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SEGUIN, Texas, Dec. 20, 2024 /PRNewswire/ -- Alamo Group Inc. (NYSE: ALG) announced today that Jeff Leonard, the Company's President and CEO, has informed the Board of Directors of his intention to retire preferably by mid-year 2025 and upon the appointment of his successor. As part of its succession planning efforts, the Company's Board of Directors has been preparing for such a transition and anticipates naming a new President and CEO as Mr. Leonard's replacement within the next several months.
SEGUIN, Texas, Dec. 4, 2024 /PRNewswire/ -- Alamo Group Inc. (NYSE: ALG) today announced that it has expanded the membership of its Board of Directors from eight to nine members and has appointed Colleen Haley as a new independent member of the Board effective December 4, 2024.
Ms. Haley, 57, has been Chief Executive Officer of Quality Metalcraft/Experi-Metal, Inc. ("QMC-EMI") since March 2021. Based in Livonia, Michigan, QMC-EMI is a leading metal fabrication company serving the automotive, commercial vehicle, aerospace, and defense industries. Prior to her role with QMC-EMI, Ms. Haley was Group VP, Operations, with Parker Hannifin Corporation from 2016 to 2021. From 2000 to 2016, Ms. Haley held various senior managerial positions with Yazaki Corporation, including leading Yazaki's business in South America. From 1991 to 1995, Ms. Haley held managerial positions with ALCOA, and from 1995 to 2000, with a joint venture, Alcoa Fujikura Ltd. Ms. Haley holds both a Bachelor of Science and Master of Science from Michigan State University.
SEGUIN, Texas, Oct. 31, 2024 /PRNewswire/ -- Alamo Group Inc. (NYSE: ALG) today announced that its Board of Directors has approved a share repurchase program under which the Company is authorized to repurchase in the aggregate up to $50 million of its outstanding common stock.
Jeff Leonard, Alamo Group's President and Chief Executive Officer, stated "This share repurchase program is part of a disciplined capital allocation strategy that demonstrates our commitment to enhancing shareholder value. Today's announcement affirms our confidence in the future of our business and is based on the strength of our balance sheet and our expectations of future cash flow generation."
SEGUIN, Texas, Oct. 31, 2024 /PRNewswire/ -- Alamo Group Inc. (NYSE: ALG) today reported results for the third quarter ended September 30, 2024.
Highlights for the Quarter
Net Sales of $401.3 million, down 4.4% versus prior yearIndustrial Equipment Division net sales of $211.2 million, up 22.3%Vegetation Management Division net sales of $190.1 million, down 23.0%Income from operations of $40.1 million, 10.0% of net salesNet income of $27.4 millionFully diluted EPS of $2.28 per share, including $0.10 of expense associated with workforce reductions; EPS of $2.38 per share excluding such expense (1)Total debt net of cash of $84.1 million improved by $126.2 million or 60.0% compared to third quarter 2023 (1)Backlog at the end of the third quarter was $728.8 millionTrailing twelve-month EBITDA of $228.2 million holds at 13.7% of Net Sales (1)The Company is implementing cost saving actions targeting annualized savings of $25 to $30 millionWorkforce reduction expenses for the third quarter and first nine months were approximately $1.6 and $3.2 million, respectivelySEGUIN, Texas, Oct. 24, 2024 /PRNewswire/ -- Alamo Group Inc. (NYSE: ALG) today announced that it will release financial results for the third quarter of 2024 after the market closes on Thursday, October 31, 2024. The Company will host a conference call to discuss the results on Friday, November 1, 2024, at 10:00 a.m. ET. Hosting the call will be members of senior management.
Individuals wishing to participate in the conference call should dial 1-833-816-1163 (domestic) or 1-412-317-1898 (international). For interested individuals unable to join the call, a replay will be available until Friday, November 8, 2024, by dialing 1-877-344-7529 (domestic) or 1-412-317-0088 (internationally), passcode 6101611.
SEGUIN, Texas, Oct. 2, 2024 /PRNewswire/ -- Alamo Group Inc. (NYSE: ALG) announced today that its Board of Directors has declared its quarterly dividend of $0.26 per share. Payment will be made on October 28, 2024, to shareholders of record at the close of business on October 15, 2024.
About Alamo Group
Alamo Group is a leader in the design, manufacture, distribution and service of high-quality equipment for infrastructure maintenance, agriculture and other applications. Our products include truck and tractor mounted mowing and other vegetation maintenance equipment, street sweepers, snow removal equipment, excavators, vacuum trucks, other industrial equipment, agricultural implements, forestry equipment and related after-market parts and services. The Company, founded in 1969, has approximately 4,050 employees and operates 29 plants in North America, Europe, Australia and Brazil as of June 30, 2024. The corporate offices of Alamo Group Inc. are located in Seguin, Texas.
SEGUIN, Texas, Aug. 16, 2024 /PRNewswire/ -- Alamo Group Inc. (NYSE: ALG) today announced the sale of its Herschel Parts business to F.P. Bourgalt Tillage Tools Ltd. Herschel Parts, a manufacturer of high-quality agricultural replacement and wear parts based in Indianola, Iowa, was originally acquired by Alamo Group in 1995 and represented a small part of Alamo Group's Vegetation Management Division.
Chief Executive Officer and President, Jeffery A. Leonard, commented on the sale as follows, "We are pleased to announce the successful sale of our small operation in Indianola, Iowa. This decision reflects our commitment to driving continuous improvement and profitable growth for Alamo Group. Herschel is a quality manufacturing operation and we appreciate their contribution to Alamo Group over the years. We wish Herschel and its employees continued success in the future and we are confident the business will thrive under the management of F.P. Bourgalt Tillage Tools Ltd."
SEGUIN, Texas, July 24, 2024 /PRNewswire/ -- Alamo Group Inc. (NYSE: ALG) today announced that it will release financial results for the second quarter of 2024 after the market closes on Wednesday, July 31, 2024. The Company will host a conference call to discuss the results on Thursday, August 1, 2024, at 10:00 a.m. ET. Hosting the call will be members of senior management.
Individuals wishing to participate in the conference call should dial 1-833-816-1163 (domestic) or 1-412-317-1898 (international). For interested individuals unable to join the call, a replay will be available until Thursday, August 8, 2024, by dialing 1-877-344-7529 (domestic) or 1-412-317-0088 (internationally), passcode 2514245.
SEGUIN, Texas, July 1, 2024 /PRNewswire/ -- Alamo Group Inc. (NYSE: ALG) announced today that its Board of Directors has declared its quarterly dividend of $0.26 per share. Payment will be made on July 29, 2024, to shareholders of record at the close of business on July 16, 2024.
About Alamo Group
Alamo Group is a leader in the design, manufacture, distribution, and service of high-quality equipment for infrastructure maintenance, agriculture and other applications. Our products include truck and tractor mounted mowing and other vegetation maintenance equipment, street sweepers, snow removal equipment, excavators, vacuum trucks, other industrial equipment, agricultural implements, forestry equipment and related after-market parts and services. The Company, founded in 1969, has approximately 4,350 employees and operates 29 plants in North America, Europe, Australia and Brazil as of March 31, 2024. The corporate offices of Alamo Group Inc. are located in Seguin, Texas.
SEGUIN, Texas, June 10, 2024 /PRNewswire/ -- Alamo Group Inc. (NYSE: ALG) today announced that Michael A. Haberman, Executive Vice President of the Industrial Equipment Division, will retire from his current role on August 6, 2024. Upon Mr. Haberman's retirement, Kevin Thomas will succeed Mr. Haberman as Executive Vice President of the Industrial Equipment Division. Mr. Thomas has been with the Company since February 2022 when he joined as Vice President of the Excavator and Vacuum Truck Group. Prior to joining the Company, Mr. Thomas was with Navistar International since 1999, with his most recent role being as President of Navistar Defense LLC since 2015.
SEGUIN, Texas, May 20, 2024 /PRNewswire/ -- Alamo Group Inc. (NYSE: ALG) announced that on May 20, 2024 the strike that began on April 14, 2024 by unionized workers at its subsidiary, Gradall Industries LLC, located in New Philadelphia, Ohio (the "Company"), has ended. The approximately 200 workers part of the International Association of Machinists and Aerospace Workers, District Lodge 54, Local Lodge 1285, and the Company reached an agreement on a new five-year labor agreement.
About Alamo Group
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