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ALAMO GROUP ANNOUNCES THIRD QUARTER FINANCIAL RESULTS AND COST REDUCTION ACTIONS

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Alamo Group reported Q3 2024 results with net sales of $401.3 million, down 4.4% year-over-year. The Industrial Equipment Division saw sales growth of 22.3% to $211.2 million, while the Vegetation Management Division declined 23% to $190.1 million. Net income was $27.4 million, with EPS of $2.28. The company is implementing cost-saving initiatives targeting annual savings of $25-30 million, including workforce reductions and plant consolidations. Total debt net of cash improved by 60% to $84.1 million compared to Q3 2023. The company's backlog stands at $728.8 million, with Industrial Equipment Division showing 8.5% growth while Vegetation Management Division declined 52%.

Alamo Group ha riportato i risultati del terzo trimestre 2024 con vendite nette di 401,3 milioni di dollari, in calo del 4,4% rispetto all'anno precedente. La Divisione Attrezzature Industriali ha registrato una crescita delle vendite del 22,3% a 211,2 milioni di dollari, mentre la Divisione Gestione della Vegetazione ha visto un calo del 23% a 190,1 milioni di dollari. Il reddito netto è stato di 27,4 milioni di dollari, con un utile per azione di 2,28 dollari. L'azienda sta attuando iniziative di risparmio sui costi con l'obiettivo di risparmi annuali di 25-30 milioni di dollari, comprese riduzioni della forza lavoro e consolidamenti degli stabilimenti. Il debito totale al netto della liquidità è migliorato del 60% a 84,1 milioni di dollari rispetto al terzo trimestre 2023. L'ordine arretrato dell'azienda ammonta a 728,8 milioni di dollari, con la Divisione Attrezzature Industriali che mostra una crescita dell'8,5% mentre la Divisione Gestione della Vegetazione è diminuita del 52%.

Alamo Group reportó resultados del tercer trimestre de 2024 con ventas netas de 401.3 millones de dólares, una disminución del 4.4% en comparación con el año anterior. La División de Equipos Industriales vio un crecimiento en las ventas del 22.3% a 211.2 millones de dólares, mientras que la División de Manejo de Vegetación cayó un 23% a 190.1 millones de dólares. La ganancia neta fue de 27.4 millones de dólares, con un EPS de 2.28 dólares. La empresa está implementando iniciativas de ahorro de costos con un objetivo de ahorros anuales de 25 a 30 millones de dólares, que incluyen reducciones de personal y consolidaciones de plantas. La deuda total neta de efectivo mejoró un 60% a 84.1 millones de dólares en comparación con el tercer trimestre de 2023. La cartera de pedidos de la empresa se sitúa en 728.8 millones de dólares, con la División de Equipos Industriales mostrando un crecimiento del 8.5%, mientras que la División de Manejo de Vegetación cayó un 52%.

알라모 그룹은 2024년 3분기 결과를 보고했으며, 순매출은 4억 1,300만 달러로, 작년 대비 4.4% 감소했습니다. 산업 장비 부문은 22.3% 성장하여 2억 1,120만 달러에 이르렀고, 식물 관리 부문은 23% 감소하여 1억 9,010만 달러에 달했습니다. 순이익은 2천740만 달러였고, 주당 순이익(EPS)은 2.28달러였습니다. 회사는 연간 2,500만에서 3,000만 달러의 비용 절감 목표를 가지고 인력 감축과 공장 통합을 포함한 비용 절감 이니셔티브를 시행하고 있습니다. 현금을 제외한 총 부채는 작년 3분기 대비 60% 개선되어 8천410만 달러에 이릅니다. 회사의 수주 잔고는 7억 2,880만 달러로, 산업 장비 부문이 8.5% 성장한 반면 식물 관리 부문은 52% 감소했습니다.

Alamo Group a rapporté les résultats du troisième trimestre 2024 avec un chiffre d'affaires net de 401,3 millions de dollars, en baisse de 4,4% par rapport à l'année précédente. La division des équipements industriels a connu une croissance des ventes de 22,3% atteignant 211,2 millions de dollars, tandis que la division de gestion de la végétation a diminué de 23% pour atteindre 190,1 millions de dollars. Le bénéfice net s'est élevé à 27,4 millions de dollars, avec un bénéfice par action de 2,28 dollars. L'entreprise met en œuvre des initiatives d'économie de coûts visant des économies annuelles de 25 à 30 millions de dollars, y compris des réductions de personnel et des consolidations d'usines. La dette totale nette de trésorerie s'est améliorée de 60% pour s'établir à 84,1 millions de dollars par rapport au troisième trimestre 2023. Le carnet de commandes de l'entreprise s'élève à 728,8 millions de dollars, la division des équipements industriels montrant une croissance de 8,5% tandis que la division de gestion de la végétation a diminué de 52%.

Alamo Group berichtete über die Ergebnisse des 3. Quartals 2024 mit netto Verkaufszahlen von 401,3 Millionen Dollar, was einem Rückgang von 4,4% im Vergleich zum Vorjahr entspricht. Die Industrieausrüstungsabteilung verzeichnete einen Verkaufsanstieg von 22,3% auf 211,2 Millionen Dollar, während die Abteilung für Vegetationsmanagement um 23% auf 190,1 Millionen Dollar zurückging. Der Nettoertrag betrug 27,4 Millionen Dollar, mit einem Gewinn pro Aktie von 2,28 Dollar. Das Unternehmen setzt Kostensenkungsinitiativen um, die auf jährliche Einsparungen von 25 bis 30 Millionen Dollar abzielen, einschließlich Stellenabbau und Werkskonsolidierungen. Die Gesamtschuld abzüglich der liquiden Mittel verbesserte sich im Vergleich zum 3. Quartal 2023 um 60% auf 84,1 Millionen Dollar. Der Auftragsbestand des Unternehmens beläuft sich auf 728,8 Millionen Dollar, wobei die Abteilung für Industrieausrüstung ein Wachstum von 8,5% zeigt, während die Abteilung für Vegetationsmanagement um 52% zurückging.

Positive
  • Industrial Equipment Division sales grew 22.3% to $211.2 million
  • Total debt net of cash improved by 60% to $84.1 million
  • Cost-saving initiatives expected to yield $25-30 million in annual savings
  • Industrial Equipment Division backlog increased 8.5% year-over-year
Negative
  • Overall net sales decreased 4.4% to $401.3 million
  • Vegetation Management Division sales declined 23%
  • Net income dropped to $27.4 million from $34.9 million year-over-year
  • Gross margin declined 206 basis points to 25.1%
  • Vegetation Management Division backlog declined 52%
  • Workforce reduction of approximately 10% since January 2024

Insights

The Q3 results reveal significant divergence between Alamo Group's divisions. The Industrial Equipment Division showed robust growth with $211.2 million in sales (22.3% increase), while the Vegetation Management Division declined 23.0% to $190.1 million. Overall net sales dropped 4.4% to $401.3 million.

The company's cost reduction initiatives, targeting $25-30 million in annual savings through facility consolidations and a 10% workforce reduction, demonstrate proactive management amid market challenges. The improved balance sheet position, with net debt reduced by 60% to $84.1 million, provides financial flexibility. However, the declining backlog in Vegetation Management (-52%) signals continued headwinds in agricultural and forestry markets through 2024.

Market dynamics show a clear split: government and industrial sectors remain robust, while agricultural and forestry segments face significant pressure. The housing market slowdown continues to impact forestry equipment demand, though recent storm damage in the Southeast could provide a temporary boost. The $728.8 million total backlog, supported by strong governmental spending, provides some stability despite agricultural market weakness expected to persist until late 2025.

The strategic divestment of Herschel Parts and facility consolidations indicate a significant restructuring to align capacity with market reality. This rightsizing, reducing production capacity by 8%, positions the company for improved efficiency when markets recover.

SEGUIN, Texas, Oct. 31, 2024 /PRNewswire/ -- 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

Third Quarter Results

Third quarter 2024 net sales of $401.3 million decreased 4.4% compared to $419.6 million in the third quarter of 2023. Gross margin of $100.9 million or 25.1% of net sales declined by $13.3 million and 206 basis points, impacted by sustained weakness in the forestry and agricultural markets. Continued growth in the Industrial Equipment Division partially offset weaker results in the Vegetation Management Division.

Net income was $27.4 million or $2.28 per diluted share, compared to $34.9 million or $2.91 per diluted share in the third quarter of 2023.  The Company's backlog at the end of the third quarter was $728.8 million.  While Vegetation Management Division backlog declined by 52%, Industrial Equipment Division backlog continues to grow and is 8.5% higher versus prior year at this time. 

Year-to-Date Results

For the first nine months of 2024, net sales of $1.2 billion were 2.3% below the prior year's first nine months. Gross margin of $320.7 million or 25.8% of net sales compared to $344.7 million or 27.1% of net sales in the prior year. Industrial Equipment Division net sales of $617.8 million grew 21.8%, offsetting lower Vegetation Management Division net sales of $625.4 million, which declined by 18.2% year over year.

Net income for the first nine months was $87.8 million or $7.30 per diluted share, compared to $104.6 million or $8.73 per diluted share in the same period last year.

As part of our commitment to optimize operations and enhance shareholder value, we are diligently executing cost saving initiatives inclusive of plant consolidations and workforce reductions. In the first nine months of 2024, we incurred approximately $3.2 million in employee separation costs and expect the total cost to be between $4.0 million to $4.5 million.  Through these ongoing actions, we anticipate achieving annualized cost savings in the range of $25 to $30 million. We have already begun to see some of these savings in the third quarter, with further savings expected to accelerate over the next 12 months.

Comments on Results

Jeff Leonard, Alamo Group's President, and Chief Executive Officer commented, "Our financial results for the third quarter were largely in line with our expectations given the conditions prevalent in our markets. As we experienced in the second quarter, market activity across our two segments continued to diverge.

"Demand for products and services offered by the Industrial Equipment Division remained historically strong in all areas during the third quarter. Spending by governmental agencies to upgrade and modernize maintenance fleets continued at a good pace. In addition, demand from industrial contractors remained strong, and rental fleet utilization was at a healthy level. We were pleased that demand for snow removal equipment remained strong in the third quarter. This Division reported solid sales growth and excellent profitability in the third quarter and its backlog remained elevated.

"The softness in markets for Vegetation Management equipment continued during the quarter as elevated interest rates and a challenging macro economy constrained demand. Sales for agricultural mowers and related equipment were muted as farm incomes remained under pressure. Farm equipment dealer inventory, despite coming down most of this year, remained elevated. Weakness in the US housing sector continued to suppress demand for our forestry and tree care products during the quarter. Governmental mowing was once again a bright spot for this Division, and we were pleased to see that our new Mantis prime mover continued to gain acceptance among state and municipal agencies. With difficulties in forestry and agriculture, the Division's net sales declined 23% compared to the third quarter of 2023. The Division's operating margin declined under pressure from costs associated with inventory reduction actions, excess capacity, lower efficiency and separation costs.

"To address the weakness in our Vegetation Management Division, during the third quarter we initiated additional efficiency improvement measures aimed at further reducing excess manufacturing capacity. These measures include the sale of our Herschel Parts business to F.P. Bourgalt Tillage Tools Ltd., consolidation of manufacturing of the rotary mowers and other agricultural products, and consolidation of manufacturing of forestry and tree care products. These consolidations will improve the efficiency and utilization of our larger facilities while reducing longer-term capital requirements. 

"When completed, these measures will reduce the Company's worldwide total production capacity by approximately 8%. As a result of the large facility consolidations and associated personnel reductions, the Company's employee population has declined approximately 10% since January of this year. While the impact of these decisions to our employees is regrettable, ongoing Vegetation Management market weakness demanded that we take significant actions.

"As we look to the end of 2024, our outlook remains cautious as we are not expecting material changes in market conditions in the final weeks of 2024. We continue to anticipate that governmental demand for our products will be strong for the remainder of 2024 and well into the first half of 2025 at least. Our optimism in the strength of the governmental markets is only modestly tempered by the fact that National elections are imminent in the U.S., and the future direction of Federal fiscal policy is uncertain.

"As we look further, we are currently not anticipating significant improvement in the agricultural equipment market until late 2025.  The outlook in forestry and tree care is somewhat better. The significant damage caused by the recent storms in the Southeastern United States is beginning to drive demand for the Company's woodchippers, grinders, and land clearing equipment to support the huge cleanup effort. We are also optimistic that the housing market will gradually improve given the current outlook for additional interest rate reductions in 2025.  A turnaround in housing starts would provide a solid boost to demand for forestry and tree care equipment.

"Given this background, and with confidence in our ability to complete the consolidation activities now underway as well as the strength in our industrial and governmental businesses, we remain encouraged about the Company's prospects for 2025 and beyond."

Earnings Conference Call

The Company will host a conference call to discuss the results on Friday, November 1st, 2024, at 10:00 a.m. ET. Hosting the call will be members of senior management.

Individuals wishing to participate in the conference call should dial (833) 816-1163 (domestic) or (412) 317-1898 (international). For interested individuals unable to join the call, a replay will be available until Friday, November 8, 2024, by dialing (877) 344-7529 (domestic) or (412) 317-0088 (internationally), passcode 6101611.

The live broadcast of Alamo Group Inc.'s quarterly conference call will be available online at the Company's website, www.alamo-group.com (under "Investor Relations/Events and Presentations") on Friday, November 1st, 2024, beginning at 10:00 a.m. ET. The online replay will follow shortly after the call ends and will be archived on the Company's website for 60 days.

About Alamo Group

Alamo Group is a leader in the design, manufacture, distribution, and service of high-quality equipment for vegetation management, infrastructure maintenance and other applications. Our products include truck and tractor mounted mowing and other vegetation maintenance equipment, street sweepers, snow removal equipment, excavators, vacuum trucks, other industrial equipment, agricultural implements, forestry equipment and related after-market parts and services. The Company, founded in 1969, has approximately 4,000 employees and operates 28 plants in North America, Europe, Australia, and Brazil as of September 30, 2024. The corporate offices of Alamo Group Inc. are located in Seguin, Texas.

 Forward Looking Statements

This release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from forecasted results. Among those factors which could cause actual results to differ materially are the following:  adverse economic conditions which could lead to a reduction in overall market demand, supply chain disruptions, labor constraints, increasing costs due to inflation, disease outbreaks, geopolitical risks, including effects of the war in the Ukraine and the Middle East, competition, weather, seasonality, currency-related issues, and other risk factors listed from time to time in the Company's SEC reports.  The Company does not undertake any obligation to update the information contained herein, which speaks only as of this date.

(Tables Follow)

(1) This is a non-GAAP financial measure or other information relating to our GAAP financial measures that we have provided to investors in order to allow greater transparency and a deeper understanding of our financial condition and operating results. For a reconciliation of the non-GAAP financial measure or for a more detailed explanation of financial results, refer to "Non-GAAP Financial Measure Reconciliation" below and the Attachments thereto.

 

Alamo Group Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands)

(Unaudited) 



September 30,
2024

September 30,
2023

ASSETS







Current assets:







   Cash and cash equivalents


$  140,038



$   113,534


   Accounts receivable, net


356,617



378,107


   Inventories


371,999



371,748


   Other current assets


10,950



9,976


Total current assets


879,604



873,365









Rental equipment, net


47,260



38,431









Property, plant and equipment


163,374



164,519









Goodwill


206,458



195,863


Intangible assets


156,399



159,884


Other non-current assets


28,246



23,452









Total assets


$  1,481,341



$  1,455,514









LIABILITIES AND STOCKHOLDERS' EQUITY







Current liabilities:







   Trade accounts payable


$     97,259



$   110,944


   Income taxes payable


15,687



13,695


   Accrued liabilities


84,061



79,682


   Current maturities of long-term debt and finance lease obligations


15,009



15,008


Total current liabilities


212,016



219,329









Long-term debt, net of current maturities


209,157



308,892


Long-term tax liability


708



2,634


Other long-term liabilities


28,886



22,171


Deferred income taxes


12,854



14,754









Total stockholders' equity


1,017,720



887,734









Total liabilities and stockholders' equity


$  1,481,341



$  1,455,514


 

Alamo Group Inc. and Subsidiaries 

Condensed Consolidated Statements of Income

(in thousands, except per share amounts)

(Unaudited)




Three Months Ended


Nine Months Ended



9/30/2024


9/30/2023


9/30/2024


9/30/2023

Net sales:









  Vegetation Management


$        190,115


$        246,902


$    625,397


$    764,683

  Industrial Equipment


211,186


172,742


617,793


507,426

   Total net sales


401,301


419,644


1,243,190


1,272,109










Cost of sales


300,414


305,501


922,490


927,385

Gross margin


100,887


114,143


320,700


344,724



25.1 %


27.2 %


25.8 %


27.1 %










Selling, general and administration expense


56,747


60,564


178,158


180,090

Amortization expense


4,061


3,826


12,175


11,465

Income from operations


40,079


49,753


130,367


153,169



10.0 %


11.9 %


10.5 %


12.0 %










Interest expense


(4,886)


(6,729)


(17,075)


(19,506)

Interest income


562


385


1,877


1,125

Other income (expense)


(32)


138


1


94










Income before income taxes


35,723


43,547


115,170


134,882

Provision for income taxes


8,318


8,632


27,321


30,244










Net Income


$          27,405


$          34,915


$      87,849


$    104,638










Net income per common share:


















Basic


$              2.29


$              2.93


$           7.34


$           8.78










Diluted


$              2.28


$              2.91


$           7.30


$           8.73










Average common shares:









Basic


11,977


11,928


11,965


11,916










Diluted


12,041


11,996


12,035


11,983










 

Alamo Group Inc.

Non-GAAP Financial Measures Reconciliation

From time to time, Alamo Group Inc. may disclose certain "non-GAAP financial measures" in the course of its earnings releases, earnings conference calls, financial presentations and otherwise.  For these purposes, "GAAP" refers to generally accepted accounting principles in the United States.  The Securities and Exchange Commission (SEC) defines a "non-GAAP financial measure" as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude or include amounts from the most directly comparable measure calculated and presented in accordance with GAAP.  Non-GAAP financial measures disclosed by Alamo Group are provided as additional information to investors in order to provide them with greater transparency about, or an alternative method for assessing, our financial condition and operating results.  These measures are not in accordance with, or a substitute for, GAAP and may be different from, or inconsistent with, non-GAAP financial measures used by other companies.  Whenever we refer to a non-GAAP financial measure, we will also generally present the most directly comparable financial measure calculated and presented in accordance with GAAP, along with a reconciliation of the differences between the non-GAAP financial measure we reference and such comparable GAAP financial measure.

Attachment 1 discloses Operating Income, Adjusted Net Income and Adjusted Diluted EPS,  related to the impact of non-recurring items, of which are non-GAAP financial measures. Attachment 2 discloses a non-GAAP financial presentation related to the impact of currency translation on net sales by division. Attachment 3 shows the net change in our total debt net of cash and earnings before interest, taxes, depreciation and amortization ("EBITDA") which is a non-GAAP financial measure. The Company considers this information useful to investors to allow better comparability of period-to-period operating performance. Attachment 4 reflects Division performance inclusive of non-GAAP financial measures such as backlog and earnings before interest, tax, depreciation and amortization ("EBITDA").

Attachment 1


Alamo Group Inc.

Non-GAAP Financial Reconciliation

(in thousands, except per share numbers)

(Unaudited)

 


Impact of Non-recurring Items












Three Months Ended


Nine Months Ended



September 30,


September 30,



2024


2023


2024


2023










Operating Income - GAAP


$       40,079


$       49,753


$     130,367


$     153,169

 (add: workforce reduction)


1,607



3,226


Adjusted Operating Income - non-GAAP


$       41,686


$       49,753


$     133,593


$     153,169










Net Income - GAAP


$       27,405


$       34,915


$       87,849


$     104,638

(add: workforce reduction)


1,226



2,461


Adjusted Net Income - non-GAAP


$       28,631


$       34,915


$       90,310


$     104,638










Diluted EPS - GAAP


$           2.28


$           2.91


$           7.30


$           8.73

(add: workforce reduction)


0.10



0.20


              Adjusted Diluted EPS - non-GAAP


$           2.38


$           2.91


$           7.50


$           8.73

 

Attachment 2


Alamo Group Inc.

Non-GAAP Financial Reconciliation

(in thousands)

(Unaudited)

 


Impact of Currency Translation on Net Sales by Division












Three Months Ended

September 30,




Change due to currency
translation


2024


2023


% change
from 2023


$


%











Vegetation Management

$           190,115


$           246,902


(23.0) %


$                 (336)


(0.1) %

Industrial Equipment

211,186


172,742


22.3 %


(330)


(0.2) %

Total net sales

$           401,301


$           419,644


(4.4) %


$                 (666)


(0.2) %






















Nine Months Ended 

September 30,




Change due to currency
translation


2024


2023


% change
from 2023


$


%











Vegetation Management

$           625,397


$           764,683


(18.2) %


$                   926


0.1 %

Industrial Equipment

617,793


507,426


21.8 %


(816)


(0.2) %

Total net sales

$        1,243,190


$        1,272,109


(2.3) %


$                   110


— %











 

Attachment 3


Alamo Group Inc.

Non-GAAP Financial Reconciliation

(in thousands)

(Unaudited)

 


Consolidated Net Change of Total Debt, Net of Cash



September 30,
2024


September 30,
2023


Net Change








Current maturities


$             15,009


$             15,008



Long-term debt, net of current


209,157


308,892



Total debt


$           224,166


$           323,900










Total cash


140,038


113,534



     Total Debt Net of Cash


$             84,128


$           210,366


$       (126,238)








 

EBITDA



Nine Months Ended


Trailing Twelve Months Ended



September 30,
2024


September 30,
2023


September 30,
2024


December 31,
2023










Income from operations


$           130,367


$           153,169


$           175,165


$           197,967

Depreciation


27,284


23,674


36,064


32,454

Amortization


12,702


11,992


16,932


16,222

     EBITDA


$           170,353


$           188,835


$           228,161


$           246,643










 

Attachment 4


Alamo Group Inc.

Non-GAAP Financial Reconciliation

(in thousands)

(Unaudited)

 


Vegetation Management Division Performance












Three Months Ended

September 30,


Nine Months Ended 

September 30,



2024


2023


2024


2023










Backlog






$     185,353


$      390,206










Net Sales


$      190,115


$      246,902


625,397


764,683










Income from Operations


12,404


30,251


50,089


102,320



6.5 %


12.3 %


8.0 %


13.4 %










Depreciation


4,457


3,915


13,224


11,335

Amortization


3,032


3,038


9,109


9,124










EBITDA


19,893


37,204


72,422


122,779



10.5 %


15.1 %


11.6 %


16.1 %


Industrial Equipment Division Performance












Three Months Ended

September 30,


Nine Months Ended 

September 30,



2024


2023


2024


2023










Backlog






$      543,425


$      500,661










Net Sales


$      211,186


$      172,742


617,793


507,426










Income from Operations


27,675


19,502


80,278


50,849



13.1 %


11.3 %


13.0 %


10.0 %










Depreciation


4,734


4,230


14,060


12,339

Amortization


1,205


964


3,593


2,868










EBITDA


33,614


24,696


97,931


66,056



15.9 %


14.3 %


15.9 %


13.0 %

 

Cision View original content:https://www.prnewswire.com/news-releases/alamo-group-announces-third-quarter-financial-results-and-cost-reduction-actions-302293383.html

SOURCE Alamo Group Inc.

FAQ

What was Alamo Group's (ALG) Q3 2024 revenue?

Alamo Group reported Q3 2024 net sales of $401.3 million, representing a 4.4% decrease from the same period in 2023.

How much cost savings is ALG targeting through its reduction actions?

Alamo Group is targeting annualized cost savings of $25 to $30 million through various initiatives including plant consolidations and workforce reductions.

What was ALG's Q3 2024 earnings per share?

Alamo Group reported Q3 2024 earnings per share of $2.28, including $0.10 of expense associated with workforce reductions.

How did ALG's Industrial Equipment Division perform in Q3 2024?

The Industrial Equipment Division performed strongly with net sales of $211.2 million, up 22.3% compared to Q3 2023.

Alamo Group, Inc.

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