Alamo Group Mergent Report

Alamo Group, Inc.
General Company Information
Address
1627 East Walnut
Seguin, TX 78155 United States
Phone: 830 379-1480
Fax: 830 372-9683
Country
United States
Ticker
ALG
Date of Incorporation
1969 , TX, United States
Number of Employees
3,280 (Approximate Full-Time as of 12/31/2017)
Number of Shareholders
62 (approx. record) (as of 02/23/2018)
Company Website
www.alamo-group.com
Annual Meeting Date

In May
Mergent Dividend Achiever

No
Closing Price
As of 06/21/2018 : 91.52
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Alamo Group, Inc.
Business Description
Industry
Construction Services
NAICS
Primary NAICS:
333111 - Farm Machinery and Equipment Manufacturing
Secondary NAICS:
423810 - Construction and Mining (except Oil Well)
Machinery and Equipment Merchant Wholesalers
423820 - Farm and Garden Machinery and Equipment Merchant
Wholesalers
SIC
Primary SIC:
3523 - Farm machinery and equipment
Secondary SIC:
5082 - Construction and mining machinery
5083 - Farm and garden machinery
Business Description
Alamo Group is engaged in the design and manufacture of agricultural equipment and infrastructure maintenance equipment
for governmental and industrial use. Co.'s products include tractor-mounted mowing and other vegetation maintenance
equipment, street sweepers, excavators, vacuum trucks, snow removal equipment, pothole patchers, zero turn radius mowers,
agricultural implements and related aftermarket parts. Co. sells its products primarily through a network of independent dealers
and distributors to governmental end-users, related independent contractors, as well as to the agricultural and commercial turf
markets. The primary markets for Co.'s products are North America and Western Europe. Co. has three reportable business
segments: Industrial, Agricultural and European.
Industrial Division
Co.'s industrial equipment is sold through independent dealers to governmental end-users, related independent contractors and,
to a lesser extent, utility and other dealers serving infrastructure maintenance operators and other applications in the U.S. and
other countries. Co.'s subsidiary, Tiger Corporation's (Tiger) equipment includes heavy duty, tractor- and truck-mounted
mowing and vegetation maintenance equipment and replacement parts. Tiger sells to state, county and local governmental
entities and related contractors, primarily through a network of independent dealers. Co.'s subsidiary, Schwarze Industries,
Inc.'s (Schwarze) equipment includes truck-mounted air, mechanical broom, and regenerative air sweepers, pothole patchers
and replacement parts. Schwarze sells its products primarily to governmental agencies and independent contractors, either
directly or through its independent dealer network. Co.'s subsidiary, Nite-Hawk Sweepers LLC manufactures parking lot
sweepers. Gradall excavator business produces a range of excavators based on high-pressure hydraulic telescoping booms
which are sold through dealers primarily to governmental agencies and related contractors, and to a lesser extent the mining
industry, steel mills and other specialty applications in the U.S. and other countries. Co.'s VacAll business produces catch basin
cleaners and roadway debris vacuum systems. Co.'s subsidiary, Super Products LLC, produces truck-mounted vacuum trucks,
combination sewer cleaners and hydro excavators. Its products are sold to municipalities, utilities and contractors through a
nationwide distributor network. The businesses of Wausau-Everest LP (Wausau & Everest) designs and manufactures a range
of municipal snow removal and ice control products. Products include snowplows, snow blowers, brooms, deicers, brine
sprayers and other related accessories and parts. Wausau sells its products through its established dealer network to both
governmental and non-governmental end-users and sells directly to airports and fixed-base operators. Everest designs and
manufactures a range of snow removal and ice control products including snowplows, wing systems, spreader bodies and other
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Alamo Group, Inc.
related accessories and parts. Everest also manufactures custom-engineered underground construction forms for vehicular,
water/sewage and hydro-electric tunnels. Co.'s subsidiary, Henke Manufacturing Corporation, designs and manufactures snow
plows and heavy duty snow removal equipment, hitches and attachments for trucks, loaders and graders sold primarily through
independent truck and industrial equipment dealers. Co.'s subsidiary, Tenco Group, Inc., designs and manufactures a
heavy-duty line of snow removal equipment, including truck-mounted snow plows, snow blowers, dump bodies and spreaders.
Howard P. Fairfield LLC (H.P. Fairfield ) is a service distributor of public works and runway maintenance products, parts and
service, whose sales and service outlets are located in the northeast part of the U.S. H.P. Fairfield's offerings include custom
municipal snow and ice removal equipment, a range of salt spreaders and truck bodies, street sweepers, a line of industrial
rotary, flail and boom mowers, solid waste and recycling equipment, water and sewer maintenance equipment, municipal
tractors and attachments, and asphalt maintenance patchers.
Agricultural Division
Bush Hog, Rhino and Earthmaster equipment is generally sold to farmers, ranchers and other end-users to clear brush,
mow grass, maintain pastures and unused farmland, shred crops, till fields, and for haymaking and other applications. Bush
Hog and Rhino equipment consists principally of a line of tractor-powered equipment, including rotary mowers, finishing
mowers, flail mowers, disc mowers, front-end loaders, backhoes, rotary tillers, posthole diggers, scraper blades and
replacement parts. The equipment also includes a range of self-propelled zero turn radius mowers. Herschel/Valu-Bilt
aftermarket replacement parts are sold for many types of farm equipment and tractors and certain types of mowing and
construction equipment. Herschel products include a range of cutting parts, plain and hard-faced replacement tillage tools, disc
blades and fertilizer application components. Herschel replacement tools and parts are sold throughout the U.S., Canada and
Mexico to five key customer groups: farm equipment dealers; fleet stores; wholesale distributors; Original Equipment
Manufacturers; and construction equipment dealers. Schulte equipment includes heavy-duty mechanical rotary mowers, snow
blowers, rock removal equipment and related replacement parts. Schulte serves both the agricultural and governmental markets
primarily in Canada and the U.S. It also sells some of Co.'s other product lines in their markets and some of its products
through independent distributors throughout the world. Co.'s subsidiaries, Fieldquip Australia PTY LTD (Fieldquip) and
Superior Equipment Australia PTY LTD (Superior) sell a variety of agricultural equipment, specifically rotary mowers and
tractor attachments. Fieldquip sells to customers ranging from larger agricultural and commercial operators to small farm
hobbyist and residential users. Superior's customers are generally agricultural dealers who service owners and operators in the
turf, golf, park and airport industries and growers with orchards, vineyards and plantations in Australia and the South Pacific.
European Division
McConnel equipment principally includes a line of hydraulic, boom-mounted hedge and grass cutters, as well as other tractor
attachments and implements such as hydraulic backhoes, cultivators, subsoilers, buckets and other digger implements and
related replacement parts. McConnel equipment is sold primarily in the U.K., Ireland and France and in other parts of Europe
and, to a lesser extent, throughout the world, through independent dealers and distributors. Bomford equipment includes
hydraulic, boom-mounted hedge and hedgerow cutters, industrial grass mowers, agricultural seedbed preparation cultivators
and related replacement parts. Bomford equipment is sold to governmental agencies, contractors and agricultural end-users in
the U.K., Ireland and France and, to a lesser extent, other countries in Europe, North America, Australia and Asia. Bomford's
sales network is similar to that of McConnel in the U.K. Rhino sells some of Bomford's product line in the U.S. Co.'s
subsidiary, Spearhead Machinery Limited manufactures a range of tractor-mounted vegetation maintenance equipment,
including reach mowers, flail mowers and rotary cutters. Kellands equipment includes a range of self-propelled sprayers and a
variety of multi-drive load-carrying vehicles. These products are sold through an existing dealer network as well as various
marketing groups within the European Division. Co.'s subsidiary Signalisation Moderne Autoroutiere S.A.'s (SMA) equipment
includes hydraulic, boom-mounted hedge and hedgerow cutters and related replacement parts. SMA's principal customers are
French local authorities. SMA's product offerings include certain quick-attach boom mowers manufactured by Co. in the U.K.
Forges Gorce manufactures cutting blades which are sold to some of Co.'s subsidiaries as well as to other customers. Co.'s
subsidiary, Faucheux Industries S.A.'s (Faucheux) equipment includes front-end loaders, backhoes, attachments and related
parts. In addition, Faucheux also markets certain agricultural related products from other company units and third party
suppliers. Co.'s subsidiary Rousseau Holdings S.A. sells hydraulic and mechanical boom mowers, primarily in France, through
its own sales force and dealer distribution network mainly to agricultural and governmental markets. Co.'s subsidiary Rivard
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Alamo Group, Inc.
Developpement S.A.S. manufactures vacuum trucks, high pressure cleaning systems and trenchers and its equipment is sold
primarily in France and certain other markets, mainly in Europe, Middle East and North Africa, and to governmental entities
and related contractors.
Co.'s products are sold through Co.'s various marketing organizations and worldwide dealer and distributor networks under the
Alamo Industrial®, Terrain King®, Tiger®, Gradall®, VacAll®, Schwarze®, NiteHawk®, Henke®, Tenco®, Super
Products® , Wausau-Everest™, H.P. Fairfield™, Bush Hog®, Rhino®, Earthmaster®, RhinoAg™, Herschel®, Valu-Bilt®,
CT Farm & Country™, Schulte®, Superior®, Fieldquip®, Herder®, McConnel®, Bomford®, Spearhead™, Twose™,
Kellands®, SMA®, Forges Gorce™, Faucheux™, Rousseau™ and Rivard® trademarks (some with related designs) as well as
other trademarks and trade names.
Geographic Analysis
Revenues
Report Date 12/31/2016
Currency USD
Scale Thousands
United States 615,028
United Kingdom 45,184
France 79,070
Canada 48,357
Australia 13,580
Other Geographic Areas 43,529
Total 844,748

Currency USD
Scale Thousands
United States 635,923
United Kingdom 59,621
France 80,762
Canada 44,388
Australia 13,801
Other Geographic Areas 45,082
Total 879,577
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Alamo Group, Inc.
Identifiable assets
Currency USD
Scale Thousands
North America 24,302
Europe 19,324
Asia/Pacific Rim 917
Latin America 11,558

Currency USD
Scale Thousands
Europe 16,772
Asia/Pacific Rim 1,401
Latin America 3,621
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Alamo Group, Inc.

Currency USD
Scale Thousands
Europe 39,093
Asia/Pacific Rim 1,189
Latin America 2,742
Business Summary
Alamo Group is engaged in the design and manufacture of agricultural equipment and infrastructure maintenance equipment
for governmental and industrial use. Co.'s products include tractor-mounted mowing and other vegetation maintenance
equipment, street sweepers, excavators, vacuum trucks, snow removal equipment, pothole patchers, zero turn radius mowers,
agricultural implements and related aftermarket parts. Co. sells its products primarily through a network of independent dealers
and distributors to governmental end-users, related independent contractors, as well as to the agricultural and commercial turf
markets. Co. has three reporting segments: Industrial, Agricultural and European.
Executives
Top 5 Executives
Officers
Ronald A. Robinson
Title : President
Compensation History
Year 2016 2015 2014

in Actual USD in Actual USD in Actual USD
Salary 629,942 592,149 540,611
Bonus 100,000 N/A 250,000
Stock Awards 548,700 542,400 N/A
Option Awards N/A N/A 693,000
Non-Equity Incentive Plan 240,188 654,225 568,181
Compensation
Change in Pension Value & 158,227 88,837 184,920
Non-Qualified Deferred Comp. Earni
All Other Compensation 148,560 117,173 102,743
Total Compensation 1,825,617 1,994,784 2,339,455
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Alamo Group, Inc.
Summary Biography
Ronald A. Robinson, has been President, Chief Executive Officer and a Director of Alamo Group Inc. since 1999.
Mr. Robinson previously was President of Svedala Industries, Inc., the U.S. subsidiary of Svedala Industries AB of Malmo,
Sweden, a leading manufacturer of equipment and systems for the worldwide construction, mineral processing and materials
handling industries. Mr. Robinson joined Svedala in 1992 when it acquired Denver Equipment Company of which he was
Chairman and Chief Executive Officer.
Dan E. Malone
Title : Executive Vice President
Year 2016 2015 2014

Salary 287,846 276,274 263,606
Bonus 15,000 N/A 50,000
Compensation
Total Compensation 510,915 497,043 620,268
Summary Biography
Dan E. Malone, was appointed Executive Vice President, Chief Financial Officer of Alamo Group, Inc. on January 15, 2007.
Prior to joining Alamo Group, Inc., Mr. Malone held the position of Executive Vice President, Chief Financial Officer &
Corporate Secretary at Igloo Products Corporation, from 2002 to January 2007. Mr. Malone was Vice President and Chief
Financial Officer of The York Group, Inc. from 2000 to 2002 and held various financial positions from 1987 to 2000 with
Cooper Industries, Inc. and its various subsidiaries.
Jeffery A. Leonard
Title : Executive Vice President
Year 2016 2015 2014

Salary 334,339 313,851 291,010
Bonus 25,000 N/A 35,000
Compensation
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Alamo Group, Inc.
Year 2016 2015 2014

Summary Biography
Jeffery A. Leonard, joined Alamo Group Inc. in September 2011 as Executive Vice President of Alamo Group Inc. and
Executive Vice President of Alamo Group (USA) Inc., in charge of the Industrial Division.
Mr. Leonard previously was Senior Vice President of Metso Minerals Industries Inc., a supplier of technology and services for
mining, construction power generation, automation, recycling, and pulp and paper industries.
Robert H. George
Title : Vice President
Year 2011 2010 2009

Salary 162,023 156,600 155,858
Bonus N/A N/A 10,000
Other Annual Compensation/Fees N/A N/A N/A
Option Awards 62,494 N/A 60,360
Compensation
Change in Pension Value & 52,332 N/A N/A
Summary Biography
Robert H. George, joined Alamo Group, Inc. in May 1987 as Vice President, Secretary and Treasurer.
Prior to joining Alamo Group, Inc., Mr. George was Senior Vice President of Frost National Bank, a national bank association,
from 1978 to 1987.
Richard J. Wehrle
Title : Vice President
Year 2011 2010 2009

Salary 160,746 154,488 155,469
Bonus N/A N/A 5,000
Option Awards 62,494 N/A 60,389
Compensation
Change in Pension Value & 55,978 N/A N/A
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Alamo Group, Inc.
Year 2011 2010 2009

Summary Biography
Richard J. Wehrle, has been Vice President and Controller of Alamo Group, Inc. since May 2001. Prior to his appointment, Mr.
Wehrle served in various accounting management capacities within Alamo Group, Inc. since 1988.
Directors
Robert P. Bauer
Title : Director
Year 2016 2015

in Actual USD in Actual USD
Other Annual Compensation/Fees 67,000 35,250
Stock Awards 60,357 39,488
Total Compensation 127,357 74,738
Summary Biography
Robert P. Bauer, has served as President, Chief Executive Officer and a Director of L.B. Foster Company since February 2012.
Since August 2015, Mr. Bauer has served as a Director of Alamo Group, Inc., which designs, manufactures, distributes, and
services equipment for infrastructure maintenance, agriculture, and other applications, including truck and tractor mounted
mowing and other vegetation maintenance equipment, street sweepers, snow removal equipment, excavators, vacuum trucks,
and other industrial equipment.
Mr. Bauer served as President of Emerson Climate Technologies, Refrigeration Division, a business segment of Emerson
Electric Co., a diversified global manufacturing and technology company, (Emerson) from June 2011 to February 2012. Mr.
Bauer also served as President of Emerson Network Power, Liebert Division, from January 2002 through May 2011. Mr. Bauer
spent a total of 17 years with Emerson in various senior management positions and became a Group Vice President, Emerson in
2004. Prior to Emerson, Mr. Bauer held management positions with Rockwell Automation and Westinghouse Electric.
Eric P. Etchart
Title : Director
Year 2016 2015

in Actual USD in Actual USD
Other Annual Compensation/Fees 68,500 39,750
Stock Awards 60,357 39,488
Total Compensation 128,857 79,238
Summary Biography
Eric P. Etchart, has been a Director of Alamo Group Inc. since August 2015. Mr. Etchart is a National Association of Corporate
Directors (NACD) Fellow; and a current Director of Graco Inc.
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Alamo Group, Inc.
From 2007 until his retirement in January 2016, Mr. Etchart served as Senior Vice President for the Manitowoc Company, Inc.,
a manufacturer of cranes and food service equipment serving both residential and non-residential markets as well as
infrastructure and power industries. Mr. Etchart was the President of the Manitowoc Crane Group from 2007 until 2015 and
Senior Vice President of Business Development from 2015 until his retirement. Prior to joining Manitowoc, Mr. Etchart held
various management positions for Potain S.A., a manufacturer of tower cranes until it was acquired by Manitowoc in 2001.
David W. Grzelak
Title : Director
Year 2016 2015 2014

Other Annual Compensation/Fees 77,000 10,700 65,400
Summary Biography
David W. Grzelak, has been a Director of Alamo Group Inc. since August 2006.
Mr. Grzelak became Chairman and Chief Executive Officer of Komatsu America Corporation in April 2002. Mr. Grzelak
retired from his position as Chief Executive Officer of Komatsu America in April 2012 and retired as Chairman in July 2013.
Komatsu America Corporation is a wholly-owned subsidiary of Komatsu Ltd., a global company incorporated in Japan that
engages in the manufacturing, development, marketing and sale of a diversified range of industrial-use products and services.
Komatsu America Corporation manufactures and markets Komatsu lines of hydraulic excavators, wheel loaders, crawler
dozers, off-highway trucks and motor graders.
Tracy C. Jokinen
Title : Director
Year 2016
in Actual USD
Other Annual Compensation/Fees 45,466
Stock Awards 54,230
Total Compensation 99,696
Summary Biography
Tracy C. Jokinen, was appointed as a Director of Alamo Group Inc. on August 4, 2016. Ms. Jokinen is the Chief Financial
Officer of G&K Services, Inc. ("G&K"), a service-focused provider of branded uniform and facility services programs.
Prior to joining G&K in April 2014, Ms. Jokinen spent 22 years with Valspar Corporation ("Valspar"), a global manufacturer
of paints and coatings, in various positions of increasing responsibility. Most recently, Ms. Jokinen served as Valspar's Vice
President, Corporate Finance, where she led Valspar's tax, treasury, investor relations, internal audit, operations, finance, and
corporate accounting functions. Her previous positions at Valspar included Vice President, Finance & Strategy, and Vice
President, Corporate Controller and Chief Accounting Officer.
Ms. Jokinen has a Bachelor of Science in Accounting from St. Cloud State University.
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Alamo Group, Inc.
Ronald A. Robinson
Title : Director
Year 2016 2015 2014

Salary 629,942 592,149 540,611
Bonus 100,000 N/A 250,000
Compensation
Total Compensation 1,825,617 1,994,784 2,339,455
Summary Biography
Ronald A. Robinson, has been President, Chief Executive Officer and a Director of Alamo Group Inc. since 1999.
Mr. Robinson previously was President of Svedala Industries, Inc., the U.S. subsidiary of Svedala Industries AB of Malmo,
Sweden, a leading manufacturer of equipment and systems for the worldwide construction, mineral processing and materials
handling industries. Mr. Robinson joined Svedala in 1992 when it acquired Denver Equipment Company of which he was
Chairman and Chief Executive Officer.
History
Incorporated in Texas in 1969 as a successor to a business that began selling mowing equipment in 1955. Reincorporated in
Delaware in Nov. 1987.
In 1986, Co. acquired Rhino Products, Inc.
On Mar. 5, 1991, Co. acquired Adams Hard-Facing Company and AHF Corporation for $3,638,000 in cash and assumed a note
payable of $1,873,000.
On Nov. 28, 1991, Co. acquired McConnel Ltd. for $6,846,000 and the assumption of liabilities of $1,365,000.
On Jan. 29, 1993, Co. acquired certain assets of CTL Corp. for approx. $408,000.
On Dec. 6, 1993, Co. acquired Bomford Turner, Ltd., Dandl Manufacturing Co., Inc. and Turner Equipment, Inc. for
$7,748,000 in cash and $3,725,000 in debt.
On Mar. 10, 1994, Co. acquired all the shares of Betrac S.A., Signalisation Moderne Autoroutiere S.M.A. S.A. and S.C.I.
Industrielle la Saussaie for $2,630,000 in cash and $1,854,000 in debt.
On Dec. 30, 1994, Co. acquired all of the net assets of Tiger Corporation for $5,640,000.
On Apr. 27, 1995, Co. acquired M&W Gear Co. for $3,829,000 in cash.
On May 12, 1995, Co. acquired Rhino International, Inc. for approx. $371,000 in cash.
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Alamo Group, Inc.
On May 24, 1995, Co., through its wholly-owned subsidiary, acquired 49 1/2% of Certified Power Inc.'s outstanding common
stock for $1,980,000.
On June 29, 1995, Co., through its wholly-owned subsidiary, Bomford Turner Ltd., acquired NJM Dabekaussen Beheer BV
and its subsidiaries for $606,000.
On Dec. 6, 1995, Co. acquired Herschel Corp. for approx. $11,800,000 in cash.
In 2000, Co. purchased the product line and associated assets of Twose of Tiverton Ltd. in the U.K.
On Feb. 29, 2000, Co. acquired all the shares of Schwarze Industries Inc. (Schwarze), an Alabama corporation. In connection
with the acquisition of Schwarze for a purchase price of approx. $15,000,000, Co. acquired assets with an approx. value of
$13,650,000 and assumed liabilities of approx. $4,521,000.
On Nov. 6, 2000, Co. acquired 100% of the issued and outstanding shares of Schulte Industries, LTD. and all its affiliated and
related companies for approx. $9,000,000.
On Aug. 14, 2001, Co. acquired all of the assets of SMC Corporation.
On Apr. 5, 2002, Co. acquired inventory, fixed assets and certain other assets of Valu-Bilt Tractor Parts.
On Nov. 14, 2002, Co. acquired substantially all of the assets of Faucheux Industries S.A.
On Mar. 15, 2004, Co., through its wholly owned subsidiary, Alamo Group (EUR) Ltd., acquired 100% of the issued and
outstanding shares of Rousseau Holdings, S.A. with a purchase price of approx. $7,000,000.
On Feb. 14, 2005, Co. through its subsidiary Alamo Group Ltd., acquired 100% of the issued and outstanding stock of
Spearhead Machinery Limited with a purchase price of $6,000,000, including goodwill of $4,200,000.
In 2006, Co. acquired 100% of the ownership interests in Nite-Hawk Sweepers LLC, a manufacturer of truck mounted
sweeping equipment primarily for the contract sweeping market.
On Feb. 3, 2006, Co. acquired substantially all of the assets and assumed certain liabilities of the Gradall excavator business of
JLG Industries, Inc. for $32,900,000.
On May 24, 2006, Co. acquired the vacuum truck and sweeper lines of Clean Earth Environmental Group, LLC and Clean
Earth Kentucky, LLC for $8,925,000,000.
On July 14, 2006, Co. acquired Nite-Hawk Sweepers LLC for $3,100,000.
On Mar. 6, 2007, Co. acquired Henke Manufacturing Corporation for approx. $4,800,000 with assumed debt of approx.
$600,000.
On May 30, 2008, Co. acquired Rivard Developpement S.A.S. for approx. $23,000,000 plus the assumption of certain
liabilities.
On Oct. 22, 2009, Co. acquired the majority of the assets of Bush Hog, LLC. The purchase price consideration was 1,700,000
unregistered shares of Alamo Group common stock which represented approx. 14.5% of the outstanding stock of Alamo
Group.
On Oct. 18, 2011, Co. acquired the majority of the assets and assumed certain liabilities of Tenco Group Inc. The purchase
price was approximately $5,900,000.
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Alamo Group, Inc.
On Sept. 4, 2013, Co. acquired substantially all of the assets and assumed certain specified liabilities of Superior Equipment
Australia PTY. LTD.
On Apr. 2, 2014, Co. acquired Kellands Agricultural Ltd and its subsidiary Multidrive Tractors Ltd.
On Apr. 7, 2014, Co. acquired Fieldquip Australia PTY LTD.
On May 13, 2014, Co. acquired all of the operating units of Specialized Industries LP, a portfolio company of ELB Capital
Management, LLC. The purchase included the businesses of Super Products LLC, Wausau-Everest LP and Howard P. Fairfield
LLC as well as several related entities, including all brand names and related product names and trademarks pursuant to the
terms of the Membership Interests and Partnership Interests Purchase Agreement dated Feb. 24, 2014. The purchase price
consideration was $192,899,000, on a debt-free basis.
On Mar. 10, 2015, Co. acquired Herder Implementos e Maquinas Agricolas Ltda. Terms of the transaction were not disclosed.
On June 6, 2017, Co. acquired Santa Izabel Agro Industria, Ltda. in Brazil. Terms of the transaction were not disclosed.
On June 26, 2017, Co. acquired Old Dominion Brush Company, Inc. ("Old Dominion") located in Richmond, VA. Old
Dominion manufactures and sells replacement brooms for street sweepers and leaf vacuum equipment primarily sold to
municipalities, contractors and commercial landscape markets. Terms of the transaction were not disclosed.
Institutional Holdings
Total Institutions: 245 (UP) 202

Total Shares Held: 12,101,829
% of Shares Held: 67.18%
Changes In:
New/Increased vs Old/Decreased Positions: (DOWN) -22
Amount of Shares Held: 966,263
% of shares held change: -8.42%
67.18% Held By Institutions
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Alamo Group, Inc.
-8.42% Shares Held Change
New Positions Increased Positions Closed Positions Decreased Positions Unchanged Positions
Institutions: 0 Institutions: 104 Institutions: 33 Institutions: 93 Institutions: 48
Shares: 0 Shares: 5,567,684 Shares: 345,412 Shares: 4,256,009 Shares: 2,278,136
% Change: 0.00% % Change: 78.32% % Change: 79.55% % Change: 98.09% % Change: 91.62%
Institutional Ownership Summary for each of the top 5-10 Institutional Holders
BLACKROCK INC.
Total Shares Owned by Institution
1,879,794
Percentage of Shares Outstanding
62.49%
Number of Institutions
3332
Shares Purchased by Institution in the Last 3 Months
397
Shares Sold by Institution in the Last 3 Months
123
3 Months Net Transactions (Purchases-Sales)
Insider Holdings
Issuer's Name Trans. Date Form Action Price Mkt Value D/I Shares Holdings
BlackRock Inc 05/21/2018 4 S 546.13 90,657D 166 10,119
BlackRock Inc 05/09/2018 4 B 530.95 530,949D 1,000 3,360
BlackRock Inc 05/02/2018 4 GD 0.00 0D 600 14,235
BlackRock Inc 04/24/2018 4 S 515.84 257,922D 500 10,285
BlackRock Inc 04/18/2018 4 S 524.84 209,935D 400 2,714
BlackRock Inc 04/04/2018 4 D 541.72 66,632D 123 4,245
BlackRock Inc 04/04/2018 4 D 541.72 66,632D 123 6,437
BlackRock Inc 04/04/2018 4 D 541.72 66,632D 123 2,132
BlackRock Inc 04/04/2018 4 A 0.00 0D 335 40,367
BlackRock Inc 04/04/2018 4 A 0.00 0D 370 4,368
BlackRock Inc 04/04/2018 4 A 0.00 0D 364 6,560
BlackRock Inc 04/04/2018 4 A 0.00 0D 391 3,529
BlackRock Inc 04/04/2018 4 A 0.00 0D 399 13,286
BlackRock Inc 04/04/2018 4 A 0.00 0D 334 334
BlackRock Inc 04/04/2018 4 A 0.00 0D 366 1,624
BlackRock Inc 04/04/2018 4 A 0.00 0D 335 2,948
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Alamo Group, Inc.
BlackRock Inc 04/04/2018 4 A 0.00 0D 330 330
BlackRock Inc 04/04/2018 4 A 0.00 0D 339 2,255
BlackRock Inc 04/04/2018 4 A 0.00 0D 334 478,560
BlackRock Inc 04/04/2018 4 A 0.00 0D 360 2,360
BlackRock Inc 04/04/2018 4 A 0.00 0D 379 507,646
BlackRock Inc 04/04/2018 4 A 0.00 0D 372 516
BlackRock Inc 04/04/2018 4 A 0.00 0D 372 4,272
BlackRock Inc 04/04/2018 4 A 0.00 0D 334 3,133
BlackRock Inc 04/04/2018 4 A 0.00 0D 397 15,723
Transaction Ownership
Code Key : Code Key :
A - Acquired NO - UNKNOWN (added 06/04/2012) D - Direct
AB - Automatic Buy NP - Unknown (added 02/19/2013) I - Indirect
AS - Automatic Sell OE - Options Exercised
B - Buy PB - Private Buy
D - Disposed PS - Private Sell
IO - Initital Ownership S - Sell
Source: J3 Information Services Group

Quarterly Stock Price Range
Time Period Low High
Q2 of 2018 511.67 551.86
Q1 of 2018 508.97 593.26
Q4 of 2017 449.95 518.86
Q3 of 2017 412.19 447.09
Q2 of 2017 377.10 428.38
Buyers/Sellers Summary
3 Months 6 Months
Number of Inside Buyers 0 0
Number of Inside Sellers 0 0
LONGVIEW ASSET MANAGEMENT LLC

1,700,100
N/A
2
0
0
N/A
N/A
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Alamo Group, Inc.
3 Months 6 Months
DIMENSIONAL FUND ADVISORS INC

919,013
N/A
2624
0
0
N/A
N/A
3 Months 6 Months
VANGUARD GROUP INC

535,286
N/A
2870
0
0
N/A
N/A
3 Months 6 Months
VICTORY CAPITAL MANAGEMENT INC

461,227
06/22/2018 16 Mergent, Inc.

Alamo Group, Inc.

N/A
1409
0
0
N/A
N/A
3 Months 6 Months
PRICE T ROWE ASSOCIATES INC /MD/

363,269
N/A
1951
0
0
N/A
N/A
3 Months 6 Months
FRANKLIN RESOURCES INC

351,291
61.27%
1124
0
0
06/22/2018 17 Mergent, Inc.

Alamo Group, Inc.

N/A
Q2 of 2018 32.35 34.50
Q1 of 2018 34.11 45.86
Q4 of 2017 40.45 45.07
Q3 of 2017 41.04 47.28
Q2 of 2017 40.59 44.87
3 Months 6 Months
STATE STREET CORP

242,045
98.02%
2690
126
5,602
Insider Holdings
State Street Corp. 05/31/2018 4 D 96.11 106,874D 1,112 12,527
State Street Corp. 05/31/2018 4 A 0.00 0D 13,639 13,639
State Street Corp. 05/16/2018 4 AS 100.78 162,357D 1,611 60,038
State Street Corp. 05/16/2018 4 AS 100.78 23,280D 231 27,301
State Street Corp. 05/15/2018 4 D 101.21 27,934D 276 58,403
06/22/2018 18 Mergent, Inc.

Alamo Group, Inc.
State Street Corp. 05/15/2018 4 AS 101.82 2,545,500D 25,000 763,920
State Street Corp. 05/15/2018 4 AS 101.88 570,732D 5,602 31,673
State Street Corp. 03/29/2018 4 A 0.00 0D 126 126
State Street Corp. 03/29/2018 4 A 0.00 0D 126 126

Q2 of 2018 95.08 104.18
Q1 of 2018 96.72 112.71
Q4 of 2017 90.28 99.29
Q3 of 2017 90.20 95.95
Q2 of 2017 77.30 89.73
3 Months 6 Months
WELLINGTON MANAGEMENT CO LLP

226,168
N/A
1605
0
0
N/A
N/A
06/22/2018 19 Mergent, Inc.

Alamo Group, Inc.
3 Months 6 Months
PNC FINANCIAL SERVICES GROUP INC

197,086
99.47%
3305
0
403
Insider Holdings
Issuer's Name Trans. Date Form Action Price Mkt Value D/I Shares
PNC Financial Services Group 03/30/2018 4 OE 0.00 0D 403
PNC Financial Services Group 03/30/2018 4 D 151.24 60,950D 403
Holdings
2,444
2,041

Q2 of 2018 140.86 152.76
Q1 of 2018 144.59 162.45
Q4 of 2017 132.00 146.26
Q3 of 2017 120.71 134.77
Q2 of 2017 115.80 125.25
3 Months 6 Months
06/22/2018 20 Mergent, Inc.

Alamo Group, Inc.
Insider Holdings/Trades
Ownership Summary for each of the top 5-10 Insiders

There is no Insider Holdings / Trades information for this company at present.
Dividends
Abbreviation Description Structure Type Exchange Ticker Market Cap

Com. Com. Common NYS ALG 1,066,574,080
Com. (NYS: ALG)

Ticker Listed Outstanding Date Outstanding Par Amount
ALG New York 04/27/2018 11,654,225 0.10 USD
Issue Shares Outstanding

Shares Outstanding Date Shares OutstandingFile Date Report Date
04/27/2018 11,654,22505/03/2018 03/31/2018
02/23/2018 11,648,92503/01/2018 12/31/2017
10/31/2017 11,632,39410/31/2017 09/30/2017
07/31/2017 11,627,79408/02/2017 06/30/2017
04/28/2017 11,550,24405/04/2017 03/31/2017
02/28/2017 11,514,98003/07/2017 12/31/2016
10/28/2016 11,510,63111/04/2016 09/30/2016
07/29/2016 11,498,04108/05/2016 06/30/2016
04/29/2016 11,439,17705/07/2016 03/31/2016
02/29/2016 11,429,85203/04/2016 12/31/2015
10/30/2015 11,424,17211/06/2015 09/30/2015
07/31/2015 11,422,36808/07/2015 06/30/2015
04/30/2015 11,385,31305/08/2015 03/31/2015
02/27/2015 11,321,09303/06/2015 12/31/2014
10/31/2014 11,310,69311/06/2014 09/30/2014
07/31/2014 12,148,38308/08/2014 06/30/2014
04/30/2014 12,134,98305/08/2014 03/31/2014
02/28/2014 12,126,78303/11/2014 12/31/2013
11/01/2013 12,080,48311/08/2013 09/30/2013
07/31/2013 12,106,73308/05/2013 06/30/2013
04/30/2013 12,073,77905/03/2013 03/31/2013
02/28/2013 12,046,97903/11/2013 12/31/2012
11/01/2012 11,965,17911/08/2012 09/30/2012
07/31/2012 11,941,27908/09/2012 06/30/2012
04/30/2012 11,921,42905/07/2012 03/31/2012
02/28/2012 11,917,37903/12/2012 12/31/2011
11/01/2011 11,912,22911/04/2011 09/30/2011
08/02/2011 11,909,12908/05/2011 06/30/2011
04/29/2011 11,880,97905/06/2011 03/31/2011
02/26/2011 11,831,97903/15/2011 12/31/2010
11/01/2010 11,810,37911/05/2010 09/30/2010
08/02/2010 11,804,82908/06/2010 06/30/2010
04/29/2010 11,748,72905/07/2010 03/31/2010
02/26/2010 11,746,92903/15/2010 12/31/2009
06/22/2018 21 Mergent, Inc.

Alamo Group, Inc.
Shares Outstanding Date Shares OutstandingFile Date Report Date

11/01/2009 11,746,92911/09/2009 09/30/2009
08/01/2009 10,046,92908/11/2009 06/30/2009
04/29/2009 9,974,45405/08/2009 03/31/2009
02/27/2009 9,951,25403/11/2009 12/31/2008
11/01/2008 9,921,92911/07/2008 09/30/2008
08/01/2008 9,846,82908/11/2008 06/30/2008
04/29/2008 9,796,82905/09/2008 03/31/2008
02/28/2008 9,796,82903/12/2008 12/31/2007
11/01/2007 9,796,82911/06/2007 09/30/2007
08/01/2007 9,791,45908/08/2007 06/30/2007
04/28/2007 9,766,25905/08/2007 03/31/2007
02/28/2007 9,765,70903/14/2007 12/31/2006
11/01/2006 9,761,50911/08/2006 09/30/2006
08/01/2006 9,761,50908/09/2006 06/30/2006
03/31/2006 9,780,65905/10/2006 03/31/2006
02/28/2006 9,750,40903/16/2006 12/31/2005
11/01/2005 9,747,35911/10/2005 09/30/2005
08/01/2005 9,747,35908/05/2005 06/30/2005
04/29/2005 9,744,35905/06/2005 03/31/2005
02/28/2005 9,744,25903/11/2005 12/31/2004
11/01/2004 9,738,05911/10/2004 09/30/2004
04/30/2004 9,727,90905/10/2004 03/31/2004
02/27/2004 9,727,05903/15/2004 12/31/2003
09/30/2003 9,759,90911/12/2003 09/30/2003
06/30/2003 9,759,90908/11/2003 06/30/2003
05/01/2003 9,717,90905/14/2003 03/31/2003
11/01/2002 9,717,30911/14/2002 09/30/2002
08/01/2002 9,713,95908/13/2002 06/30/2002
05/01/2002 9,710,80905/15/2002 03/31/2002
02/28/2002 9,710,80903/28/2002 12/31/2001
11/01/2001 9,705,251
08/01/2001 9,706,159
02/28/2001 9,703,659
08/01/2000 9,700,209
05/01/2000 9,695,209
11/01/1999 9,735,809
12/31/1998 9,735,759
Recent Dividends
Amount Record Date ExDiv Date Pay Date
0.11 04/02/2018 04/13/2018 04/27/2018
0.11 01/02/2018 01/12/2018 01/29/2018
0.10 10/02/2017 10/13/2017 10/27/2017
0.10 07/03/2017 07/13/2017 07/28/2017
0.10 04/03/2017 04/12/2017 04/28/2017
0.10 01/03/2017 01/11/2017 01/27/2017
0.09 10/03/2016 10/12/2016 10/28/2016
0.09 07/01/2016 07/13/2016 07/29/2016
0.09 04/04/2016 04/13/2016 04/29/2016
0.09 01/04/2016 01/13/2016 01/29/2016
06/22/2018 22 Mergent, Inc.

Alamo Group, Inc.
Amount Record Date ExDiv Date Pay Date

0.08 10/01/2015 10/13/2015 10/29/2015
0.08 07/02/2015 07/14/2015 07/30/2015
0.08 04/02/2015 04/14/2015 04/30/2015
0.08 01/02/2015 01/14/2015 01/30/2015
0.07 10/02/2014 10/14/2014 10/30/2014
0.07 07/02/2014 07/15/2014 07/31/2014
0.07 04/03/2014 04/15/2014 05/01/2014
0.07 01/02/2014 01/14/2014 01/30/2014
0.07 10/02/2013 10/11/2013 10/30/2013
0.07 07/03/2013 07/15/2013 07/31/2013
Long Term Debt
Dec. 31, 2017, $60,082,000 (including current portion of $82,000) comprised of:
-- 01 -- $60,000,000 unsecured bank revolving credit facility, due Dec. 20, 2021.
-- 02 -- $82,000 other notes payable.

Subsidiaries
SUBSIDIARY NAME PERCENT OWNED COUNTRY

Subsidiaries
Subsidiaries
Alamo Group (USA) Inc. 100% United States
Gradall Industries, Inc. 100% United States
NP Real Estate Inc. 100% United States
Bush Hog, Inc. 100% United States
Henke Manufacturing Corporation 100% United States
06/22/2018 23 Mergent, Inc.

Alamo Group, Inc.
SUBSIDIARY NAME PERCENT OWNED COUNTRY

Alamo Group (TX) Inc. 100% United States
Alamo Group Services Inc. 100% United States
Alamo Group Management Inc. 100% United States
Tenco Industries Inc. 100% United States
Alamo Sales Corp. 100% United States
Alamo Group (IL) Inc. 100% United States
Tiger Corporation 100% United States
Howard P. Fairfield LLC 100% United States
Super Products LLC 100% United States
Wausau Equipment Company Inc. 100% United States
Terrain King Corporation 100% United States
Schwarze Industries, Inc. 100% United States
Schwarze Industries Australia 100% Australia
PTY Ltd.
Superior Equipment PTY Ltd. 100% Australia
Fieldquip PTY Ltd. 100% Australia
Schulte (USA) Inc. 100% United States
Alamo Group (SMC) Inc. 100% United States
Nite-Hawk Sweepers, LLC 100% United States
ALG (HK) Limited 100% Hong Kong
ALG (Beijing) Trading Co. Ltd. 100% United States
Alamo Group (IA) Inc. 100% United States
Alamo Group (VA) Inc. 100% United States
Alamo Group Europe Limited 100% United Kingdom
Alamo Group (FR) SAS 100% United States
SMA Faucheux SAS 100% United States
Forges Gorce SAS 100% France
Rousseau SAS 100% France
Rivard SAS 100% France
Alamo Manufacturing Services (UK) 100% United Kingdom
Limited
Twose of Tiverton Ltd. 100% United Kingdom
Bomford & Evershed Ltd. 100% United Kingdom
Bomford Turner Ltd. 100% United Kingdom
Turner International (ENG) Ltd. 100% United Kingdom
McConnel Ltd. 100% United Kingdom
Spearhead Machinery Ltd. 100% United Kingdom
Kellands Agricultural Ltd. 100% United States
Alamo Group (Canada) Inc. 100% Canada
Schulte Industries Ltd. 100% Canada
Tenco Inc. 100% Canada
Everest Equipment Co. 100% Canada
Super Products Canada Inc. 100% Canada
Alamo Group Brazil I, Inc. 100% United States
Alamo Brasil Participacoes Ltda. 100% Brazil
Herder Implementos e Maquinas 100% Brazil
Agricolas Ltda.
Alamo Group Brazil II, Inc. 100% United States
06/22/2018 24 Mergent, Inc.

Alamo Group, Inc.
Property
Co. owns its principal executive offices in 15,200 sq. ft. of space in Seguin, TX.
As of Dec. 31, 2016, Co. utilized 13 principal manufacturing plants located in the U.S., six in Europe, three in Canada, one in
Australia and one in Brazil.
The following table sets forth information regarding Co.'s facilities as of Dec. 31, 2016:
Facility Owned/Leased Sq. Ft.

Selma, AL Owned 767,700
New Philadelphia, OH Owned 430,000
Gibson City, IL Owned 275,000
Seguin, TX Owned 230,000
Indianola, IA Owned 200,000
Neuville, France Owned 195,000
Ludlow, England Owned 160,000
Salford Priors, England Owned 157,000
Chartres, France Owned 136,000
Huntsville, AL Owned 136,000
New Berlin, WI Owned 120,000
St. Valerien, Quebec, Canada Owned 100,000
Daumeray, France Leased 100,000
Englefeld, Saskatchewan, Canada Owned 85,000
Leavenworth, KS Owned 70,000
New Berlin, WI Leased 120,000
Leavenworth, KS Owned 70,000
Sioux Falls, SD Owned 66,000
Milwaukee, WI Leased 62,000
New Berlin, WI Owned 55,000
Skowhegan, ME Owned 47,000
New Berlin, WI Leased 46,000
Kent, WA Leased 42,800
Fond du Lac, WI Owned 38,000
Ayer's Cliff, Quebec, Canada Owned 35,000
Peschadores, France Owned 22,000
Oakey, Australia Leased 18,000
Ipswich, Australia Leased 15,000
Birdlip, England Leased 14,000
Matao, Brazil Leased 12,000
Approx. 86.0% of the manufacturing, warehouse and office space is owned.
In addtion, Co. leases 230,200 sq. ft. of space for its service parts distribution, installation facilities and sales facilities.
Principal Executive Offices

1627 East Walnut
Seguin, TX 78155
06/22/2018 25 Mergent, Inc.

Alamo Group, Inc.
Principal Executive Offices

United States
Competitors (USA)
Company Name Revenues Gross Margin Net Income

Deere & Co. 29,737,700,000 29.54 2,159,100,000
AGCO Corp. 8,306,500,000 21.25 186,400,000
Alamo Group, Inc. 912,380,000 25.72 44,315,000
Lindsay Corp 517,985,000 28.00 23,179,000
Mueller (Paul) Co 167,957,000 29.16 (2,326,000)
Arts Way Manufacturing Co Inc 20,715,080 19.71 (1,637,081)
W-W Capital Corp. 13,233,546 24.53 173,067

AgriSolar Solutions Inc 9,874,727 32.09 214,554
Verity Corp 2,411,093 47.99 (7,593,213)
ATC Venture Group Inc 2,210,677 (5.02) (3,911,757)
Company Name EBITDA Total Assets Total Liabilities

Deere & Co. 4,779,300,000 65,786,300,000 56,229,000,000
AGCO Corp. 608,700,000 7,971,700,000 4,942,100,000
Alamo Group, Inc. 107,334,000 639,671,000 190,563,000
Lindsay Corp 51,494,000 506,032,000 235,977,000
Mueller (Paul) Co 9,176,000 139,894,000 111,913,000
Arts Way Manufacturing Co Inc (771,186) 24,379,833 8,388,799
W-W Capital Corp. 890,931 6,270,249 6,439,408

AgriSolar Solutions Inc 825,911 11,092,696 5,944,147
Verity Corp (1,364,774) 4,447,608 7,332,928
ATC Venture Group Inc (959,225) 12,629,298 9,422,492
Company Name PE Ratio Market Cap Employees Share Price

Deere & Co. 25.5874 46,052 M 60,476 142.01
AGCO Corp. 21.9964 4,811 M 20,500 60.49
Alamo Group, Inc. 22.995 1,067 M 3,280 91.52
Lindsay Corp 47.2126 1,051 M 1,410 97.73
Mueller (Paul) Co - 36 M - 30.18
Arts Way Manufacturing Co Inc - 12 M 111 2.85
W-W Capital Corp. - 80 T 110 0.04

AgriSolar Solutions Inc - 300 T 270 0.00
Verity Corp - 114 T 25 0.01
ATC Venture Group Inc - 142 T 92 0.02
Earnings Estimates
Broker Summary
Number of Analysts 3
Number of Buy Recommendations 1
Number of Hold Recommendations 1
06/22/2018 26 Mergent, Inc.

Alamo Group, Inc.
Broker Summary
Number of Sell Recommendations 0
Ratios and Statistics

EPS Long-Term Growth -
Forward P/E 15.18
PEG -
Average Target Price $104

Price Target Raised in the Past 4 Wks - 0 (DOWN) 1 (UP) 0
Price Target Lowered in the Past 4 Wks - 1
Consensus Estimates Summary

2015A 2016A 2017A Q12018E Q22018E Q32018E Q42018E
Earnings Per Share 3.95 3.62 4.63 - 1.40 1.76 1.37
Revenue 879.58 844.75 912.38 - 240.67 249.58 245.17
EBITDA 95.75 91.31 108.56 - 28.20 33.90 27.40
2018E 2019E 2020E

Earnings Per Share 5.77 5.47 -
Revenue 973.47 975.00 -
EBITDA 117.10 118.70 -
Earnings Estimates
Consensus Estimates Detailed

Earnings Per Share 2015A 2016A 2017A Q12018E Q22018E Q32018E Q42018E 2018E
High - - - - 1.42 1.79 1.38 5.82
Median 3.95 3.62 4.63 - 1.40 1.76 1.37 5.77
Low - - - - 1.37 1.73 1.36 5.71
Standard Deviation 0.05 0.07 - 0.04 0.04 0.01 0.08
# of Estimates 2 3 1 - 2 2 2 2
Earnings Per Share 2019E 2020E

High 6.75 -
Median 5.47 -
Low 5.22 -
06/22/2018 27 Mergent, Inc.

Alamo Group, Inc.
Earnings Per Share 2019E 2020E

Standard Deviation 0.82 -
# of Estimates 3 -
Dividend Per Share 2015A 2016A 2017A Q12018E Q22018E Q32018E Q42018E 2018E
High - - - - - - - -
Median - - - - - - -
Low - - - - - - - -
Standard Deviation - - - - - - -
# of Estimates - - - - - - - -
Dividend Per Share 2019E 2020E

High - -
Median - -
Low - -
Standard Deviation - -
# of Estimates - -
Cash Flow Per Share 2015A 2016A 2017A Q12018E Q22018E Q32018E Q42018E
High - - - - - - -
Median - - - - - -
Low - - - - - - -
Standard Deviation - - - - - -
# of Estimates - - - - - - -
Cash Flow Per Share 2018E 2019E 2020E

High - - -
Median - - -
Low - - -
Standard Deviation - - -
# of Estimates - - -
Sales 2015A 2016A 2017A Q12018E Q22018E Q32018E Q42018E

High - - - - 243.95 251.26 250.44
Median 879.58 844.75 912.38 - 240.67 249.58 245.17
Low - - - - 237.40 247.90 239.90
Standard Deviation 1.85 5.94 5.62 - 4.63 2.38 7.46
# of Estimates 4 3 3 - 2 2 2
Sales 2018E 2019E 2020E

High 983.74 978.50 -
Median 973.47 975.00 -
Low 963.20 971.50 -
Standard Deviation 14.52 4.95 -
# of Estimates 2 2 -
Operating Profit 2015A 2016A 2017A Q12018E Q22018E Q32018E Q42018E 2018E
High - - - - - - - -
Median - - - - - - -
Low - - - - - - - -
06/22/2018 28 Mergent, Inc.

Alamo Group, Inc.
Operating Profit 2015A 2016A 2017A Q12018E Q22018E Q32018E Q42018E 2018E
# of Estimates - - - - - - - -
Operating Profit 2019E 2020E

High - -
Median - -
Low - -
# of Estimates - -
EBITDA 2015A 2016A 2017A Q12018E Q22018E Q32018E Q42018E

High - - - - 28.20 33.90 27.40
Median 95.75 91.31 108.56 - 28.20 33.90 27.40
Low - - - - 28.20 33.90 27.40
Standard Deviation 4.64 2.76 4.24 -
# of Estimates 2 2 2 - 1 1 1
EBITDA 2018E 2019E 2020E

High 117.90 127.40 -
Median 117.10 118.70 -
Low 116.30 110.00 -
Standard Deviation 1.13 12.30 -
# of Estimates 2 2 -
Net Debt 2015A 2016A 2017A Q12018E Q22018E Q32018E Q42018E 2018E
High - - - - - - - -
Median - - - - - - -
Low - - - - - - - -
# of Estimates - - - - - - - -
Net Debt 2019E 2020E

High - -
Median - -
Low - -
# of Estimates - -
Pre Tax Profit 2015A 2016A 2017A Q12018E Q22018E Q32018E Q42018E 2018E
High - - - - 21.70 27.40 21.50 90.90
Median 19.08 65.08 81.52 - 21.70 27.40 21.50 90.90
Low - - - - 21.70 27.40 21.50 90.90
Standard Deviation 0.88 1.63 0.71 -
# of Estimates 2 2 2 - 1 1 1 1
Pre Tax Profit 2019E 2020E

High 98.90 -
Median 94.75 -
Low 90.60 -
Standard Deviation 5.87 -
# of Estimates 2 -
06/22/2018 29 Mergent, Inc.

Alamo Group, Inc.
Financial Highlights
Financial Highlights as of 12/31/2017 in USD

Income Statement (In Thousands)
Total Revenue 912,380
EBITDA 107,334
Operating Income 88,738
Net Income 44,315
Revenue per Share 79.00
EPS from Continuing Operations 3.79
EPS - Net Income - Diluted 3.79
Share Outstanding 11,577
Weighted Average Shares Outstanding - Basic 11,549
Weighted Average Shares Outstanding - Diluted 11,682
Earnings per Share - Basic 3.84
Balance Sheet (In Thousands)
Total Assets 639,671
Current Assets 392,527
Total Liabilities 190,563
Long Term Debt 60,000
Stockholders' Equity 449,108
Total Assets per Share 55.25
Current Liabilities 101,363
Net Assets per Share 38.79
Cash Flow Statement (In Thousands)
Cash from Operations 70,804
Cash from Investing (51,276)
Cash from Financing (12,400)
Capital Expenditures 13,490
Cash Flow per Share 6.06
Cash & Cash Equivalents, Beginning of Year 16,793
Cash & Cash Equivalents, End of Year 25,373
Stock Price and Valuation (Data as of 06/21/2018)
Market Cap(mil) 1,067
Share Outstanding(000's) 11,654
PE Ratio 22.995
Dividend Per Share(TTM) 0.42
Earning Per Share(TTM) 4.04
Last Closing Price 91.52
Previous Trading Day Range 91.23 - 93.52
52 Week Range 88.72 - 120.13
7 Day Average Closing Price 92.99
Beta 0.59
High Price Last 3 Mos. 117.92
Low Price Last 3 Mos. 91.52
Avg Daily Volume Last 3 Mos. 68,433.09
Management Effectiveness
06/22/2018 30 Mergent, Inc.

Alamo Group, Inc.
Revenue per Employee 278,165

Net Income per Employee 13,511.00
ROA % (Net) 7.43
ROE % (Net) 10.59
ROI % (Operating) 18.35
Profitability Ratios
Gross Margin 25.72
Operating Margin 9.73
EBITDA Margin % 11.76
Calculated Tax Rate % 46.20
Profit Margin (TTM) 4.86
Valuation Ratios
Price/Earnings (TTM) 29.39
Price/Book (TTM) 2.91
Price/Cash Flow(TTM) 18.41
Asset Management
Total Asset Turnover 1.53
Receivables Turnover 4.85
Inventory Turnover 4.65
Property Plant & Equip Turnover 12.73
Cash & Equivalents Turnover 43.28
Debt Management
Interest Coverage 19.71
Long Term Debt/Equity 0.13
Long Term Debt as % of Invested Capital 11.78
Total Debt/Equity 0.13
Accounts Payable Turnover 18.44
Accrued Expenses Turnover 24.79
Liquidity Indicators
Quick Ratio 2.20
Current Ratio 3.87
Net Current Assets as % of Total Assets 45.52
Free Cash Flow per Share 5.03
Revenue to Assets 1.43
Consensus Estimates 2018Ae 2018Q2e 2018Q3e
Earnings Per Share 5.77 1.40 1.76
Revenue 973.47 240.67 249.58
EBITDA 117.10 28.20 33.90
3 yr As Reported Annuals Income Statement
Exchange rate used is that of the Year End reported date

As Reported Annual Income Statement
Report Date 12/31/2017 12/31/2016 12/31/2015
Currency USD USD USD
Audit Status Not Qualified Not Qualified Not Qualified
Consolidated Yes Yes Yes
Scale Thousands Thousands Thousands
Net sales - North American - industrial 522,706 484,088 498,761
Net sales - North American - 227,389 205,834 208,257
agricultural
06/22/2018 31 Mergent, Inc.

Alamo Group, Inc.
Report Date 12/31/2017 12/31/2016 12/31/2015

Net sales - European 162,285 154,826 172,559
Total net sales 912,380 844,748 879,577
Cost of sales 677,687 639,649 677,129
Gross profit 234,693 205,099 202,448
Selling, general & administrative 145,955 137,479 135,920
expenses
Income from operations 88,738 67,620 66,528
Interest expense 4,839 5,914 6,724
Interest income 336 214 189
Other income (expense), net (1,868) 269 6,874
Income before income taxes - domestic 61,329 44,446 52,313
Income before income taxes - 21,038 17,743 14,554
international
Income before income taxes 82,367 62,189 66,867
Current domestic income tax provision 26,713 11,958 13,293
(benefit)
Current foreign income tax provision 6,222 5,491 4,614
(benefit)
Current state income tax provision 3,789 2,075 2,947
(benefit)
Total current income tax provision 36,724 19,524 20,854
(benefit)
Deferred domestic income tax provision 1,711 1,580 3,481
(benefit)
Deferred foreign income tax provision (155) 934 (718)
(benefit)
Deferred state income tax provision (228) 106 41
(benefit)
Total deferred income tax provision 1,328 2,620 2,804
(benefit)
Provision for income taxes (benefit) 38,052 22,144 23,658
Net income (loss) 44,315 40,045 43,209
Weighted average shares outstanding - 11,549 11,434 11,349
basic
diluted
Year end shares outstanding 11,577.048 11,419.884 11,349.636
Net income (loss) per share - basic 3.84 3.5 3.81
Net income (loss) per share - diluted 3.79 3.46 3.76
Dividends per common share - - 0.32
Total number of employees 3,280 2,900 3,030
Number of common stockholders 62 79 79
Foreign currency translation adjustments 16,966 (13,156) (20,112)
3 yr As Reported Annuals Balance Sheet
06/22/2018 32 Mergent, Inc.

Alamo Group, Inc.
As Reported Annual Balance Sheet

Report Date 12/31/2017 12/31/2016 12/31/2015
Cash & cash equivalents 25,373 16,793 26,922
Accounts receivable, gross - 172,830 181,789
Less: allowance for doubtful accounts - 2,501 3,484
Accounts receivable, net 205,767 170,329 178,305
Finished goods & parts 133,161 116,667 129,995
Work in process 10,243 9,431 9,561
Raw materials 12,164 9,662 11,202
Inventories 155,568 135,760 150,758
Prepaid expenses 5,336 4,725 5,410
Income tax receivable 483 11 1,491
Total current assets 392,527 327,618 362,886
Rental equipment, net 28,493 30,970 37,564
Land 9,920 9,063 9,478
Buildings & improvements 82,412 75,610 73,828
Machinery & equipment 83,445 71,028 70,791
Office furniture & equipment 8,153 7,165 7,128
Computer software 12,500 11,889 11,298
Transportation equipment 5,863 5,286 5,521
Property, plant & equipment, gross 202,293 180,041 178,044
Less: accumulated depreciation 125,629 113,412 107,094
Property, plant & equipment, net 76,664 66,629 70,950
Goodwill 84,761 74,825 75,509
Intangible assets, net 52,872 50,038 52,950
Deferred income taxes 992 619 1,475
Other assets 3,362 2,077 2,169
Total assets 639,671 552,776 603,503
Trade accounts payable 55,825 43,136 45,486
Income taxes payable 5,002 2,333 1,320
Accrued salaries, wages & bonuses 27,073 19,368 19,270
Accrued warranty 5,335 5,262 5,566
Accrued state taxes 905 2,284 2,180
Other accrued expenses 7,141 6,244 11,125
Accrued liabilities 40,454 33,158 38,141
Current maturities of long-term debt 82 73 77
& capital lease obligations
Total current liabilities 101,363 78,700 85,024
Bank revolving credit facility 60,000 70,000 144,000
Capital lease obligations - - 23
Other notes payable 82 90 60
Total debt 60,082 70,090 144,083
Less: current maturities 82 73 77
Long-term debt & capital lease 60,000 70,017 144,006
obligation, net of current maturities
Long-term tax liability 12,316 - -
Accrued pension liabilities 1,225 2,929 4,499
06/22/2018 33 Mergent, Inc.

Alamo Group, Inc.
Report Date 12/31/2017 12/31/2016 12/31/2015

Other long-term liabilities 7,291 6,969 5,782
Deferred income taxes 8,368 6,444 3,723
Common stock 1,158 1,146 1,139
Additional paid-in capital 103,864 99,765 96,778
Treasury stock, at cost 426 426 426
Retained earnings 374,678 334,988 299,057
Accumulated other comprehensive income (30,166) (47,756) (36,079)
(loss)
Total stockholders' equity 449,108 387,717 360,469
3 yr As Reported Annuals Cash Flows

As Reported Annual Cash Flow
Report Date 12/31/2017 12/31/2016 12/31/2015
Net income (loss) 44,315 40,045 43,209
Provision for doubtful accounts 187 482 965
Depreciation - 17,696 18,988
Depreciation - property, plant & 11,616 - -
equipment (PP&E)
Depreciation - rental 5,531 - -
Amortization of intangibles 3,317 3,104 3,113
Amortization of debt issuance 203 213 214
Stock-based compensation expense 1,869 1,414 1,057
Excess tax expense (benefit) from - (230) 142
stock-based payment arrangements
Provision for deferred income tax 1,328 2,620 2,804
expense (benefit)
Loss (gain) on sale of property, plant (341) (345) (4,046)
& equipment
Accounts receivable (23,134) 3,876 (9,657)
Inventories 142 12,340 9,759
Rental equipment (3,054) 315 (11,699)
Prepaid expenses & other assets 2,845 (5,634) (3,521)
Trade accounts payable & accrued 11,688 (5,382) (1,708)
liabilities
Long term tax payable 12,478 - -
Other assets & liabilities, net (543) 2,132 (760)
Net cash flows from operating activities 70,804 75,554 52,560
Acquisitions, net of cash acquired (38,553) (188) (3,465)
Purchase of property, plant & (13,490) (9,711) (15,479)
06/22/2018 34 Mergent, Inc.

Alamo Group, Inc.
Report Date 12/31/2017 12/31/2016 12/31/2015

equipment
Proceeds from sale of property, plant 767 1,293 4,246
& equipment
Purchase of patents - (50) -
Net cash flows from investing activities (51,276) (8,656) (14,698)
Borrowings on bank revolving credit 143,000 79,000 79,000
facility
Repayment on bank revolving credit (153,000) (153,000) (125,000)
facility
Principal payments on long-term debt (17) (38) (449)
& capital leases
Proceeds from issuance of long-term debt - 48 -
Debt issuance cost - (593) -
Dividends paid (4,614) (4,114) (3,628)
Proceeds from exercise of stock options 2,397 1,369 2,023
Common stock repurchased (166) (19) -
Excess tax expense (benefits) from - 230 (142)
stock-based payment arrangements
Net cash flows from financing activities (12,400) (77,117) (48,196)
Effect of exchange rate changes on cash 1,452 90 (2,277)
Net change in cash & cash 8,580 (10,129) (12,611)
equivalents
Cash & cash equivalents at 16,793 26,922 39,533
beginning of the year
Cash & cash equivalents at end of 25,373 16,793 26,922
the period
Cash paid during the year for interest 5,217 5,796 6,936
Cash paid during the year for income 23,175 16,637 18,709
taxes
3 yr As Reported Quarters Income Statement

As Reported Quarterly Income Statement
Report Date 03/31/2018 09/30/2017 06/30/2017
1st Quarter 3rd Quarter 2nd Quarter
Audit Status Unaudited Unaudited Unaudited
Net sales - industrial 132,167 132,388 117,342
Net sales - agricultural 58,647 64,923 54,221
Total net sales 238,087 240,455 213,276
Cost of sales 177,830 175,516 158,597
Gross profit 60,257 64,939 54,679
06/22/2018 35 Mergent, Inc.

Alamo Group, Inc.
Report Date 03/31/2018 09/30/2017 06/30/2017

expenses
Other income (expense), net (134) (1,411) (665)
Provision for income taxes 5,407 8,294 5,757
Net income 14,583 16,592 12,316
basic
diluted
Dividends declared 0.11 0.1 0.1
Report Date 03/31/2017 09/30/2016 06/30/2016

Net sales - industrial 125,816 121,205 117,146
Net sales - agricultural 51,777 56,443 51,845
Total net sales 215,389 216,766 211,489
Cost of sales 161,225 162,055 159,311
Gross profit 54,164 54,711 52,178
expenses
Other income (expense), net (208) 127 242
Provision for income taxes 6,475 6,541 6,254
Net income 12,167 13,236 10,562
basic
diluted
06/22/2018 36 Mergent, Inc.

Alamo Group, Inc.
Report Date 03/31/2017 09/30/2016 06/30/2016

Dividends declared 0.1 0.09 0.09

1st Quarter
Currency USD
Audit Status Unaudited
Consolidated Yes
Scale Thousands
Net sales - industrial 123,278
Net sales - agricultural 48,662
Net sales - European 39,031
Total net sales 210,971
Cost of sales 160,694
Gross profit 50,277
Selling, general & administrative 33,988
expenses
Income from operations 16,289
Interest expense 1,406
Interest income 62
Other income (expense), net (622)
Income before income taxes 14,323
Provision for income taxes 5,664
Net income 8,659
Weighted average shares outstanding - 11,389
basic
Weighted average shares outstanding - 11,507
diluted
Year end shares outstanding 11,410.765
Net income (loss) per share - basic 0.76
Net income (loss) per share - diluted 0.75
Dividends declared 0.09
3 yr As Reported Quarters Balance Sheet

As Reported Quarterly Balance Sheet
Report Date 03/31/2018 09/30/2017 06/30/2017
Accounts receivable, gross - 205,619 202,664
06/22/2018 37 Mergent, Inc.

Alamo Group, Inc.
Report Date 03/31/2018 09/30/2017 06/30/2017

Allowance for doubtful accounts - 2,551 2,441
Finished goods 143,147 137,064 132,238
Work in process 11,024 9,707 8,940
Raw materials 14,040 12,800 11,972
Inventories, net 168,211 159,571 153,150
Income tax receivable 1,306 985 4,493
Rental equipment, gross 42,795 43,217 42,786
Property, plant & equipment 210,681 196,837 190,228
Goodwill 85,033 86,364 82,430
Deferred income taxes 2,497 732 652
Other assets 4,316 1,533 1,765
Total assets 745,894 686,569 680,864
Capital lease obligations - - -
Other notes payable 275 276 80
Current maturities of long-term debt 275 276 80
Capital lease obligations - - -
Other notes payable - - 17
obligations, net of current maturities
Long-term tax liability 12,316 - -
Deferred pension liability 1,052 1,999 2,409
Common stock 1,158 1,156 1,156
Additional paid-in-capital 104,588 102,913 102,355
(loss), net
06/22/2018 38 Mergent, Inc.

Alamo Group, Inc.
Report Date 03/31/2017 09/30/2016 06/30/2016

Accounts receivable, gross 198,493 177,427 200,451
Allowance for doubtful accounts 2,249 3,380 3,550
Finished goods 119,834 133,396 132,363
Work in process 10,769 8,788 14,756
Raw materials 10,805 12,420 12,721
Inventories, net 141,408 154,604 159,840
Income tax receivable 243 2,970 1,631
Rental equipment, gross 38,512 42,173 37,506
Property, plant & equipment 182,670 179,727 180,994
Goodwill 75,298 75,883 75,919
Deferred income taxes 665 1,692 1,601
Other assets 1,742 2,835 3,076
Total assets 635,139 624,882 645,328
Capital lease obligations - - 9
Other notes payable 536 1,372 1,202
Current maturities of long-term debt 536 1,372 1,211
Capital lease obligations - 1 3
Other notes payable 17 17 -
Long-term tax liability - - -
Deferred pension liability 2,519 3,790 3,926
Common stock 1,150 1,146 1,145
Additional paid-in-capital 100,695 99,222 98,616
(loss), net
06/22/2018 39 Mergent, Inc.

Alamo Group, Inc.
Report Date 03/31/2017 09/30/2016 06/30/2016


1st Quarter
Currency USD
Consolidated Yes
Scale Thousands
Cash & cash equivalents 49,654
Accounts receivable, gross 199,273
Allowance for doubtful accounts 3,581
Accounts receivable, net 195,692
Finished goods 133,700
Work in process 11,149
Raw materials 11,723
Inventories, net 156,572
Prepaid expenses 5,134
Income tax receivable 1,360
Total current assets 408,412
Rental equipment, gross 42,934
Less: accumulated depreciation 8,940
Rental equipment, net 33,994
Property, plant & equipment 180,158
Less: accumulated depreciation 109,854
Property, plant & equipment, net 70,304
Goodwill 76,397
Intangible assets, net 52,472
Deferred income taxes 1,897
Other assets 2,876
Total assets 646,352
Trade accounts payable 54,903
Income taxes payable 1,076
Accrued liabilities 30,360
Capital lease obligations 12
Other notes payable 63
Current maturities of long-term debt 75
Total current liabilities 86,414
Bank revolving credit facility 173,000
Capital lease obligations 4
Other notes payable -
Long-term debt & capital lease 173,004
Long-term tax liability -
Deferred pension liability 4,063
06/22/2018 40 Mergent, Inc.

Alamo Group, Inc.

1st Quarter
Currency USD
Consolidated Yes
Scale Thousands
Other long-term liabilities 5,879
Deferred income taxes 4,562
Common stock 1,141
Additional paid-in-capital 97,378
Treasury stock, at cost 426
Retained earnings 306,691
Accumulated other comprehensive income (32,354)
(loss), net
Total stockholders' equity 372,430
3 yr As Reported Quarters Cash Flows

As Reported Quarterly Cash Flow
Report Date 03/31/2018 09/30/2017 06/30/2017
Net income 14,583 41,075 24,483
Provision for doubtful accounts (94) (2) (87)
Depreciation - - -
Depreciation - property, plant & 3,135 8,631 5,560
equipment
Depreciation - rental equipment 1,405 4,253 2,804
Amortization of intangibles 881 2,445 1,554
Amortization of debt issuance costs 55 166 110
Stock-based compensation expense 458 1,254 774
Deferred income tax expense (benefit) 930 - -
Excess tax benefits from stock-based - - -
payment arrangements
Provision for deferred income tax - (74) (20)
expense (benefit)
Loss (gain) on sale of property, plant (17) (312) (238)
& equipment
Accounts receivable (27,998) (20,330) (23,519)
Inventories (12,291) (4,075) (4,436)
Rental equipment (5,663) (4,327) (3,275)
Prepaid expenses & other assets (1,765) 2,828 1,012
Trade accounts payable & accrued (1,483) 10,811 11,621
liabilities
Income taxes payable (386) (665) (4,226)
Other long-term liabilities 104 204 305
Net cash flows from operating activities (28,146) 41,882 12,422
06/22/2018 41 Mergent, Inc.

Alamo Group, Inc.
Report Date 03/31/2018 09/30/2017 06/30/2017

Acquisitions, net of cash acquired - (38,523) (26,440)
equipment
Proceeds from sale of property, plant 97 555 417
& equipment
Purchase of patents - - -
facility
Repayments on bank revolving credit (3,000) (70,000) (33,000)
facility
Proceeds (principal payments) on - (17) -
long-term debt & capital leases
Proceeds from issuance of debt - - -
Dividends paid (1,276) (3,455) (2,297)
Proceeds from sale of common stock 266 2,059 1,981
Excess tax benefits from stock-based - - -
Stock repurchased - - -
Redemptions of common stock to satisfy - (166) (166)
withholding taxes related to
stock-based compensation
Net cash flows from financing activities 85,990 54,421 75,518
Effect of exchange rate changes on cash 181 3,626 2,195
& cash equivalents
Net change in cash & cash 50,477 52,275 57,844
equivalents
beginning of the period
the period
Cash paid during the period for interest 1,123 5,073 3,131
Cash paid during the period for income 5,066 20,699 16,444
taxes
Report Date 03/31/2017 09/30/2016 06/30/2016

Net income 12,167 32,457 19,221
Provision for doubtful accounts (7) 124 172
Depreciation 4,184 13,451 9,155
Depreciation - property, plant & - - -
06/22/2018 42 Mergent, Inc.

Alamo Group, Inc.
Report Date 03/31/2017 09/30/2016 06/30/2016

equipment
Depreciation - rental equipment - - -
Amortization of intangibles 777 2,328 1,549
Amortization of debt issuance costs 55 159 106
Stock-based compensation expense 328 1,075 724
Deferred income tax expense (benefit) - - -
Excess tax benefits from stock-based - (212) (141)
Provision for deferred income tax (41) 5,111 262
expense (benefit)
Loss (gain) on sale of property, plant (67) (367) (239)
& equipment
Accounts receivable (25,048) 2,552 (20,149)
Inventories (4,696) (4,265) (9,519)
Rental equipment 1,516 199 153
Prepaid expenses & other assets 358 (2,216) (1,895)
Trade accounts payable & accrued 4,776 (1,895) 5,736
liabilities
Income taxes payable 4,323 (524) (193)
Other long-term liabilities (68) 59 (83)
Net cash flows from operating activities (1,443) 48,036 4,859
Acquisitions, net of cash acquired - (188) (188)
equipment
Proceeds from sale of property, plant 74 899 500
& equipment
Purchase of patents - (50) -
facility
Repayments on bank revolving credit (9,000) (81,000) (29,000)
facility
Proceeds (principal payments) on - (37) (10)
Proceeds from issuance of debt 460 1,149 918
Dividends paid (1,146) (3,082) (2,051)
Proceeds from sale of common stock 606 1,254 998
Excess tax benefits from stock-based - 212 141
Stock repurchased - (19) (19)
Redemptions of common stock to satisfy - - -
Net cash flows from financing activities 56,920 (10,523) 19,977
Effect of exchange rate changes on cash 575 (1,410) (907)
06/22/2018 43 Mergent, Inc.

Alamo Group, Inc.
Report Date 03/31/2017 09/30/2016 06/30/2016

& cash equivalents
Net change in cash & cash 53,869 29,563 18,050
equivalents
the period
Cash paid during the period for interest 1,485 4,433 2,918
Cash paid during the period for income 2,366 14,178 11,725
taxes

1st Quarter
Currency USD
Consolidated Yes
Scale Thousands
Net income 8,659
Provision for doubtful accounts 69
Depreciation 4,579
Depreciation - property, plant & -
equipment
Depreciation - rental equipment -
Amortization of intangibles 772
Amortization of debt issuance costs 53
Stock-based compensation expense 285
Deferred income tax expense (benefit) -
Excess tax benefits from stock-based (38)
Provision for deferred income tax 292
expense (benefit)
Loss (gain) on sale of property, plant (165)
& equipment
Accounts receivable (16,383)
Inventories (4,337)
Rental equipment 1,916
Prepaid expenses & other assets (1,241)
Trade accounts payable & accrued 655
liabilities
Income taxes payable (47)
Other long-term liabilities (154)
Net cash flows from operating activities (5,085)
Acquisitions, net of cash acquired (188)
Purchase of property, plant & (1,761)
equipment
06/22/2018 44 Mergent, Inc.

Alamo Group, Inc.

1st Quarter
Currency USD
Consolidated Yes
Scale Thousands
Proceeds from sale of property, plant 354
& equipment
Purchase of patents -
Net cash flows from investing activities (1,595)
Borrowings on bank revolving credit 44,000
facility
Repayments on bank revolving credit (15,000)
facility
Proceeds (principal payments) on (6)
Proceeds from issuance of debt -
Dividends paid (1,025)
Proceeds from sale of common stock 317
Excess tax benefits from stock-based 38
Stock repurchased -
Redemptions of common stock to satisfy -
Net cash flows from financing activities 28,324
Effect of exchange rate changes on cash 1,088
& cash equivalents
Net change in cash & cash 22,732
equivalents
Cash & cash equivalents at 26,922
Cash & cash equivalents at end of 49,654
the period
Cash paid during the period for interest 1,419
Cash paid during the period for income 5,735
taxes
2,3,5 yr Analysis - Income Statement
12/31/2017 12/31/2016 Variance 03/31/2018

Item USD USD USD % USD
Revenues 912,380,000 844,748,000 67,632,000 8.01 238,087,000
Direct Costs 677,687,000 639,649,000 38,038,000 5.95 177,830,000
Gross Profit 234,693,000 205,099,000 29,594,000 14.43 60,257,000
Taxation 38,052,000 22,144,000 15,908,000 71.84 5,407,000
Net Income 44,315,000 40,045,000 4,270,000 10.66 14,583,000
EPS Continuing Basic 3.84 3.5 0.34 9.71 1.26
EPS Net Basic 3.84 3.5 0.34 9.71 1.26
EPS Continuing Diluted 3.79 3.46 0.33 9.54 1.24
EPS Net Diluted 3.79 3.46 0.33 9.54 1.24
06/22/2018 45 Mergent, Inc.

Alamo Group, Inc.
09/30/2017 Variance
Item USD USD %
Revenues 240,455,000 (2,368,000) (0.98)
Direct Costs 175,516,000 2,314,000 1.32
Gross Profit 64,939,000 (4,682,000) (7.21)
Taxation 8,294,000 (2,887,000) (34.81)
Net Income 16,592,000 (2,009,000) (12.11)
EPS Continuing Basic 1.43 (0.17) (11.89)
EPS Net Basic 1.43 (0.17) (11.89)
EPS Continuing Diluted 1.42 (0.18) (12.68)
EPS Net Diluted 1.42 (0.18) (12.68)
Compound Annual Growth Rate

Item 3 Year 5 Year
Revenues 0.01 0.06
Direct Costs 0.00 0.06
Gross Profit 0.05 0.08
Taxation 0.17 0.20
Net Income 0.01 0.04
EPS Continuing Basic 0.00 0.05
EPS Net Basic 0.00 0.05
EPS Continuing Diluted 0.00 0.05
EPS Net Diluted 0.00 0.05
2,3,5 yr Analysis - Balance Sheet
12/31/2017 12/31/2016 Variance 03/31/2018

Cash & Equivalents 25,373,000 16,793,000 8,580,000 51.09 75,850,000
Receivables (ST) 205,767,000 170,329,000 35,438,000 20.81 234,747,000
Inventories 155,568,000 135,760,000 19,808,000 14.59 168,211,000
Current Assets 392,527,000 327,618,000 64,909,000 19.81 487,924,000
Net Property Plant & Equip 76,664,000 66,629,000 10,035,000 15.06 81,485,000
Total Assets 639,671,000 552,776,000 86,895,000 15.72 745,894,000
Accounts Payable 55,825,000 43,136,000 12,689,000 29.42 61,830,000
Current Liabilities 101,363,000 78,700,000 22,663,000 28.80 100,946,000
LT Debt & Leases 60,000,000 70,017,000 (10,017,000) (14.31) 147,000,000
Total Liabilities 190,563,000 165,059,000 25,504,000 15.45 279,512,000
Common Share Capital 1,158,000 1,146,000 12,000 1.05 1,158,000
Total Equity 449,108,000 387,717,000 61,391,000 15.83 466,382,000
09/30/2017 Variance
Item USD USD %
Cash & Equivalents 69,068,000 6,782,000 9.82
Receivables (ST) 203,068,000 31,679,000 15.60
Inventories 159,571,000 8,640,000 5.41
Current Assets 438,162,000 49,762,000 11.36
Net Property Plant & Equip 73,995,000 7,490,000 10.12
Total Assets 686,569,000 59,325,000 8.64
Accounts Payable 59,212,000 2,618,000 4.42
Current Liabilities 97,755,000 3,191,000 3.26
06/22/2018 46 Mergent, Inc.

Alamo Group, Inc.
09/30/2017 Variance
Item USD USD %
LT Debt & Leases 126,000,000 21,000,000 16.67
Total Liabilities 240,076,000 39,436,000 16.43
Common Share Capital 1,156,000 2,000 0.17
Total Equity 446,493,000 19,889,000 4.45
Compound Annual Growth Rate

Item 3 Year 5 Year
Cash & Equivalents (0.02) (0.17)
Receivables (ST) 0.05 0.06
Inventories 0.01 0.07
Current Assets 0.03 0.03
Net Property Plant & Equip 0.03 0.04
Total Assets 0.02 0.08
Accounts Payable 0.07 0.04
Current Liabilities 0.06 0.05
LT Debt & Leases (0.25) 4.96
Total Liabilities (0.08) 0.17
Common Share Capital 0.01 (0.01)
Total Equity 0.08 0.05
2,3,5 yr Analysis - Ratio Analysis
12/31/2017 12/31/2016 Variance 03/31/2018

ROA % (Net) 7.43 6.91 0.52 7.53 8.54
ROE % (Net) 10.59 10.68 (0.09) (0.84) 12.92
ROI % (Operating) 18.35 14.01 4.34 30.98 15.43
EBITDA Margin % 11.76 10.5 1.26 12.00 9.88
Gross Margin % 25.72 24.28 1.44 5.93 25.31
Quick Ratio 2.2 2.28 (0.08) (3.51) 3
Current Ratio 3.87 4.16 (0.29) (6.97) 4.83
Net Current Assets % TA 45.52 45.03 0.49 1.09 51.88
LT Debt to Equity 0.13 0.18 (0.05) (27.78) 0.32
Total Debt to Equity 0.13 0.18 (0.05) (27.78) 0.32
Total Asset Turnover 1.53 1.46 0.07 4.79 1.39
09/30/2017 Variance Compound Annual Growth Rate

Item USD USD % 3 Year
ROA % (Net) 9.63 (1.09) (11.32) 0.02
ROE % (Net) 15.14 (2.22) (14.66) (0.05)
ROI % (Operating) 19.19 (3.76) (19.59) 0.13
EBITDA Margin % 13 (3.12) (24.00) 0.03
Gross Margin % 27.01 (1.70) (6.29) 0.04
Quick Ratio 2.71 0.29 10.70 (0.02)
Current Ratio 4.48 0.35 7.81 (0.03)
Net Current Assets % TA 49.58 2.30 4.64 0.00
LT Debt to Equity 0.28 0.04 14.29 (0.31)
Total Debt to Equity 0.28 0.04 14.29 (0.31)
Total Asset Turnover 1.4 (0.01) (0.71) 0.02
06/22/2018 47 Mergent, Inc.

Alamo Group, Inc.
Item 5 Year
ROA % (Net) (0.03)
ROE % (Net) (0.01)
ROI % (Operating) 0.04
EBITDA Margin % 0.05
Gross Margin % 0.02
Quick Ratio (0.03)
Current Ratio (0.02)
Net Current Assets % TA (0.05)
LT Debt to Equity -
Total Debt to Equity -
Total Asset Turnover (0.01)
3 yr Business Analysis
Revenues Operating Income

Report Date 12/31/2016 12/31/2015 12/31/2016 12/31/2015
Currency USD USD USD USD
Scale Thousands Thousands Thousands Thousands
North American Industrial 484,088 498,761 35,984 42,194
North American Agricultural 205,834 208,257 20,720 17,295
European 154,826 172,559 10,916 7,039
Total 844,748 879,577 67,620 66,528
06/22/2018 48 Mergent, Inc.

Alamo Group Mergent Report

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Alamo Group, Inc.

General Company Information

Annual Meeting Date

Mergent Dividend Achiever

06/22/2018 1 Mergent, Inc.

06/22/2018 2 Mergent, Inc.

06/22/2018 3 Mergent, Inc.

Report Date 12/31/2015

06/22/2018 4 Mergent, Inc.

Report Date 12/31/2016

06/22/2018 5 Mergent, Inc.

Report Date 12/31/2015

Year 2016 2015 2014

06/22/2018 6 Mergent, Inc.

Year 2016 2015 2014

Year 2016 2015 2014

06/22/2018 7 Mergent, Inc.

Year 2016 2015 2014

Year 2011 2010 2009

Year 2011 2010 2009

06/22/2018 8 Mergent, Inc.

Year 2011 2010 2009

Year 2016 2015

Year 2016 2015

06/22/2018 9 Mergent, Inc.

Year 2016 2015 2014

06/22/2018 10 Mergent, Inc.

Year 2016 2015 2014

In 1986, Co. acquired Rhino Products, Inc.

06/22/2018 11 Mergent, Inc.

06/22/2018 12 Mergent, Inc.

On Apr. 7, 2014, Co. acquired Fieldquip Australia PTY LTD.

Total Institutions: 245 (UP) 202

67.18% Held By Institutions

06/22/2018 13 Mergent, Inc.

-8.42% Shares Held Change

06/22/2018 14 Mergent, Inc.

Source: J3 Information Services Group

LONGVIEW ASSET MANAGEMENT LLC

06/22/2018 15 Mergent, Inc.

DIMENSIONAL FUND ADVISORS INC

VANGUARD GROUP INC

VICTORY CAPITAL MANAGEMENT INC

06/22/2018 16 Mergent, Inc.

Percentage of Shares Outstanding

PRICE T ROWE ASSOCIATES INC /MD/

FRANKLIN RESOURCES INC

06/22/2018 17 Mergent, Inc.

3 Months Net Transactions (Purchases-Sales)

STATE STREET CORP

06/22/2018 18 Mergent, Inc.

Source: J3 Information Services Group

WELLINGTON MANAGEMENT CO LLP

06/22/2018 19 Mergent, Inc.

PNC FINANCIAL SERVICES GROUP INC

Source: J3 Information Services Group

06/22/2018 20 Mergent, Inc.

Ownership Summary for each of the top 5-10 Insiders

Abbreviation Description Structure Type Exchange Ticker Market Cap

Com. (NYS: ALG)

Issue Shares Outstanding

06/22/2018 21 Mergent, Inc.

Shares Outstanding Date Shares OutstandingFile Date Report Date

06/22/2018 22 Mergent, Inc.