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. (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 Inc. (NYSE: ALG) has announced the sale of its Herschel Parts business to F.P. Bourgalt Tillage Tools Herschel Parts, an Iowa-based manufacturer of agricultural replacement and wear parts, was acquired by Alamo Group in 1995 and was a small component of the company's Vegetation Management Division. CEO Jeffery A. Leonard stated that the sale aligns with Alamo Group's strategy for continuous improvement and profitable growth. The company expressed confidence in Herschel's future success under its new management.
Alamo Group Inc. (NYSE: ALG) reported Q2 2024 results with net sales of $416.3 million, down 5.5% year-over-year. The Industrial Equipment division saw a 14.2% increase in net sales to $204.8 million, while Vegetation Management experienced a 19.1% decline to $211.5 million. Net income was $28.3 million, with EPS of $2.35, including a $0.22 per share impact from the Gradall strike. The company's backlog remained healthy at $768.9 million. Alamo Group implemented cost reduction measures expected to save approximately $10 million in the remainder of 2024. The company maintains a cautious outlook for Q3 and the rest of 2024 due to ongoing inventory challenges in the Vegetation Management division.
Alamo Group (NYSE: ALG) announced it will release its Q2 2024 financial results after market close on July 31, 2024. A conference call hosted by senior management is scheduled for August 1, 2024, at 10:00 a.m. ET to discuss the results. Participants can join by dialing 1-833-816-1163 (domestic) or 1-412-317-1898 (international). A replay will be available until August 8, 2024, at 1-877-344-7529 (domestic) or 1-412-317-0088 (international), passcode 2514245. The live broadcast and subsequent replay will be accessible on Alamo Group's website under 'Investor Relations/Events and Presentations'.
Alamo Group announced a regular quarterly dividend of $0.26 per share. The dividend is set for payment on July 29, 2024. Shareholders on record by the close of business on July 16, 2024, will receive the dividend. The announcement reflects Alamo Group's ongoing commitment to return value to its shareholders.
Alamo Group (NYSE: ALG) has announced that Michael A. Haberman, the Executive Vice President of the Industrial Equipment Division, will retire effective August 6, 2024. Kevin Thomas, who joined Alamo Group in February 2022 as Vice President of the Excavator and Vacuum Truck Group, will succeed him. Thomas previously held significant roles at Navistar International, culminating as President of Navistar Defense CEO Jeffery A. Leonard praised Haberman's impactful leadership and expressed confidence in Thomas's capability to drive future growth.
Alamo Group (NYSE: ALG) announced the end of a strike at its subsidiary, Gradall Industries, on May 20, 2024. The strike started on April 14, 2024, involving around 200 workers from the International Association of Machinists and Aerospace Workers, District Lodge 54, Local Lodge 1285. An agreement was reached for a new five-year labor contract, signaling a resolution to the industrial action at the New Philadelphia, Ohio facility.
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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