Alamo Group Inc Stock Price, News & Analysis

Alamo Group Inc. (NYSE: ALG) announced that CEO and President Jeff Leonard plans to retire by mid-year 2025. Leonard, who has been with the company since 2011, will remain in his position until a successor is appointed. The Board of Directors, as part of its succession planning efforts, expects to name a new President and CEO within the next several months.

Board's Independent Chair Rick Parod acknowledged Leonard's significant contribution to the company's growth during his 13-year tenure, highlighting his role in maintaining Alamo Group's reputation as a financially sound and operationally strong company.

Alamo Group Inc. (NYSE: ALG) has expanded its Board of Directors from eight to nine members with the appointment of Colleen Haley as a new independent director effective December 4, 2024. Haley, 57, currently serves as CEO of Quality Metalcraft/Experi-Metal, Inc. (QMC-EMI), a metal fabrication company serving automotive, commercial vehicle, aerospace, and defense industries.

Her extensive career includes roles as Group VP, Operations at Parker Hannifin (2016-2021), various senior positions at Yazaki (2000-2016), and managerial positions at ALCOA and Alcoa Fujikura (1991-2000). She holds both Bachelor and Master of Science degrees from Michigan State University.

Alamo Group (NYSE: ALG) has announced a new share repurchase program authorized by its Board of Directors for up to $50 million of its outstanding common stock. The program is part of the company's disciplined capital allocation strategy aimed at enhancing shareholder value. CEO Jeff Leonard emphasized that this decision reflects confidence in the business's future and is supported by a strong balance sheet and positive cash flow expectations. The timing and extent of share repurchases will be determined by market conditions and corporate considerations.

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 (NYSE: ALG) has scheduled its third quarter 2024 earnings release for Thursday, October 31, 2024, after market close. The company will host a conference call to discuss results on Friday, November 1, 2024, at 10:00 a.m. ET. Investors can join via phone using 1-833-816-1163 (domestic) or 1-412-317-1898 (international). A replay will be available until November 8, 2024. The call will also be broadcast live on the company's website and archived for 60 days.

Alamo Group Inc. (NYSE: ALG) has announced a quarterly dividend declaration. The company's Board of Directors has approved a dividend of $0.26 per share. This dividend will be paid on October 28, 2024, to shareholders who are on record at the close of business on October 15, 2024. The announcement, made on October 2, 2024, from Seguin, Texas, represents a regular quarterly dividend payment for the company.

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'.