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1ST QTR: ALAMO GROUP SALES UP 8%, NET INCOME UP 4%
Source: Alamo Group news release

Alamo Group Inc. reported net sales for the first quarter of 2014 were $171.2 million, compared to net sales of $158.4 million for the first quarter of 2013, an increase of 8%. Net income for the quarter was $7.2 million, compared to net income of $6.9 million in 1Q13, an increase of 4%. Both net sales and net income were first-quarter records for Alamo Group.

Alamo's North American Agricultural Division net sales in the first quarter of 2014 were $49.8 million compared to net sales of $49.6 million in the comparable period of 2013.

Ron Robinson, Alamo Group's President and CEO, said the flat performance in the quarter reflects the adverse winter weather conditions and softer demand for agricultural equipment.

"Our North American Agricultural Division also had a good finish in the first quarter, but this was barely enough to offset the weak beginning as the agricultural market in total seems to have gotten off to a late start in 2014," said Robinson.

"This is being further affected by projected lower farm incomes which could impact overall equipment purchases. Still, we are somewhat more optimistic in our outlook due to the strong finish in the first quarter and believe demand will further improve as farm activity increases in the second quarter."

The Company also reported that the previously announced pending acquisition of the units of Specialized Industries has now satisfactorily completed the regulatory review process and is anticipated to close in early May.


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