Alamo Group Reports Record 2Q23 Revenue of $440 Million

Aug 10, 2023

Record second quarter 2023 net sales of $440.7 million increased 11.2% compared to $396.2 million in the second quarter of 2022. Gross margin improved in the quarter versus the second quarter of 2022 by $18.4 million or 18.4%. Second quarter net income improved 27.8% to $36.4 million. The Company's backlog at the end of the second quarter was $891.2 million, slightly down vs. the backlog at the end of the second quarter of 2022, and was also down 11.5% compared to the Company's backlog at the end of calendar year 2022.

The record results reported for the quarter were achieved through a combination of effective price management, improvement in supply chain and higher manufacturing throughput.

Vegetation Management

The Vegetation Management Division's second quarter net sales were $261.3 million, up 2.5% compared to $255 million for the same period in 2022. The increase in net sales was driven by strong shipments of forestry, tree care and governmental mowing products in North America, Europe and the UK. For the first six months of 2023, net sales in this Division were $517.8 million, compared to $476.0 million for the first six months of 2022, up 8.8%.

The Division's operating income for the second quarter 2023 was $35.6 million, up 8.4% compared to $32.8 million for the second quarter of 2022. For the first six months of 2023, operating income was $72.1 million versus $51.1 million for the first six months of 2022, an increase of 41%.

Source : Farm Equipment

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