Alamo Group, Inc. (NYSE:ALG) Q3 2019 Earnings Conference Call Transcript

Oct 31, 2019 • 03:00 pm ET

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Alamo Group, Inc. (NYSE:ALG) Q3 2019 Earnings Conference Call Transcript

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Operator
Operator

Good day ladies and gentlemen. Thank you for standing by. Welcome to Alamo Group's third quarter earnings conference call. [Operator Instructions]

This conference is being recorded today October 31 2019. I would now like to turn the conference over to Mr. Ed Rizzuti Vice President General Counsel and Secretary of Alamo Group. Please go ahead sir.

Executive
Edward Rizzuti

Thank you. By now you should have all received a copy of the press release. However if anyone is missing a copy and would like to receive one please contact us at 212 827-3773 and we will send you a release and make sure you're on the company's distribution list. There will be a replay of the call which will begin one hour after the call and run for one week. The replay can be accessed by dialing one (888) 203-1112 with the passcode 3380097.

Additionally the call is being webcast on the company's website at www.alamo-group.com and a replay will be available for 60 days. On the line with me today are Ron Robinson President and Chief Executive Officer; Dan Malone Executive Vice President and Chief Financial Officer; and Richard Wehrle Vice President Treasurer and Corporate Controller. Management will be will make some opening remarks and then we'll open up the line for your questions. During the call today management may reference certain non-GAAP numbers in remarks. Reconciliations of these non-GAAP results to applicable GAAP numbers are included in the attachments to our earnings release.

Before turning the call over to Ron I'd like to make a few comments about forward-looking statements. We will be making forward-looking statements today 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 acquisition-related issues weather seasonality currency-related issues geopolitical 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. I would now like to introduce Ron. Ron please go ahead.

Executive
Ron Robinson

Thank you Ed and we want to thank all of you for joining us today. Dan Malone our CFO will begin our call with a review of our financial results for the third quarter. I will then provide a few more comments on the results. And following our remarks we look forward to taking your questions. So Dan please go ahead.

Executive
Dan Malone

Thank you Ron. Third quarter 2019 sales of $271.8 million exceeded the prior year third quarter by 5.5%. Year-to-date sales of $818.9 million were up 8.8% compared to the prior year 9-month results. Excluding the impact of the Dutch Power acquisition comparable sales were up 1.6% for the quarter and about 5.1% year-to-date. During the quarter year-to-year sales growth slowed significantly