Alamo group announces third quarter financial results and cost reduction actions

Seguin, texas , oct. 31, 2024 /prnewswire/ -- alamo group inc. (nyse: alg) today reported results for the third quarter ended september 30, 2024. highlights for the quarter net sales of $401.3 million, down 4.4% versus prior year industrial equipment division net sales of $211.2 million, up 22.3% vegetation management division net sales of $190.1 million, down 23.0% income from operations of $40.1 million, 10.0% of net sales net income of $27.4 million fully diluted eps of $2.28 per share, including $0.10 of expense associated with workforce reductions; eps of $2.38 per share excluding such expense (1) total debt net of cash of $84.1 million improved by $126.2 million or 60.0% compared to third quarter 2023 (1) backlog at the end of the third quarter was $728.8 million trailing twelve-month ebitda of $228.2 million holds at 13.7% of net sales (1) the company is implementing cost saving actions targeting annualized savings of $25 to $30 million workforce reduction expenses for the third quarter and first nine months were approximately $1.6 and $3.2 million, respectively third quarter results third quarter 2024 net sales of $401.3 million decreased 4.4% compared to $419.6 million in the third quarter of 2023.
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