Welcome to our dedicated page for Alamo Group news (Ticker: ALG), a resource for investors and traders seeking the latest updates and insights on Alamo Group stock.
Alamo Group Inc. (ALG) delivers essential equipment solutions for vegetation management and infrastructure maintenance across global markets. This news hub provides investors and industry professionals with timely updates on corporate developments, financial performance, and strategic initiatives.
Access official press releases, earnings announcements, and operational updates from this leading NYSE-listed manufacturer. Our curated collection features:
• Quarterly financial results and SEC filings
• Acquisition announcements and partnership updates
• Product innovation in industrial equipment and agricultural implements
• Leadership changes and corporate governance news
Bookmark this page for direct access to verified information about ALG's expanding global operations, including developments in its Vegetation Management and Industrial Equipment divisions. Stay informed about the company's progress in serving municipal, agricultural, and industrial markets worldwide.
Alamo Group Inc. reported financial results for the first quarter of 2024, with record net sales of $425.6 million. Industrial Equipment net sales increased by 29.9%, while Vegetation Management net sales decreased by 12.7%. The company achieved income from operations of $47.0 million and net income of $32.1 million. Earnings per share (EPS) for the quarter were $2.67. Alamo Group's trailing twelve-month EBITDA was stable at $246.2 million compared to the previous year. Total debt net of cash improved by $62.2 million or 23.8% from the first quarter of 2023. The backlog stood at $831.3 million at the end of the quarter.
In terms of results, net sales increased by 3.4% compared to the first quarter of 2023, with a gross margin of 26.2% of net sales. Net income was $32.1 million or $2.67 per diluted share. The company's backlog remained elevated at $831.3 million. Alamo Group experienced challenges in the Vegetation Management Division due to market headwinds, while the Industrial Equipment Division had a strong quarter with higher sales and improved efficiencies.
Alamo Group's outlook for the remainder of 2024 is somewhat cautious due to uncertain interest rates, especially impacting the Vegetation Management Division. The company remains focused on executing its long-term strategy and is optimistic about its future prospects.
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