Nov, 2024
SEGUIN, Texas, October 31, 2024 -- Alamo Group Inc. (NYSE: ALG) today reported results for the third
quarter ended September 30, 2024.
Highlights for the Quarter
• Net Sales of $401.3 million, down 4.4% versus prior year
• Industrial Equipment Division net sales of $211.2 million, up 22.3%
• Vegetation Management Division net sales of $190.1 million, down 23.0%
• Income from operations of $40.1 million, 10.0% of net sales
• Net income of $27.4 million
• Fully diluted EPS of $2.28 per share, including $0.10 of expense associated with workforce
reductions; EPS of $2.38 per share excluding such expense (1)
• Total debt net of cash of $84.1 million improved by $126.2 million or 60.0% compared to
third quarter 2023 (1)
• Backlog at the end of the third quarter was $728.8 million
• Trailing twelve-month EBITDA of $228.2 million holds at 13.7% of Net Sales (1)
• The Company is implementing cost saving actions targeting annualized savings of $25 to
$30 million
• Workforce reduction expenses for the third quarter and first nine months were
approximately $1.6 and $3.2 million, respectively