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Source: Alamo Group news release

To view the complete report, click here.

Net sales for the full year of 2020 were $1.16 billion, a record for Alamo Group and up 4% compared to $1.12 billion in 2019. Net income for the full year was $56.6 million or $4.78 per diluted share, compared to $62.9 million, or $5.33 per diluted share in 2019, a decrease of 10% in net income.

The results for the full year included the effects of the acquisitions of Dutch Power, completed in March of 2019, and Morbark, completed in October 2019. Together these acquisitions contributed $230 million to net sales and $10 million to operating income in 2020 compared to $71.5 million to net sales and a loss of $1.7 million to operating income in 2019.

Alamo's results for the full year include the negative effects of non-cash inventory step up charges and acquisition amortization expense at Morbark totaling $4.8 million and $11.3 million respectively in 2020 compared to $3.3 million and $2.2 million, respectively in 2019. In addition, 2020 results include a $2.7 million redundancy charge at the Company's Dutch Power unit in the Netherlands referenced previously.

Alamo Group's results for the fourth quarter and full year were adversely affected by the ongoing COVID-19 pandemic which began to materially impact the Company beginning in March of 2020. In addition to the Company experiencing temporary plant closures at multiple locations in late March and throughout most of April, the pandemic has caused disruptions to operations, supply chain, and to customers, as well as negatively impacting the overall global economy.

The Company's operations are open and functioning in a near normal fashion and Alamo is able to meet most market demand in a timely manner. However, the repercussions of COVID-19 remain an unresolved challenge which will affect business and the global economy throughout 2021 and longer

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