Net income for the quarter was $6.9 million, or $0.57 per diluted share, compared to net income of $6.8 million, or $0.56 per diluted share, for the first quarter of 2012, an increase of 2%. The first quarter 2013 net sales and net income levels were both records for Alamo during a first quarter as the Company experienced steady demand for its products.
Net sales in the North American Industrial Division for the first quarter of 2013 were $69.3 million, an increase of 7% compared to net sales of $64.7 million for the first quarter of 2012. The division benefited from stable demand from governmental end users and was led by increases in sales for mowers, street sweepers and vacuum trucks.
Alamo’s North American Agricultural Division recorded net sales of $49.6 million in the first quarter of 2013, a 3% increase compared to net sales of $48.3 million in the prior year’s first quarter. The results reflected modest increases in demand for its agricultural products in the U.S., though the growth rates in this market are moderating.
The Company’s European Division net sales in the first quarter of 2013 were $39.5 million, versus $42.9 million in the first quarter of 2012, a decrease of 8%. The Division’s sales continued to be affected by general weakness in the European economy and were further impacted by adverse weather conditions.