This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Alamo Group Announces Record 2011 First Quarter Results

Alamo Group Inc. (NYSE: ALG) today reported results for the first quarter ended March 31, 2011.

Net sales for the quarter were $140.7 million compared to net sales of $131.2 million for the first quarter of 2010, an increase of 7%. Net income for the quarter was $5.7 million, or $0.47 per diluted share, compared to net income of $4.0 million, or $0.34 per diluted share, for the first quarter of 2010, a 42% increase. The 2011 net sales, net income and earnings per share were all records for Alamo’s first quarter results. The Company benefited from improvements in the worldwide agricultural markets, despite continued weakness in governmental markets in both North America and Europe.

Included in the results is the effect of a reclassification of freight revenue. Freight billed to customers had been previously recorded as a reduction of cost of sales and has since been reclassified to sales. This change resulted in an increase in net sales of $3.4 million in first quarter of 2011 and $2.8 million in the first quarter of 2010, with no impact on reported earnings.

The Company’s North American Industrial Division net sales for the first quarter of 2011 were $49.0 million, an increase of 4% compared to net sales of $47.1 million in the prior year’s first quarter. This increase shows evidence of some pent up demand for the Company’s products despite the continued budget pressures at governmental entities who are the main end users for this Division. This indication of improved demand began in late 2010 and shows signs of continuing in 2011 even as governmental budgets are anticipated to remain tight throughout the current year.

Net sales for Alamo’s North American Agricultural Division were $49.7 million in the first quarter compared to $41.7 million in the first quarter of 2010, an increase of 19%. This growth reflects the general strengthening in the agricultural sector driven by increases in commodity prices and farm incomes, which should benefit the Company throughout 2011.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs