State of | ||||||||
(State or other jurisdiction of incorporation) | (Commission File No.) | (IRS Employer Identification No.) |
(Address of Registrant’s principal executive offices) | (Zip Code) |
( | ||||||||
Registrant's telephone number, including area code: | ||||||||
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $.10 per share | ||||||||
February 22, 2024 | By:/s/ Edward T. Rizzuti | ||||
Edward T. Rizzuti, | |||||
EVP, General Counsel & Secretary |
Exhibit No. | Description | ||||
99.1 | |||||
104 | Cover Page Interactive Data File - Inline XBRL for the cover page of this Current Report on Form 8-K |
![]() | For: | Alamo Group Inc. | ||||||
Contact: | Richard Wehrle | |||||||
Executive Vice President & CFO | ||||||||
830-372-9615 | ||||||||
Financial Relations Board | ||||||||
Joe Calabrese | ||||||||
212-827-3772 |
December 31, 2023 | December 31, 2022 | |||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 51,919 | $ | 47,016 | ||||||||||||||||
Accounts receivable, net | 362,007 | 317,581 | ||||||||||||||||||
Inventories | 377,480 | 352,553 | ||||||||||||||||||
Other current assets | 12,551 | 10,060 | ||||||||||||||||||
Total current assets | 803,957 | 727,210 | ||||||||||||||||||
Rental equipment, net | 39,264 | 33,723 | ||||||||||||||||||
Property, plant and equipment | 166,660 | 155,007 | ||||||||||||||||||
Goodwill | 206,536 | 195,858 | ||||||||||||||||||
Intangible assets | 168,296 | 171,341 | ||||||||||||||||||
Other non-current assets | 24,673 | 25,369 | ||||||||||||||||||
Total assets | $ | 1,409,386 | $ | 1,308,508 | ||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Trade accounts payable | $ | 99,678 | $ | 97,537 | ||||||||||||||||
Income taxes payable | 12,529 | 6,592 | ||||||||||||||||||
Accrued liabilities | 86,711 | 71,368 | ||||||||||||||||||
Current maturities of long-term debt and finance lease obligations | 15,008 | 15,009 | ||||||||||||||||||
Total current liabilities | 213,926 | 190,506 | ||||||||||||||||||
Long-term debt, net of current maturities | 220,269 | 286,943 | ||||||||||||||||||
Long term tax payable | 2,634 | 3,781 | ||||||||||||||||||
Other long-term liabilities | 23,694 | 23,668 | ||||||||||||||||||
Deferred income taxes | 16,100 | 18,250 | ||||||||||||||||||
Total stockholders’ equity | 932,763 | 785,360 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,409,386 | $ | 1,308,508 |
Fourth Quarter Ended | Year Ended | ||||||||||||||||||||||
12/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | ||||||||||||||||||||
Net sales: | |||||||||||||||||||||||
Vegetation Management | $ | 214,357 | $ | 232,545 | $ | 979,040 | $ | 937,065 | |||||||||||||||
Industrial Equipment | 203,185 | 154,059 | 710,611 | 576,551 | |||||||||||||||||||
Total Net Sales | 417,542 | 386,604 | 1,689,651 | 1,513,616 | |||||||||||||||||||
Cost of Sales | 308,622 | 288,809 | 1,236,007 | 1,137,098 | |||||||||||||||||||
Gross Margin | 108,920 | 97,795 | 453,644 | 376,518 | |||||||||||||||||||
26.1 | % | 25.3 | % | 26.8 | % | 24.9 | % | ||||||||||||||||
Selling, general and administration expense | 60,068 | 51,282 | 240,158 | 212,649 | |||||||||||||||||||
Amortization Expense | 4,054 | 3,796 | 15,519 | 15,277 | |||||||||||||||||||
Income from Operations | 44,798 | 42,717 | 197,967 | 148,592 | |||||||||||||||||||
10.7 | % | 11.0 | % | 11.7 | % | 9.8 | % | ||||||||||||||||
Interest Expense | (6,587) | (4,791) | (26,093) | (14,361) | |||||||||||||||||||
Interest Income | 360 | 530 | 1,485 | 752 | |||||||||||||||||||
Other Income | 1,667 | (200) | 1,761 | (673) | |||||||||||||||||||
Income before income taxes | 40,238 | 38,256 | 175,120 | 134,310 | |||||||||||||||||||
Provision for income taxes | 8,715 | 9,091 | 38,959 | 32,382 | |||||||||||||||||||
Net Income | $ | 31,523 | $ | 29,165 | $ | 136,161 | $ | 101,928 | |||||||||||||||
Net Income per common share: | |||||||||||||||||||||||
Basic | $ | 2.64 | $ | 2.45 | $ | 11.42 | $ | 8.58 | |||||||||||||||
Diluted | $ | 2.63 | $ | 2.44 | $ | 11.36 | $ | 8.54 | |||||||||||||||
Average common shares: | |||||||||||||||||||||||
Basic | 11,930 | 11,884 | 11,920 | 11,877 | |||||||||||||||||||
Diluted | 12,000 | 11,940 | 11,987 | 11,934 | |||||||||||||||||||
Impact of Currency Translation on Net Sales by Division | |||||||||||||||||||||||||||||
Three Months Ended December 31, | Change due to currency translation | ||||||||||||||||||||||||||||
2023 | 2022 | % change from 2022 | $ | % | |||||||||||||||||||||||||
Vegetation Management | $ | 214,357 | $ | 232,545 | (7.8) | % | $ | 2,384 | 1.0 | % | |||||||||||||||||||
Industrial Equipment | 203,185 | 154,059 | 31.9 | % | 861 | 0.6 | % | ||||||||||||||||||||||
Total Net Sales | $ | 417,542 | $ | 386,604 | 8.0 | % | $ | 3,245 | 0.8 | % | |||||||||||||||||||
Twelve Months Ended December 31, | Change due to currency translation | ||||||||||||||||||||||||||||
2023 | 2022 | % change from 2022 | $ | % | |||||||||||||||||||||||||
Vegetation Management | $ | 979,040 | $ | 937,065 | 4.5 | % | $ | 1,663 | 0.2 | % | |||||||||||||||||||
Industrial Equipment | 710,611 | 576,551 | 23.3 | % | (1,961) | (0.3) | % | ||||||||||||||||||||||
Total Net Sales | $ | 1,689,651 | $ | 1,513,616 | 11.6 | % | $ | (298) | — | % | |||||||||||||||||||
Consolidated Net Change of Total Debt, Net of Cash | ||||||||||||||||||||
December 31, 2023 | December 31, 2022 | Net Change | ||||||||||||||||||
Current maturities | $ | 15,008 | $ | 15,009 | ||||||||||||||||
Long-term debt, net of current | 220,269 | 286,943 | ||||||||||||||||||
Total Debt | $ | 235,277 | $ | 301,952 | ||||||||||||||||
Total Cash | 51,919 | 47,016 | ||||||||||||||||||
Total Debt Net of Cash | $ | 183,358 | $ | 254,936 | $ | 71,578 | ||||||||||||||
EBITDA | |||||||||||||||||
Twelve Months Ended | |||||||||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||||||||
Income from operations | $ | 197,967 | $ | 148,592 | |||||||||||||
Depreciation | 32,454 | 31,412 | |||||||||||||||
Amortization | 16,222 | 15,944 | |||||||||||||||
EBITDA | $ | 246,643 | $ | 195,948 | |||||||||||||
Adjusted EBITDA | |||||||||||||||||
Vegetation Management Division Performance | ||||||||||||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Backlog | $ | 352,080 | $ | 577,050 | ||||||||||||||||||||||
Net Sales | 214,357 | 232,545 | 979,040 | 937,065 | ||||||||||||||||||||||
Income from Operations | 19,764 | 30,247 | 122,084 | 108,508 | ||||||||||||||||||||||
9.2 | % | 13.0 | % | 12.5 | % | 11.6 | % | |||||||||||||||||||
Depreciation | 4,246 | 4,470 | 15,581 | 15,188 | ||||||||||||||||||||||
Amortization | 3,031 | 3,005 | 12,155 | 12,193 | ||||||||||||||||||||||
EBITDA | 27,041 | 37,722 | 149,820 | 135,889 | ||||||||||||||||||||||
12.6 | % | 16.2 | % | 15.3 | % | 14.5 | % |
Industrial Equipment Division Performance | ||||||||||||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Backlog | $ | 507,715 | $ | 429,439 | ||||||||||||||||||||||
Net Sales | 203,185 | 154,059 | 710,611 | 576,551 | ||||||||||||||||||||||
Income from Operations | 25,034 | 12,470 | 75,883 | 40,084 | ||||||||||||||||||||||
12.3 | % | 8.1 | % | 10.7 | % | 7.0 | % | |||||||||||||||||||
Depreciation | 4,534 | 4,970 | 16,873 | 16,224 | ||||||||||||||||||||||
Amortization | 1,199 | 958 | 4,067 | 3,751 | ||||||||||||||||||||||
EBITDA | 30,767 | 18,398 | 96,823 | 60,059 | ||||||||||||||||||||||
15.1 | % | 11.9 | % | 13.6 | % | 10.4 | % |
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Cover |
Feb. 22, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Feb. 22, 2024 |
Entity Registrant Name | Alamo Group Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 0-21220 |
Entity Tax Identification Number | 74-1621248 |
Entity Address, Address Line One | 1627 E. Walnut |
Entity Address, City or Town | Seguin |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 78155 |
City Area Code | 830 |
Local Phone Number | 379-1480 |
Title of 12(b) Security | Common Stock, par value$.10 per share |
Trading Symbol | ALG |
Security Exchange Name | NYSE |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0000897077 |
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