Alamo Reports Record Q3 Net Sales
Alamo Group Inc. today reported results for the third quarter ended Sept. 30, 2023.
Highlights for the Quarter
- Eighth consecutive quarterly record for sales and earnings
- Net sales of $419.6 million, up 13.8%
- Vegetation Management net sales of $246.9 million, up 8.0%
- Industrial Equipment net sales of $172.7 million, up 23.1%
- Income from operations of $49.8 million, (11.9% of net sales), up 38.8%
- Net income of $34.9 million, or $2.91 per diluted share, up 35.2%
- Trailing twelve-month EBITDA of $245.0 million, up 25.0% from full year 2022(1)
- Backlog of $890.9 million, down 2% compared to prior year third quarter-end
Record third quarter 2023 net sales were $419.6 million and increased 13.8% compared to $368.8 million in the third quarter of 2022.
Gross margin improved in the quarter vs. the third quarter of 2022 by $21.8 million or 23.6%. Third quarter net income improved 35.2% to $34.9 million, or $2.91 per diluted share, compared to net income of $25.8 million, or $2.16 per diluted share in the third quarter of 2022.
Source: RuralLifestyleDealer.com