San Antonio Business Journal: Alamo Group breaks company earnings records despite Trump tariffs
Second-quarter earnings posted by Seguin-based manufacturer Alamo Group Inc. broke company records for net income and sales, despite steel and aluminum tariffs imposed by the Trump administration driving up costs.
Alamo Group (NYSE: ALG) reported nearly $18.8 million in net income on $257.1 million in sales during the second quarter, up from $12.3 million in net income on $213.3 million in revenue during the same quarter last year.
The mower and industrial equipment maker's second-quarter figures beat its previous bests of $16.6 million in net income during third quarter 2017 and $243.3 million in sales during fourth quarter 2017.
The recent quarter's figures translated into earnings per share of $1.60, up from $1.05 during second quarter 2017.
Under federal tax reform, the company's effective income tax rate was reduced from 31.9 percent to 25.8 percent, resulting in savings that added $1.5 million of net income during the second quarter. The tax benefit was augmented by increased sales in the company's industrial, agricultural and European divisions.
"While we continued to benefit from U.S. tax reform measures and the acquisitions we completed in 2017, we were able to produce record results even before these contributions as our core business continued to strengthen," Alamo Group CEO Ron Robinson said in a statement.To continue reading the full article from the San Antonio Business Journal, please click here.