SEGUIN, Texas, March 3, 2016 /PRNewswire/ -- Alamo Group Inc.
(NYSE: ALG) today reported results for the fourth quarter and year
ended December 31, 2015.
Highlights
- Net sales for the fourth quarter of $224.4 million, slightly above prior year's
record level
- Industrial Division up 7.5%
- Agricultural Division down (6.1)%
- European Division down (12.6)%
- Net income for the fourth quarter of $11.4 million, slightly above prior year's record
level
- Earnings per share for the fourth quarter of $0.99, down (1)%
- Record net sales for full year of $879.6
million, up 5%
- Record net income for full year of $43.2
million, up 5%
- Record earnings per share for full year of $3.76, up 10%
Results for the Quarter
Net sales for the fourth
quarter of 2015 were $224.4 million
compared to net sales of $223.9
million for the fourth quarter of 2014, an increase of 0.2%.
Net income for the quarter was $11.4
million, or $0.99 per diluted
share, versus net income of $11.4
million, or $1.00 per diluted
share, for the comparable period in 2014. The sales for the
quarter were negatively impacted by $7.3
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. Herder accounted for $0.4
million in net sales and a net loss of $(0.04) million for the
quarter(1). In addition, there were two
significant events in Alamo's
European Division which affected the results for the quarter, both
of which occurred in December. The first was a sale of a
portion of excess land in the U.K. which resulted in a net gain
after tax of $2.5 million and the
second was an after tax reserve of $1.9
million that relates to a restructuring and consolidation of
the Company's Faucheux operation in France(1). A summary
outlining the effects these items had on the Company's results is
included in the attachments to this earnings release.
Excluding the acquisition of Herder and the two events in
Europe, net sales for the quarter
were $224.0 million and net income
was $10.8 million(1).
Full Year Results
For the full year 2015, net sales
were $879.6 million versus
$839.1 million in 2014, an increase
of 5%. Net income for the year was $43.2 million, or $3.76 per diluted share, compared to $41.2 million, or $3.42 per diluted share in 2014, an increase of
5% in net earnings and 10% in earnings per share. Net sales
and net income for both the fourth quarter and full year of 2015
were records for the Alamo Group. The results for the full
year were affected by the previously referenced events in the
fourth quarter and additionally by 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. A summary of the
effects these factors had on the Company's full year results is
also included in the attachments.
Sales by Division
Alamo Group's Industrial Division
net sales in the fourth quarter of 2015 were $135.9 million compared to $126.5 million in the fourth quarter of 2014, an
increase of 8%. For the full year the Division's net sales
were $498.8 million in 2015 compared
to $436.0 million in 2014, an
increase of 14%. The acquisition of the units of Specialized
was a major contributor to the full year increase, but had no
effect on the fourth quarter increase which was the result of
internal growth as the Division had a strong finish to the year,
particularly in its snow removal, mowing and street sweeping
equipment.
Alamo's Agricultural Division
recorded net sales of $47.9 million
in the fourth quarter of 2015 compared to $51.0 million in the prior year, a decrease of
6%. The Division's full year net sales were $208.3 million in 2015 versus $214.3 million in 2014, a decrease of 3%.
Excluding the effects of the acquisition of Herder, sales in the
Division were $47.5 million in the
fourth quarter and $205.7 million for
the full year(1). Despite the continuing weakness
in the overall agricultural market, sales in the Division held up
well and margins continued to improve as a result of our
manufacturing initiatives.
Alamo Group's European Division net sales in the fourth quarter
of 2015 were $40.6 million, a
decrease of 13% versus net sales of $46.4
million in the previous year. For the full year net
sales in the Division were $172.6
million, 9% below the $188.7
million achieved in 2014. The decreases were primarily
related to changes in exchange rates, though the overall European
market remains weak and the agricultural sector, as in North America, is down.
Ron Robinson, Alamo Group's
President and CEO commented, "We are pleased with Alamo's progress in 2015. While many of
our markets are weak and we continue to be impacted by the effects
of the strong U.S. dollar on international sales, we managed to
improve net sales and net income over the record levels achieved in
the previous year with steadily improving margins.
"In many ways it was a complicated year as we worked on
integrating recent acquisitions, began a restructuring of one of
our operations in France and
continued to manage through the effects of the strong U.S. dollar
and the weak worldwide agricultural market. Yet, we remained
focused on our ongoing programs to improve our manufacturing
efficiencies, raise our margins, continue to invest in new products
and work to improve our asset utilization. And, although we
only completed one small acquisition in 2015, we remain active in
this area and are continuously evaluating new opportunities, as
acquisitions remain an ongoing element of our strategy.
"These developments give us confidence as we enter 2016.
While the headwinds in both markets and currencies are likely to
continue to affect us, we feel this should be another positive year
for our Company, though we are concerned about the fragile state of
the overall global economy. We started the year with a
healthy backlog and feel the outlook for most of our operations
remains steady. We do not see a lot of strengthening in areas
such as the agricultural sector, but we do not foresee further
declines like those that impacted the market in 2015. And,
though we do not believe the U.S. dollar will weaken in 2016, we
should have better comparables to 2015 since the major currency
changes happened over a year ago. As a result, we are
optimistic about the prospects for Alamo Group, feel confident
about our ability to deal with short term fluctuations in our
markets and remain focused on Alamo's long term growth."
Earnings Conference Call
Alamo Group will host a
conference call to discuss fourth quarter and year end 2015
financial results on Friday, March 4,
2016 at 11:00 a.m. Eastern
(10 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 888-329-8893 (domestic) or 719-325-2281
(internationally). For interested individuals unable to join
the call, a replay will be available until Friday, March 11, 2016 by dialing 888-203-1112
(domestic) or 719-457-0820 (internationally), passcode 3720549.
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 Friday, March 4,
2016, 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 3,000
employees and operates 25 plants in North
America, Europe,
Australia and Brazil as of December
31, 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.
(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)
|
|
|
December 31,
2015
|
December 31,
2014
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
26,922
|
|
|
|
$
|
39,533
|
|
|
Accounts receivable,
net
|
|
178,305
|
|
|
|
175,008
|
|
|
Inventories
|
|
150,758
|
|
|
|
166,088
|
|
|
Other current
assets
|
|
6,901
|
|
|
|
12,673
|
|
|
Total current
assets
|
|
362,886
|
|
|
|
393,302
|
|
|
|
|
|
|
|
|
|
Rental equipment,
net
|
|
37,564
|
|
|
|
33,631
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
70,950
|
|
|
|
71,170
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
75,509
|
|
|
|
75,691
|
|
|
Intangible
assets
|
|
52,950
|
|
|
|
56,984
|
|
|
Other non-current
assets
|
|
3,644
|
|
|
|
2,108
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
603,503
|
|
|
|
$
|
632,886
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Trade accounts
payable
|
|
$
|
45,486
|
|
|
|
$
|
47,741
|
|
|
Income taxes
payable
|
|
1,320
|
|
|
|
52
|
|
|
Accrued
liabilities
|
|
38,141
|
|
|
|
41,002
|
|
|
Current maturities of
long-term debt and capital lease obligations
|
|
77
|
|
|
|
551
|
|
|
Other current
liabilities
|
|
—
|
|
|
|
21
|
|
|
Total current
liabilities
|
|
85,024
|
|
|
|
89,367
|
|
|
|
|
|
|
|
|
|
Long-term debt, net
of current maturities
|
|
144,006
|
|
|
|
190,024
|
|
|
Deferred pension
liability
|
|
4,499
|
|
|
|
5,714
|
|
|
Other long-term
liabilities
|
|
5,782
|
|
|
|
5,656
|
|
|
Deferred income
taxes
|
|
3,723
|
|
|
|
4,455
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
360,469
|
|
|
|
337,670
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
603,503
|
|
|
|
$
|
632,886
|
|
|
Alamo Group Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
|
|
|
|
|
|
Fourth Quarter
Ended
|
|
Year
Ended
|
|
12/31/2015
|
|
12/31/2014
|
|
12/31/2015
|
|
12/31/2014
|
|
|
|
|
|
|
|
|
Industrial
|
$
|
135,943
|
|
|
$
|
126,475
|
|
|
$
|
498,761
|
|
|
$
|
436,018
|
|
Agricultural
|
47,900
|
|
|
51,011
|
|
|
208,257
|
|
|
214,326
|
|
European
|
40,588
|
|
|
46,425
|
|
|
172,559
|
|
|
188,711
|
|
Total Net
Sales
|
224,431
|
|
|
223,911
|
|
|
879,577
|
|
|
839,055
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
175,694
|
|
|
175,539
|
|
|
677,129
|
|
|
649,827
|
|
Gross margin
|
48,737
|
|
|
48,372
|
|
|
202,448
|
|
|
189,228
|
|
|
21.7
|
%
|
|
21.6
|
%
|
|
23.0
|
%
|
|
22.6
|
%
|
|
|
|
|
|
|
|
|
Operating Expenses
|
34,342
|
|
|
32,661
|
|
|
135,920
|
|
|
126,564
|
|
Income from Operations
|
14,395
|
|
|
15,711
|
|
|
66,528
|
|
|
62,664
|
|
|
6.4
|
%
|
|
7.0
|
%
|
|
7.6
|
%
|
|
7.5
|
%
|
|
|
|
|
|
|
|
|
Interest Expense
|
(1,582)
|
|
|
(1,257)
|
|
|
(6,724)
|
|
|
(4,037)
|
|
Interest Income
|
69
|
|
|
74
|
|
|
189
|
|
|
211
|
|
Other Income (Expense)
|
4,631
|
|
|
719
|
|
|
6,874
|
|
|
1,767
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
17,513
|
|
|
15,247
|
|
|
66,867
|
|
|
60,605
|
|
Provision for income taxes
|
6,129
|
|
|
3,896
|
|
|
23,658
|
|
|
19,454
|
|
|
|
|
|
|
|
|
|
Net Income
|
$
|
11,384
|
|
|
$
|
11,351
|
|
|
$
|
43,209
|
|
|
$
|
41,151
|
|
|
|
|
|
|
|
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
1.00
|
|
|
$
|
1.01
|
|
|
$
|
3.81
|
|
|
$
|
3.47
|
|
|
|
|
|
|
|
|
|
Diluted
|
$
|
0.99
|
|
|
$
|
1.00
|
|
|
$
|
3.76
|
|
|
$
|
3.42
|
|
|
|
|
|
|
|
|
|
Average common shares:
|
|
|
|
|
|
|
|
Basic
|
11,382
|
|
|
11,268
|
|
|
11,349
|
|
|
11,875
|
|
|
|
|
|
|
|
|
|
Diluted
|
11,500
|
|
|
11,403
|
|
|
11,482
|
|
|
12,039
|
|
|
|
|
|
|
|
|
|
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, dispositions or restructuring and consolidations
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
performance. Attachment 2 sets forth a reconciliation of each
such non-GAAP financial measure to its most directly comparable
GAAP measure. Attachment 3 discloses a non-GAAP
financial presentation related to the impact of currency
translation on net sales by division.
Alamo Group
Inc.
Non-GAAP Financial Reconciliation
(in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Net Sales
(consolidated) - GAAP
|
|
$
|
224,431
|
|
|
$
|
223,911
|
|
|
$
|
879,577
|
|
|
$
|
839,055
|
|
(less:
net sales attributable to acquisitions)
|
|
(446)
|
|
|
—
|
|
|
(62,944)
|
|
|
—
|
|
Net Sales less
acquisitions (consolidated) - non-GAAP
|
|
$
|
223,985
|
|
|
$
|
223,911
|
|
|
$
|
816,633
|
|
|
$
|
839,055
|
|
|
|
|
|
|
|
|
|
|
Net Sales (Industrial
Division) - GAAP
|
|
$
|
135,943
|
|
|
$
|
126,475
|
|
|
$
|
498,761
|
|
|
$
|
436,018
|
|
(less:
net sales attributable to acquisition)
|
|
—
|
|
|
—
|
|
|
(57,887)
|
|
|
—
|
|
Net Sales less
acquisitions (Industrial Division) - non-GAAP
|
|
$
|
135,943
|
|
|
$
|
126,475
|
|
|
$
|
440,874
|
|
|
$
|
436,018
|
|
|
|
|
|
|
|
|
|
|
Net Sales
(Agricultural Division) - GAAP
|
|
$
|
47,900
|
|
|
$
|
51,011
|
|
|
$
|
208,257
|
|
|
$
|
214,326
|
|
(less:
net sales attributable to acquisitions)
|
|
(446)
|
|
|
—
|
|
|
(2,603)
|
|
|
—
|
|
Net Sales less
acquisitions (Agricultural Division) - non-GAAP
|
|
$
|
47,454
|
|
|
$
|
51,011
|
|
|
$
|
205,654
|
|
|
$
|
214,326
|
|
|
|
|
|
|
|
|
|
|
Net Sales (European
Division) - GAAP
|
|
$
|
40,588
|
|
|
$
|
46,425
|
|
|
$
|
172,559
|
|
|
$
|
188,711
|
|
(less:
net sales attributable to acquisition)
|
|
—
|
|
|
—
|
|
|
(2,454)
|
|
|
—
|
|
Net Sales less
acquisitions (European Division) - non-GAAP
|
|
$
|
40,588
|
|
|
$
|
46,425
|
|
|
$
|
170,105
|
|
|
$
|
188,711
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(consolidated) - GAAP
|
|
$
|
14,395
|
|
|
$
|
15,711
|
|
|
$
|
66,528
|
|
|
$
|
62,664
|
|
(less:
operating income attributable to acquisitions)
|
|
27
|
|
|
—
|
|
|
(5,090)
|
|
|
—
|
|
Operating Income less
acquisitions (consolidated) - non-GAAP
|
|
$
|
14,422
|
|
|
$
|
15,711
|
|
|
$
|
61,438
|
|
|
$
|
62,664
|
|
|
|
|
|
|
|
|
|
|
Net Income
(consolidated) - GAAP
|
|
$
|
11,384
|
|
|
$
|
11,351
|
|
|
$
|
43,209
|
|
|
$
|
41,151
|
|
(less:
net income attributable to acquisitions)
|
|
44
|
|
|
—
|
|
|
(3,577)
|
|
|
—
|
|
Net Income less
acquisitions (consolidated) - non-GAAP
|
|
$
|
11,428
|
|
|
$
|
11,351
|
|
|
$
|
39,632
|
|
|
$
|
41,151
|
|
Alamo Group
Inc.
Non-GAAP Financial Reconciliation
(in thousands, except per share numbers)
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Operating Income -
GAAP
|
|
$
|
14,395
|
|
|
$
|
15,711
|
|
|
$
|
66,528
|
|
|
$
|
62,664
|
|
(add: inventory
step charge)
|
|
—
|
|
|
1,439
|
|
|
2,740
|
|
|
2,578
|
|
(add: expenses
relating to system conversion)
|
|
—
|
|
|
—
|
|
|
1,011
|
|
|
—
|
|
(add:
transaction cost relating to acquisitions)
|
|
—
|
|
|
240
|
|
|
425
|
|
|
2,079
|
|
(add: costs
related to plant closure)
|
|
2,941
|
|
|
—
|
|
|
2,941
|
|
|
—
|
|
Adjusted Operating Income - non-GAAP
|
|
$
|
17,336
|
|
|
$
|
17,390
|
|
|
$
|
73,645
|
|
|
$
|
67,321
|
|
|
|
|
|
|
|
|
|
|
Net Income -
GAAP
|
|
$
|
11,384
|
|
|
$
|
11,351
|
|
|
$
|
43,209
|
|
|
$
|
41,151
|
|
Adjustments
(after tax):
|
|
|
|
|
|
|
|
|
(add: inventory
step charge)
|
|
—
|
|
|
923
|
|
|
1,771
|
|
|
1,654
|
|
(add: expenses
relating to system conversion)
|
|
—
|
|
|
—
|
|
|
653
|
|
|
—
|
|
(add:
transaction costs relating to acquisitions)
|
|
—
|
|
|
154
|
|
|
275
|
|
|
1,334
|
|
(add: costs
related to plant closure)
|
|
1,900
|
|
|
—
|
|
|
1,900
|
|
|
—
|
|
(less: gain on
sale of non operating asset)
|
|
(2,453)
|
|
|
—
|
|
|
(2,453)
|
|
|
—
|
|
Adjusted Net Income - non-GAAP
|
|
$
|
10,831
|
|
|
$
|
12,428
|
|
|
$
|
45,355
|
|
|
$
|
44,139
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS -
GAAP
|
|
$
|
0.99
|
|
|
$
|
1.00
|
|
|
$
|
3.76
|
|
|
$
|
3.42
|
|
(add: inventory
step charge)
|
|
—
|
|
|
0.08
|
|
|
0.15
|
|
|
0.14
|
|
(add: expenses
relating to system conversion)
|
|
—
|
|
|
—
|
|
|
0.06
|
|
|
—
|
|
(add:
transaction costs relating to acquisitions)
|
|
—
|
|
|
0.01
|
|
|
0.02
|
|
|
0.11
|
|
(add: costs
related to plant closure)
|
|
0.17
|
|
|
—
|
|
|
0.17
|
|
|
—
|
|
(less: gain on
sale of non operating asset)
|
|
(0.21)
|
|
|
—
|
|
|
(0.21)
|
|
|
—
|
|
Adjusted Diluted
EPS - non-GAAP
|
|
$
|
0.95
|
|
|
$
|
1.09
|
|
|
$
|
3.95
|
|
|
$
|
3.67
|
|
Alamo Group
Inc.
Non-GAAP Financial Reconciliation
(in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
December 31,
|
|
|
|
Change due to
currency
translation
|
|
2015
|
|
2014
|
|
% change
from 2014
|
|
$
|
|
%
|
|
|
|
|
|
|
|
|
|
|
Industrial
|
$
|
135,943
|
|
|
$
|
126,475
|
|
|
7.5%
|
|
$
|
(2,545)
|
|
|
(2.0)%
|
Agricultural
|
47,900
|
|
|
51,011
|
|
|
(6.1)%
|
|
(718)
|
|
|
(1.4)%
|
European
|
40,588
|
|
|
46,425
|
|
|
(12.6)%
|
|
(4,042)
|
|
|
(8.7)%
|
Total Net
Sales
|
$
|
224,431
|
|
|
$
|
223,911
|
|
|
0.2%
|
|
$
|
(7,305)
|
|
|
(3.3)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended
December 31,
|
|
|
|
Change due to
currency
translation
|
|
2015
|
|
2014
|
|
% change
from 2014
|
|
$
|
|
%
|
|
|
|
|
|
|
|
|
|
|
Industrial
|
$
|
498,761
|
|
|
$
|
436,018
|
|
|
14.4%
|
|
$
|
(8,375)
|
|
|
(1.9)%
|
Agricultural
|
208,257
|
|
|
214,326
|
|
|
(2.8)%
|
|
(3,152)
|
|
|
(1.5)%
|
European
|
172,559
|
|
|
188,711
|
|
|
(8.6)%
|
|
(23,327)
|
|
|
(12.4)%
|
Total Net
Sales
|
$
|
879,577
|
|
|
$
|
839,055
|
|
|
4.8%
|
|
$
|
(34,854)
|
|
|
(4.2)%
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/alamo-group-announces-2015-fourth-quarter-and-year-end-results-300230700.html
SOURCE Alamo Group Inc.