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Alamo Group, Inc. (NYSE: ALG) is a pioneering force in the design, manufacture, distribution, and service of high-quality equipment dedicated to vegetation management, infrastructure maintenance, and agricultural applications. Founded in 1969, Alamo Group has grown into an industry leader, producing an extensive range of products including truck and tractor-mounted mowing equipment, street sweepers, snow removal equipment, excavators, vacuum trucks, and an array of industrial and agricultural implements.
Operating from its corporate headquarters in Seguin, Texas, Alamo Group oversees 29 plants across North America, Europe, Australia, and Brazil, employing approximately 4,350 individuals. The company's expansion and innovation have been fueled by numerous strategic acquisitions, bolstering its position in diverse markets. Alamo Group comprises two primary segments: Vegetation Management and Industrial Equipment, with the former generating the majority of the company's revenue.
Recent achievements highlight the company's commitment to innovation and sustainability. For instance, Morbark, an Alamo Group company, introduced the BVR line of brush chippers featuring patented ZeroClutch technology, enhancing operational safety and efficiency. Additionally, Timberwolf, another subsidiary, unveiled the TW 280HB HYBRID wood chipper, addressing the demand for environmentally sustainable solutions.
Alamo Group's financial health is robust, as evidenced by its record-setting performance. In the fourth quarter of 2023, the company reported net sales of $417.5 million, marking an 8% year-over-year increase, and full-year net sales of $1.69 billion, up 12% from the previous year. The company's backlog stood at a healthy $860 million at year-end, ensuring sustained growth momentum. Furthermore, Alamo Group continues to reward its shareholders with regular quarterly dividends.
In addition to these financial milestones, Alamo Group announced several strategic leadership changes and labor agreements, ensuring operational stability and future growth. Agnes Kamps was appointed as the new Chief Financial Officer, following the retirement of Richard J. Wehrle. Alamo Group also successfully negotiated a new five-year labor agreement at its Gradall Industries subsidiary, ending a strike and resuming normal operations.
For investors seeking comprehensive updates and insights into Alamo Group's performance, the company regularly hosts earnings conference calls, with the next one scheduled for May 3, 2024, to discuss the first quarter results. Interested parties can participate via phone or access the live broadcast on the company's website.
Alamo Group's unwavering dedication to innovation, quality, and sustainability, combined with a strong financial foundation, positions it as a formidable contender in the equipment manufacturing sector.
Alamo Group has acquired 100% of Timberwolf Limited, a U.K.-based wood chipper manufacturer, for an undisclosed amount. Timberwolf's 2021 sales were approximately £15 million (US$21 million). The acquisition enhances Alamo's product offerings in the forestry and tree care markets within the U.K. and Europe. Timberwolf, established in 1986, has delivered nearly 16,000 chippers through its dealer network and employs around 80 people at its Suffolk facility. CEO Jeff Leonard expressed confidence in Timberwolf's management team to drive future growth.
Alamo Group Inc. (NYSE: ALG) declared a quarterly cash dividend of $0.14 per share, payable on October 28, 2021, to shareholders on record as of October 15, 2021. The company specializes in high-quality equipment for infrastructure maintenance and agriculture, operating 27 plants across North America, Europe, Australia, and Brazil with around 4,070 employees. The announcement highlights the company's ongoing commitment to returning value to shareholders despite potential risks, including market demand fluctuations and supply chain disruptions due to the COVID-19 pandemic.
Alamo Group Inc. reported a strong second quarter for 2021, with net sales reaching $347.6 million, up 29% from the previous year. Net income doubled to $26.0 million, equating to $2.19 per diluted share. The Industrial Division's sales rose 27% to $231.2 million, while the Agricultural Division saw a 35% increase to $116.3 million. Total debt decreased by $38.7 million, down 28%. The backlog for orders rose 11% to $503.6 million, marking a 132% year-over-year increase.
Despite these gains, input cost inflation and supply chain disruptions remain challenges.
Alamo Group (NYSE: ALG) will announce its Q2 2021 financial results on August 4, 2021, after market closure. A conference call to discuss these results is scheduled for August 5, 2021, at 3:00 p.m. ET, led by senior management. Participants can join via phone or listen online at the company's website. Alamo Group is known for its equipment in infrastructure maintenance and agriculture, with over 4,075 employees and operations across several continents as of March 31, 2021.
On July 1, 2021, Alamo Group announced a quarterly cash dividend of $0.14 per share, payable on July 28, 2021. Shareholders of record will be those on record by the close of business on July 15, 2021. Alamo Group specializes in infrastructure maintenance and agricultural equipment, operating 27 plants worldwide with approximately 4,075 employees. The forward-looking statements highlight potential risks including market demand fluctuations, COVID-19 impacts, and supply chain disruptions that may affect future financial performance.
Alamo Group Inc. (NYSE: ALG) has expanded its Board of Directors from seven to eight members, appointing Jeffery A. Leonard as the new member effective June 1, 2021. Mr. Leonard also took over as President and Chief Executive Officer from Ronald A. Robinson on May 31, 2021. This leadership change aims to strengthen the company's governance and strategic direction as Alamo continues to lead in the design and manufacturing of high-quality equipment for various applications, including infrastructure maintenance and agriculture.
Alamo Group reported a record net income of $17.5 million for Q1 2021, a 12.5% increase from the previous year. Net sales stood at $311.2 million, a 1.0% decline year-over-year. The Industrial Division saw a 7.9% drop in sales to $211.9 million, while the Agricultural Division grew by 17.5% to $99.3 million. EBITDA reached $36.7 million, up 4.9%. The backlog surged to $452.5 million, marking a 94.5% year-over-year increase and 27.8% compared to year-end 2020.
Alamo Group Inc. (NYSE: ALG) will announce its Q1 2021 financial results after market close on May 5, 2021. A conference call to discuss the results will be held on May 6, 2021, at 11:00 a.m. ET, with senior management leading the discussion. The call can be accessed at 800-353-6461 (domestic) or 334-323-0501 (international). A replay will be available until May 13, 2021. The event will also be broadcast live on the company's website.
Alamo Group Inc. (NYSE: ALG) announced that Jeffery A. Leonard will become the President and CEO on May 31, 2021, succeeding Ronald A. Robinson, who will assist during the transition until August 1, 2021. Leonard, with the company since 2011, currently serves as Executive Vice-President of the Industrial Division. Board Chairman Roderick R. Baty emphasized Leonard's leadership skills and strategic vision, suggesting a confident transition for the company’s growth and development. Alamo Group specializes in high-quality infrastructure maintenance equipment.
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