Alamo Group Announces Year End and Q4 Earnings
Alamo Group Inc., the manufacturer of Bush Hog, RhinoAg and Dixie Chopper, (NYSE: ALG) reported results for the fourth quarter and year ended December 31, 2023.
Highlights
- Ninth consecutive quarterly record for sales and earnings
- Fourth quarter net sales of $417.5 million, up 8%
- Fourth quarter operating income of $44.8 million, up 5%
- Fourth quarter net income of $31.5 million, or $2.63 per diluted share, up 8%
- Full year net sales of $1.69 billion, up 12%
- Full year operating income of $198.0 million, up 33%
- Full year net income of $136.2 million, up 34%
- Full year diluted EPS was $11.36, up 33%
- Record EBITDA of $246.6 million, up 26%
- Year-end 2023 backlog at $860 million
Fourth Quarter Results: Fourth quarter 2023 net sales were $417.5 million compared to $386.6 million in the fourth quarter of 2022, an increase of 8%. Gross margin improved in the quarter versus the fourth quarter of 2022 by $11.1 million or 11%. Fourth quarter net income improved 8% to $31.5 million, or $2.63 per diluted share, compared to net income of $29.2 million, or $2.44 per diluted share in the fourth quarter of 2022. The Company’s backlog at the end of 2023 was $860 million.
Full Year Results: Full year 2023 net sales increased to almost $1.7 billion, up 12% compared to $1.5 billion for the full year 2022. Gross margin for 2023 increased $77.1 million or 20% versus the full year 2022. Net income for 2023 was $136.2 million, or $11.36 per diluted share, compared to net income of $101.9 million, or $8.54 per diluted share in 2022, a year-over- year EPS improvement of 33%.
Source: Farm-Equipment.com