<p>林赛公司（Lindsay Corp. (LNN)）已召开第二季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领袖的投资组合，使用智能投资者精选</li>
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<p>林赛公司最新的财报电话会议语气谨慎，管理层在经历了双位数的收入和利润下降的艰难季度后，强调尽管短期条件显然具有挑战性，但公司的强大资产负债表、持续的项目和资本投资使他们对长期前景充满信心。</p>
<h2>资产负债表的强劲支持灵活性</h2>
<p>林赛在本季度结束时拥有 2.361 亿美元的可用流动资金，其中包括 1.861 亿美元的现金和 5000 万美元的循环信贷额度。管理层将这充足的流动性视为抵御当前市场逆风的关键缓冲，并作为资助持续运营、投资和选择性资本回报的工具。</p>
<h2>股票回购表明资本回报承诺</h2>
<p>尽管收益较弱，公司在本季度回购了 2500 万美元的自家股票。管理层将这些回购视为对林赛长期价值的信心的证据，并承诺在资产负债表能力允许时将多余资本回馈给股东。</p>
<h2>新产品和稳定的基础设施势头</h2>
<p>基础设施部门推出了两款新的道路安全产品，AlphaGuard 引导装置和 Road Runner 卡车安装的减震器，旨在扩展其产品组合。尽管由于去年的一次性 Road Zipper 项目，整体部门收入下降，但管理层指出，除去该项目的基础设施收入实际上增长了 6%，而 Road Zipper 的销售渠道仍然强劲。</p>
<h2>中东和北非灌溉项目按计划推进</h2>
<p>中东和北非地区的一项重大灌溉项目继续按计划推进，供应链迄今运作顺畅。公司预计交付将持续到第三和第四季度，并表示项目利润率与之前的国际工作一致，使其在整体环境疲软中成为关键的收益贡献者。</p>
<h2>尽管信贷压力，国际增长故事依然完整</h2>
<p>管理层重申了对巴西及其他与粮食安全和水资源管理相关的国际市场的积极长期展望，尽管当前需求受到融资挑战的限制。他们指出，巴西 Selic 利率的适度下调 0.25% 是一个渐进的积极因素，暗示随着时间的推移，信贷条件的缓解可能会释放被压抑的灌溉需求。</p>
<h2>Project Fortify 投资推进</h2>
<p>在运营方面，林赛正在推进 Project Fortify，这是一个提升产能和效率的计划。位于内布拉斯加州的新管材厂现已投入使用，计划于 2027 财年初投入使用的先进镀锌设施预计将在终端市场复苏时提高产量和自动化水平。</p>
<h2>收入下滑凸显广泛疲软</h2>
<p>合并收入下降至 1.577 亿美元，较去年同期的 1.871 亿美元下降 16%，主要两个部门均出现下滑。管理层将整体销售下降归因于灌溉需求疲软以及缺乏一项大型基础设施项目，这项项目曾推动去年的业绩。</p>
<h2>利润率受到挤压，营业收入暴跌</h2>
<p>营业收入从一年前的 3210 万美元急剧下降至 1300 万美元，营业利润率从 17.2% 降至 8.3%。公司将利润率压缩主要归因于较低的产量杠杆和去年规模庞大的 Road Zipper 基础设施项目未能重复带来的影响。</p>
<h2>净收益和每股收益几乎减半</h2>
<p>净收益下降至 1200 万美元，或每股稀释后 1.15 美元，而一年前为 2660 万美元，或每股 2.44 美元。大幅下降是由于运营表现疲弱和有效税率上升，突显出收益对产量和项目时机的敏感性。</p>
<h2>灌溉盈利能力承压</h2>
<p>灌溉收入下降 5% 至 1.412 亿美元，北美灌溉收入下降 8% 至 7100 万美元，农民支出疲软。该部门的营业收入从 2740 万美元降至 1950 万美元，利润率从 18.5% 收窄至 13.8%，因为固定成本分摊在较低的产量上，区域组合和投入成本通胀对盈利能力造成压力。</p>
<h2>基础设施受到去年大型项目的影响</h2>
<p>基础设施收入从 3890 万美元降至 1650 万美元，主要是因为去年包括一次性 2000 万美元的 Road Zipper 项目。该部门的营业收入从 1330 万美元暴跌至 120 万美元，利润率从 34.1% 滑落至 7.1%，突显出这一业务中大型项目时机带来的波动性。</p>
<h2>宏观和市场逆风影响需求</h2>
<p>高管指出，包括贸易不确定性、低商品价格、较高的投入成本和农民情绪减弱等一系列外部压力，正在对灌溉订单造成影响。巴西的信贷获取有限以及中东的地缘政治风险也被提及为潜在的拖累因素，如果情况恶化或持续，可能会延迟项目。</p>
<h2>指引：短期疲软，关注巴西和中东及北非</h2>
<p>展望未来，管理层预计北美和巴西的市场条件将在有更多可见性之前保持疲软，特别是围绕预计在 7 月发布的巴西作物计划，并且在此之前不会看到有意义的复苏。公司的前景假设大型中东和北非项目在第三和第四季度继续按计划进行，但承认存在短期冲突相关风险，并强调有纪律的定价、成本控制和持续投资，得益于 2.361 亿美元的流动性和近期的股票回购。</p>
<p>林赛的财报电话会议描绘了一幅公司在经历周期性下滑的同时，仍在继续投资未来增长的图景。收入、利润率和盈利面临明显压力，但强劲的流动性、健康的项目管道以及全球灌溉领域的结构性需求驱动因素提供了平衡，使投资者在短期内保持谨慎，但长期故事依然积极。</p>

林赛

<p>林赛公司报告了一个具有挑战性的第二季度，收入下降 16% 至 1.577 亿美元，净收益降至 1200 万美元。尽管如此，公司仍保持强劲的资产负债表，流动资金达到 2.361 亿美元，并承诺进行股票回购。基础设施的新产品发布和正在进行的国际项目，特别是在中东和北非地区，预计将支持长期增长。然而，宏观经济压力，包括低商品价格和信贷获取问题，可能会影响未来需求。管理层对巴西和其他市场的复苏保持谨慎但乐观的态度</p>

<p>Lindsay Corp. ((LNN)) has held its Q2 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>林赛公司（Lindsay Corp. (LNN)）已召开第二季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<div class="lb-trans"><h3>复活节促销 - TipRanks 70% 折扣</h3>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领袖的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Lindsay Corp.’s latest earnings call struck a cautious tone as management navigated a tough quarter marked by double‑digit revenue and profit declines. Executives emphasized that while near‑term conditions are clearly challenging, the company’s strong balance sheet, ongoing projects and capital investments give them confidence in the longer‑term outlook.</p>
<div class="lb-trans"><p>林赛公司最新的财报电话会议语气谨慎，管理层在经历了双位数的收入和利润下降的艰难季度后，强调尽管短期条件显然具有挑战性，但公司的强大资产负债表、持续的项目和资本投资使他们对长期前景充满信心。</p>
</div><h2>Balance Sheet Strength Supports Flexibility</h2>
<div class="lb-trans"><h2>资产负债表的强劲支持灵活性</h2>
</div><p>Lindsay finished the quarter with $236.1 million in total available liquidity, including $186.1 million in cash and $50 million available under its revolving credit facility. Management framed this ample liquidity as a key buffer against current market headwinds and a tool to fund ongoing operations, investments and selective capital returns.</p>
<div class="lb-trans"><p>林赛在本季度结束时拥有 2.361 亿美元的可用流动资金，其中包括 1.861 亿美元的现金和 5000 万美元的循环信贷额度。管理层将这充足的流动性视为抵御当前市场逆风的关键缓冲，并作为资助持续运营、投资和选择性资本回报的工具。</p>
</div><h2>Share Buybacks Signal Capital Return Commitment</h2>
<div class="lb-trans"><h2>股票回购表明资本回报承诺</h2>
</div><p>Despite weaker earnings, the company repurchased $25 million of its own shares during the quarter. Management presented these buybacks as evidence of confidence in Lindsay’s long‑term value and a commitment to returning excess capital to shareholders when balance‑sheet capacity allows.</p>
<div class="lb-trans"><p>尽管收益较弱，公司在本季度回购了 2500 万美元的自家股票。管理层将这些回购视为对林赛长期价值的信心的证据，并承诺在资产负债表能力允许时将多余资本回馈给股东。</p>
</div><h2>New Products and Steady Infrastructure Momentum</h2>
<div class="lb-trans"><h2>新产品和稳定的基础设施势头</h2>
</div><p>The infrastructure segment introduced two new road safety products, the AlphaGuard channeling device and the Road Runner truck‑mounted attenuator, aimed at expanding its portfolio. While overall segment revenue fell due to last year’s one‑off Road Zipper project, management noted that infrastructure revenue excluding that project actually rose 6% and that the Road Zipper sales funnel remains strong.</p>
<div class="lb-trans"><p>基础设施部门推出了两款新的道路安全产品，AlphaGuard 引导装置和 Road Runner 卡车安装的减震器，旨在扩展其产品组合。尽管由于去年的一次性 Road Zipper 项目，整体部门收入下降，但管理层指出，除去该项目的基础设施收入实际上增长了 6%，而 Road Zipper 的销售渠道仍然强劲。</p>
</div><h2>MENA Irrigation Project Tracking to Plan</h2>
<div class="lb-trans"><h2>中东和北非灌溉项目按计划推进</h2>
</div><p>A major irrigation project in the MENA region continues to move forward on schedule, with supply chains functioning without disruption so far. The company expects deliveries to run through the third and fourth quarters and said project margins are in line with prior international work, making it a key earnings contributor in an otherwise soft environment.</p>
<div class="lb-trans"><p>中东和北非地区的一项重大灌溉项目继续按计划推进，供应链迄今运作顺畅。公司预计交付将持续到第三和第四季度，并表示项目利润率与之前的国际工作一致，使其在整体环境疲软中成为关键的收益贡献者。</p>
</div><h2>International Growth Story Intact Despite Credit Strains</h2>
<div class="lb-trans"><h2>尽管信贷压力，国际增长故事依然完整</h2>
</div><p>Management reiterated a positive long‑term view on Brazil and other international markets tied to food security and water management, even as current demand is constrained by financing challenges. They pointed to a modest 0.25% cut in Brazil’s Selic rate as an incremental positive, suggesting that easing credit conditions over time could unlock pent‑up irrigation demand.</p>
<div class="lb-trans"><p>管理层重申了对巴西及其他与粮食安全和水资源管理相关的国际市场的积极长期展望，尽管当前需求受到融资挑战的限制。他们指出，巴西 Selic 利率的适度下调 0.25% 是一个渐进的积极因素，暗示随着时间的推移，信贷条件的缓解可能会释放被压抑的灌溉需求。</p>
</div><h2>Project Fortify Investments Advance</h2>
<div class="lb-trans"><h2>Project Fortify 投资推进</h2>
</div><p>Operationally, Lindsay is pressing ahead with Project Fortify, its program to boost capacity and efficiency. The new tube mill in Nebraska is now online, and a state‑of‑the‑art galvanizing facility is scheduled to come online in early fiscal 2027, investments that are expected to increase throughput and automation when end‑markets recover.</p>
<div class="lb-trans"><p>在运营方面，林赛正在推进 Project Fortify，这是一个提升产能和效率的计划。位于内布拉斯加州的新管材厂现已投入使用，计划于 2027 财年初投入使用的先进镀锌设施预计将在终端市场复苏时提高产量和自动化水平。</p>
</div><h2>Revenue Slide Highlights Broad Weakness</h2>
<div class="lb-trans"><h2>收入下滑凸显广泛疲软</h2>
</div><p>Consolidated revenue dropped to $157.7 million, down 16% from $187.1 million in the prior‑year quarter as both major segments declined. Management linked the overall sales drop to softer irrigation demand and the absence of a large infrastructure project that had boosted last year’s results.</p>
<div class="lb-trans"><p>合并收入下降至 1.577 亿美元，较去年同期的 1.871 亿美元下降 16%，主要两个部门均出现下滑。管理层将整体销售下降归因于灌溉需求疲软以及缺乏一项大型基础设施项目，这项项目曾推动去年的业绩。</p>
</div><h2>Margins Squeezed as Operating Income Plunges</h2>
<div class="lb-trans"><h2>利润率受到挤压，营业收入暴跌</h2>
</div><p>Operating income fell sharply to $13.0 million from $32.1 million a year ago, pushing the operating margin down to 8.3% of sales from 17.2%. The company attributed the margin compression mainly to lower volume leverage and the mix impact of last year’s sizable Road Zipper infrastructure project not repeating.</p>
<div class="lb-trans"><p>营业收入从一年前的 3210 万美元急剧下降至 1300 万美元，营业利润率从 17.2% 降至 8.3%。公司将利润率压缩主要归因于较低的产量杠杆和去年规模庞大的 Road Zipper 基础设施项目未能重复带来的影响。</p>
</div><h2>Net Earnings and EPS Cut Nearly in Half</h2>
<div class="lb-trans"><h2>净收益和每股收益几乎减半</h2>
</div><p>Net earnings declined to $12.0 million, or $1.15 per diluted share, versus $26.6 million, or $2.44 per share, a year earlier. The steep drop was driven by the weaker operating performance and a higher effective tax rate, underscoring how sensitive earnings are to volume and project timing.</p>
<div class="lb-trans"><p>净收益下降至 1200 万美元，或每股稀释后 1.15 美元，而一年前为 2660 万美元，或每股 2.44 美元。大幅下降是由于运营表现疲弱和有效税率上升，突显出收益对产量和项目时机的敏感性。</p>
</div><h2>Irrigation Profitability Under Pressure</h2>
<div class="lb-trans"><h2>灌溉盈利能力承压</h2>
</div><p>Irrigation revenue slipped 5% to $141.2 million, with North America irrigation down 8% to $71 million amid softer farmer spending. Segment operating income dropped to $19.5 million from $27.4 million and margins narrowed to 13.8% from 18.5% as fixed costs were spread over lower volumes and regional mix and input cost inflation weighed on profitability.</p>
<div class="lb-trans"><p>灌溉收入下降 5% 至 1.412 亿美元，北美灌溉收入下降 8% 至 7100 万美元，农民支出疲软。该部门的营业收入从 2740 万美元降至 1950 万美元，利润率从 18.5% 收窄至 13.8%，因为固定成本分摊在较低的产量上，区域组合和投入成本通胀对盈利能力造成压力。</p>
</div><h2>Infrastructure Hit by Lapping Big Prior‑Year Project</h2>
<div class="lb-trans"><h2>基础设施受到去年大型项目的影响</h2>
</div><p>Infrastructure revenue fell to $16.5 million from $38.9 million, largely because last year included a one‑time $20 million Road Zipper project. Operating income for the segment tumbled to $1.2 million from $13.3 million, with margins sliding to 7.1% from 34.1%, highlighting the volatility created by large project timing in this business.</p>
<div class="lb-trans"><p>基础设施收入从 3890 万美元降至 1650 万美元，主要是因为去年包括一次性 2000 万美元的 Road Zipper 项目。该部门的营业收入从 1330 万美元暴跌至 120 万美元，利润率从 34.1% 滑落至 7.1%，突显出这一业务中大型项目时机带来的波动性。</p>
</div><h2>Macro and Market Headwinds Cloud Demand</h2>
<div class="lb-trans"><h2>宏观和市场逆风影响需求</h2>
</div><p>Executives pointed to a range of external pressures, including trade uncertainty, low commodity prices, higher input costs and weakening farmer sentiment, as weighing on irrigation orders. Limited access to credit in Brazil and geopolitical risks in the Middle East were also cited as potential drags that could delay projects if conditions worsen or persist.</p>
<div class="lb-trans"><p>高管指出，包括贸易不确定性、低商品价格、较高的投入成本和农民情绪减弱等一系列外部压力，正在对灌溉订单造成影响。巴西的信贷获取有限以及中东的地缘政治风险也被提及为潜在的拖累因素，如果情况恶化或持续，可能会延迟项目。</p>
</div><h2>Guidance: Soft Near Term, Watch Brazil and MENA</h2>
<div class="lb-trans"><h2>指引：短期疲软，关注巴西和中东及北非</h2>
</div><p>Looking ahead, management expects market conditions in North America and Brazil to stay soft until there is more visibility, particularly around Brazil’s crop plan anticipated in July, and does not see a meaningful recovery before then. The company’s outlook assumes the large MENA project continues on schedule through the third and fourth quarters but acknowledges a short window of conflict‑related risk and emphasizes disciplined pricing, cost control and ongoing investment, supported by $236.1 million in liquidity and recent share repurchases.</p>
<div class="lb-trans"><p>展望未来，管理层预计北美和巴西的市场条件将在有更多可见性之前保持疲软，特别是围绕预计在 7 月发布的巴西作物计划，并且在此之前不会看到有意义的复苏。公司的前景假设大型中东和北非项目在第三和第四季度继续按计划进行，但承认存在短期冲突相关风险，并强调有纪律的定价、成本控制和持续投资，得益于 2.361 亿美元的流动性和近期的股票回购。</p>
</div><p>Lindsay’s earnings call painted a picture of a company managing through a cyclical downturn while continuing to invest for future growth. Revenue, margins and earnings are under clear pressure, yet strong liquidity, a healthy project pipeline and structural demand drivers in global irrigation offer a counterbalance, leaving investors with a near‑term caution but a still‑constructive long‑term story.</p>
<div class="lb-trans"><p>林赛的财报电话会议描绘了一幅公司在经历周期性下滑的同时，仍在继续投资未来增长的图景。收入、利润率和盈利面临明显压力，但强劲的流动性、健康的项目管道以及全球灌溉领域的结构性需求驱动因素提供了平衡，使投资者在短期内保持谨慎，但长期故事依然积极。</p>
</div>

林赛公司财报电话会议显示季度表现艰难