SEGUIN, Texas, Nov. 4, 2015 /PRNewswire/ -- Alamo Group Inc.
(NYSE: ALG) today reported results for the third quarter ended
September 30, 2015.
Highlights for the Quarter
- Record net income of $14.8
million
- Record net earnings per diluted share of $1.28
- Operating profit margins over 10% for the quarter
- Net sales down 1.4% due to currency translation
- Agricultural and Industrial sales up despite market
headwinds
- European sales down due to exchange rates
- Record nine month sales of $655.1
million
- Record nine month net income of $31.8
million
- Backlog increases to a record $175.0
million
Net sales for the third quarter of 2015 were $231.6 million compared with net sales of
$234.8 million for the third quarter
of 2014, a decrease of 1.4%. Net income for the quarter was a
record $14.8 million, or $1.28 per diluted share, versus net income of
$13.4 million, or $1.10 per diluted share, for the comparable
period in 2014. The sales for the quarter were negatively
impacted by $9.8 million in currency
translation effects as a result of the stronger U.S. dollar
compared to other currencies in which the Company conducts
business(1). The results for the quarter also
include the effects of the acquisition of Herder in Brazil which occurred in March, 2015.
This accounted for $0.6 million in
net sales and $0.04 million in net
earnings for the quarter(1). Also, impacting the
earnings per share were the effects of a stock repurchase of 7.0%
of the Company's outstanding shares completed in September,
2014.
For the first nine months of 2015, net sales were a record
$655.1 million compared to
$615.1 million in the previous year,
an increase of 6.5%. Net income for the nine month period was
a record $31.8 million, or
$2.77 per diluted share, compared to
$29.8 million, or $2.43 per diluted share, in 2014, an increase of
6.8% in net income and 14.0% in earnings per share. The
results for the nine months include the effects of the acquisition
of Herder described above, plus the acquisition of the units of
Specialized Industries, which was completed in May, 2014, the
acquisition of Fieldquip in Australia in April, 2014 and the acquisition
of Kelland's in the U.K. in April, 2014(1). For
the Company's nine month results, these acquisitions contributed
$83.0 million in net sales and
$2.2 million in net earnings for 2015
and $19.0 million in net sales and
$1.6 million in net earnings for
2014(1) during the partial time the acquisitions were
with Alamo Group.
Also impacting the nine month earnings per share results was the
effect of the 2014 stock repurchase mentioned previously, and, as
with the quarter, the nine month sales were negatively impacted by
$27.8 million in currency
translation(1). A summary outlining the effects
the acquisitions, share repurchase and currency translation had on
the third quarter and first nine months of 2015 is included as an
attachment to this report.
Sales by Division
Alamo Group's Industrial Division net sales in the third quarter
of 2015 were $127.4 million compared
to $126.4 million in 2014, an
increase of 0.8%. The majority of the sales in this Division
are to governmental end users for infrastructure maintenance which
held up well during the quarter, whereas sales to other end users
by this Division remained soft. For the first nine months of
2015, net sales in the Division were $362.8
million versus $309.5 million
in 2014, an increase of 17.2%. The majority of this increase
related to the acquisition of the units of Specialized described
previously. Excluding the effects of the Specialized
acquisition, net sales for the first nine months were $284.4 million compared to $290.6 million in the previous
year(1).
The Company's Agricultural Division reported net sales of
$58.92 million in the third quarter,
a slight increase compared to the $58.87
million achieved in 2014. For the first nine months,
the Division's net sales were $160.4
million in 2015 versus $163.3
million for the comparable period in 2014, a decrease of
1.8%. Excluding the effects of the acquisition of Herder, net
sales in the Division were $58.3
million in the third quarter of 2015 and $158.2 million for the first nine months of the
year(1). Sales in the Agricultural Division held
up well despite continued weakness in the agricultural market.
Alamo's European Division net
sales in the third quarter of 2015 were $45.3 million versus $49.6
million in the prior year, a decrease of 8.6%. The
decrease was primarily related to currency changes as sales in
local currency were up 3.0%(1). For the first nine
months of 2015, net sales were $132.0
million versus $142.3 million
in the prior year, a decrease of 7.2%, though again, in local
currency net sales were up 6.0%(1). Excluding the
effects of the acquisition of Kellands, net sales in the Division
were $129.5 million for the first
nine months compared to $142.3
million in the previous year period(1). Despite
continued weakness in the overall European economies, the Division
continued to show positive improvement in local currency.
Ron Robinson, Alamo Group's
President and CEO commented, "We were pleased with our third
quarter results that included record earnings and continued
improvement in operating margins, even though several of our
markets remain soft. The third quarter results also provided
a good indication of Alamo's
potential since there was a minimal impact of the non-operating
issues that sometimes affect results. For the quarter, there
were only minor effects due to acquisitions, inventory step up
costs, acquisition costs, etc., which helped reveal the Company's
margin potential. These operating improvements were achieved
even with slightly lower sales as we continue to face a variety of
headwinds such as weak agricultural market conditions, a soft
overall European economic situation and the currency translation
declines due to the strong U.S. dollar.
"In light of these market conditions, we are pleased with the
sales level we were able to achieve in the quarter as well.
Though our sales were down 1.4% for the quarter, without the change
in rates in currency translation compared to last year, our sales
for the year would have been up 11.0%(1). This
reflects the ongoing strength of our brands and stability of our
core markets. In local currency our European sales are up
despite the lingering softness in that market. And, while the
agricultural sector continues to show double digit decreases, the
fact that we were able to maintain sales at the same level as last
year reflects both the broader applicability of our product range
across all types of farming and ranching as well as the
effectiveness of our marketing initiatives.
"Lastly, the increase in our backlog provides a positive
indication of our ongoing ability to perform even with market
conditions that remain less than ideal. We appreciate the
determination and dedication of all of our people who continue to
drive Alamo Group forward."
Earnings Conference Call
Alamo Group will host a conference call to discuss the third
quarter results on Thursday, November 5,
2015 at 11:00 a.m. Eastern
(10:00 a.m. Central, 9:00 a.m. Mountain and 8:00 a.m. Pacific). Hosting the call will
be members of senior management.
Individuals wishing to participate in the conference call should
dial 800-768-6563 (domestic) or 785-830-7991 (internationally). For
interested individuals unable to join the call, a replay will be
available until Thursday, November 12,
2015 by dialing 888-203-1112 (domestic) or 719-457-0820
(internationally), passcode 986453.
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 &
Presentations") on Thursday, November 5,
2015, beginning at 11:00 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 infrastructure
maintenance, agriculture 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 and related after-market parts and services. The
Company, founded in 1969, has approximately 3,100 employees and
operates 25 plants in North
America, Europe,
Australia and Brazil as of September
30, 2015. The corporate offices of Alamo Group Inc.
are located in Seguin, Texas and
the headquarters for the Company's European operations are located
in Salford Priors, England.
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: market
demand, 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) In this earnings release, Alamo Group reports net
sales excluding the impact of the acquisitions and excluding the
impact of currency translation which are both non-GAAP financial
measures. The Company considers this information useful to
investors to allow better comparability of period-to-period
operating performance. Attachments 1, 2 and 3 to this
earnings release contains a revenue reconciliation of the non-GAAP
financial measure to the comparable GAAP financial measure.
Alamo Group Inc.
and Subsidiaries
Condensed
Consolidated Balance Sheets
(in thousands)
(Unaudited)
|
|
|
September 30,
2015
|
September 30,
2014
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
42,657
|
|
|
|
$
|
38,644
|
|
|
Accounts receivable,
net
|
|
175,940
|
|
|
|
178,072
|
|
|
Inventories
|
|
174,423
|
|
|
|
183,797
|
|
|
Other current
assets
|
|
11,187
|
|
|
|
13,761
|
|
|
Total current
assets
|
|
404,207
|
|
|
|
414,274
|
|
|
|
|
|
|
|
|
|
Rental equipment,
net
|
|
42,214
|
|
|
|
28,927
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
67,117
|
|
|
|
72,416
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
76,082
|
|
|
|
71,996
|
|
|
Intangible
assets
|
|
53,908
|
|
|
|
62,028
|
|
|
Other non-current
assets
|
|
1,394
|
|
|
|
4,699
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
644,922
|
|
|
|
$
|
654,340
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Trade accounts
payable
|
|
$
|
60,952
|
|
|
|
$
|
68,701
|
|
|
Income taxes
payable
|
|
1,131
|
|
|
|
3,111
|
|
|
Accrued
liabilities
|
|
37,413
|
|
|
|
44,391
|
|
|
Current maturities of
long-term debt and capital lease obligations
|
|
473
|
|
|
|
852
|
|
|
Other current
liabilities
|
|
302
|
|
|
|
884
|
|
|
Total current
liabilities
|
|
100,271
|
|
|
|
117,939
|
|
|
|
|
|
|
|
|
|
Long-term debt, net of
current maturities
|
|
175,005
|
|
|
|
190,005
|
|
|
Deferred pension
liability
|
|
4,337
|
|
|
|
1,264
|
|
|
Other long-term
liabilities
|
|
6,084
|
|
|
|
3,843
|
|
|
Deferred income
taxes
|
|
5,125
|
|
|
|
3,825
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
354,100
|
|
|
|
337,464
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
644,922
|
|
|
|
$
|
654,340
|
|
|
Alamo Group Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
|
|
|
|
|
|
Third Quarter
Ended
|
|
Nine Months
Ended
|
|
9/30/2015
|
|
9/30/2014
|
|
9/30/2015
|
|
9/30/2014
|
|
|
|
|
|
|
|
|
Industrial
|
$
|
127,385
|
|
|
$
|
126,356
|
|
|
$
|
362,818
|
|
|
$
|
309,543
|
|
Agricultural
|
58,918
|
|
|
58,872
|
|
|
160,356
|
|
|
163,315
|
|
European
|
45,310
|
|
|
49,555
|
|
|
131,971
|
|
|
142,286
|
|
Total
net sales
|
231,613
|
|
|
234,783
|
|
|
655,145
|
|
|
615,144
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
174,105
|
|
|
179,343
|
|
|
501,435
|
|
|
474,288
|
|
Gross margin
|
57,508
|
|
|
55,440
|
|
|
153,710
|
|
|
140,856
|
|
|
24.8
|
%
|
|
23.6
|
%
|
|
23.5
|
%
|
|
22.9
|
%
|
|
|
|
|
|
|
|
|
Operating expenses
|
33,939
|
|
|
33,914
|
|
|
101,578
|
|
|
93,903
|
|
Income from operations
|
23,569
|
|
|
21,526
|
|
|
52,132
|
|
|
46,953
|
|
|
10.2
|
%
|
|
9.2
|
%
|
|
8.0
|
%
|
|
7.6
|
%
|
|
|
|
|
|
|
|
|
Interest expense
|
(1,671)
|
|
|
(1,497)
|
|
|
(5,142)
|
|
|
(2,780)
|
|
Interest income
|
27
|
|
|
41
|
|
|
120
|
|
|
137
|
|
Other income (expense)
|
895
|
|
|
421
|
|
|
2,243
|
|
|
1,048
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
22,820
|
|
|
20,491
|
|
|
49,353
|
|
|
45,358
|
|
Provision for income taxes
|
8,065
|
|
|
7,124
|
|
|
17,529
|
|
|
15,558
|
|
|
|
|
|
|
|
|
|
Net Income
|
$
|
14,755
|
|
|
$
|
13,367
|
|
|
$
|
31,824
|
|
|
$
|
29,800
|
|
|
|
|
|
|
|
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
1.30
|
|
|
$
|
1.11
|
|
|
$
|
2.81
|
|
|
$
|
2.47
|
|
|
|
|
|
|
|
|
|
Diluted
|
$
|
1.28
|
|
|
$
|
1.10
|
|
|
$
|
2.77
|
|
|
$
|
2.43
|
|
|
|
|
|
|
|
|
|
Average common shares:
|
|
|
|
|
|
|
|
Basic
|
11,380
|
|
|
12,050
|
|
|
11,337
|
|
|
12,077
|
|
|
|
|
|
|
|
|
|
Diluted
|
11,496
|
|
|
12,206
|
|
|
11,477
|
|
|
12,251
|
|
|
|
|
|
|
|
|
|
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 positions, 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.
In this earnings release, Alamo Group reports each of net sales,
operating income and net income excluding the impact of
acquisitions which are non-GAAP financial measures. The
Company considers this information useful to investors to allow
better comparability of period-to-period operating
performance. Attachment 1 to this earnings release contains a
revenue reconciliation of these non-GAAP financial measures to the
comparable GAAP financial measure. Attachment 2 discloses
Adjusted Operating Income, Adjusted Net Income, Adjusted Diluted
EPS each adjusted to exclude the impact of inventory step up charge
and transaction costs connected to the acquisitions and additional
stock expense related to the accelerated vesting options to
retirement eligible recipients, all of which are non-GAAP financial
measures. The Company believes that providing Operating
Income and Net Income exclusive of these adjustments, is useful to
investors to allow better comparability of period-to-period
operating preference. Attachment 2 sets forth a
reconciliation of each such non-GAAP financial measure to its most
directly comparable GAAP measure.
Alamo Group
Inc.
Non-GAAP Financial
Reconciliation
(in
thousands)
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Net Sales
(consolidated) - GAAP
|
|
$
|
231,613
|
|
|
$
|
234,783
|
|
|
$
|
655,145
|
|
|
$
|
615,144
|
|
(less:
net sales attributable to acquisitions)
|
|
(583)
|
|
|
—
|
|
|
(83,036)
|
|
|
(18,976)
|
|
Net Sales less
acquisitions (consolidated) - non-GAAP
|
|
$
|
231,030
|
|
|
$
|
234,783
|
|
|
$
|
572,109
|
|
|
$
|
596,168
|
|
|
|
|
|
|
|
|
|
|
Net Sales (Industrial
Division) - GAAP
|
|
$
|
127,385
|
|
|
$
|
126,356
|
|
|
$
|
362,818
|
|
|
$
|
309,543
|
|
(less:
net sales attributable to acquisition)
|
|
—
|
|
|
—
|
|
|
(78,425)
|
|
|
(18,976)
|
|
Net Sales less
acquisitions (N.A. Industrial Division) - non-GAAP
|
|
$
|
127,385
|
|
|
$
|
126,356
|
|
|
$
|
284,393
|
|
|
$
|
290,567
|
|
|
|
|
|
|
|
|
|
|
Net Sales
(Agricultural Division) - GAAP
|
|
$
|
58,918
|
|
|
$
|
58,872
|
|
|
$
|
160,356
|
|
|
$
|
163,315
|
|
(less:
net sales attributable to acquisitions)
|
|
(583)
|
|
|
—
|
|
|
(2,157)
|
|
|
—
|
|
Net Sales less
acquisitions (N.A. Agricultural Division) - non-GAAP
|
|
$
|
58,335
|
|
|
$
|
58,872
|
|
|
$
|
158,199
|
|
|
$
|
163,315
|
|
|
|
|
|
|
|
|
|
|
Net Sales (European
Division) - GAAP
|
|
$
|
45,310
|
|
|
$
|
49,555
|
|
|
$
|
131,971
|
|
|
$
|
142,286
|
|
(less:
net sales attributable to acquisition)
|
|
—
|
|
|
—
|
|
|
(2,454)
|
|
|
—
|
|
Net Sales less
acquisitions (European Division) - non-GAAP
|
|
$
|
45,310
|
|
|
$
|
49,555
|
|
|
$
|
129,517
|
|
|
$
|
142,286
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(consolidated) - GAAP
|
|
$
|
23,569
|
|
|
$
|
21,526
|
|
|
$
|
52,132
|
|
|
$
|
46,953
|
|
(less:
operating income attributable to acquisitions)
|
|
(37)
|
|
|
—
|
|
|
(5,851)
|
|
|
(2,553)
|
|
Operating Income less
acquisitions (consolidated) - non-GAAP
|
|
$
|
23,532
|
|
|
$
|
21,526
|
|
|
$
|
46,281
|
|
|
$
|
44,400
|
|
|
|
|
|
|
|
|
|
|
Net Income
(consolidated) - GAAP
|
|
$
|
14,755
|
|
|
$
|
13,367
|
|
|
$
|
31,824
|
|
|
$
|
29,800
|
|
(less:
net income attributable to acquisitions)
|
|
(40)
|
|
|
—
|
|
|
(2,167)
|
|
|
(1,601)
|
|
Net Income less
acquisitions (consolidated) - non-GAAP
|
|
$
|
14,715
|
|
|
$
|
13,367
|
|
|
$
|
29,657
|
|
|
$
|
28,199
|
|
Alamo Group
Inc.
Non-GAAP Financial
Reconciliation
(in thousands,
except per share numbers)
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Operating Income -
GAAP
|
|
$
|
23,569
|
|
|
$
|
21,526
|
|
|
$
|
52,132
|
|
|
$
|
46,953
|
|
(add: inventory
step charge)
|
|
209
|
|
|
1,139
|
|
|
2,740
|
|
|
1,139
|
|
(add: expenses relating to system
conversion)
|
|
341
|
|
|
—
|
|
|
1,011
|
|
|
—
|
|
(add: transaction cost relating to
acquisitions)
|
|
—
|
|
|
131
|
|
|
—
|
|
|
1,839
|
|
Adjusted Operating Income - non-GAAP
|
|
$
|
24,119
|
|
|
$
|
22,796
|
|
|
$
|
55,883
|
|
|
$
|
49,931
|
|
|
|
|
|
|
|
|
|
|
Net Income -
GAAP
|
|
$
|
14,755
|
|
|
$
|
13,367
|
|
|
$
|
31,824
|
|
|
$
|
29,800
|
|
Adjustments
(after tax):
|
|
|
|
|
|
|
|
|
(add: inventory
step charge)
|
|
135
|
|
|
724
|
|
|
1,763
|
|
|
724
|
|
(add: expenses relating to system
conversion)
|
|
220
|
|
|
—
|
|
|
651
|
|
|
—
|
|
(add:
transaction cost relating to acquisitions)
|
|
—
|
|
|
83
|
|
|
—
|
|
|
1,169
|
|
Adjusted Net
Income - non-GAAP
|
|
$
|
15,110
|
|
|
$
|
14,174
|
|
|
$
|
34,238
|
|
|
$
|
31,693
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS -
GAAP
|
|
$
|
1.28
|
|
|
$
|
1.10
|
|
|
$
|
2.77
|
|
|
$
|
2.43
|
|
(add: inventory
step charge)
|
|
0.01
|
|
|
0.06
|
|
|
0.15
|
|
|
0.06
|
|
(add: expenses relating to system
conversion)
|
|
0.02
|
|
|
—
|
|
|
0.06
|
|
|
—
|
|
(add:
transaction cost relating to acquisitions)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.10
|
|
Adjusted Diluted
EPS - non-GAAP
|
|
$
|
1.31
|
|
|
$
|
1.16
|
|
|
$
|
2.98
|
|
|
$
|
2.59
|
|
Alamo Group
Inc.
Non-GAAP Financial
Reconciliation
(in
thousands)
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
September 30,
|
|
|
|
Change due to
currency translation
|
|
2015
|
|
2014
|
|
% change from
2014
|
|
$
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial
|
$
|
127,385
|
|
|
$
|
126,356
|
|
|
0.8
|
%
|
|
$
|
(2,868)
|
|
|
(2.3)%
|
|
Agricultural
|
58,918
|
|
|
58,872
|
|
|
0.1
|
%
|
|
(1,158)
|
|
|
(2.0)%
|
|
European
|
45,310
|
|
|
49,555
|
|
|
(8.6)%
|
|
|
(5,761)
|
|
|
(11.6)%
|
|
|
$
|
231,613
|
|
|
$
|
234,783
|
|
|
(1.4)%
|
|
|
$
|
(9,787)
|
|
|
(4.2)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
September 30,
|
|
|
|
Change due to
currency translation
|
|
2015
|
|
2014
|
|
% change from
2014
|
|
$
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial
|
$
|
362,818
|
|
|
$
|
309,543
|
|
|
17.2
|
%
|
|
$
|
(5,815)
|
|
|
(1.9)%
|
|
Agricultural
|
160,356
|
|
|
163,315
|
|
|
(1.8)%
|
|
|
(2,481)
|
|
|
(1.5)%
|
|
European
|
131,971
|
|
|
142,286
|
|
|
(7.2)%
|
|
|
(19,470)
|
|
|
(13.7)%
|
|
|
$
|
655,145
|
|
|
$
|
615,144
|
|
|
6.5
|
%
|
|
$
|
(27,766)
|
|
|
(4.5)%
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/alamo-group-announces-2015-third-quarter-results-300172776.html
SOURCE Alamo Group Inc.