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Source: Alamo Group news release

To view the complete report, click here.

Alamo Group Inc. (NYSE: ALG) today reported results for the fourth quarter and year ended December 31, 2016.

Net sales for the fourth quarter of 2016 were $205.5 million compared to net sales of $224.4 million in 2015, a decrease of 8.4%. The decrease in sales was a result of the ongoing headwinds the Company has experienced including softness in sales of Industrial Division products to non-governmental entities, weak European market conditions, changes in exchange rates which have lowered the value of our non U.S. denominated sales and earnings and the continued weakness in the global agricultural market.

A more complete summary of the currency translation effects on sales and earnings is included as an attachment to this release.(1) Net income for the fourth quarter of 2016 was $7.6 million, or $0.65 per diluted share, versus net income of $11.4 million, or $0.99 per diluted share in the previous year. The results for the quarter include a $1.9 million after tax non-cash charge in connection with the termination of a pension plan which essentially reclassified cumulative actuarial losses previously recorded in other comprehensive income. Excluding this charge, the adjusted net income for the fourth quarter was $9.4 million or $0.81 per diluted share.

The results for the fourth quarter of 2015 included two events relating to a gain on the sale of a portion of excess land in the U.K. and a plant consolidation and restructuring charge in France. Excluding these two events, net income in the fourth quarter of 2015 was $10.8 million, or $0.95 per diluted share.

Alamo's Agricultural Division recorded net sales of $48.9 million in the fourth quarter of 2016 compared to $47.9 million in the prior year, an increase of 2.1%. This was achieved despite ongoing weakness in the overall agricultural market. For full year 2016, the Division's net sales were $205.8 million versus $208.3 million in 2015, a decrease of 1.2%.

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