Farm Equipment
Farm Equipment's Dealership Minds: Vanderloop Equipment, Profile of a Successful Dealership
Alamo Group reported its net sales during the second quarter 2020 declined 5.8% to $268.6 million from $285.2 million during the same period in 2019. Year-over-year sales from its ag division slipped 5%, while industrial equipment sales fell 6.2% vs. the year earlier. Net income for the second quarter of $13 million, down 37.2% year-over-year.
The company said its backlog is currently at $216.6 million, down 5.3% from the second quarter of 2019 and down 6.9% compared to the first quarter of 2020
For the first 6 months of 2020 net sales were a record $583.1 million compared to $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.
Alamo’s Agricultural Division net sales in the second quarter of 2020 were $86.4 million compared to $90.9 million in the prior year's second quarter, a decrease of 5%. The Division's income from operations for the quarter was $8.8 million compared to $7.8 million in 2019, an increase of 12.2%.
For the first 6 months of 2020, the Ag Division's net sales were $170.9 million vs. $179.3 million in the prior year, a decrease of 4.7%. The Division's income from operations for the first 6 months of 2020 was $14.3 million compared to $13.5 million in the prior year, an increase of 6.2%, as a result of…