Alamo Group Announces Record 2017 First Quarter Results

Ron Robinson, Alamo Group's President and Chief Executive Officer, commented, "We are very pleased with our performance in the first quarter of 2017 and glad to have a good start to the current fiscal year.  Given the headwinds which we have faced in a number of our markets, we were pleased to have some sales growth and more importantly, to have so much of this growth flow straight to the bottom line.  This provided record results for our Company even compared to last year's first quarter which was itself a record quarter.

"The results for the quarter benefited from further margin improvement which has steadily contributed to our bottom line results, outpacing growth in top line sales.  Our balance sheet has also benefited from these same operational improvement initiatives, which has led to improved inventory turns, better asset utilization and significant reductions in debt.

"All three of our operating divisions contributed to the first quarter's improvements.  Alamo's Industrial Division results, which were off in the second half of 2016, showed a nice return to form.  Even our vacuum truck products, whose sales to non-governmental entities were particularly weak the last several quarters, showed indications of a rebound, though the market for these products remains soft.  However, sales of snow removal products in this Division remained weak as a result of mild winter conditions for the last two years.

"Our Agricultural Division once again had a good quarter despite ongoing soft market conditions.  We benefited from broad applicability of our range of products combined with several marketing initiatives and results were further enhanced by new product introductions.  We believe this Division should further benefit from improved market conditions which are anticipated in either late 2017 or 2018.

"Alamo's European Division also exhibited improvement in the first quarter of 2017 in local currency, though down in U.S. dollars due to the unfavorable changes in exchange rates which were weaker than those in the first quarter of 2016.  In the U.K., our markets showed some return to normal levels, which have been off since the Brexit vote last June. Our operations in France continued to show improvement, following a trend which started last year, aided by internal initiatives such as the plant consolidation we completed in early 2016.

"All in all, we are pleased with the improved results across all parts of our business in the first quarter,  despite the lingering effects of the market challenges with which we have had to contend.  Looking ahead, we remain concerned these headwinds will continue to constrain sales growth, though it is encouraging that our backlog has remained steady at a healthy level since the end of 2016.  We are also concerned that cost increases, particularly with inputs such as steel, could become a factor as the year progresses.  Still, we remain optimistic about the outlook for Alamo Group in 2017 and beyond."

Earnings Conference Call

Alamo Group will host a conference call to discuss first quarter financial results on Thursday, May 4, 2017 at 4:00 p.m. Eastern (3:00 p.m. Central, 2:00 p.m. Mountain and 1:00 p.m. Pacific).  Hosting the call will be members of senior management.

Individuals wishing to participate in the conference call should dial 877-591-4951 (domestic) or 719-325-4867 (international). For interested individuals unable to join the call, a replay will be available until Thursday, May 11, 2017 by dialing 888-203-1112 (domestic) or 719-457-0820 (internationally), passcode 3509415.

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 & Presentations") on Thursday, May 4, 2017, beginning at 4:00 p.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 design, manufacture, distribution and service of high quality equipment for infrastructure maintenance, agriculture and other applications. Our products include truck and tractor mounted mowing and other vegetation maintenance equipment, street sweepers, snow removal equipment, excavators, vacuum trucks, other industrial equipment, agricultural implements and related after-market parts and services. The Company, founded in 1969, has approximately 2,970 employees and operates 24 plants in North America, Europe, Australia and Brazil as of March 31, 2017.  The corporate offices of Alamo Group Inc. are located in Seguin, Texas and the headquarters for the Company's European operations are located in Salford Priors, England.

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: market demand, 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⁾ In this earnings release, Alamo Group reports net sales excluding the impact of currency translation, which is a non-GAAP financial measure, and total debt, net of cash which is also a non-GAAP financial measure.  The Company considers this information useful to investors to allow better comparability of period-to-period operating performance.  Attachments 1 and 2 to this earnings release contain a reconciliation of the non-GAAP financial measure to the comparable GAAP financial measure.

Alamo Group Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in thousands) (Unaudited)
	March 31,  2017					March 31,  2016
ASSETS
Current assets:
Cash and cash equivalents		$	70,662				$	49,654
Accounts receivable, net		196,244					195,692
Inventories		141,408					156,572
Other current assets		5,246					6,494
Total current assets		413,560					408,412
Rental equipment, net		28,047					33,994
Property, plant and equipment		66,525					70,304
Goodwill		75,298					76,397
Intangible assets		49,302					52,472
Other non-current assets		2,407					4,773
Total assets		$	635,139				$	646,352
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Trade accounts payable		$	54,361				$	54,903
Income taxes payable		6,924					1,076
Accrued liabilities		27,287					30,360
Current maturities of long-term debt and capital lease obligations		536					75
Total current liabilities		89,108					86,414
Long-term debt, net of current maturities		127,017					173,004
Deferred pension liability		2,519					4,063
Other long-term liabilities		7,106					5,879
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