FALSE000089707700008970772025-08-062025-08-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
 
Date of Report (Date of earliest event reported): August 6, 2025
 
Alamo Group Inc.
(Exact name of registrant as specified in its charter)
 
State of Delaware
0-21220
74-1621248
(State or other jurisdiction of incorporation)(Commission File No.)(IRS Employer Identification No.)
  
1627 E. Walnut, Seguin, Texas
78155
(Address of Registrant’s principal executive offices)(Zip Code)
(830) 379-1480
Registrant's telephone number, including area code:
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, par value
$.10 per share
ALGNew York Stock Exchange
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of
the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of
1934 (§240.12b-2 of this chapter).Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the
extended transition period for complying with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act.  



Item 2.02    Results of Operations and Financial Condition
On August 6, 2025, Alamo Group Inc., a Delaware corporation (the "Company"), issued a press release announcing, among other things, financial results for the quarter ended June 30, 2025.  A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K. The foregoing description is qualified by reference to such exhibit.

Item 9.01    Financial Statements and Exhibits
Exhibit 99.1 - Press Release dated August 6, 2025.
Exhibit 104 - Cover Page Interactive Data File - Inline XBRL for the cover page of this Current Report on Form 8-K




SIGNATURES
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
August 6, 2025
By:  /s/ Edward T. Rizzuti         
  Edward T. Rizzuti,
  EVP, Corporate Development & Investor Relations & Secretary



alamo_groupxlogoxprimary1a.jpg
For:Alamo Group Inc.
                                                                              
Contact:Edward Rizzuti
 EVP Corporate Development & Investor Relations
 830-372-9600
  
 Financial Relations Board
 Joe Calabrese
 212-827-3772

ALAMO GROUP ANNOUNCES STRONG OPERATING
RESULTS FOR THE SECOND QUARTER 2025

SEGUIN, Texas, August 6, 2025 -- Alamo Group Inc. (NYSE: ALG) today reported results for the second quarter ended June 30, 2025.

Highlights:

Net Sales of $419.1 million, up 0.7% vs. the second quarter of 2024 and up 7.2% vs. the first quarter of 2025

Industrial Equipment Division net sales of $240.7 million grew organically 17.6% year-over-year and 6.0% vs. the first quarter of 2025

Vegetation Management Division net sales of $178.4 million declined 15.7% year-over-year but grew 8.8% vs. the first quarter of 2025

Income from operations of $47.1 million, 11.2% of net sales – an 83 basis point improvement versus the second quarter of 2024

Net Income of $31.1 million up 9.8% versus the second quarter of 2024

Fully diluted EPS was $2.57 per share, an improvement of $0.22 per share compared to the second quarter of 2024; EPS results for the quarter include an unfavorable currency revaluation impact of $0.21 per share

Total debt was $213.1 million. Total debt net of cash was further reduced to $11.3 million, representing an improvement of $163.8 million or 93.5% compared to the second quarter in 2024 (1)

Backlog at the end of the second quarter was $687.2 million – an improvement of 2.8% from year-end 2024

Trailing twelve-month EBITDA of $219.1 million was 13.7% of Net Sales (1)



ALAMO GROUP ANNOUNCES 2025 SECOND QUARTER SALES AND EARNINGS Page 2


Second Quarter Results

Second quarter 2025 net sales of $419.1 million increased 0.7% compared to $416.3 million in the second quarter of 2024. Gross profit was $108.3 million or 25.8% of net sales compared to $108.2 million or 26.0% of net sales in the second quarter of 2024. SG&A expenses of $57.1 million or 13.6% of net sales declined by 6.1% compared to the second quarter in 2024, reflecting successful cost reduction efforts completed in 2024. Income from operations was $47.1 million or 11.2% of net sales, representing an increase of 83 basis points compared to the second quarter of 2024. The Vegetation Management Division second quarter sales of $178.4 million declined 15.7% versus second quarter of 2024 but increased sequentially by 8.8%. Division operating margin of 7.1% included costs associated with manufacturing facility consolidations. The Industrial Equipment Division sales of $240.7 million delivered strong organic growth of 17.6% compared to the second quarter of 2024 and increased 6.0% sequentially. The division delivered an operating margin of 14.3%, representing 93 basis points improvement versus the second quarter of 2024.

Net income was $31.1 million, or $2.57 per diluted share, compared to $28.3 million or $2.35 per diluted share, in the second quarter of 2024. The 9.8% increase year-over-year was driven by stronger operating results. Second quarter EPS included an unfavorable impact to net income of $2.5 million, or approximately $0.21 per share, primarily due to the revaluation of US dollar-denominated monetary assets held in our Canadian entities. By comparison, EPS in the second quarter of 2024 included a favorable impact of $0.2 million to net income, or approximately $0.02 per share.

The Company's backlog at the end of the second quarter remained healthy at $687.2 million. The Vegetation Management Division backlog held steady at $177.6 million, while the Industrial Equipment Division backlog remained strong at $509.6 million.

The Company’s balance sheet was exceptionally strong. Accounts receivable were $356.2 million with DSO of 81 days, an improvement versus prior year of 3 days. Inventory was $372.1 million compared to $385.1 million in the second quarter of 2024. Operating cash flow year-to-date was $36.9 million, resulting in cash and cash equivalents of $201.8 million at the end of the quarter.

As we look forward to the remainder of the year, we anticipate continued operational gains driven in part by improved productivity in the Vegetation Management Division. While the economic situation related to tariffs remains somewhat uncertain, we remain confident in our ability to navigate these headwinds and remain committed to capitalizing on growth opportunities.





ALAMO GROUP ANNOUNCES 2025 SECOND QUARTER SALES AND EARNINGS Page 3

Comments on Results

Jeff Leonard, Alamo Group’s President and Chief Executive Officer commented, “The Company’s solid second quarter results reflected improved operating margin performance. The results were primarily driven by sustained strong demand from governmental agencies and specialty contractors for products offered by the Industrial Equipment Division, coupled with encouraging sequential recovery in markets served by the Vegetation Management Division. While consolidated net sales growth was modest compared to a strong prior year second quarter, sequential improvement exceeded 7%.

We were pleased to have again demonstrated strong organic growth in the Industrial Equipment Division, where net sales in the quarter rose by nearly 18% compared to the same period last year. Notably, sales of vacuum trucks and snow removal equipment increased more than 20%, supported by healthy demand and market share gains. Strong sales and improved operating efficiencies in this division drove nearly one hundred basis point margin expansion to 14.3%. Ordering activity remained robust across all product groups, and backlog at quarter end in this division remained above $0.5 billion, providing solid visibility and a positive view of demand through year end.

The Vegetation Management Division continued to show modest but steady improvements in its key markets. As expected, net sales in this division were down approximately 16% compared to the second quarter of 2024 but rose nearly 9% sequentially. The division's operating margin reflected the effects of recent facility consolidation costs, which are now nearing completion. While backlog was reduced due to improving lead-times in the consolidated facilities, we were encouraged to see order volumes increase for the fifth consecutive quarter, resulting in a year-over-year increase for the first half of 2025.

The Company’s consolidated operating margin of 11.2% improved by eighty three basis points from the second quarter of 2024. Growth in the Industrial Equipment Division, combined with greater factory efficiencies, helped to offset some early-quarter softness in the Vegetation Management Division.

During the second quarter of 2025, we were pleased to welcome Ring-O-Matic to our Alamo Group family. Ring-O-Matic manufactures a full line of industrial vacuum excavation equipment, specializing in trailer-mounted units. The acquired business aligns well with our strategic focus on expanding market share and strengthening our current product portfolio and will be part of our Excavator and Vacuum Trucks group. The acquisition was funded with existing cash on hand.







ALAMO GROUP ANNOUNCES 2025 SECOND QUARTER SALES AND EARNINGS Page 4

Looking ahead, we remain optimistic regarding the Company's prospects for at least the next several quarters. Most market indicators during the second quarter were positive. Operationally, we expect that our Industrial Equipment Division will continue its strong performance through at least the end of the year and into 2026, while the Vegetation Management Division is poised to improve further, driven by stronger order flow supported by enhanced operational gains following the completion of our plant consolidations. While we remain mindful of ongoing global trade uncertainty, we firmly believe the Company is well positioned for continued improvement in operating performance. In addition, we expect to leverage our strong balance sheet to accelerate both organic and inorganic growth."

Earnings Conference Call
The Company will host a conference call to discuss the second quarter results on Thursday, August 7, 2025, at 8:30 a.m. ET. Hosting the call will be members of senior management. Individuals wishing to participate in the conference call should dial (866) 524-3159 (domestic) or (412) 317-6759 (international). For interested individuals unable to join the call, a replay will be available until Thursday, August 21, by dialing (877) 344-7529 (domestic) or (412) 317-0088 (internationally), passcode 7888480.

The live broadcast of Alamo Group Inc.’s quarterly conference call will be available online at the Company's website, www.alamo-group.com (under “Investor Relations/Events and Presentations”) on Thursday, August 7, 2025, beginning at 8:30 a.m. ET. The online replay will follow shortly after the call ends and will be archived on the Company’s website for 60 days.

About Alamo Group
Alamo Group is a leader in the design, manufacture, distribution, and service of high-quality equipment for vegetation management, infrastructure maintenance 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 3,800 employees and operates 27 plants in North America, Europe, Australia, and Brazil as of June 30, 2025. The corporate offices of Alamo Group Inc. are located in Seguin, Texas.

Forward Looking Statements
This release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company’s actual results in future periods to differ materially from forecasted results. Among those factors which could cause actual results to differ materially are the following: adverse economic conditions which could lead to a reduction in overall market demand, supply chain disruptions, labor constraints, increasing costs due to inflation, disease



ALAMO GROUP ANNOUNCES 2025 SECOND QUARTER SALES AND EARNINGS Page 5

outbreaks, geopolitical risks, including tariffs, trade wars, and the effects of the war in the Ukraine and the Middle East, competition, weather, seasonality, currency-related issues, and other risk factors listed from time to time in the Company’s SEC reports. The Company does not undertake any obligation to update the information contained herein, which speaks only as of this date.

(Tables Follow)
# # #
(1) This is a non-GAAP financial measure or other information relating to our GAAP financial measures that we have provided to investors in order to allow greater transparency and a deeper understanding of our financial condition and operating results. For a reconciliation of the non-GAAP financial measure or for a more detailed explanation of financial results, refer to “Non-GAAP Financial Measure Reconciliation” below and the Attachments thereto.



Page 6
Alamo Group Inc. and Subsidiaries 
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
Three Months EndedSix Months Ended
6/30/20256/30/20246/30/20256/30/2024
Net sales:
  Vegetation Management$178,358 $211,535 $342,248 $435,282 
  Industrial Equipment240,715 204,768 467,775 406,607 
Total net sales419,073 416,303 810,023 841,889 
Cost of sales310,781 308,122 598,890 622,076 
Gross margin108,292 108,181 211,133 219,813 
25.8 %26.0 %26.1 %26.1 %
Selling, general and administration expense57,136 60,817 111,466 121,411 
Amortization expense4,078 4,055 8,127 8,114 
Income from operations47,078 43,309 91,540 90,288 
11.2 %10.4 %11.3 %10.7 %
Interest expense(3,684)(6,098)(6,878)(12,189)
Interest income1,195 514 2,433 1,315 
Other income (expense)(3,183)(65)(3,846)33 
Income before income taxes41,406 37,660 83,249 79,447 
Provision for income taxes10,300 9,336 20,343 19,003 
Net Income$31,106 $28,324 $62,906 $60,444 
Net income per common share:
Basic$2.59 $2.36 $5.24 $5.05 
Diluted$2.57 $2.35 $5.21 $5.02 
Average common shares:
Basic12,020 11,974 12,005 11,959 
Diluted12,083 12,044 12,066 12,032 




Page 7
Alamo Group Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited) 
June 30,
2025
June 30,
2024
ASSETS
Current assets:
Cash and cash equivalents$201,823 $118,535 
Accounts receivable, net356,236 388,512 
Inventories372,074 385,136 
Other current assets12,461 15,293 
Total current assets942,594 907,476 
Rental equipment, net59,606 46,630 
Property, plant and equipment160,716 161,603 
Goodwill221,607 204,766 
Intangible assets145,040 159,708 
Other non-current assets28,086 25,787 
Total assets$1,557,649 $1,505,970 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Trade accounts payable$111,820 $102,947 
Income taxes payable3,973 12,829 
Accrued liabilities76,113 76,772 
Current maturities of long-term debt and finance lease obligations15,000 15,008 
Total current liabilities206,906 207,556 
Long-term debt, net of current maturities198,115 278,591 
Long-term tax liability626 490 
Other long-term liabilities25,975 23,964 
Deferred income taxes10,631 15,653 
Total liabilities442,253 526,254 
Total stockholders’ equity1,115,396 979,716 
Total liabilities and stockholders’ equity$1,557,649 $1,505,970 

                                                                       





Page 8
Alamo Group Inc.
Non-GAAP Financial Measures Reconciliation

From time to time, Alamo Group Inc. may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. For these purposes, “GAAP” refers to generally accepted accounting principles in the United States. The Securities and Exchange Commission (SEC) defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude or include amounts from the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP financial measures disclosed by Alamo Group are provided as additional information to investors in order to provide them with greater transparency about, or an alternative method for assessing, our financial condition and operating results. These measures are not in accordance with, or a substitute for, GAAP and may be different from, or inconsistent with, non-GAAP financial measures used by other companies. Whenever we refer to a non-GAAP financial measure, we will also generally present the most directly comparable financial measure calculated and presented in accordance with GAAP, along with a reconciliation of the differences between the non-GAAP financial measure we reference and such comparable GAAP financial measure.

Attachment 1 discloses Operating Income, Adjusted Net Income and Adjusted Diluted EPS, related to the impact of non-recurring items, of which are non-GAAP financial measures. Attachment 2 discloses a non-GAAP financial presentation related to the impact of currency translation on net sales by division. Attachment 3 shows the net change in our total debt net of cash and earnings before interest, taxes, depreciation and amortization ("EBITDA") which is a non-GAAP financial measure. The Company considers this information useful to investors to allow better comparability of period-to-period operating performance. Attachment 4 reflects Division performance inclusive of non-GAAP financial measures such as backlog and earnings before interest, tax, depreciation and amortization ("EBITDA").



Page 9
Attachment 1

Alamo Group Inc.
Non-GAAP Financial Reconciliation
(in thousands, except per share numbers)
(Unaudited)

Impact of Non-recurring Items
Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
Operating Income - GAAP$47,078 $43,309 $91,540 $90,288 
 (add: workforce reduction)
— 1,138 82 1,619 
Adjusted Operating Income - non-GAAP
$47,078 $44,447 $91,622 $91,907 
Net Income - GAAP$31,106 $28,324 $62,906 $60,444 
(add: workforce reduction)— 866 62 1,232 
Adjusted Net Income - non-GAAP
$31,106 $29,190 $62,968 $61,676 
Diluted EPS - GAAP$2.57 $2.35 $5.21 $5.02 
(add: workforce reduction)— 0.07 0.01 0.10 
              Adjusted Diluted EPS - non-GAAP$2.57 $2.42 $5.22 $5.12 





Page 10
Attachment 2

Alamo Group Inc.
Non-GAAP Financial Reconciliation
(in thousands)
(Unaudited)


Impact of Currency Translation on Net Sales by Division
Three Months Ended
June 30,
Change due to currency translation
20252024% change from 2024$%
Vegetation Management$178,358 $211,535 (15.7)%$652 0.3 %
Industrial Equipment240,715 204,768 17.6 %415 0.2 %
Total net sales
$419,073 $416,303 0.7 %$1,067 0.3 %
Six Months Ended
June 30,
Change due to currency translation
20252024% change from 2024$%
Vegetation Management$342,248 $435,282 (21.4)%$(1,900)(0.4)%
Industrial Equipment467,775 406,607 15.0 %(2,475)(0.6)%
Total net sales
$810,023 $841,889 (3.8)%$(4,375)(0.5)%

















Page 11
Attachment 3

Alamo Group Inc.
Non-GAAP Financial Reconciliation
(in thousands)
(Unaudited)

Consolidated Net Change of Total Debt, Net of Cash
June 30, 2025June 30, 2024Net Change
Current maturities$15,000 $15,008 
Long-term debt,net of current198,115 278,591 
Total debt$213,115 $293,599 
Total cash201,823 118,535 
     Total Debt Net of Cash$11,292 $175,064 $(163,772)

EBITDA
Six Months EndedTrailing Twelve Months Ended
June 30, 2025June 30, 2024June 30, 2025December 31, 2024
Net Income$62,906$60,444$118,392$115,930
Interest, net4,44510,87411,48217,911
Provision for income taxes20,34319,00335,03833,698
Depreciation19,21718,09337,98136,857
Amortization 8,1278,11416,24016,227
     EBITDA$115,038$116,528$219,133$220,623













Page 12
Attachment 4

Alamo Group Inc.
Non-GAAP Financial Reconciliation
(in thousands)
(Unaudited)


Vegetation Management Division Performance
Three Months Ended
June 30,
Six Months Ended
June 30,
2025202420252024
Backlog$177,625 $217,967 
Net Sales$178,358 $211,535 342,248 435,282 
Income from Operations12,751 16,006 26,063 37,685 
7.1 %7.6 %7.6 %8.7 %
Depreciation4,253 4,434 8,305 8,767 
Amortization2,946 2,928 5,866 5,859 
Other income (expense)(2,288)102 (2,591)274 
EBITDA17,662 23,470 37,643 52,585 
9.9 %11.1 %11.0 %12.1 %


Industrial Equipment Division Performance
Three Months Ended
June 30,
Six Months Ended
June 30,
2025202420252024
Backlog$509,610 $550,922 
Net Sales$240,715 $204,768 467,775 406,607 
Income from Operations34,327 27,303 65,477 52,603 
14.3 %13.3 %14.0 %12.9 %
Depreciation5,519 4,724 10,912 9,326 
Amortization1,132 1,127 2,261 2,255 
Other income (expense)(895)(167)(1,255)(241)
EBITDA40,083 32,987 77,395 63,943 
16.7 %16.1 %16.5 %15.7 %








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