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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.