Alamo Group was able to maintain solid net sales during the second quarter of 2020 with a slight decline of 5.8% to US$268.6 million. This compares to US$285.2 million of sales during the same period in 2019.
On a divisional basis, the Ag division slipped 5%, while industrial equipment sales fell 6.2%. Net income for the second quarter of 2020 was US$13 million, down 37.2% when compared to the same quarter of 2019.
The company said its order backlog is currently at US$216.6 million, down 5.3% from the second quarter of 2019 and down 6.9% when compared to the first quarter of 2020.
For the first 6 months of 2020 net sales were a record US$583.1 million compared to US$547.1 million in the previous year’s first 6 month period, an increase of 6.6%.
Net income for the first half of 2020 was $28.5 million compared to $35.9 million for the same period in 2019, a decrease of 20.6% in net income.
For Alamo’s Agricultural Division net sales for the first 6 months of 2020 were US$170.9 million compared to $179.3 million in the prior year, a decrease of 4.7%.
The Ag division’s income from operations for the first 6 months of 2020 was US$14.3 million compared to US$13.5 million in the year prior.