LNN | Market Cap: $1.2B (07/13/26)
Industry:
Capital Goods

DESCRIPTION

Lindsay Corporation makes and sells center pivot irrigation systems and road infrastructure safety products. Irrigation accounts for roughly 84% of revenue, with the remainder coming from infrastructure. The irrigation business manufactures center pivot and lateral move systems sold under the Zimmatic brand — a pipeline mounted on moving towers that rotates around a pivot point to irrigate circular fields. Farmers use these systems to increase crop yields while reducing labor, water, and energy use versus traditional flood irrigation. Lindsay sells primarily through a network of over 200 independent U.S. dealers, and internationally through dealers and direct sales across South America, Europe, the Middle East, Africa, China, and Australia. Irrigation demand is cyclical, closely tracking commodity prices and net farm income. Lindsay also sells FieldNET and FieldWise, subscription software that lets farmers remotely monitor and control irrigation equipment — a growing, recurring revenue stream that tends to hold up even in downturns. The infrastructure segment makes the Road Zipper System, a machine that physically shifts concrete barriers to vary lane direction with traffic demand, as well as crash cushions, specialty barriers, and road markings. Road Zipper project sales are lumpy but high-margin; road safety products are more stable and distributed through third-party distributors. Lindsay's growth strategy focuses on large international irrigation projects in MENA, expanding its Brazil presence, growing its connected device and subscription base, and shifting infrastructure toward a larger Road Zipper lease fleet for more recurring revenue.

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