2025
SEGUIN, Texas, February 27, 2025 -- Alamo Group Inc. (NYSE: ALG) today reported results for
the fourth quarter and fiscal year ended December 31, 2024.
Fourth Quarter Results:
| • Net Sales of $385.3 million, down 7.7% versus prior year - Industrial Equipment Division net sales of $225.5 million, up 11.0% - Vegetation Management Division net sales of $159.8 million, down 25.5% |
| • Income from operations of $34.4 million, 8.9% of net sales - Fourth quarter results include approximately $1.0 million in separation costs |
| • Net income of $28.1 million |
| • Fully diluted EPS of $2.33 per share; fully diluted EPS of $2.39, excluding fourth quarter separation costs(1) |
Full Year Results:
| • Net Sales of $1.629 billion, down 3.6% versus prior year - Industrial Equipment Division net sales of $843.3 million, up 18.7% - Vegetation Management Division net sales of $785.2 million, down 19.8% |
| • Income from operations of $164.8 million, 10.1% of net sales, double-digit profitability, despite market headwinds - Total impact from cost reduction efforts in 2024 was approximately $6.1 million, including approximately $4.2 million in separation expenses - Total impact from the labor strike at Gradall Industries was approximately $3.6 million |
| • Net income of $115.9 million |
| • Fully diluted EPS of $9.63 per share; fully diluted EPS of $10.12, excluding impacts of separation expenses and Gradall strike(1) |
| • Operating cash flow of $209.8 million driven by disciplined inventory management and efficient receivables control |
| • Total debt was $220.5 million. Total debt net of cash was $23.2 million, representing an improvement of $160.1 million or 87.3% compared to end of 2023 |
| • Backlog at the end of the year was $668.6 million |
| • Trailing twelve-month EBITDA of $220.6 million was 13.5% of Net Sales (1) |
| • Ongoing cost saving initiatives, launched in the third quarter of 2024, remain on track to deliver annualized savings of approximately $25 to $30 million |