Alamo Group Q2 net sales $416.3M (-5.5% YoY); EPS $2.35 vs $3.03; Vegetation Mgmt down 19%

ALAMO GROUP INC

2024-Q2 EPS reported $5.02 revenue$841,889,000

Net sales $416.3M, down 5.5% YoY; Industrial Equipment up 14.2% to $204.8M, Vegetation Management down 19.1% to $211.5M.
Diluted EPS $2.35 vs $3.03; includes $0.22 negative impact from five-week Gradall strike.
Backlog healthy at $768.9M; Industrial Equipment backlog up 16% YoY to $550.9M, Vegetation Management backlog normalizing.
Cost reduction actions expected to yield ~$10M savings in remainder of 2024; global workforce reduced by 7% in H1.
Management cautious on H2 2024 but sees excellent prospects for Industrial Equipment Division.

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