SEGUIN, Texas, May 6, 2020 /PRNewswire/ -- Alamo Group Inc.
(NYSE: ALG) today reported results for the first quarter ended
March 31, 2020.
Highlights for the Quarter
- Record net income for the first quarter of $15.5 million, up 1.8%
- Record net sales for the first quarter of $314.4 million, up 20%
-
- Industrial Division net sales $230.0 million, up 32.5%
- Agricultural Division net sales $84.5
million, down 4.4%
- EBITDA for the first quarter of $35.0
million, up 20.9%(1)
- Backlog at $232.6 million, down
9.8% from the first quarter of 2019 and down 10.9% compared to the
fourth quarter of 2019
- Beginning of adverse impact from COVID-19 pandemic
Summary of Results
Alamo Group's net sales for the first quarter of 2020 were
$314.4 million compared to net sales
of $261.9 million in the first
quarter of 2019, an increase of 20.0%. Net income for the
quarter was $15.5 million, or
$1.31 per diluted share, compared to
$15.3 million or $1.30 per diluted share, in the first quarter of
2019, an increase of 1.8% in net income and 0.8% in net income per
diluted share.
The results for the first quarter of 2020 include the effects of
the acquisition of Dutch Power, which was completed in March 2019, and the acquisition of Morbark,
completed in October 2019.
Together these acquisitions contributed $66.5 million to net sales and $3.5 million to net income in the first quarter
of 2020 compared to $3.6 million in
net sales and $0.2 million in net
income in the first quarter of 2019.(1) The
acquisition of Dixie Chopper was completed in September 2019, however its contribution to
consolidated results in the quarter was not material. The above
results also include the negative effects of non-cash inventory
step up charges of approximately $2.0
million in the first quarter of 2020 related to the Morbark
acquisition.(1)
Results by Division
Net sales for Alamo Group's Industrial Division in the first
quarter of 2020 were $230.0 million,
an increase of 32.5% compared to net sales of $173.5 million in the first quarter of
2019. The Division's income from operations for the quarter
was $18.1 million, compared to
$16.9 million in the previous year's
first quarter, an increase of 6.9%. The Division's first
quarter results included the effects of the acquisitions of Dutch
Power and Morbark mentioned previously. These acquisitions
contributed $66.5 million to net
sales and $4.3 million to income from
operations in the first quarter of 2020 compared to $3.6 million in net sales and $0.3 million in income from operations
contributed by Dutch Power in the previous year's first
quarter. The above results include the negative effects of
non-cash inventory step up charges of approximately $2 million mentioned above. The Industrial
Division's first quarter sales were up significantly compared to
first quarter sales in 2019, primarily due to the addition of these
two acquisitions. Income from operations was up much less
because of the impact of COVID-19 issues which began to materially
affect the Division in March. These COVID-19 impacts included
the temporary closure of the Division's Rivard operation in
France as well as temporary plant
closures in Canada and other
operational disruptions throughout North
America which resulted from a combination of health
concerns, government directives, supply chain disruptions and
customer delivery restrictions.
The Company's Agricultural Division net sales in the first
quarter of 2020 were $84.5 million,
compared to net sales of $88.4
million in the first quarter of 2019, a decrease of
4.4%. The Division's income from operations for the quarter
was $5.7 million, compared to
$5.7 million in the previous year's
first quarter, flat on a comparative basis. The Division's
first quarter results were showing improvement from the soft
agricultural market conditions of the last several years, but this
trend turned negative in March as a result of the COVID-19
pandemic. The Division's North American units, which
benefited from the contributions of Dixie Chopper held up
reasonably well, though the Company's agricultural units in
England and France both experienced temporary plant
closures in March which caused the decline in the Division's
overall results.
Comments on Results
Ron Robinson, Alamo Group's
President and Chief Executive Officer, commented on first quarter
results as follows, "Given the unprecedented situation in which we
are now operating, we feel our first quarter 2020 results were
reasonable. January and February produced good results and we
were on track for a record first quarter, which we were expecting
given the benefits of the acquisitions we completed last
year. March also started off well, but as the impact of the
COVID-19 pandemic began to hit hard and fast, operations were
adversely affected. Still, with the help of our backlog and
the dedication of our work force, we were able to maintain record
results, despite the operational slowdown in March. The
adverse environment created by the COVID-19 pandemic, however, has
continued into April and will certainly impact our second quarter
results.
"Looking ahead, the level of uncertainty remains high and it is
impossible to predict in precise terms how our business will be
affected.
"For Alamo Group, our first priority is and will remain the
health and safety of our employees. While we will continue to
support the needs of our customers, we will do so in accordance
with recommended standards for safety and hygiene in the
workplace.
"We believe we will continue to benefit from our relatively
healthy backlog and are pleased that orders received in the first
quarter were at a decent pace, although they certainly slowed down
in March and as we moved into April. There were also a few
order cancellations but even more customer requests for shipment
delays. However, in total, our backlog should allow us to continue
to operate at a reasonable, though reduced, pace of production.
"Disruptions in our supply chain have marginally affected the
Company's ability to perform, and so far there have been no major
issues that have materially impacted our ability to meet our
current needs. For the most part, our suppliers are operating
in a fashion similar to ourselves - functioning, though at a
reduced level. They are also experiencing temporary plant
closures. But through existing inventory and working with
suppliers to focus on critical components, there has been limited
disruption in our overall order fulfillment.
"As we have been doing since this situation began, we continue
to quickly and appropriately adjust our operations in response to
changes in demand while meeting any and all governmental
directives. This has included closing plants temporarily as
business and health conditions warrant, allowing employees who can
work remotely to do so, adjusting our staffing levels through
various temporary furlough measures, taking extra care to ensure
our workplaces are clean and safe, and a variety of other such
actions. In general we are pleased that as of today, all of
our major facilities are operating at some, though varying, levels
of production. Based on Alamo's current level of operation and in
accordance with the measures outlined above, out of a total staff
of approximately 4,230, at the end of April, about 744 employees
were on some form of furlough, temporary layoff, or other excused
absences relating to COVID-19. Approximately 35% of these are
outside the U.S. In addition, Alamo has nearly 538 members of staff working
remotely as of the end of April. These numbers change on a
daily basis as conditions warrant. While the Company is
taking aggressive steps to manage its staffing levels, it is harder
to estimate the related costs of these measures, as some employees
on furlough can either take advantage of available vacation pay or
file for unemployment benefits. Also, various countries in
which we operate have different schemes related to COVID -19 in
place to reimburse companies for a percentage of wage costs
relating to furloughed employees.
"We are also taking a number of actions to maintain our
financial stability as a company. These include adjusting our
staffing levels continuously based on changes in demand, freezing
and/or rolling back pay increases for all salaried employees in the
U.S. and most of our international operations, restricting travel,
limiting capital expenditures, temporarily suspending
the Company's share repurchase program, implementing controls
to reduce inventory levels to match current demand and delaying
some development initiatives, among other measures focused on cost
control and cash management. Our Board of Directors has also
voluntarily agreed to suspend cash compensation for independent
members until further notice.
"As a result of the above referenced cost control and cash
management measures, we feel good about our financial
condition. Due to the normal seasonality of working capital
requirements, we usually have large negative first quarter
operating cash flows, which were in the neighborhood of
$30 million in each of the past two
years. During the first quarter of 2020, we generated almost
$6 million of positive operating cash
flow. This positive cash flow trend, largely driven by
favorable working capital change comps, began in 2019 due to
slowing sales growth and is expected to continue in 2020 due to the
impact of COVID-19. While our debt levels are higher than
usual for our Company as a result of the high level of acquisition
activity last year, our leverage remains reasonable and below our
credit agreement covenant thresholds, and this is before taking
into account the over $80 million in
cash on hand. The Company currently has adequate cash on hand
and credit availability under our existing credit facilities, and
while we cannot forecast the duration and full impact of the
COVID-19 pandemic, we do not anticipate any near-term liquidity
issues.
"In addition to the cost cutting and cash conservation measures
already implemented, we are reviewing other potential future
actions and are committed to making ongoing changes and adjustments
as conditions warrant to maintain our financial health and
stability.
"As a result, we currently believe that with our current
staffing availability, inventory levels, supply chain capabilities
and orders in hand, Alamo Group is in a position to continue
operating at a steady, but reduced level in the second quarter of
2020 assuming there are no further adverse setbacks in the overall
coronavirus situation. We estimate sales in the second
quarter could be off as much as 10-15% from the levels achieved in
the first quarter of 2020, with an even greater impact on
profitability.
"However, even if the pandemic outlook starts to improve and
manufacturing companies can start to operate in a more normal
fashion in the second half of 2020, order bookings will have to
improve during the second quarter to ensure we have sufficient
orders to maintain economic operating levels. We are pleased
that customer inquiries are continuing at a healthy pace, but
converting them into backlog will become more critical as the
quarter progresses and this will be a key factor in deciding when
furloughed employees will be recalled and at what level.
"So, in total, given the incredible impact COVID-19 has had on
the world and our business in general, we at Alamo Group are
pleased with the way we have managed our way through the crisis to
date. We are grateful for the dedication our entire workforce
has shown us and for the ongoing support from both our suppliers
and customers. We are pleased with our first quarter results
and feel we are in good shape to maintain our operational
effectiveness in the second quarter barring any further setbacks in
the health situation. And, while we certainly need new orders
to sustain us in the second half of the year, we feel our financial
stability should allow us to maintain operations in an orderly
fashion during this pandemic and as business returns to more normal
conditions. We are grateful for your continued understanding
and support."
Earnings Conference Call
Alamo Group will host a conference call to discuss the results
on Thursday, May 7, 2020 at
11:00 a.m. ET. Hosting the call will
be members of senior management.
Individuals wishing to participate in the conference call should
dial 800-208-1711 (domestic) or 323-994-2082 (international).
For interested individuals unable to join the call, a replay will
be available until Tuesday, May 12,
2020 by dialing 888-203-1112 (domestic) or 719-457-0820
(internationally), passcode 3220598.
The live broadcast of Alamo Group Inc.'s quarterly conference
call will be available online at the Company's website,
www.alamo-group.com (under "Investor Relations/Events & and
Presentations") on Thursday, May 7,
2020, 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, forestry equipment and related after-market parts and
services. The Company, founded in 1969, has approximately 4,230
employees and operates 30 plants in North
America, Europe,
Australia and Brazil as of March
31, 2020. The corporate offices of Alamo Group Inc.
are located in Seguin, Texas.
Forward Looking Statements
This release contains forward-looking statements that are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks and
uncertainties, which may cause the Company's actual results in
future periods to differ materially from forecasted results. Among
those factors which could cause actual results to differ materially
are the following: overall market demand, continuing impacts from
the COVID-19 pandemic including more significant supply chain
disruptions, further reductions in customer demand, sales and
profitability declines, operational disruptions, full or partial
facility closures, and other similar impacts, competition, weather,
seasonality, currency-related issues, and other risk factors listed
from time to time in the Company's SEC reports.
The Company does not undertake any obligation to update the
information contained herein, which speaks only as of this
date.
(Tables Follow)
(1) This is a
non-GAAP financial measure or other information relating to our
GAAP financial measures that we have provided to investors in order
to allow greater transparency and a deeper understanding of our
financial condition and operating results. For a
reconciliation of the non-GAAP financial measure or for a more
detailed explanation of financial results, refer to "Non-GAAP
Financial Measure Reconciliation" below and the Attachments
thereto.
|
Alamo Group Inc.
and Subsidiaries
|
Condensed
Consolidated Balance Sheets
|
(in thousands)
|
(Unaudited)
|
|
|
|
March 31,
2020
|
|
|
March 31,
2019
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
84,425
|
|
|
$
|
39,023
|
|
Accounts receivable,
net
|
|
248,773
|
|
|
269,785
|
|
Inventories
|
|
273,648
|
|
|
211,355
|
|
Other current
assets
|
|
17,121
|
|
|
11,824
|
|
Total current
assets
|
|
623,967
|
|
|
531,987
|
|
|
|
|
|
|
|
|
Rental equipment,
net
|
|
52,045
|
|
|
49,342
|
|
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
156,380
|
|
|
101,737
|
|
|
|
|
|
|
|
|
Goodwill
|
|
195,561
|
|
|
88,821
|
|
Intangible
assets
|
|
202,344
|
|
|
63,568
|
|
Other non-current
assets
|
|
19,579
|
|
|
16,798
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
1,249,876
|
|
|
$
|
852,253
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Trade accounts
payable
|
|
$
|
88,891
|
|
|
$
|
70,251
|
|
Income taxes
payable
|
|
2,079
|
|
|
2,019
|
|
Accrued
liabilities
|
|
52,923
|
|
|
42,490
|
|
Current maturities of
long-term debt and finance lease obligations
|
|
18,826
|
|
|
134
|
|
Total current
liabilities
|
|
162,719
|
|
|
114,894
|
|
|
|
|
|
|
|
|
Long-term debt, net of
current maturities
|
|
471,429
|
|
|
180,234
|
|
Long-term tax
liability
|
|
6,778
|
|
|
6,378
|
|
Deferred pension
liability
|
|
1,654
|
|
|
1,832
|
|
Other long-term
liabilities
|
|
25,307
|
|
|
13,127
|
|
Deferred income
taxes
|
|
21,580
|
|
|
14,304
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
560,409
|
|
|
521,484
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
1,249,876
|
|
|
$
|
852,253
|
|
Alamo Group Inc. and Subsidiaries
|
Condensed Consolidated Statements of Income
|
(in thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
3/31/2020
|
|
3/31/2019
|
Net sales:
|
|
|
|
|
Industrial
|
|
$
|
229,975
|
|
|
$
|
173,530
|
|
Agricultural
|
|
84,473
|
|
|
88,404
|
|
Total
net sales
|
|
314,448
|
|
|
261,934
|
|
|
|
|
|
|
Cost of sales
|
|
235,508
|
|
|
198,626
|
|
Gross margin
|
|
78,940
|
|
|
63,308
|
|
|
|
25.1
|
%
|
|
24.2
|
%
|
|
|
|
|
|
Selling, general and
administration expense
|
|
51,248
|
|
|
39,847
|
|
Amortization
Expense
|
|
3,836
|
|
|
855
|
|
Income from operations
|
|
23,856
|
|
|
22,606
|
|
|
|
7.6
|
%
|
|
8.6
|
%
|
|
|
|
|
|
Interest expense
|
|
(5,519)
|
|
|
(1,450)
|
|
Interest income
|
|
356
|
|
|
173
|
|
Other income (expense)
|
|
2,341
|
|
|
(389)
|
|
|
|
|
|
|
Income before income taxes
|
|
21,034
|
|
|
20,940
|
|
Provision for income taxes
|
|
5,506
|
|
|
5,687
|
|
|
|
|
|
|
Net Income
|
|
$
|
15,528
|
|
|
$
|
15,253
|
|
|
|
|
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.32
|
|
|
$
|
1.30
|
|
|
|
|
|
|
Diluted
|
|
$
|
1.31
|
|
|
$
|
1.30
|
|
|
|
|
|
|
Average common shares:
|
|
|
|
|
Basic
|
|
11,761
|
|
|
11,698
|
|
|
|
|
|
|
Diluted
|
|
11,827
|
|
|
11,777
|
|
|
|
|
|
|
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.
Attachment 1 discloses the impact of the Company's recently
completed acquisitions upon Sales, Operating Income and Net Income
all of which are non-GAAP financial measures. Attachment 2
discloses Adjusted Operating Income, Adjusted Net Income and
Adjusted Diluted EPS, each adjusted to exclude the impact of
the recently completed acquisitions, and related interest expense,
all of which are non-GAAP financial measures. Attachment 3
discloses a non-GAAP financial presentation related to the impact
of currency translation on net sales by division. Attachment
4 shows the net change in our total debt net of cash and earnings
before interest, taxes, depreciation and amortization ("EBITDA")
and Adjusted EBITDA excluding the impact of the step-up inventory
charge at Morbark, all of 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
|
|
Alamo Group
Inc.
|
Non-GAAP Financial
Reconciliation
|
(in
thousands)
|
(Unaudited)
|
|
Impact of
Acquisitions
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2020
|
|
2019
|
|
|
|
|
|
Net Sales
(consolidated) - GAAP
|
|
$
|
314,448
|
|
$
|
261,934
|
(less: net sales
attributable to acquisitions)
|
|
(66,528)
|
|
(3,613)
|
Net Sales less
acquisitions (consolidated) - non-GAAP
|
|
$
|
247,920
|
|
$
|
258,321
|
|
|
|
|
|
Net Sales (Industrial
Division) - GAAP
|
|
$
|
229,975
|
|
$
|
173,530
|
(less: net sales
attributable to acquisition)
|
|
(66,528)
|
|
(3,613)
|
Net Sales less
acquisitions (N.A. Industrial Division) - non-GAAP
|
|
$
|
163,447
|
|
$
|
169,917
|
|
|
|
|
|
Net Sales
(Agricultural Division) - GAAP
|
|
$
|
84,473
|
|
$
|
88,404
|
(less: net sales
attributable to acquisitions)
|
|
—
|
|
—
|
Net Sales less
acquisitions (N.A. Agricultural Division) - non-GAAP
|
|
$
|
84,473
|
|
$
|
88,404
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(consolidated) - GAAP
|
|
$
|
23,856
|
|
$
|
22,606
|
(less: operating income
attributable to acquisitions)
|
|
(4,305)
|
|
(252)
|
Operating Income
less acquisitions (consolidated) - non-GAAP
|
|
$
|
19,551
|
|
$
|
22,354
|
|
|
|
|
|
Net Income
(consolidated) - GAAP
|
|
$
|
15,528
|
|
$
|
15,253
|
(less: net income
attributable to acquisitions)
|
|
(3,535)
|
|
(178)
|
Net Income less
acquisitions (consolidated) - non-GAAP
|
|
$
|
11,993
|
|
$
|
15,075
|
|
|
|
|
|
Attachment
2
|
|
Alamo Group
Inc.
|
Non-GAAP Financial
Reconciliation
|
(in thousands,
except per share numbers)
|
(Unaudited)
|
|
Impact of
Acquisitions, Acquisition Expenses, and Tax Reform
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2020
|
|
2019
|
|
|
|
|
|
Operating Income -
GAAP
|
|
$
|
23,856
|
|
$
|
22,606
|
(adjust: results from acquisitions)
|
|
|
|
|
earnings from acquisitions
|
|
(9,226)
|
|
(252)
|
acquisition inventory step-up charge
|
|
1,951
|
|
—
|
amortization expense
|
|
2,970
|
|
—
|
Adjusted Operating
Income - non-GAAP
|
|
$
|
19,551
|
|
$
|
22,354
|
|
|
|
|
|
Net Income -
GAAP
|
|
$
|
15,528
|
|
$
|
15,253
|
(add: results from
acquisitions)
|
|
(3,535)
|
|
(178)
|
(add: interest expense
relating to acquisitions)
|
|
3,267
|
|
137
|
Acquisition
Adjusted Net Income - non-GAAP
|
|
$
|
15,260
|
|
$
|
15,211
|
|
|
|
|
|
Diluted EPS -
GAAP
|
|
$
|
1.31
|
|
$
|
1.30
|
(add: results from
acquisitions)
|
|
(0.30)
|
|
(0.02)
|
(add: interest
expense relating to acquisitions)
|
|
0.28
|
|
0.01
|
Acquisition Adjusted Diluted EPS - non-GAAP
|
|
$
|
1.29
|
|
$
|
1.29
|
Attachment
3
|
|
Alamo Group
Inc.
|
Non-GAAP Financial
Reconciliation
|
(in
thousands)
|
(Unaudited)
|
|
Impact of Currency
Translation on Net Sales by Division
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
March 31,
|
|
|
|
Change due to
currency
translation
|
|
2020
|
|
2019
|
|
% change
from 2019
|
|
$
|
|
%
|
|
|
|
|
|
|
|
|
|
|
Industrial
|
$
|
229,975
|
|
$
|
173,530
|
|
32.5
|
%
|
|
$
|
(536)
|
|
(0.3)
|
%
|
Agricultural
|
84,473
|
|
88,404
|
|
(4.4)
|
%
|
|
(1,416)
|
|
(1.6)
|
%
|
Total
net sales
|
$
|
314,448
|
|
$
|
261,934
|
|
20.0
|
%
|
|
$
|
(1,952)
|
|
(0.7)
|
%
|
|
|
|
|
|
|
|
|
|
|
Attachment
4
|
|
Alamo Group
Inc.
|
Non-GAAP Financial
Reconciliation
|
(in
thousands)
|
(Unaudited)
|
|
Consolidated Net
Change of Total Debt, Net of Cash
|
|
|
March 31,
2020
|
|
March 31,
2019
|
|
Net
Change
|
|
|
|
|
|
|
|
Current
maturities
|
|
$
|
18,826
|
|
$
|
134
|
|
|
Long-term debt,net of
current
|
|
471,429
|
|
180,234
|
|
|
Total debt
|
|
$
|
490,255
|
|
$
|
180,368
|
|
|
|
|
|
|
|
|
|
Total cash
|
|
84,425
|
|
39,023
|
|
|
Total Debt Net of
Cash
|
|
$
|
405,830
|
|
$
|
141,345
|
|
$
|
264,485
|
|
|
|
|
|
|
|
EBITDA
|
|
|
|
Three Months
Ended
|
|
Trailing Twelve
Months Ended
|
|
|
|
March 31,
2020
|
|
March 31,
2019
|
|
March 31,
2020
|
|
December 31,
2019
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
$
|
23,856
|
|
$
|
22,606
|
|
$
|
95,898
|
|
$
|
94,648
|
|
Depreciation
|
|
7,140
|
|
5,426
|
|
26,021
|
|
24,307
|
|
Amortization
|
|
4,003
|
|
910
|
|
9,046
|
|
5,953
|
|
EBITDA
|
|
$
|
34,999
|
|
$
|
28,942
|
|
$
|
130,965
|
|
$
|
124,908
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
Three Months
Ended
|
|
Trailing Twelve
Months Ended
|
|
|
|
March 31,
2020
|
|
March 31,
2019
|
|
March 31,
2020
|
|
December 31,
2019
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
$
|
23,856
|
|
$
|
22,606
|
|
$
|
95,898
|
|
$
|
94,648
|
|
adjust:
acquisition inventory step-up charge
|
|
1,951
|
|
—
|
|
5,202
|
|
3,251
|
|
Adjusted Income from
operations
|
|
$
|
25,807
|
|
$
|
22,606
|
|
$
|
101,100
|
|
$
|
97,899
|
|
Depreciation
|
|
7,140
|
|
5,426
|
|
26,021
|
|
24,307
|
|
Amortization
|
|
4,003
|
|
910
|
|
9,046
|
|
5,953
|
|
Adjusted
EBITDA
|
|
$
|
36,950
|
|
$
|
28,942
|
|
$
|
136,167
|
|
$
|
128,159
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/alamo-group-announces-first-quarter-2020-results-301054402.html
SOURCE Alamo Group Inc.