Alamo Group Reports Record Net Sales
Alamo Group鈥檚 net sales for the quarter that ended Sept. 30 increased by 7.3 percent compared to the same quarter last year. Net income for the quarter increased by 15 percent.
Net sales in the company鈥檚 agriculture division increased by 2 percent in the third quarter. The division鈥檚 income from operations increased by 18.4 percent.
From January through September, the ag division鈥檚 net sales decreased by 2.4 percent and income from operations increased by 11.3 percent鈥攁 gain resulting from cost control measures and favorable product mix.
As a result of its improved operations, and to stay competitive and to fairly treat its employees, the company in October reinstituted merit increases; Alamo Group temporarily halted merit pay increases among salaried staff in April.
Ron Robinson, Alamo Group鈥檚 president and CEO, said the company has seen its markets strengthen in recent months and the operational challenges around COVID-19 subside.
鈥淭his was most noticeable in our agricultural division, where sales in the third quarter were marginally above the previous year. The agricultural sector in general is showing signs of strengthening, which was evident in both our sales as well as our increased backlog and should continue to benefit us for the remainder of 2020 and into 2021.鈥
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