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 Aug. 3, 2023 Source: Alamo Group news release SEGUIN, Texas -- Alamo Group Inc. (NYSE: ALG) today reported results for the second quarter ended June 30, 2023. Highlights for the Quarter • Net sales of $440.7 million, up 11.2% ◦ Vegetation Management net sales of $261.3 million, up 2.5% ◦ Industrial Equipment net sales of $179.3 million, up 27.0% • Income from operations of $54.4 million, up 32.9% • Net income of $36.4 million, or $3.03 per diluted share, up 26.8% • Trailing twelve-month EBITDA of $230.4 million, up 17.6% from full year 2022(1) • Backlog of $891.2 million, slightly down compared to prior year second quarter-end Results for the Quarter Record second quarter 2023 net sales of $440.7 million increased 11.2% compared to $396.2 million in the second quarter of 2022. Gross margin improved in the quarter versus the second quarter of 2022 by $18.4 million or 18.4%. Second quarter net income improved 27.8% to $36.4 million, or $3.03 per diluted share, compared to net income of $28.5 million, or $2.39 per diluted share in the second quarter of 2022. The Company's backlog at the end of the second quarter was $891.2 million, slightly down versus the backlog at the end of the second quarter of 2022, and was also down 11.5% compared to the Company's backlog at the end of calendar year 2022. To read the entire report click here. Tweet |
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