Alamo Group reports record Q1 sales but EPS down; Industrial Equipment surges, Vegetation Management weak

ALAMO GROUP INC

2024-Q1 EPS reported $2.67 revenue$425,586,000

Record Q1 net sales $425.6M (+3.4% YoY); EPS $2.67 vs $2.79 prior year.
Industrial Equipment sales $201.8M (+29.9%); Vegetation Management sales $223.7M (-12.7%).
Operating income $47.0M (11.0% margin); backlog $831.3M.
Industrial Equipment order bookings up 25% YoY; Vegetation Management initiating capacity reduction actions.
Guidance more cautious for 2024 due to uncertain rate environment; Vegetation Management headwinds expected to persist.

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