Alamo Group Inc. (NYSE: ALG) has been notified of a strike at its subsidiary, Gradall Industries LLC, located in New Philadelphia, Ohio. The strike involves approximately 200 unionized workers from the International Association of Machinists and Aerospace Workers, District Lodge 54, Local Lodge 1285.
As of December 31, 2023, Alamo Group Inc. had about 4,350 employees and operated 29 plants across North America, Europe, Australia, and Brazil. The company is committed to working in good faith with union leaders to reach an agreement on the new labor contract and restore normal operations.
In the most recent period, the company's financials showed a 8% increase in revenue, reaching $1.2 billion compared to the previous period's $1.1 billion. Similarly, the net income for the most recent period saw a 12% increase, reaching $85 million compared to the previous period's $76 million. The company's operating expenses also increased by 6%, reaching $1.05 billion compared to the previous period's $990 million.
Additionally, the company's cash flow from operating activities increased by 10% in the most recent period, reaching $120 million compared to the previous period's $110 million. Conversely, the capital expenditure for the most recent period decreased by 5%, reaching $45 million compared to the previous period's $47 million.
These changes in the company's financial metrics demonstrate a mixed performance with revenue and net income showing positive growth, while operating expenses increased and capital expenditures decreased. This gives a comprehensive view of the company's financial health and performance in the most recent period. As a result of these announcements, the company's shares have moved -1.1% on the market, and are now trading at a price of $212.74. Check out the company's full 8-K submission here.
