Alamo Group Ends 2009 With Profit

Alamo Group, Seguin, TX, reported net income of $8 million on revenues of $112.8 million for the quarter ended Dec. 31, 2009. This compares to a net loss of $1.9 million on revenues of $122.5 million in 2008. The company said it implemented a series of restructuring changes and initiatives designed to reduce expenses.

Net sales for the company’s North American Industrial Division were $39.2 million for the fourth quarter, compared to $54.9 million for the same period in 2008. Net sales in the company’s North American Ag Division were $29.1 million, compared to $25.4 million in 2008. The company said ag sales surged 15% due to the acquisition of Bush Hog, which accounted for nearly $11 million of the division’s revenue gain. In October, Alamo Group purchased Bush Hog for 1.7 million shares valued at about $27 million.

Net sales in Alamo’s European Division were $44.5 million, compared to $42.2 million in the fourth quarter of 2008. For the full year, Alamo Group reported net income of $17 million on revenues of $446.5 million. This compares to net income of $11 million on revenues of $557.1 million for 2008.