Financial Performance - Net sales for Q3 2024 were $401.3 million, a decrease of 4.4% compared to $419.6 million in Q3 2023[2] - Net income for Q3 2024 was $27.4 million, down from $34.9 million in Q3 2023, resulting in a fully diluted EPS of $2.28[4] - Year-to-date net sales for the first nine months of 2024 were $1.2 billion, a decrease of 2.3% compared to the same period in 2023[5] - Gross margin for Q3 2024 was 25.1%, down from 27.2% in Q3 2023[22] - Adjusted net income for Q3 2024, including workforce reduction impact, was $28,631[25] - EBITDA for the nine months ended September 30, 2024, was $170,353, down from $188,835 in the same period of 2023[29] - EBITDA for the three months ended September 30, 2024, was $33,614 thousand, up from $24,696 thousand, indicating a growth of 36.0%[31] - EBITDA margin improved to 15.9% from 14.3% year-over-year, maintaining a consistent margin of 15.9% for the nine months ended September 30, 2024[31] - Income from Operations rose to $27,675 thousand, compared to $19,502 thousand in the prior year, marking an increase of 41.8%[31] - Income from Operations for the nine months ended September 30, 2024, was $80,278 thousand, up from $50,849 thousand, representing a significant increase of 57.9%[31] Sales Performance by Division - Industrial Equipment Division net sales increased by 22.3% to $211.2 million, while Vegetation Management Division net sales decreased by 23.0% to $190.1 million[2] - Vegetation Management segment sales decreased by 23.0% to $190,115 in Q3 2024 from $246,902 in Q3 2023[26] - Industrial Equipment segment sales increased by 22.3% to $211,186 in Q3 2024 from $172,742 in Q3 2023[26] - Net Sales for the three months ended September 30, 2024, reached $211,186 thousand, up from $172,742 thousand in the same period last year, reflecting a growth of 22.1%[31] - For the nine months ended September 30, 2024, Net Sales totaled $617,793 thousand, compared to $507,426 thousand in the same period last year, reflecting a growth of 21.7%[31] Backlog and Capacity - The company's backlog at the end of Q3 2024 was $728.8 million, with a 52% decline in the Vegetation Management Division backlog, while the Industrial Equipment Division backlog grew by 8.5% year-over-year[4] - Backlog for the Vegetation Management division was $185,353 as of September 30, 2024, compared to $390,206 in 2023[30] - Backlog increased to $543,425 thousand from $500,661 thousand year-over-year, representing a growth of approximately 8.5%[31] Cost Management and Workforce - The company is targeting annualized cost savings of $25 to $30 million through ongoing cost-saving initiatives, including workforce reductions and plant consolidations[7] - The company incurred approximately $1.6 million in workforce reduction expenses in Q3 2024 and expects total costs to be between $4.0 million to $4.5 million[7] - The company has reduced its worldwide total production capacity by approximately 8% due to facility consolidations and personnel reductions[12] Debt and Cash Position - Total debt net of cash improved by $126.2 million or 60.0% compared to Q3 2023, totaling $84.1 million[2] - Total debt decreased to $224,166 in Q3 2024 from $323,900 in Q3 2023, with total cash increasing to $140,038[28] Market Outlook - The company anticipates no significant improvement in the agricultural equipment market until late 2025, while expecting strong governmental demand for products into the first half of 2025[13][14] - The company continues to focus on market expansion and new product development as part of its growth strategy[31] - The financial performance indicates a strong operational efficiency and positive outlook for future quarters[31]

ALG-055009 dose groups met the primary endpoint with statistically significant reductions in liver fat at Week 12 as measured by MRI-PDFFPlacebo-adjusted median relative reductions in liver fat were up to 46.2% with a clear dose responseALG-055009 was well-tolerated with no serious adverse events or dose reductions. Importantly, ALG-055009 dose groups had a similar incidence of gastrointestinal-related adverse events with less diarrhea compared to placeboSignificant reductions in atherogenic lipids, includi ...

SOUTH SAN FRANCISCO, Calif., Sept. 18, 2024 (GLOBE NEWSWIRE) -- Aligos Therapeutics, Inc. (Nasdaq: ALGS, “Aligos”, “Company”), a clinical stage biopharmaceutical company focused on improving patient outcomes through best-in-class therapies for liver and viral diseases, today announced that the Company will share the topline results from the Phase 2a HERALD study of ALG-055009, a thyroid hormone receptor beta (THR-β) agonist, in metabolic-dysfunction associated steatohepatitis (MASH) subjects on Thursday, Se ...

SimonSkafar/E+ via Getty Images Thesis Alamo Group (NYSE:ALG) is a leading global provider of high-quality equipment for infrastructure maintenance, agriculture and vegetation that has seen its stock price fall over the most recent months. The company remains a well-run, stable business however and boasts strong fundamentals. It is geographically well diversified and allocates capital more efficient than its near-competitors. Revenue and margins are steadily expanding over the years, which, I think, mak ...

Alamo Group Inc (NYSE:ALG) Q2 2024 Results Conference Call August 1, 2024 10:00 AM ET Company Participants Edward Rizzuti - Executive Vice President, General Counsel and Secretary Jeff Leonard - President and Chief Executive Officer Agnes Kamps - Executive Vice President, Chief Financial Officer, and Treasurer Conference Call Participants Chris Moore - CJS Securities Mike Shlisky - D.A. Davidson Mig Dobre - Baird Greg Burns - Sidoti & Company Operator Good day, and welcome to the Alamo Group Inc. Second Qua ...

Financial Performance - For the first six months of 2024, the Company's net sales decreased by 1% to $841.9 million compared to $852.5 million in the same period of 2023[55] - Net income for the first six months of 2024 was $60.4 million, a decrease of 13% from $69.7 million in the same period of 2023, resulting in earnings per share of $5.02 compared to $5.82[66] - The Vegetation Management Division experienced a 16% decrease in sales to $435.3 million for the first six months of 2024, primarily due to weakened demand[56] - The Industrial Equipment Division saw a 21% increase in sales to $406.6 million for the first six months of 2024, driven by strong demand across all product lines[64] - Gross profit for the first six months of 2024 was $219.8 million, representing 26% of net sales, down from $230.6 million or 27% in the same period of 2023[64] Backlog and Expenses - The Company's backlog at the end of the first six months of 2024 was $768.9 million, a decrease of 14% from $891.2 million at the end of the same period in 2023[57] - Selling, general and administrative expenses (SG&A) for the first six months of 2024 were $121.4 million, an increase of 1.9 million from $119.5 million in the same period of 2023[65] Capital Expenditures and Working Capital - Capital expenditures for the first six months of 2024 were $11.1 million, down from $18.2 million in the same period of 2023, with an expected full-year capital expenditure of $30.0 million to $35.0 million[69] - The Company had working capital of $699.9 million as of June 30, 2024, an increase of $109.9 million from $590.0 million at December 31, 2023[68] Debt and Interest - Interest expense for the first six months of 2024 was $12.2 million, a decrease from $12.8 million in the same period of 2023, primarily due to debt reduction[65] - The Company entered into a 2022 Credit Agreement providing up to $655.0 million in loans, with $255.0 million borrowed under a Term Facility and $400.0 million available under a Revolver Facility[71] - As of June 30, 2024, $294.5 million was outstanding under the 2022 Credit Agreement, including $228.8 million on the Term Facility and $65.8 million on the Revolver Facility[72] - The Company is required to make quarterly principal payments of $3.75 million on the Term Facility, with the final payment due at the end of the five-year term[71] - The applicable interest margin for Term SOFR borrowings ranges from 1.25% to 2.50%, and for Base Rate borrowings from 0.25% to 1.50%, based on the Company's consolidated leverage ratio[71] - The Company has $331.7 million in available borrowings after accounting for $2.6 million committed to standby letters of credit[72] - The Company believes the 2022 Credit Agreement and internal cash generation will meet its cash requirements for the foreseeable future, despite potential banking industry challenges[73] Foreign Currency and Interest Rate Sensitivity - The total foreign currency translation adjustment for the current quarter decreased stockholders' equity by $5.5 million[84] - A uniform 10% change in the value of the U.S. dollar relative to foreign currencies could result in a $7.0 million change in gross profit for the six-month period ended June 30, 2024[85] - A two percentage point change in average interest rates could change the Company's interest expense by approximately $1.5 million[86] - The Company is in compliance with the financial covenants under the 2022 Credit Agreement as of June 30, 2024[72]

For: Alamo Group Inc. Contact: Agnes Kamps Executive Vice President & CFO 830-372-9615 Financial Relations Board Joe Calabrese 212-827-3772 ALAMO GROUP ANNOUNCES FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2024 SEGUIN, Texas, July 31, 2024 -- Alamo Group Inc. (NYSE: ALG) today reported results for the second quarter ended June 30, 2024. Highlights for the Quarter • Net Sales of $416.3 million, down 5.5% versus prior year ◦ Industrial Equipment net sales of $204.8 million, up 14.2% ◦ Vegetation Management ne ...

SEGUIN, Texas, July 31, 2024 /PRNewswire/ -- Alamo Group Inc. (NYSE: ALG) today reported results for the second quarter ended June 30, 2024. Highlights for the Quarter Net Sales of $416.3 million, down 5.5% versus prior year Industrial Equipment net sales of $204.8 million, up 14.2% Vegetation Management net sales of $211.5 million, down 19.1% Income from operations of $43.3 million, 10.4% of net sales Net income of $28.3 million Second quarter fully diluted EPS of $2.35 per share; EPS results of $2.35 p ...

SAN ANTONIO, July 09, 2024 (GLOBE NEWSWIRE) -- Big Sky Medical, a leading healthcare real estate investment firm, today announced the acquisition of Sunset at Treeline, a cutting-edge medical outpatient building in San Antonio's prestigious Alamo Heights neighborhood. The off-market transaction secures a strategically located property adjacent to the CHRISTUS Santa Rosa Alamo Heights campus, with high visibility along Highway 281. Completed in 2020, this Class A medical outpatient building (MOB) exemplifies ...

Sony Pictures Entertainment is getting into the exhibition business.The studio behind recent films like “Bad Boys: Ride or Die” and “The Garfield Movie” has acquired the distinctive theater chain Alamo Drafthouse Cinema, the companies said Wednesday. Included in the deal is the genre film festival Fantastic Fest.Sony Pictures Entertainment has acquired the Alamo Drafthouse movie theater chain. Stephen YangSony said it will continue to welcome content from all studios and distributors at the dine-in theaters ...