The S&P/ASX 200 Index (ASX: XJO) has given back the majority of its morning gains but remains in positive territory in afternoon trade. At the time of writing, the benchmark index is up 0.15% to 8,979.7 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

Lindsay Australia Ltd (ASX: LAU)

The Lindsay Australia share price is down 12% to 64.5 cents. This morning, this integrated transport, logistics and rural supply company released its FY 2025 results and revealed a 5.6% increase in revenue to $849.8 million but a disappointing 26.6% decline in underlying net profit after tax to $22.3 million. Lindsay Australia CEO, Clay McDonald, said: "The effects of elevated transport capacity and input cost pressures continued to impact margins; however, these industry dynamics are also leading to increasing market rationalisation. Our Transport division remains well placed to benefit when pricing equilibrium returns."

Meteoric Resources NL (ASX: MEI)

The Meteoric Resources share price is down 13% to 11.75 cents. This has been driven by concerns over the potential approval of the rare earth producer's Caldeira project. It explained: "Meteoric has been informed that an irregularity occurred during a vote of the CONGEAPA whereby a member representing the Caldas Municipal Council for Environmental and Development (CODEMA) voted contrary to express written instructions, from the CODEMA body which he represents, to vote in favour of the consent. The Caldas City Hall has subsequently declared the vote invalid and the matter is under review. Advice from the Company's legal and environmental advisors supports this position."

Nuix Ltd (ASX: NXL)

The Nuix share price is down 7.5% to $2.00. Investors have been selling the investigative analytics and intelligence software provider's shares following the release of its FY 2025 results. It posted an 8% increase in annualised contract value (ACV) to $228.4 million but a loss after tax of $9.2 million. This reflects a significant rise in the expensed proportion of Research and Development spend, as well as higher net non-operational legal costs and restructuring costs.

Reece Ltd (ASX: REH)

The Reece share price is down 16% to $11.77. This plumbing parts company released its FY 2025 results today and revealed a 1% decline in sales revenue to $8,978 million and a 20% decline in EBIT to $548 million. Chairman and CEO, Peter Wilson, said: "FY25 has been a turbulent year for Reece. We delivered a disappointing result, with full year earnings impacted by soft end markets across both regions."