrease in cash flows provided by operating activities resulted from lower net earnings and a lower reduction in working capital compared to the prior fiscal year.
Current wording
Net working capital was $389.2 million at August 31, 2025 as compared with $367.4 million at August 31, 2024. Cash flows provided by operating activities totaled $132.9 million during the year ended August 31, 2025 compared to $95.8 million provided by operating activities during the prior fiscal year. The current fiscal year benefited from higher net earnings and more favorable changes in working capital compared to the prior fiscal year.
Previous wording
Cash flows used in investing activities totaled $25.9 million during the year ended August 31, 2024 compared to $47.4 million during the prior fiscal year. Capital spending was $29.0 million in fiscal 2024 compared to $18.8 million in fiscal 2023. Fiscal 2023 also included outflows of $30.8 million for the acquisition of a business.
Current wording
Cash flows used in investing activities totaled $48.6 million during the year ended August 31, 2025 compared to $25.9 million during the prior fiscal year. Purchases of property, plant, and equipment amounted to $42.5 million in the current fiscal year compared to $29.0 million in the prior fiscal year. The current fiscal year also included the purchase of an equity method investment for $5.8 million.
Previous wording
Cash flows used in financing activities totaled $38.6 million during the year ended August 31, 2024 compared to $17.3 million during the prior fiscal year. During the current fiscal year, the Company repurchased $22.5 million of common stock.
Current wording
Cash flows used in financing activities totaled $26.9 million during the year ended August 31, 2025 compared to $38.6 million during the prior fiscal year. During the current fiscal year, the Company repurchased $11.5 million of common stock compared to $22.5 million in the prior fiscal year.
Previous wording
Investment in organic growth including capital expenditures and expansion of international markets,
Current wording
Investment in organic growth including capital expenditures, new product development, and expansion of international markets,
Previous wording
In fiscal 2024, the Company paid cash dividends of $1.41 per common share or $15.5 million to stockholders as compared to $1.37 per common share or $15.1 million to stockholders in fiscal 2023.
Current wording
In fiscal 2025, the Company paid cash dividends of $1.45 per common share or $15.7 million to stockholders as compared to $1.41 per common share or $15.5 million to stockholders in fiscal 2024.
Previous wording
The Company’s Board of Directors authorized a share repurchase program of up to $250.0 million of common stock with no expiration date. Under the program, shares may be repurchased in privately negotiated and/or open market transactions as well as under formalized trading plans in accordance with the guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The Company repurchased $22.5 million of common shares during the year ended August 31, 2024. There were no shares repurchased during the years ended August 31, 2023 and 2022. The remaining amount available under the repurchase program was $41.4 million as of August 31, 2024.
Current wording
The Company’s Board of Directors authorized a share repurchase program of up to $250.0 million of common stock with no expiration date. Under the program, shares may be repurchased in privately negotiated and/or open market transactions as well as under formalized trading plans in accordance with the guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The Company repurchased $11.5 million and $22.5 million of common shares during the year ended August 31, 2025 and 2024, respectively. The remaining amount available under the repurchase program was $30.0 million as of August 31, 2025.
Previous wording
Revolving Credit Facility. The Company has outstanding a $50.0 million unsecured Amended and Restated Revolving Credit Facility (the “Revolving Credit Facility”) with Wells Fargo Bank, National Association (“Wells Fargo”) expiring August 26, 2026. The Company intends to use borrowings under the Revolving Credit Facility for working capital purposes and to fund future acquisitions. At August 31, 2024 and 2023, the Company had no outstanding borrowings under the Revolving Credit Facility. The amount of borrowings available at any time under the Revolving Credit Facility is reduced by the amount of standby letters of credit issued by Wells Fargo then outstanding. At August 31, 2024, the Company had the ability to borrow up to $50.0 million under the Revolving Credit Facility. The Revolving Credit Facility may be increased by up to an additional $50.0 million at any time, subject to additional commitment approval. The Revolving Credit Facility was amended to transition the benchmark rate from the London Interbank Offered Rate (“LIBOR”) to the Secured Overnight Financing Rate (“SOFR”). Borrowings under the Revolving Credit Facility bear interest at a variable rate equal to the SOFR plus a margin of between 100 and 210 basis points depending on the Company’s leverage ratio then in effect (which resulted in a variable rate of 6.67 percent at August 31, 2024), subject to adjustment as set forth in the loan documents for the Revolving Credit Facility. Interest is paid on a monthly to quarterly basis depending on loan type. The Company currently pays an annual commitment fee on the unused portion of the Revolving Credit Facility. The fee is between 0.125 percent and 0.2 percent (0.125 percent at August 31, 2024) on the unused balance depending on the Company’s leverage ratio then in effect.
Current wording
Revolving Credit Facility. The Company has outstanding a $50.0 million unsecured Amended and Restated Revolving Credit Facility (the “Revolving Credit Facility”) with Wells Fargo Bank, National Association (“Wells Fargo”) expiring August 26, 2030. The Company intends to use borrowings under the Revolving Credit Facility for working capital purposes and to fund future acquisitions. At August 31, 2025 and 2024, the Company had no outstanding borrowings under the Revolving Credit Facility. The amount of borrowings available at any time under the Revolving Credit Facility is reduced by the amount of standby letters of credit issued by Wells Fargo then outstanding. At August 31, 2025, the Company had the ability to borrow up to $50.0 million under the Revolving Credit Facility. The Revolving Credit Facility may be increased by up to an additional $50.0 million at any time, subject to additional commitment approval. Borrowings under the Revolving Credit Facility bear interest at a variable rate equal to the Secured Overnight Financing Rate (“SOFR”) plus a margin of between 100 and 210 basis points depending on the Company’s leverage ratio then in effect (which resulted in a variable rate of 5.69 percent at August 31, 2025), subject to adjustment as set forth in the loan documents for the Revolving Credit Facility. Interest is paid on a monthly to quarterly basis depending on loan type. The Company currently pays an annual commitment fee on the unused portion of the Revolving Credit Facility. The fee is between 0.125 percent and 0.2 percent (0.125 percent at August 31, 2025) on the unused balance depending on the Company’s leverage ratio then in effect.