Lindsay Corporation delivered a solid QQ1 2025 (fiscal 2025) with revenue of $166.3 million, up 3% year over year, and net earnings of $17.2 million (EPS $1.57). The earnings call highlighted a meaningful shift in dynamics: international irrigation revenue surged 37% YoY, supported by the record MENA project, while North American irrigation demand remained soft, pressuring domestic volume. Infrastructure posted margin expansion to 21.5% on cost discipline and higher mix from road zipper revenues, with quarter-over-quarter strength driven by operating efficiencies. A notable strategic development was the $20+ million road zipper contract in the Northeast that is expected to fully deliver in Q2, underpinning near-term profitability. Management also announced a minority investment in PESL Instruments to bolster FieldNET and FieldWise capabilities, expanding the firm’s recurring revenue potential through an installed-base expansion exceeding 240,000 devices. Liquid resources remain ample: cash and short-term investments totaled about $194.1 million, with total liquidity of $244.1 million including a $50 million revolver. Net debt remained negative at roughly $64.1 million, underscoring a conservative balance sheet amid ongoing capex and tactical investments. Looking ahead, Lindsay retains a constructive growth profile anchored in international irrigation expansion (MENA, Europe, Latin America), a robust project funnel, and ongoing manufacturing improvements that support margin resilience. Risks include project timing and cadence, FX volatility, and macro shifts in commodity prices affecting farmer profitability and public-sector infrastructure funding.