Alamo Reports Record-Breaking Financials, Ag Shows Growth

Alamo Group’s net sales for the second quarter of 2018 increased by 20.6 percent compared to the same quarter last year. Net income increased by 52.4 percent.

Numbers for the first six months of the year show a 15.5 percent increase in net sales and a 36.2 percent in net income.

Each category represents record-breaking increases.

A report from the company says the results reflect gains resulting from changes in the U.S. corporate tax rates. The results also include the effects of the acquisitions of Santa Izabel and Old Dominion Brush Company.

In its agriculture division, net sales in the second quarter increased by 8.9 percent over the same quarter last year. For the first six months, the increase was 11.1 percent.

Ron Robinson, Alamo Group’s president and CEO, said products in its agriculture sector that have shown growth include high-horsepower tractors and combines, although this follows years in which sales of those products have been sluggish.

Robinson said “overall market demand remains significantly below the 2013 peak as well as levels seen as recently as 2015.”

Source: Alamo Group – Member since 1952 –  alamo-group.com