Alamo (US:ALG)2025-11-06 21:28Financial Performance - Net sales for Q3 2025 were $420.0 million, a 4.7% increase from $401.3 million in Q3 2024[3] - Income from operations decreased by 6.3% to $37.5 million, representing 8.9% of net sales, compared to $40.1 million or 10.0% of net sales in Q3 2024[4] - Net income for Q3 2025 was $25.4 million, or $2.10 per fully diluted share, down from $27.4 million, or $2.28 per fully diluted share in Q3 2024[3] - Adjusted EBITDA for Q3 2025 was $55.0 million, flat compared to $54.9 million in Q3 2024, representing 13.1% of net sales[5] - Total net sales for the nine months ended September 30, 2025, were $1,230,065,000, a decrease of 1.1% compared to $1,243,190,000 in 2024[29] - Adjusted Operating Income for the nine months ended September 30, 2025, was $134,958,000, down from $137,149,000 in 2024, reflecting a decline of 1.6%[27] - EBITDA for the nine months ended September 30, 2025, was $166,226,000, compared to $169,827,000 in 2024, indicating a decrease of 2.4%[31] - Net Sales for the overall company decreased to $173,059, down 9.0% from $190,115 year-over-year[33] - Income from Operations for the overall company fell to $7,478, a decrease of 39.4% from $12,404 in Q3 2024[33] - Adjusted EBITDA for the overall company was $16,847, with a margin of 9.7%, down from 11.5% in the same quarter last year[33] - EBITDA for the overall company decreased to $14,714, down 27.1% from $20,166 in Q3 2024[33] Division Performance - Industrial Equipment Division net sales increased by 17.0% to $247.0 million, with adjusted EBITDA of $38.2 million, or 15.5% of net sales[5] - Vegetation Management Division net sales decreased by 9.0% to $173.1 million, with adjusted EBITDA of $16.8 million, or 9.7% of net sales[5] - The Vegetation Management division reported a 17.6% decrease in net sales for the nine months ended September 30, 2025, totaling $515,307,000, down from $625,397,000 in 2024[29] - The Industrial Equipment division saw a 15.7% increase in net sales for the nine months ended September 30, 2025, reaching $714,758,000, up from $617,793,000 in 2024[29] - Backlog for the Industrial Equipment Division decreased to $438,106, down from $543,425 year-over-year[35] - Net Sales increased to $246,983, up 16.9% from $211,186 in the same quarter last year[35] - Income from Operations rose to $30,064, representing a 8.8% increase compared to $27,675 in Q3 2024[35] - Adjusted EBITDA for the Industrial Equipment Division reached $38,164, a 15.5% margin, compared to 15.7% in Q3 2024[35] Cash Flow and Debt - Operating cash flow for the first nine months of 2025 was $102.4 million[4] - Total debt as of September 30, 2025, was $209.4 million, with total cash of $244.8 million and $397.2 million available under the Revolving Facility[6] - Cash and cash equivalents at the end of the period increased to $244,806,000 from $140,038,000, marking a significant rise of 74.5%[19] - The company reported a net cash provided by operating activities of $102,424,000 for the nine months ended September 30, 2025, down from $130,642,000 in 2024, a decrease of 21.6%[19] - Total debt net of cash as of September 30, 2025, was $(35,376,000), a significant improvement from $84,128,000 in 2024, indicating a reduction of $119,504,000[31] Dividends and Expenses - The company incurred $10,805,000 in dividends paid during the nine months ended September 30, 2025, compared to $9,329,000 in 2024, an increase of 15.8%[19] - The company reported a significant increase in restructuring expenses, totaling $572 in Q3 2025 compared to $1,607 in Q3 2024[33] - The company noted that CEO Transition costs included $893 in Q3 2025, with no comparable costs in Q3 2024[33] Assets - Total assets increased to $1,594.98 million as of September 30, 2025, compared to $1,481.34 million in 2024[17] - Net income for the nine months ended September 30, 2025, was $88,289,000, a slight increase from $87,849,000 in 2024, representing a growth of 0.5%[19]