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Alamo Reports Record Q1 Earnings

Gina Clark ,

For the first quarter ended March 31, 2023, Alamo Group Inc. (NYSE: ALG) reported record net sales of $411.8 million increased 13.7% compared to $362.0 million in 1Q22. Gross margin improved in the quarter versus 1Q22 by $25.9 million or 29.9%. First quarter net income improved 80.6% to $33.3 million, or $2.79 per diluted share, compared to net income of $18.5 million, or $1.55 per diluted share in 1Q22. Alamo Group’s backlog at the end of the first quarter was $994.8 million, an increase of $77.0 million, or 8.4%, from the backlog at the end of 1Q22, but was down slightly from the end of calendar year 2022. 

Highlights

  • Net sales of $411.8 million, up 13.7%
    • Vegetation Management net sales of $256.4 million, up 16.0%
    • Industrial Equipment net sales of $155.3 million, up 10.2%
  • Income from operations of $49.0 million, up 68.4%
  • Net income of $33.3 million, or $2.79 per diluted share, up 80.6%
  • Trailing twelve-month EBITDA of $216.3 million, up 10.4% from full year 2022
  • Backlog of $994.8 million, up 8.4% compared to prior year first quarter-end

Source: Farm-Equipment.com