ALAMO GROUP ANNOUNCES THIRD QUARTER FINANCIAL RESULTS AND COST REDUCTION ACTIONS
1. ALG's Q3 2024 net sales decreased by 4.4% year-over-year. 2. Industrial Equipment Division sales surged by 22.3%, offsetting weaker Vegetation Management results. 3. Total backlog was $728.8 million, indicating continued demand in specific segments. 4. Cost-saving measures are expected to save $25-$30 million annually amid workforce reductions. 5. Fluctuating market conditions project cautious outlook for the remainder of 2024.