Alamo Group Announces Q2 Earnings

Alamo Group Inc. reported results for the second quarter ended June 30, 2024.

Second quarter 2024 net sales were $416.3 million compared to $440.7 million in the second quarter of 2023. Gross margin was $108.2 million, or 26.0% of net sales, compared to $118.1 million, or 26.8% of net sales in the comparison period of 2023. Strong Industrial Equipment Division results partially offset the Vegetation Management headwinds.

Net income was $28.3 million, or $2.35 per diluted share, compared to $36.4 million, or $3.03 per diluted share, in the second quarter of 2023. The Company’s backlog at the end of the second quarter remained healthy at $768.9 million. While Vegetation Management backlog normalized to pre-Covid levels, Industrial Equipment backlog continues to grow and is 16% higher versus the end of the second quarter 2023.

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