ALAMO GROUP ANNOUNCES FINANCIAL RESULTS FOR THE THIRD QUARTER 2025
SEGUIN, Texas, Nov. 6, 2025 /PRNewswire/ -- Alamo Group Inc. (NYSE: ALG) today reported results for the third quarter 2025.
Highlights:
- Net sales increased 4.7% to $420 million compared with the third quarter of 2024
- Income from operations of $37.5 million decreased 6.3% versus the third quarter of 2024
- Fully diluted EPS of $2.10 per share decreased $0.18 per share compared to the third quarter of 2024
- Adjusted fully diluted EPS of $2.34 per share decreased $0.04 per share compared to the third quarter of 2024, which includes CEO transition, acquisition, and restructuring costs(1)
- Adjusted EBITDA of $55.0 million was flat compared to the third quarter of 2024(1)
- Operating cash flow for the first nine months of 2025 was $102.4 million
Third Quarter Results
Net sales for the third quarter of 2025 were $420.0 million, an increase of 4.7% compared to $401.3 million for the third quarter of 2024. Income from operations for the third quarter of 2024 was $37.5 million or 8.9% of net sales, compared to $40.1 million, or 10.0% of net sales, for the third quarter of 2024. Net income for the third quarter of 2025 was $25.4 million, or $2.10 per fully diluted share compared to $27.4 million, or $2.28 per fully diluted share for the third quarter of 2024.
The Company also reported adjusted net income of $28.2 million, or $2.34 per fully diluted share, for the third quarter of 2025 compared to adjusted net income $28.6 million, or $2.38 per fully diluted share for the third quarter of 2024.(1) Adjusted EBITDA for third quarter of 2025 was $55.0 million, or 13.1% of net sales, compared to $54.9 million, or 13.7% of net sales, for the third quarter of 2024.(1)
Net sales in the Industrial Equipment Division were $247.0 million, an increase of 17.0% in total and 14.5% organically, compared to $211.2 million for the third quarter of 2024. Adjusted EBITDA in the Industrial Equipment Division for the third quarter of 2025 was $38.2 million, or 15.5% of net sales, compared to $33.1 million, or 15.7% of net sales, for the third quarter of 2024. (1)
Net sales in the Vegetation Management Division were $173.1 million, a decrease of 9.0% compared to $190.1 million in the third quarter of 2024. Adjusted EBITDA in the Vegetation Management Division for the third quarter of 2025 was $16.8 million, or 9.7% of net sales, compared to $21.8 million, or 11.5% of net sales, for the third quarter of 2024.(1)
Robert Hureau, Alamo Group's President and Chief Executive Officer commented, "The Company's third quarter results were mixed. The Industrial Equipment Division continued to perform exceptionally well, delivering strong year-over-year double digit net sales growth for the seventh consecutive quarter. While Industrial Equipment orders fluctuate from quarter to quarter, year-to-date bookings in the division reflect modest growth and backlog levels remain healthy. In contrast, the Vegetation Management Division continued to experience softness in its end markets, however, bookings in the division slightly improved. Operationally, in the Vegetation Management Division we have consolidated facilities in an effort to reduce fixed costs and improve manufacturing throughput and materials management. To date, we have realized the fixed cost savings. While productivity improvements are tracking more slowly than anticipated, we are advancing our operational initiatives and expect further benefits in the coming quarters."
Operating cash flow for the nine months ended September 30, 2025 was $102.4 million.
At September 30, 2025, total debt was $209.4 million, total cash was $244.8 million and the Company had $397.2 million of availability under its Revolving Facility.
Mr. Hureau added, "With continued strong operating cash flows, ample cash on hand and significant availability under our Revolving Facility, we are well positioned to invest in both organic growth and operating initiatives as well as to deliver on our acquisition strategy. Regarding our acquisition strategy, we are excited about our growing pipeline of opportunities that have a strong strategic fit and attractive financial profiles. We look forward to a further discussion regarding our results and operating strategy during our upcoming Earnings Conference Call."
Earnings Conference Call
The Company will host a conference call to discuss the second quarter results on Friday, November 7th, 2025, at 10:00 a.m. ET. Hosting the call will be members of senior management. Individuals wishing to participate in the conference call should dial (833) 816-1163 (domestic) or (412) 317-1898 (international). For interested individuals unable to join the call, a replay will be available until Friday, November 14, 2025 by dialing (877) 344-7529 (domestic) or (412) 317-0088 (internationally), passcode 5234040.
The live broadcast of Alamo Group Inc.'s quarterly conference call will be available online at the Company's website, www.alamo-group.com (under "Investor Relations/Events and Presentations") on Friday, November 7, 2025, beginning at 10:00 a.m. ET. The online replay will follow shortly after the call ends and will be archived on the Company's website for 60 days.
About Alamo Group
Alamo Group is a leader in the manufacture and sale of high-quality, purpose built industrial and vegetation management equipment. We serve end-markets such as infrastructure building and maintenance, industrial construction, public works, land maintenance, agriculture and tree care. Our products are sold to independent equipment dealers and directly to contractors and municipalities. Product categories include vocational products (vacuum trucks, street sweepers, roadside safety equipment, excavators, and snow removal equipment) and light machinery (tractor mounted mowing equipment, land maintenance and recycling equipment) and related after-market parts and services. The Company operates two divisions: the Industrial Equipment Division and the Vegetation Management Division. Founded in 1969, the Company has approximately 3,800 employees and operates 27 manufacturing facilities in North America, Canada, Europe, Brazil and Australia. The corporate offices of Alamo Group Inc. are located in Seguin, Texas.
Forward Looking Statements
This release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from forecasted results. Among those factors which could cause actual results to differ materially are the following: adverse economic conditions which could lead to a reduction in overall market demand, supply chain and operational disruptions, labor constraints, increasing costs due to inflation, disease outbreaks, geopolitical risks, including tariffs, trade wars, and the effects of the wars in the Ukraine and the Middle East, competition, weather, seasonality, currency-related issues, and other risk factors listed from time to time in the Company's SEC reports. The Company does not undertake any obligation to update the information contained herein, which speaks only as of this date.
(Tables Follow)
(1) This is a non-GAAP financial measure that we have provided to investors in order to allow greater transparency and a deeper understanding of our financial condition and operating results. For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures, refer to the "Non-GAAP Financial Measures Reconciliation" below and the Attachments thereto.
Alamo Group Inc. and Subsidiaries Condensed Consolidated Statements of Income (in thousands, except per share amounts) (Unaudited) | ||||||||
Three Months Ended | Nine Months Ended | |||||||
9/30/2025 | 9/30/2024 | 9/30/2025 | 9/30/2024 | |||||
Net sales: | ||||||||
Vegetation Management | $ 173,059 | $ 190,115 | $ 515,307 | $ 625,397 | ||||
Industrial Equipment | 246,983 | 211,186 | 714,758 | 617,793 | ||||
Total net sales | 420,042 | 401,301 | 1,230,065 | 1,243,190 | ||||
Cost of sales | 318,359 | 300,414 | 917,249 | 922,490 | ||||
Gross profit | 101,683 | 100,887 | 312,816 | 320,700 | ||||
Selling, general and administration expense | 59,931 | 56,747 | 171,397 | 178,158 | ||||
Amortization expense | 4,210 | 4,061 | 12,337 | 12,175 | ||||
Income from operations | 37,542 | 40,079 | 129,082 | 130,367 | ||||
Interest expense | (3,897) | (4,886) | (10,775) | (17,075) | ||||
Interest income | 1,522 | 562 | 3,955 | 1,877 | ||||
Other income (expense) | (210) | (32) | (4,056) | 1 | ||||
Income before income taxes | 34,957 | 35,723 | 118,206 | 115,170 | ||||
Provision for income taxes | 9,574 | 8,318 | 29,917 | 27,321 | ||||
Net Income | $ 25,383 | $ 27,405 | $ 88,289 | $ 87,849 | ||||
Net income per common share: | ||||||||
Basic | $ 2.11 | $ 2.29 | $ 7.35 | $ 7.34 | ||||
Diluted | $ 2.10 | $ 2.28 | $ 7.31 | $ 7.30 | ||||
Average common shares: | ||||||||
Basic | 12,029 | 11,977 | 12,013 | 11,965 | ||||
Diluted | 12,094 | 12,041 | 12,075 | 12,035 | ||||
Alamo Group Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in thousands) (Unaudited) | ||||||
September 30, | September 30, | |||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ 244,806 | $ 140,038 | ||||
Accounts receivable, net | 335,210 | 356,617 | ||||
Inventories | 378,166 | 371,999 | ||||
Other current assets | 21,211 | 10,950 | ||||
Total current assets | 979,393 | 879,604 | ||||
Rental equipment, net | 61,558 | 47,260 | ||||
Property, plant and equipment | 165,887 | 163,374 | ||||
Goodwill | 214,429 | 206,458 | ||||
Intangible assets | 147,322 | 156,399 | ||||
Other non-current assets | 26,390 | 28,246 | ||||
Total assets | $ 1,594,979 | $ 1,481,341 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Trade accounts payable | $ 129,297 | $ 97,259 | ||||
Income taxes payable | — | 15,687 | ||||
Accrued liabilities | 76,770 | 84,061 | ||||
Current maturities of long-term debt and finance lease obligations | 15,000 | 15,009 | ||||
Total current liabilities | 221,067 | 212,016 | ||||
Long-term debt, net of current maturities | 194,430 | 209,157 | ||||
Long-term tax liability | 471 | 708 | ||||
Other long-term liabilities | 24,423 | 28,886 | ||||
Deferred income taxes | 21,982 | 12,854 | ||||
Total liabilities | 462,373 | 463,621 | ||||
Total stockholders' equity | 1,132,606 | 1,017,720 | ||||
Total liabilities and stockholders' equity | $ 1,594,979 | $ 1,481,341 | ||||
Alamo Group Inc. and Subsidiaries Interim Condensed Consolidated Statements of Cash Flows (in thousands) (Unaudited) | |||
Nine Months Ended September 30, | |||
(in thousands) | 2025 | 2024 | |
Operating Activities | |||
Net income | $ 88,289 | $ 87,849 | |
Adjustment to reconcile net income to net cash provided by operating activities: | |||
Provision for doubtful accounts | (46) | 1,234 | |
Depreciation - Property, plant and equipment | 20,144 | 20,027 | |
Depreciation - Rental equipment | 8,719 | 7,257 | |
Amortization of intangibles | 12,337 | 12,175 | |
Amortization of debt issuance | 527 | 527 | |
Stock-based compensation expense | 8,363 | 7,185 | |
Provision for deferred income tax | 8,681 | (2,406) | |
Gain on sale of property, plant and equipment | (489) | (789) | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (18,815) | 4,847 | |
Inventories | (24,382) | 5,451 | |
Rental equipment | (17,235) | (15,259) | |
Prepaid expenses and other assets | 6,200 | (1,583) | |
Trade accounts payable and accrued liabilities | 37,156 | (804) | |
Income taxes payable | (24,860) | 3,172 | |
Long-term tax payable | (156) | (1,925) | |
Other long-term liabilities, net | (2,009) | 3,684 | |
Net cash provided by operating activities | 102,424 | 130,642 | |
Investing Activities | |||
Acquisitions, net of cash acquired | (17,582) | — | |
Purchase of property, plant and equipment | (25,400) | (18,988) | |
Proceeds from sale of property, plant and equipment | 1,064 | 2,906 | |
Net cash used in investing activities | (41,918) | (16,082) | |
Financing Activities | |||
Borrowings on bank revolving credit facility | 50,000 | 187,000 | |
Repayments on bank revolving credit facility | (50,000) | (187,000) | |
Principal payments on long-term debt and finance leases | (11,257) | (11,317) | |
Contingent consideration payment from acquisition | — | (4,402) | |
Dividends paid | (10,805) | (9,329) | |
Proceeds from exercise of stock options | 1,502 | 1,589 | |
Common stock repurchased | (3,022) | (1,944) | |
Net cash used in financing activities | (23,582) | (25,403) | |
Effect of exchange rate changes on cash and cash equivalents | 10,608 | (1,038) | |
Net change in cash and cash equivalents | 47,532 | 88,119 | |
Cash and cash equivalents at beginning of the year | 197,274 | 51,919 | |
Cash and cash equivalents at end of the period | $ 244,806 | $ 140,038 | |
Cash paid during the period for: | |||
Interest | $ 10,742 | $ 17,349 | |
Income taxes | 45,939 | 29,004 | |
Alamo Group Inc.
Non-GAAP Financial Measures Reconciliation
From time to time, Alamo Group Inc. may disclose certain "Non-GAAP financial measures" in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. For these purposes, "GAAP" refers to generally accepted accounting principles in the United States. The Securities and Exchange Commission (SEC) defines a "non-GAAP financial measure" as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude or include amounts from the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP financial measures disclosed by Alamo Group are provided as additional information to investors in order to provide them with greater transparency about, or an alternative method for assessing, our financial condition and operating results. These measures are not in accordance with, or a substitute for, GAAP and may be different from, or inconsistent with, non-GAAP financial measures used by other companies. Whenever we refer to a non-GAAP financial measure, we will also generally present the most directly comparable financial measure calculated and presented in accordance with GAAP, along with a reconciliation of the differences between the non-GAAP financial measure we reference and such comparable GAAP financial measure.
Attachment 1 discloses non-GAAP measures such as Adjusted Operating Income, Adjusted Net Income and Adjusted Fully Diluted EPS, related to certain items that the management believes are not indicative of underlying performance. Adjusted Operating Income and Adjusted EBITDA accounts for these impacts on a pre-tax basis and Adjusted Fully Diluted EPS is calculated on a after-tax basis. Management believes isolating certain items from the core operating performance improves comparability across periods, and reflects how management plans and assesses the business. These metrics are supplements to GAAP, not substitutes; reconciliations to GAAP are provided.
Attachment 2 discloses a non-GAAP financial presentation related to the impact of currency translation on net sales by division.
Attachment 3 shows the net change in our total debt net of cash, earnings before interest, taxes, depreciation and amortization ("EBITDA") and Adjusted EBITDA which are non-GAAP financial measures.
Attachment 4 reflects Division performance inclusive of non-GAAP financial measures such as backlog, earnings before interest, tax, depreciation and amortization ("EBITDA") and Adjusted EBITDA. The Company considers this information useful to investors to allow better comparability of period-to-period operating performance.
Attachment 1 | ||||||||
Alamo Group Inc. Non-GAAP Financial Reconciliation (in thousands, except per share numbers) (Unaudited) | ||||||||
Adjusted Operating Income, Net Income, and Diluted EPS | ||||||||
Three Months Ended | Nine Months Ended | |||||||
September 30, | September 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Operating Income - GAAP | $ 37,542 | $ 40,079 | $ 129,082 | $ 130,367 | ||||
add: CEO Transition(1) | 1,859 | — | 2,310 | — | ||||
add: Acquisition and Integration Expenses(2) | 1,392 | — | 1,627 | — | ||||
add: Restructuring Expenses(3) | 572 | 1,607 | 1,939 | 3,226 | ||||
add: Gradall Strike(4) | — | — | — | 3,556 | ||||
Adjusted Operating Income - non-GAAP | $ 41,365 | $ 41,686 | $ 134,958 | $ 137,149 | ||||
Net Income - GAAP | $ 25,383 | $ 27,405 | $ 88,289 | $ 87,849 | ||||
add: CEO Transition(1), net of tax benefit $470 and $585, | 1,389 | — | 1,725 | — | ||||
add: Acquisition and Integration Expenses(2), net of tax | 1,040 | — | 1,215 | — | ||||
add: Restructuring Expenses(3), net of tax benefit $145 | 427 | 1,226 | 1,448 | 2,461 | ||||
add: Gradall Strike(4), net of tax benefit $ - and $851, | — | — | — | 2,705 | ||||
Adjusted Net Income - non-GAAP | $ 28,239 | $ 28,631 | $ 92,677 | $ 93,015 | ||||
Fully Diluted EPS - GAAP | $ 2.10 | $ 2.28 | $ 7.31 | $ 7.30 | ||||
add: CEO Transition(1) | 0.11 | — | 0.14 | — | ||||
add: Acquisition and Integration Expenses(2) | 0.09 | — | 0.10 | — | ||||
add: Restructuring Expenses(3) | 0.04 | 0.10 | 0.12 | 0.20 | ||||
add: Gradall Strike(4) | — | — | — | 0.22 | ||||
Adjusted Fully Diluted EPS - non-GAAP | $ 2.34 | $ 2.38 | $ 7.67 | $ 7.72 | ||||
Notes: | |
1. | CEO Transition includes accelerated stock compensation, recruiting expenses, and sign-on bonus |
2. | Acquisition and integration expenses include advisory fees for both unsuccessful and successful deals |
3. | Restructuring expenses include severance cost, moving and set up cost |
4. | Gradall strike represents lost profitability during the 5-week labor strike in Q2 2024 |
Attachment 2 | |||||||||
Alamo Group Inc. Non-GAAP Financial Reconciliation (in thousands) (Unaudited) | |||||||||
Impact of Currency Translation on Net Sales by Division | |||||||||
Three Months Ended September 30, | Change due to currency | ||||||||
2025 | 2024 | % change | $ | % | |||||
Vegetation Management | $ 173,059 | $ 190,115 | (9.0) % | $ 2,166 | 1.1 % | ||||
Industrial Equipment | 246,983 | 211,186 | 17.0 % | 448 | 0.2 % | ||||
Total net sales | $ 420,042 | $ 401,301 | 4.7 % | $ 2,614 | 0.7 % | ||||
Nine Months Ended September 30, | Change due to currency | ||||||||
2025 | 2024 | % change | $ | % | |||||
Vegetation Management | $ 515,307 | $ 625,397 | (17.6) % | $ 324 | 0.1 % | ||||
Industrial Equipment | 714,758 | 617,793 | 15.7 % | (1,996) | (0.3) % | ||||
Total net sales | $ 1,230,065 | $ 1,243,190 | (1.1) % | $ (1,672) | (0.1) % | ||||
Attachment 3 | ||||||
Alamo Group Inc. Non-GAAP Financial Reconciliation (in thousands) (Unaudited) | ||||||
Consolidated Net Change of Total Debt, Net of Cash | ||||||
September 30, | September 30, | Net Change | ||||
Current maturities | $ 15,000 | $ 15,009 | ||||
Long-term debt,net of current | 194,430 | 209,157 | ||||
Total debt | $ 209,430 | $ 224,166 | ||||
Total cash | 244,806 | 140,038 | ||||
Total Debt Net of Cash | $ (35,376) | $ 84,128 | $ (119,504) | |||
EBITDA | ||||||||
Three Months Ended | Nine Months Ended | |||||||
September 30, | September 30, | September 30, | September 30, | |||||
Net Income | $ 25,383 | $ 27,405 | $ 88,289 | $ 87,849 | ||||
Interest, net | 2,375 | 4,324 | 6,820 | 15,198 | ||||
Provision for income taxes | 9,574 | 8,318 | 29,917 | 27,321 | ||||
Depreciation | 9,646 | 9,191 | 28,863 | 27,284 | ||||
Amortization | 4,210 | 4,061 | 12,337 | 12,175 | ||||
EBITDA | $ 51,188 | $ 53,299 | $ 166,226 | $ 169,827 | ||||
EBITDA % net sales | 12.2 % | 13.3 % | 13.5 % | 13.7 % | ||||
Adjustments: | ||||||||
add: CEO Transition(1) | $ 1,859 | $ — | $ 2,310 | $ — | ||||
add: Acquisition and Integration Expenses(2) | 1,392 | — | 1,627 | — | ||||
add: Restructuring Expenses(3) | 572 | 1,607 | 1,939 | 3,226 | ||||
add: Gradall Strike(4) | — | — | — | 3,556 | ||||
Adjusted EBITDA | $ 55,011 | $ 54,906 | $ 172,102 | $ 176,609 | ||||
Adjusted EBITDA % net sales | 13.1 % | 13.7 % | 14.0 % | 14.2 % | ||||
Notes: | |
1. | CEO Transition includes accelerated stock compensation, recruiting expenses, and sign-on bonus |
2. | Acquisition and integration expenses include advisory fees for both unsuccessful and successful deals |
3. | Restructuring expenses include severance cost, moving and set up cost |
4. | Gradall strike represents lost profitability during the 5-week labor strike in Q2 2024 |
Attachment 4 | ||||||||
Alamo Group Inc. Non-GAAP Financial Reconciliation (in thousands) (Unaudited) | ||||||||
Vegetation Management Division Performance | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Backlog | $ 180,232 | $ 185,353 | ||||||
Net Sales | $ 173,059 | $ 190,115 | 515,307 | 625,397 | ||||
Income from Operations | 7,478 | 12,404 | 33,541 | 50,089 | ||||
Income from Operations % net sales | 4.3 % | 6.5 % | 6.5 % | 8.0 % | ||||
Depreciation | 4,096 | 4,457 | 12,401 | 13,224 | ||||
Amortization | 2,955 | 2,934 | 8,821 | 8,793 | ||||
Other (income) expense | 185 | 371 | (2,406) | 645 | ||||
EBITDA | $ 14,714 | $ 20,166 | $ 52,357 | $ 72,751 | ||||
EBITDA % net Sales | 8.5 % | 10.6 % | 10.2 % | 11.6 % | ||||
Adjustments: | ||||||||
add: CEO Transition(1) | $ 893 | $ — | $ 1,104 | $ — | ||||
add: Acquisition and Integration Expenses(2) | 668 | — | 778 | — | ||||
add: Restructuring Expenses(3) | 572 | 1,607 | 1,939 | 3,226 | ||||
Adjusted EBITDA | $ 16,847 | $ 21,773 | $ 56,178 | $ 75,977 | ||||
Adjusted EBITDA % net sales | 9.7 % | 11.5 % | 10.9 % | 12.1 % | ||||
Notes: | |
1. | CEO Transition includes accelerated stock compensation, recruiting expenses, and sign-on bonus |
2. | Acquisition and integration expenses include advisory fees for both unsuccessful and successful deals |
3. | Restructuring expenses include severance cost, moving and set up cost |
Attachment 4 (Continued) | ||||||||
Alamo Group Inc. Non-GAAP Financial Reconciliation (in thousands) (Unaudited) | ||||||||
Industrial Equipment Division Performance | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Backlog | $ 438,106 | $ 543,425 | ||||||
Net Sales | $ 246,983 | $ 211,186 | 714,758 | 617,793 | ||||
Income from Operations | 30,064 | 27,675 | 95,541 | 80,278 | ||||
Income from Operations % net sales | 12.2 % | 13.1 % | 13.4 % | 13.0 % | ||||
Depreciation | 5,550 | 4,734 | 16,462 | 14,060 | ||||
Amortization | 1,255 | 1,127 | 3,516 | 3,382 | ||||
Other (income) expense | (395) | (403) | (1,650) | (644) | ||||
EBITDA | $ 36,474 | $ 33,133 | $ 113,869 | $ 97,076 | ||||
EBITDA % net Sales | 14.8 % | 15.7 % | 15.9 % | 15.7 % | ||||
Adjustments: | ||||||||
add: CEO Transition(1) | $ 966 | $ — | $ 1,206 | $ — | ||||
add: Acquisition and Integration Expenses(2) | 724 | — | 849 | — | ||||
add: Gradall Strike(3) | — | — | — | 3,556 | ||||
Adjusted EBITDA | $ 38,164 | $ 33,133 | $ 115,924 | $ 100,632 | ||||
Adjusted EBITDA % net sales | 15.5 % | 15.7 % | 16.2 % | 16.3 % | ||||
Notes: | |
1. | CEO Transition includes accelerated stock compensation, recruiting expenses, and sign-on bonus |
2. | Acquisition and integration expenses include advisory fees for both unsuccessful and successful deals |
3. | Restructuring expenses include severance cost, moving and set up cost |
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SOURCE Alamo Group Inc.