(Exact name of registrant as specified in its charter) | ||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Securities registered pursuant to Section 12(b) of the Act: | |||||||||||
Title of each class | Trading symbol(s) | Name of each exchange on which registered | |||||||||
Common Stock, par value $.10 per share | |||||||||||
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
PART I. | FINANCIAL INFORMATION | PAGE | |||||||||
Item 1. | Interim Condensed Consolidated Financial Statements (Unaudited) | ||||||||||
Three and Six Months Ended June 30, 2025 and June 30, 2024 | |||||||||||
Three and Six Months Ended June 30, 2025 and June 30, 2024 | |||||||||||
June 30, 2025 and December 31, 2024 | |||||||||||
Three and Six Months Ended June 30, 2025 and June 30, 2024 | |||||||||||
Six Months Ended June 30, 2025 and June 30, 2024 | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
PART II. | |||||||||||
Item 1. | Legal Proceedings | ||||||||||
Item 1A. | Risk Factors | ||||||||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | ||||||||||
Item 3. | Defaults Upon Senior Securities | ||||||||||
Item 4. | Mine Safety Disclosures | ||||||||||
Item 5. | Other Information | ||||||||||
Item 6. | Exhibits | ||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands, except per share amounts) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
Net sales: | |||||||||||||||||||||||
Vegetation Management | $ | $ | $ | $ | |||||||||||||||||||
Industrial Equipment | |||||||||||||||||||||||
Total net sales | |||||||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Amortization expense | |||||||||||||||||||||||
Income from operations | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Interest income | |||||||||||||||||||||||
Other income (expense), net | ( | ( | ( | ||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Provision for income taxes | |||||||||||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||||||||||
Net income per common share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Average common shares: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Dividends declared | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Foreign currency translation adjustments, net of tax (expense) and benefit of $( | ( | ( | |||||||||||||||||||||
Recognition of deferred pension and other post-retirement benefits, net of tax expense of $( | |||||||||||||||||||||||
Unrealized (loss) income on derivative instruments, net of tax benefit and (expense) of $ | ( | ( | |||||||||||||||||||||
Other comprehensive income (loss), net of tax | ( | ( | |||||||||||||||||||||
Comprehensive income | $ | $ | $ | $ |
(in thousands, except share amounts) | June 30, 2025 | December 31, 2024 | ||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||||||||
Accounts receivable, net | ||||||||||||||||||||
Inventories, net | ||||||||||||||||||||
Prepaid expenses and other current assets | ||||||||||||||||||||
Income tax receivable | ||||||||||||||||||||
Total current assets | ||||||||||||||||||||
Rental equipment, net | ||||||||||||||||||||
Property, plant and equipment | ||||||||||||||||||||
Less: Accumulated depreciation | ( | ( | ||||||||||||||||||
Total property, plant and equipment, net | ||||||||||||||||||||
Goodwill | ||||||||||||||||||||
Intangible assets, net | ||||||||||||||||||||
Deferred income taxes | ||||||||||||||||||||
Other non-current assets | ||||||||||||||||||||
Total assets | $ | $ | ||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Trade accounts payable | $ | $ | ||||||||||||||||||
Income taxes payable | ||||||||||||||||||||
Accrued liabilities | ||||||||||||||||||||
Current maturities of long-term debt and finance lease obligations | ||||||||||||||||||||
Total current liabilities | ||||||||||||||||||||
Long-term debt and finance lease obligations, net of current maturities | ||||||||||||||||||||
Long-term tax liability | ||||||||||||||||||||
Other long-term liabilities | ||||||||||||||||||||
Deferred income taxes | ||||||||||||||||||||
Total liabilities | ||||||||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||
Common stock, $ | ||||||||||||||||||||
Additional paid-in-capital | ||||||||||||||||||||
Treasury stock, at cost; | ( | ( | ||||||||||||||||||
Retained earnings | ||||||||||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||||||||
Total stockholders’ equity | ||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | $ |
For six months ended June 30, 2025 | |||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Total Stock- holders’ Equity | ||||||||||||||||||
(in thousands) | Shares | Amount | |||||||||||||||||||||
Balance at December 31, 2024 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | ||||||||||||||||||
Stock-based compensation transactions | ( | — | — | — | ( | ||||||||||||||||||
Dividends paid ($ | — | — | — | — | ( | — | ( | ||||||||||||||||
Balance at March 31, 2025 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | ||||||||||||||||||
Stock-based compensation transactions | — | — | — | ||||||||||||||||||||
Dividends paid ($ | — | — | — | — | ( | — | ( | ||||||||||||||||
Balance at June 30, 2025 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||
For six months ended June 30, 2024 | |||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Total Stock- holders’ Equity | ||||||||||||||||||
(in thousands) | Shares | Amount | |||||||||||||||||||||
Balance at December 31, 2023 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||
Other comprehensive income (loss) | — | — | — | — | ( | ||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | ||||||||||||||||||
Stock-based compensation transactions | ( | — | — | — | ( | ||||||||||||||||||
Dividends paid ($ | — | — | — | — | ( | — | ( | ||||||||||||||||
Balance at March 31, 2024 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||
Other comprehensive income (loss) | — | — | — | — | ( | ||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | ||||||||||||||||||
Stock-based compensation transactions | — | — | — | ||||||||||||||||||||
Dividends paid ($ | — | — | — | — | ( | — | ( | ||||||||||||||||
Balance at June 30, 2024 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||
Six Months Ended June 30, | |||||||||||
(in thousands) | 2025 | 2024 | |||||||||
Operating Activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustment to reconcile net income to net cash provided by operating activities: | |||||||||||
Provision for doubtful accounts | ( | ||||||||||
Depreciation - Property, plant and equipment | |||||||||||
Depreciation - Rental equipment | |||||||||||
Amortization of intangibles | |||||||||||
Amortization of debt issuance | |||||||||||
Stock-based compensation expense | |||||||||||
Provision for deferred income tax | ( | ( | |||||||||
(Gain) Loss on sale of property, plant and equipment | ( | ||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | ( | ( | |||||||||
Inventories | ( | ( | |||||||||
Rental equipment | ( | ( | |||||||||
Prepaid expenses and other assets | ( | ||||||||||
Trade accounts payable and accrued liabilities | ( | ||||||||||
Income taxes payable | ( | ||||||||||
Long-term tax payable | ( | ||||||||||
Other long-term liabilities, net | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Investing Activities | |||||||||||
Acquisitions, net of cash acquired | ( | ||||||||||
Purchase of property, plant and equipment | ( | ( | |||||||||
Proceeds from sale of property, plant and equipment | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Financing Activities | |||||||||||
Borrowings on bank revolving credit facility | |||||||||||
Repayments on bank revolving credit facility | ( | ( | |||||||||
Principal payments on long-term debt and finance leases | ( | ( | |||||||||
Contingent consideration payment from acquisition | ( | ||||||||||
Dividends paid | ( | ( | |||||||||
Proceeds from exercise of stock options | |||||||||||
Common stock repurchased | ( | ( | |||||||||
Net cash (used in) provided by financing activities | ( | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ||||||||||
Net change in cash and cash equivalents | |||||||||||
Cash and cash equivalents at beginning of the year | |||||||||||
Cash and cash equivalents at end of the period | $ | $ | |||||||||
Cash paid during the period for: | |||||||||||
Interest | $ | $ | |||||||||
Income taxes |
(in thousands) | June 30, 2025 | December 31, 2024 | ||||||||||||||||||
Finished goods | $ | $ | ||||||||||||||||||
Work in process | ||||||||||||||||||||
Raw materials | ||||||||||||||||||||
Inventories, net | $ | $ |
(in thousands) | Vegetation Management | Industrial Equipment | Consolidated | |||||||||||||||||||||||
Balance at December 31, 2024 | $ | $ | $ | |||||||||||||||||||||||
Translation adjustment | ||||||||||||||||||||||||||
Goodwill acquired | ||||||||||||||||||||||||||
Balance at June 30, 2025 | $ | $ | $ | |||||||||||||||||||||||
(in thousands) | Estimated Useful Lives | June 30, 2025 | December 31, 2024 | |||||||||||||||||
Definite: | ||||||||||||||||||||
Trade names and trademarks | $ | $ | ||||||||||||||||||
Customer and dealer relationships | ||||||||||||||||||||
Patents and drawings | ||||||||||||||||||||
Favorable leasehold interests | ||||||||||||||||||||
Noncompetition agreements | ||||||||||||||||||||
Total at cost | ||||||||||||||||||||
Less accumulated amortization | ( | ( | ||||||||||||||||||
Total net | ||||||||||||||||||||
Indefinite: | ||||||||||||||||||||
Trade names and trademarks | ||||||||||||||||||||
Total Intangible Assets | $ | $ |
Components of Lease Cost | ||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
Finance lease cost: | ||||||||||||||||||||||||||
Amortization of right-of-use assets | $ | $ | $ | $ | ||||||||||||||||||||||
Operating lease cost | ||||||||||||||||||||||||||
Short-term lease cost | ||||||||||||||||||||||||||
Variable lease cost | ||||||||||||||||||||||||||
Total lease cost | $ | $ | $ | $ |
Future Minimum Lease Payments | |||||||||||||||||||||||
(in thousands) | June 30, 2025 | December 31, 2024 | |||||||||||||||||||||
2025 | $ | * | $ | ||||||||||||||||||||
2026 | |||||||||||||||||||||||
2027 | |||||||||||||||||||||||
2028 | |||||||||||||||||||||||
2029 | |||||||||||||||||||||||
Thereafter | |||||||||||||||||||||||
Total minimum lease payments | $ | $ | |||||||||||||||||||||
Less imputed interest | ( | ( | |||||||||||||||||||||
Total operating lease liabilities | $ | $ | |||||||||||||||||||||
*Period ended June 30, 2025 represents the remaining six months of 2025. |
Operating Leases | |||||||||||||||||||||||
(in thousands) | June 30, 2025 | December 31, 2024 | |||||||||||||||||||||
$ | $ | ||||||||||||||||||||||
Total operating lease liabilities | $ | $ | |||||||||||||||||||||
Weighted Average Remaining Lease Term | |||||||||||||||||||||||
Weighted Average Discount Rate | % | % | |||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||
(in thousands) | 2025 | 2024 | ||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Operating cash flows from operating leases | $ | $ | ||||||||||||
(in thousands) | June 30, 2025 | December 31, 2024 | ||||||||||||||||||
Bank revolving credit facility | $ | $ | ||||||||||||||||||
Term debt | ||||||||||||||||||||
Finance lease obligations | ||||||||||||||||||||
Total debt | ||||||||||||||||||||
Less current maturities | ||||||||||||||||||||
Total long-term debt | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Dividends declared | $ | $ | $ | $ | |||||||||||||||||||
Dividends paid | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(In thousands, except per share) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||||||||||
Average Common Shares: | |||||||||||||||||||||||
Basic (weighted-average outstanding shares) | |||||||||||||||||||||||
Dilutive potential common shares from stock options | |||||||||||||||||||||||
Diluted (weighted-average outstanding shares) | |||||||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per share | $ | $ | $ | $ |
Revenue by Product Type | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
Net Sales | |||||||||||||||||||||||
Wholegoods | $ | $ | $ | $ | |||||||||||||||||||
Parts | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Consolidated | $ | $ | $ | $ |
Revenue by Geographical Location | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
Net Sales | |||||||||||||||||||||||
United States | $ | $ | $ | $ | |||||||||||||||||||
Canada | |||||||||||||||||||||||
France | |||||||||||||||||||||||
United Kingdom | |||||||||||||||||||||||
Brazil | |||||||||||||||||||||||
Netherlands | |||||||||||||||||||||||
Australia | |||||||||||||||||||||||
Germany | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Consolidated | $ | $ | $ | $ |
Three Months Ended June 30, 2025 | |||||||||||||||||
Vegetation | Industrial | ||||||||||||||||
(in thousands) | Management | Equipment | Consolidated | ||||||||||||||
Net Sales | $ | $ | $ | ||||||||||||||
Less: | |||||||||||||||||
Cost of Sales | ( | ( | ( | ||||||||||||||
Operating Expenses | ( | ( | ( | ||||||||||||||
Income from Operations | |||||||||||||||||
Interest Income | |||||||||||||||||
Other Income (Expense) | ( | ||||||||||||||||
Interest Expense | ( | ||||||||||||||||
Income Before Taxes | |||||||||||||||||
Taxes | |||||||||||||||||
Net Income | $ |
Three Months Ended June 30, 2024 | |||||||||||||||||
Vegetation | Industrial | ||||||||||||||||
(in thousands) | Management | Equipment | Consolidated | ||||||||||||||
Net Sales | $ | $ | $ | ||||||||||||||
Less: | |||||||||||||||||
Cost of Sales | ( | ( | ( | ||||||||||||||
Operating Expenses | ( | ( | ( | ||||||||||||||
Income from Operations | |||||||||||||||||
Interest Income | |||||||||||||||||
Other Income (Expense) | ( | ||||||||||||||||
Interest Expense | ( | ||||||||||||||||
Income Before Taxes | |||||||||||||||||
Taxes | |||||||||||||||||
Net Income | $ |
Six Months Ended June 30, 2025 | |||||||||||||||||
Vegetation | Industrial | ||||||||||||||||
(in thousands) | Management | Equipment | Consolidated | ||||||||||||||
Net Sales | $ | $ | $ | ||||||||||||||
Less: | |||||||||||||||||
Cost of Sales | ( | ( | ( | ||||||||||||||
Operating Expenses | ( | ( | ( | ||||||||||||||
Income from Operations | |||||||||||||||||
Interest Income | |||||||||||||||||
Other Income (Expense) | ( | ||||||||||||||||
Interest Expense | ( | ||||||||||||||||
Income Before Taxes | |||||||||||||||||
Taxes | |||||||||||||||||
Net Income | $ |
Six Months Ended June 30, 2024 | |||||||||||||||||
Vegetation | Industrial | ||||||||||||||||
(in thousands) | Management | Equipment | Consolidated | ||||||||||||||
Net Sales | $ | $ | $ | ||||||||||||||
Less: | |||||||||||||||||
Cost of Sales | ( | ( | ( | ||||||||||||||
Operating Expenses | ( | ( | ( | ||||||||||||||
Income from Operations | |||||||||||||||||
Interest Income | |||||||||||||||||
Other Income (Expense) | |||||||||||||||||
Interest Expense | ( | ||||||||||||||||
Income Before Taxes | |||||||||||||||||
Taxes | |||||||||||||||||
Net Income | $ |
(in thousands) | June 30, 2025 | December 31, 2024 | |||||||||
Goodwill | |||||||||||
Vegetation Management | $ | $ | |||||||||
Industrial Equipment | |||||||||||
Consolidated | $ | $ | |||||||||
Total Identifiable Assets | |||||||||||
Vegetation Management | $ | $ | |||||||||
Industrial Equipment | |||||||||||
Consolidated | $ | $ |
Three Months Ended June 30, | |||||||||||||||||||||||||||||
2025 | 2024 | ||||||||||||||||||||||||||||
(in thousands) | Foreign Currency Translation Adjustment | Defined Benefit Plans Items | Gains (Losses) on Cash Flow Hedges | Total | Foreign Currency Translation Adjustment | Defined Benefit Plans Items | Gains (Losses) on Cash Flow Hedges | Total | |||||||||||||||||||||
Balance as of beginning of period | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | ( | ||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | ( | ||||||||||||||||||||||||||
Balance as of end of period | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||
2025 | 2024 | ||||||||||||||||||||||||||||
(in thousands) | Foreign Currency Translation Adjustment | Defined Benefit Plans Items | Gains (Losses) on Cash Flow Hedges | Total | Foreign Currency Translation Adjustment | Defined Benefit Plans Items | Gains (Losses) on Cash Flow Hedges | Total | |||||||||||||||||||||
Balance as of beginning of period | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | ( | ||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | ( | ||||||||||||||||||||||||||
Balance as of end of period | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||
As a Percent of Net Sales | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Vegetation Management | 42.6 | % | 50.8 | % | 42.3 | % | 51.7 | % | |||||||||||||||
Industrial Equipment | 57.4 | % | 49.2 | % | 57.7 | % | 48.3 | % | |||||||||||||||
Total sales, net | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Cost Trends and Profit Margin, as Percentages of Net Sales | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Gross profit | 25.8 | % | 26.0 | % | 26.1 | % | 26.1 | % | |||||||||||||||
Income from operations | 11.2 | % | 10.4 | % | 11.3 | % | 10.7 | % | |||||||||||||||
Income before income taxes | 9.9 | % | 9.0 | % | 10.3 | % | 9.4 | % | |||||||||||||||
Net income | 7.4 | % | 6.8 | % | 7.8 | % | 7.2 | % |
Exhibits | Exhibit Title | Incorporated by Reference From the Following Documents | ||||||||||||
10 | — | 2025 Incentive Stock Option Plan | ||||||||||||
31.1 | — | Filed Herewith | ||||||||||||
31.2 | — | Filed Herewith | ||||||||||||
32.1 | — | Filed Herewith | ||||||||||||
32.2 | — | Filed Herewith | ||||||||||||
101.INS | — | XBRL Instance Document - the instance document does not appear in the Interactive Data Files because its XBRL tags are embedded within the Inline XBRL document | Filed Herewith | |||||||||||
101.SCH | — | XBRL Taxonomy Extension Schema Document | Filed Herewith | |||||||||||
101.CAL | — | XBRL Taxonomy Extension Calculation Linkbase Document | Filed Herewith | |||||||||||
101.DEF | — | XBRL Taxonomy Extension Definition Linkbase Document | Filed Herewith | |||||||||||
101.LAB | — | XBRL Taxonomy Extension Label Linkbase Document | Filed Herewith | |||||||||||
101.PRE | — | XBRL Taxonomy Extension Presentation Linkbase Document | Filed Herewith | |||||||||||
104 | — | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | Filed Herewith |
August 6, 2025 | Alamo Group Inc. | ||||
(Registrant) | |||||
/s/ Jeffery A. Leonard | |||||
Jeffery A. Leonard | |||||
President & Chief Executive Officer | |||||
(Principal Executive Officer) |
/s/ Agnieszka K. Kamps | |||||
Agnieszka K. Kamps | |||||
Executive Vice President & Chief Financial Officer | |||||
(Principal Financial Officer) |
Date: | August 6, 2025 | /s/ Jeffery A. Leonard | ||||||
Jeffery A. Leonard | ||||||||
President & Chief Executive Officer |
Date: | August 6, 2025 | /s/ Agnieszka Kamps | ||||||
Agnieszka Kamps | ||||||||
Executive Vice President & Chief Financial Officer | ||||||||
(Principal Financial Officer) |
Date: | August 6, 2025 | /s/ Jeffery A. Leonard | ||||||
Jeffery A. Leonard | ||||||||
President & Chief Executive Officer |
Date: | August 6, 2025 | /s/ Agnieszka Kamps | ||||||
Agnieszka Kamps | ||||||||
Executive Vice President & Chief Financial Officer | ||||||||
(Principal Financial Officer) |
Interim Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
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Net sales: | ||||
Total net sales | $ 419,073 | $ 416,303 | $ 810,023 | $ 841,889 |
Cost of sales | 310,781 | 308,122 | 598,890 | 622,076 |
Gross profit | 108,292 | 108,181 | 211,133 | 219,813 |
Selling, general and administrative expenses | 57,136 | 60,817 | 111,466 | 121,411 |
Amortization expense | 4,078 | 4,055 | 8,127 | 8,114 |
Income from operations | 47,078 | 43,309 | 91,540 | 90,288 |
Interest expense | (3,684) | (6,098) | (6,878) | (12,189) |
Interest income | 1,195 | 514 | 2,433 | 1,315 |
Other income (expense), net | (3,183) | (65) | (3,846) | 33 |
Income before income taxes | 41,406 | 37,660 | 83,249 | 79,447 |
Provision for income taxes | 10,300 | 9,336 | 20,343 | 19,003 |
Net Income | $ 31,106 | $ 28,324 | $ 62,906 | $ 60,444 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 2.59 | $ 2.36 | $ 5.24 | $ 5.05 |
Diluted (in dollars per share) | $ 2.57 | $ 2.35 | $ 5.21 | $ 5.02 |
Average common shares: | ||||
Basic (in shares) | 12,020 | 11,974 | 12,005 | 11,959 |
Diluted (in shares) | 12,083 | 12,044 | 12,066 | 12,032 |
Dividends declared (in dollars per share) | $ 0.30 | $ 0.26 | $ 0.60 | $ 0.52 |
Vegetation Management | ||||
Net sales: | ||||
Total net sales | $ 178,358 | $ 211,535 | $ 342,248 | $ 435,282 |
Cost of sales | 134,193 | 157,921 | 255,706 | 322,466 |
Income from operations | 12,751 | 16,006 | 26,063 | 37,685 |
Industrial Equipment | ||||
Net sales: | ||||
Total net sales | 240,715 | 204,768 | 467,775 | 406,607 |
Cost of sales | 176,588 | 150,201 | 343,184 | 299,610 |
Income from operations | $ 34,327 | $ 27,303 | $ 65,477 | $ 52,603 |
Interim Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
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Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 31,106 | $ 28,324 | $ 62,906 | $ 60,444 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments, net of tax (expense) and benefit of $(1,296) and $8, and $(1,837) and $387, respectively | 28,062 | (5,509) | 38,883 | (12,781) |
Recognition of deferred pension and other post-retirement benefits, net of tax expense of $(58) and $(68), and $(117) and $(137), respectively | 201 | 235 | 401 | 470 |
Unrealized (loss) income on derivative instruments, net of tax benefit and (expense) of $190 and $(28), and $618 and $(197), respectively | (647) | 95 | (2,110) | 673 |
Other comprehensive income (loss), net of tax | 27,616 | (5,179) | 37,174 | (11,638) |
Comprehensive income | $ 58,722 | $ 23,145 | $ 100,080 | $ 48,806 |
Interim Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
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Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustments, net of tax benefit and (expense) | $ (1,296) | $ 8 | $ (1,837) | $ 387 |
Recognition of deferred pension and other post-retirement benefits, net of tax expense | (58) | (68) | (117) | (137) |
Unrealized (loss) income on derivative instruments, net of tax benefit and (expense) | $ 190 | $ (28) | $ 618 | $ (197) |
Interim Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares |
Jun. 30, 2025 |
Dec. 31, 2024 |
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Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.1 | $ 0.1 |
Common stock, authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, outstanding (in shares) | 12,063,098 | 12,017,308 |
Treasury stock, at cost (in shares) | 82,600 | 82,600 |
Interim Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2025 |
Mar. 31, 2025 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
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Statement of Stockholders' Equity [Abstract] | ||||||
Dividends paid (in dollars per share) | $ 0.3 | $ 0.3 | $ 0.26 | $ 0.26 | $ 0.60 | $ 0.52 |
Basis of Financial Statement Presentation |
6 Months Ended |
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Jun. 30, 2025 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation General The accompanying unaudited interim condensed consolidated financial statements of Alamo Group Inc. and its subsidiaries (the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulations S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. The balance sheet at December 31, 2024 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2024 (the "2024 10-K"). Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU will result in the required additional disclosures being included in our consolidated financial statements, once adopted. In November 2024, the FASB issued ASU No. 2024-03, Expense Disaggregation Disclosures (Subtopic 220-40). The ASU requires disaggregated Income Statement Expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is also permitted. This ASU will result in the required additional disclosures being included in our consolidated financial statements, once adopted.
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Business Combinations |
6 Months Ended |
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Jun. 30, 2025 | |
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] | |
Business Combinations | Business Combinations On June 30, 2025, the Company acquired 100% of the outstanding membership interests in Ring-O-Matic, LLC (“Ring-O-Matic”) for approximately $17.6 million. Ring-O-Matic is a leading provider of trailer-mounted industrial vacuum excavation equipment. The purpose of the acquisition was to expand our current product offerings and to achieve cost and revenue synergies within our Industrial Equipment division. The Company has included the opening balance sheet for Ring-O-Matic in its consolidated financial statements; however, the impact to the consolidated balance sheet was immaterial.
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Accounts Receivable |
6 Months Ended |
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Jun. 30, 2025 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts Receivable Accounts receivable is shown net of sales discounts and the allowance for credit losses. At June 30, 2025 the Company had $12.1 million in reserves for sales discounts compared to $14.2 million at December 31, 2024 related to products shipped to our customers under various promotional programs.
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Inventories |
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Net inventories consist of the following:
Inventory obsolescence reserves were $9.9 million at June 30, 2025 and $8.3 million at December 31, 2024.
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Rental Equipment |
6 Months Ended |
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Jun. 30, 2025 | |
Property, Plant and Equipment [Abstract] | |
Rental Equipment | Rental Equipment Rental equipment is shown net of accumulated depreciation of $22.3 million and $25.0 million at June 30, 2025 and December 31, 2024, respectively. The Company recognized depreciation expense of $2.9 million and $2.5 million for the three months ended June 30, 2025 and 2024, respectively, and $5.8 million and $4.8 million for the six months ended June 30, 2025 and 2024, respectively.
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Fair Value Measurements |
6 Months Ended |
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Jun. 30, 2025 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The carrying values of certain financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses, approximate their fair value because of the short-term nature of these items. The carrying value of our debt approximates the fair value as of June 30, 2025 and December 31, 2024. This conclusion was made based on Level 2 inputs. Fair values determined by Level 2 utilize inputs that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Derivative Instruments and Hedging Activities The Company records all derivatives in accordance with ASC 815, Derivatives and Hedging, which requires derivative instruments to be reported on the condensed consolidated balance sheets at fair value and establishes criteria for designation and effectiveness of hedging relationships. The Company is exposed to market risk such as changes in foreign currencies and interest rates. The Company does not hold or issue derivative financial instruments for trading purposes. The Company may periodically utilize derivative instruments such as foreign currency or interest rate swaps in the normal course of business to partially offset exposure. The related gains and losses are reported as a component of accumulated other comprehensive loss ("AOCL") in the condensed consolidated balance sheets. The Company has two interest rate swap agreements outstanding as of June 30, 2025. The notional amount of the Company’s outstanding swap agreements is $263.8 million. The fair value of the Company’s derivative liabilities is $1.9 million as of June 30, 2025 compared to a derivative asset of $0.8 million as of December 31, 2024. In the condensed consolidated balance sheet, the fair value of the interest rate swaps is included in other long-term liabilities. The gains and losses are not material to the Company’s condensed consolidated financial statements for the periods presented.
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Goodwill and Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets The following is the summary of changes to the Company's Goodwill for the six months ended June 30, 2025:
The following is a summary of the Company's definite and indefinite-lived intangible assets net of the accumulated amortization:
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Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company leases office space and equipment under various operating and finance leases, which generally are expected to be renewed or replaced by other leases. The finance leases currently held are considered immaterial. The components of lease cost were as follows:
Maturities of operating lease liabilities were as follows:
Future Lease Commencements As of June 30, 2025, there are additional operating leases, primarily for buildings, that have not yet commenced in the amount of $1.7 million. These operating leases will commence in fiscal year 2025 with lease terms of 1 to 5 years. Supplemental balance sheet information related to leases was as follows:
Supplemental cash flow information related to leases was as follows:
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Leases | Leases The Company leases office space and equipment under various operating and finance leases, which generally are expected to be renewed or replaced by other leases. The finance leases currently held are considered immaterial. The components of lease cost were as follows:
Maturities of operating lease liabilities were as follows:
Future Lease Commencements As of June 30, 2025, there are additional operating leases, primarily for buildings, that have not yet commenced in the amount of $1.7 million. These operating leases will commence in fiscal year 2025 with lease terms of 1 to 5 years. Supplemental balance sheet information related to leases was as follows:
Supplemental cash flow information related to leases was as follows:
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Debt |
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt The components of long-term debt are as follows: As of June 30, 2025, $2.7 million of the revolver capacity was committed to irrevocable standby letters of credit issued in the ordinary course of business as required by vendors' contracts, resulting in $397.3 million in available borrowings.
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Common Stock and Dividends |
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock and Dividends | Common Stock and Dividends Dividends declared and paid on a per share basis were as follows:
On July 1, 2025, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.30 per share, which was paid on July 29, 2025, to shareholders of record at the close of business on July 16, 2025.
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Earnings Per Share |
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The following table sets forth the reconciliation from basic to diluted average common shares and the calculations of net income per common share. Net income for basic and diluted calculations do not differ.
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Revenue and Segment Information |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue and Segment Information | Revenue and Segment Information Revenues from Contracts with Customers Disaggregation of revenue is presented in the tables below by product type and by geographical location. Management has determined that this level of disaggregation would be beneficial to users of the financial statements.
Other includes rental sales, extended warranty sales and service sales as they are considered immaterial.
Net sales are attributed to countries based on the location of the customer. Segment Information The Company’s Chief Operating Decision Maker (CODM) is the Chief Executive Officer. The CODM is responsible for evaluating the performance of the Company’s operating segments. This evaluation of operating segments supports the allocation of resources, both financial and human, to optimize income from operations as the measure of segment profit and loss. Our reportable segments are our two Divisions: Vegetation Management and Industrial Equipment. The CODM focuses heavily on operating performance and reviews mainly non-GAAP measures, such as bookings and backlog, absorption, and headcount. The CODM does not utilize asset metrics to evaluate the segment performance.The GAAP measures used are: •Division Net Sales •Division Cost of Sales •Division Operating Expenses •Division Income from Operations The following includes a summary of the unaudited financial information by reporting segment at June 30, 2025:
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Accumulated Other Comprehensive Loss |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component, net of tax, were as follows:
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Subsequent Events |
6 Months Ended |
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Jun. 30, 2025 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On July 4, 2025, President Trump signed into law Public Law 119-21, commonly known as the One Big Beautiful Bill Act (the “Act”). The Act contained several tax reform proposals that could impact the Company’s current deferred tax liabilities and assets. A company is required to adjust current and deferred tax liabilities and assets for the effects of changes in tax laws or rates in the interim period that includes the enactment date. As the Act was signed into law subsequent to the current interim period, the impact of the Act on the Company’s current and deferred tax liabilities and assets are not included in this quarterly filing. The Company is evaluating the expected impact to the financial statements. |
Insider Trading Arrangements |
3 Months Ended |
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Jun. 30, 2025 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Financial Statement Presentation (Policies) |
6 Months Ended |
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Jun. 30, 2025 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | General The accompanying unaudited interim condensed consolidated financial statements of Alamo Group Inc. and its subsidiaries (the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulations S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. The balance sheet at December 31, 2024 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2024 (the "2024 10-K").
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Accounting Pronouncements Not Yet Adopted | Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU will result in the required additional disclosures being included in our consolidated financial statements, once adopted. In November 2024, the FASB issued ASU No. 2024-03, Expense Disaggregation Disclosures (Subtopic 220-40). The ASU requires disaggregated Income Statement Expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is also permitted. This ASU will result in the required additional disclosures being included in our consolidated financial statements, once adopted.
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Fair Value Measurements | The carrying values of certain financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses, approximate their fair value because of the short-term nature of these items. The carrying value of our debt approximates the fair value as of June 30, 2025 and December 31, 2024. This conclusion was made based on Level 2 inputs. Fair values determined by Level 2 utilize inputs that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. |
Derivative Instruments and Hedging Activities | The Company records all derivatives in accordance with ASC 815, Derivatives and Hedging, which requires derivative instruments to be reported on the condensed consolidated balance sheets at fair value and establishes criteria for designation and effectiveness of hedging relationships. The Company is exposed to market risk such as changes in foreign currencies and interest rates. The Company does not hold or issue derivative financial instruments for trading purposes. The Company may periodically utilize derivative instruments such as foreign currency or interest rate swaps in the normal course of business to partially offset exposure. The related gains and losses are reported as a component of accumulated other comprehensive loss ("AOCL") in the condensed consolidated balance sheets.
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Inventories (Tables) |
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Schedule of Net Inventories | Net inventories consist of the following:
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Goodwill and Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes to Company's Goodwill | The following is the summary of changes to the Company's Goodwill for the six months ended June 30, 2025:
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Schedule of Definite-Lived Intangible Assets | The following is a summary of the Company's definite and indefinite-lived intangible assets net of the accumulated amortization:
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Schedule of Indefinite-Lived Intangible Assets | The following is a summary of the Company's definite and indefinite-lived intangible assets net of the accumulated amortization:
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Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Lease Cost | The components of lease cost were as follows:
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Schedule of Maturities of Operating Lease Liabilities | Maturities of operating lease liabilities were as follows:
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Schedule of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows:
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Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows:
|
Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Long-Term Debt | The components of long-term debt are as follows:
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Common Stock and Dividends (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Dividends Declared and Paid on Per Share Basis | Dividends declared and paid on a per share basis were as follows:
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Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reconciliation from Basic to Diluted Average Common Shares | The following table sets forth the reconciliation from basic to diluted average common shares and the calculations of net income per common share. Net income for basic and diluted calculations do not differ.
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Revenue and Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | Disaggregation of revenue is presented in the tables below by product type and by geographical location. Management has determined that this level of disaggregation would be beneficial to users of the financial statements.
Other includes rental sales, extended warranty sales and service sales as they are considered immaterial.
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Schedule of Unaudited Financial Information by Reporting Segment | The following includes a summary of the unaudited financial information by reporting segment at June 30, 2025:
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Schedule of Goodwill and Total Identifiable Assets by Reporting Segment |
|
Accumulated Other Comprehensive Loss (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Accumulated Other Comprehensive Loss | Changes in accumulated other comprehensive loss by component, net of tax, were as follows:
|
Business Combinations (Details) - Ring-O-Matic, LLC $ in Millions |
Jun. 30, 2025
USD ($)
|
---|---|
Business Combination [Line Items] | |
Percentage of outstanding membership interests acquired | 100.00% |
Acquisition price | $ 17.6 |
Accounts Receivable (Details) - USD ($) $ in Millions |
Jun. 30, 2025 |
Dec. 31, 2024 |
---|---|---|
Reserves for Sales Discounts | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Reserves for sales discounts on products shipped under promotional programs | $ 12.1 | $ 14.2 |
Inventories - Schedule of Net Inventories (Details) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Dec. 31, 2024 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods | $ 344,217 | $ 317,169 |
Work in process | 21,996 | 21,310 |
Raw materials | 5,861 | 4,884 |
Inventories, net | $ 372,074 | $ 343,363 |
Inventories - Additional Information (Details) - USD ($) $ in Millions |
Jun. 30, 2025 |
Dec. 31, 2024 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Inventory obsolescence reserves | $ 9.9 | $ 8.3 |
Rental Equipment (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
Dec. 31, 2024 |
|
Property, Plant and Equipment [Line Items] | |||||
Accumulated depreciation | $ 210,905 | $ 210,905 | $ 207,276 | ||
Depreciation expense | 13,398 | $ 13,279 | |||
Rental Equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Accumulated depreciation | 22,300 | 22,300 | $ 25,000 | ||
Depreciation expense | $ 2,900 | $ 2,500 | $ 5,800 | $ 4,800 |
Fair Value Measurements (Details) - Interest Rate Swap $ in Millions |
Jun. 30, 2025
USD ($)
agreement
|
Dec. 31, 2024
USD ($)
|
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Number of interest rate swap agreements outstanding | agreement | 2 | |
Notional amount of outstanding swap agreements | $ 263.8 | |
Derivative liability | $ 1.9 | |
Derivative asset | $ 0.8 |
Goodwill and Intangible Assets - Schedule of Changes to Company's Goodwill (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2025
USD ($)
| |
Goodwill [Roll Forward] | |
Beginning balance | $ 203,027 |
Translation adjustment | 4,949 |
Goodwill acquired | 13,631 |
Ending balance | 221,607 |
Vegetation Management | |
Goodwill [Roll Forward] | |
Beginning balance | 126,729 |
Translation adjustment | 3,260 |
Goodwill acquired | 0 |
Ending balance | 129,989 |
Industrial Equipment | |
Goodwill [Roll Forward] | |
Beginning balance | 76,298 |
Translation adjustment | 1,689 |
Goodwill acquired | 13,631 |
Ending balance | $ 91,618 |
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 4,078 | $ 4,055 | $ 8,127 | $ 8,114 |
Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
Finance lease cost: | ||||
Amortization of right-of-use assets | $ 2 | $ 2 | $ 4 | $ 4 |
Operating lease cost | 1,948 | 1,802 | 3,827 | 3,464 |
Short-term lease cost | 295 | 395 | 976 | 870 |
Variable lease cost | 54 | 78 | 108 | 151 |
Total lease cost | $ 2,299 | $ 2,277 | $ 4,915 | $ 4,489 |
Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Dec. 31, 2024 |
---|---|---|
Future Minimum Lease Payments | ||
Remainder of fiscal year | $ 3,564 | |
Year one | 6,351 | $ 6,998 |
Year two | 4,172 | 5,719 |
Year three | 2,135 | 3,595 |
Year four | 1,538 | 1,556 |
Year five | 927 | |
Thereafter | 1,188 | |
Thereafter | 914 | |
Total minimum lease payments | 18,948 | 19,709 |
Less imputed interest | (1,411) | (1,432) |
Total operating lease liabilities | $ 17,537 | $ 18,277 |
Leases - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Dec. 31, 2024 |
---|---|---|
Operating Leases | ||
Other non-current assets | $ 17,202 | $ 18,099 |
Operating lease, right-of-use asset, Statement of financial position [Extensible Enumeration] | Other non-current assets | Other non-current assets |
Accrued liabilities | $ 6,413 | $ 6,449 |
Operating lease, liability, current, statement of financial position [Extensible Enumeration] | Accrued liabilities | Accrued liabilities |
Other long-term liabilities | $ 11,124 | $ 11,828 |
Operating lease, liability, noncurrent, statement of financial position [Extensible Enumeration] | Other long-term liabilities | Other long-term liabilities |
Total operating lease liabilities | $ 17,537 | $ 18,277 |
Weighted Average Remaining Lease Term | 3 years 4 months 28 days | 3 years 5 months 26 days |
Weighted Average Discount Rate | 4.63% | 4.57% |
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
|
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 3,454 | $ 3,175 |
Debt - Schedule of Components of Long-Term Debt (Details) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Dec. 31, 2024 |
---|---|---|
Debt Instrument [Line Items] | ||
Finance lease obligations | $ 3 | $ 6 |
Total debt | 213,115 | 220,481 |
Less current maturities | 15,000 | 15,008 |
Total long-term debt | 198,115 | 205,473 |
Term debt | ||
Debt Instrument [Line Items] | ||
Long-term debt | 213,112 | 220,475 |
Line of Credit | Bank revolving credit facility | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 0 | $ 0 |
Debt - Additional Information (Details) $ in Millions |
Jun. 30, 2025
USD ($)
|
---|---|
Standby Letters of Credit | |
Debt Instrument [Line Items] | |
Amount of capacity | $ 2.7 |
Revolving Line of Credit | |
Debt Instrument [Line Items] | |
Available borrowings | $ 397.3 |
Common Stock and Dividends - Schedule of Dividend Declared and Paid on Per Share Basis (Details) - $ / shares |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2025 |
Mar. 31, 2025 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
Stockholders' Equity Note [Abstract] | ||||||
Dividends declared (in dollars per share) | $ 0.30 | $ 0.26 | $ 0.60 | $ 0.52 | ||
Dividends paid (in dollars per share) | $ 0.3 | $ 0.3 | $ 0.26 | $ 0.26 | $ 0.60 | $ 0.52 |
Common Stock and Dividends - Additional Information (Details) - $ / shares |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jul. 29, 2025 |
Jul. 01, 2025 |
Jun. 30, 2025 |
Mar. 31, 2025 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
Class of Stock [Line Items] | ||||||||
Dividends declared (in dollars per share) | $ 0.30 | $ 0.26 | $ 0.60 | $ 0.52 | ||||
Dividends paid (in dollars per share) | $ 0.3 | $ 0.3 | $ 0.26 | $ 0.26 | $ 0.60 | $ 0.52 | ||
Subsequent Event | ||||||||
Class of Stock [Line Items] | ||||||||
Dividends declared (in dollars per share) | $ 0.3 | |||||||
Dividends paid (in dollars per share) | $ 0.3 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
Earnings Per Share [Abstract] | ||||
Net income | $ 31,106 | $ 28,324 | $ 62,906 | $ 60,444 |
Average Common Shares: | ||||
Basic (weighted-average outstanding shares) (in shares) | 12,020 | 11,974 | 12,005 | 11,959 |
Dilutive potential common shares from stock options (in shares) | 63 | 70 | 61 | 73 |
Diluted (weighted-average outstanding shares) (in shares) | 12,083 | 12,044 | 12,066 | 12,032 |
Basic earnings per share (in dollars per share) | $ 2.59 | $ 2.36 | $ 5.24 | $ 5.05 |
Diluted earnings per share (in dollars per share) | $ 2.57 | $ 2.35 | $ 5.21 | $ 5.02 |
Revenue and Segment Information - Schedule of Disaggregation of Revenue by Product Type (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
Disaggregation of Revenue [Line Items] | ||||
Net Sales | $ 419,073 | $ 416,303 | $ 810,023 | $ 841,889 |
Wholegoods | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 339,095 | 328,120 | 652,235 | 671,698 |
Parts | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 63,044 | 71,579 | 124,420 | 141,080 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | $ 16,934 | $ 16,604 | $ 33,368 | $ 29,111 |
Revenue and Segment Information - Additional Information (Details) |
6 Months Ended |
---|---|
Jun. 30, 2025
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Revenue and Segment Information - Schedule of Unaudited Financial Information by Reporting Segment (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
Segment Reporting Information [Line Items] | ||||
Net Sales | $ 419,073 | $ 416,303 | $ 810,023 | $ 841,889 |
Cost of Sales | (310,781) | (308,122) | (598,890) | (622,076) |
Operating Expenses | (61,214) | (64,872) | (119,593) | (129,525) |
Income from operations | 47,078 | 43,309 | 91,540 | 90,288 |
Interest Income | 1,195 | 514 | 2,433 | 1,315 |
Other Income (Expense) | (3,183) | (65) | (3,846) | 33 |
Interest Expense | (3,684) | (6,098) | (6,878) | (12,189) |
Income before income taxes | 41,406 | 37,660 | 83,249 | 79,447 |
Taxes | 10,300 | 9,336 | 20,343 | 19,003 |
Net Income | 31,106 | 28,324 | 62,906 | 60,444 |
Vegetation Management | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 178,358 | 211,535 | 342,248 | 435,282 |
Cost of Sales | (134,193) | (157,921) | (255,706) | (322,466) |
Operating Expenses | (31,414) | (37,608) | (60,479) | (75,131) |
Income from operations | 12,751 | 16,006 | 26,063 | 37,685 |
Industrial Equipment | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 240,715 | 204,768 | 467,775 | 406,607 |
Cost of Sales | (176,588) | (150,201) | (343,184) | (299,610) |
Operating Expenses | (29,800) | (27,264) | (59,114) | (54,394) |
Income from operations | $ 34,327 | $ 27,303 | $ 65,477 | $ 52,603 |
Revenue and Segment Information - Schedule of Goodwill and Total Identifiable Assets by Reporting Segment (Details) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Dec. 31, 2024 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Goodwill | $ 221,607 | $ 203,027 |
Identifiable Assets | 1,557,649 | 1,450,279 |
Vegetation Management | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 129,989 | 126,729 |
Identifiable Assets | 916,153 | 852,007 |
Industrial Equipment | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 91,618 | 76,298 |
Identifiable Assets | $ 641,496 | $ 598,272 |
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