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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 second quarter ended June 30, 2014.

Net sales for the second quarter of 2014 were a record $206.3 million compared with net sales of $178.1 million for the previous year, an increase of 16%. The majority of the sales increase was driven by sales from recent acquisitions, primarily the units of Specialized, which Alamo acquired in May of this year and to a lesser extent from U.K. based Kellands, acquired in April of this year and two additional Australian acquisitions, Superior and Fieldquip, acquired in September 2013 and April 2014, respectively.

A summary including the effects these acquisitions had on the Company's results is included as an attachment to this report. Excluding these acquisitions net sales for the quarter increased 3% to a record $182.7 million.

Net income for the second quarter of 2014 was $9.2 million, or $0.75 per diluted share, compared with net income of $11.8 million, or $0.97 per diluted share for the same period of 2013. Excluding the results of the acquired units and related transaction costs and interest, net income for the second quarter was approximately $9.1 million.

Net income for the quarter was negatively impacted by significant acquisition-related expenses, accelerated stock option vesting, as well as weaker performance in the Company's North American Agricultural Division primarily due to overall soft agricultural market conditions.

The Company's North American Agricultural Division reported net sales of $52.6 million in the second quarter of 2014, a decrease of 8% compared with net sales of $57.3 million in the previous year. Excluding the effects of the acquisitions of Superior and Fieldquip, both of which are included in this Division's results, net sales were $51.3 million, a decrease of 10%, reflecting generally weaker conditions in the overall U.S. agricultural market.

For the first six months of 2014, net sales in the Agricultural Division were $102.5 million compared with 2013 net sales of $106.9 million, a decrease of 4%. Excluding the acquisitions, net sales for the first six months of 2014 were $100.4 million.

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