Alamo Group reported record-breaking net income and net sales for its second quarter and first half of the year in spite of facing declines in agriculture.
Net income for the second quarter set a record and increased by 10.1 percent. Net sales, also a record, increased by 10.9 percent.
Alamo Group also has set records with its six-month numbers, including a 7.7 percent increase over 2018 in net income and a 10.5 percent increase in net sales.
Net sales in the agricultural division declined by 6.6 percent for the quarter and 8 percent for the first six months but were offset by a 12 percent increase in industrial sales and a 29.2 percent increase in net sales in the company’s European division.
President and CEO Ron Robinson said that while record sales and earnings are “always gratifying,” to “achieve these levels in a quarter with a number of challenges is even more rewarding.”
He also said the company believes that sales in the agricultural division performed better than the market itself.
Alamo Group’s results included the effect of the acquisition of Dutch Power, which was completed in March.
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