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    Linda Willy

    Managing Director and Senior Equity Analyst at D.A. Davidson & Co.

    Linda Willy is a Managing Director and Senior Equity Analyst at D.A. Davidson & Co., specializing in coverage of regional banks and financial institutions. She is recognized for delivering accurate stock recommendations for firms such as Umpqua Holdings, Columbia Banking System, and Banner Corporation, maintaining a consistently strong success rate and competitive average returns on analyst platforms. Willy began her analyst career over two decades ago, previously holding roles at major firms before joining D.A. Davidson in 2007. She holds FINRA Series 7, 63, and 86/87 securities licenses and is regularly cited in industry publications for her expertise in bank sector analysis.

    Linda Willy's questions to ALAMO GROUP (ALG) leadership

    Linda Willy's questions to ALAMO GROUP (ALG) leadership • Q1 2025

    Question

    Linda Willy, on behalf of Michael Shlisky at D.A. Davidson, asked about the drivers of the year-over-year operating margin improvement, capital allocation priorities given the low net debt, and the outlook for the Vegetation Management division's recovery and dealer inventory levels.

    Answer

    CFO Agnes Kamps attributed the margin expansion to the successful execution of $25-$30 million in cost-cutting initiatives. CEO Jeff Leonard added that major facility consolidations were key drivers of these efficiencies. Regarding capital, Leonard emphasized that M&A is the clear top priority, citing an active pipeline of both large and tuck-in opportunities, with share buybacks as a secondary option. For the Vegetation division, he expressed optimism for a stronger second half of 2025, noting five consecutive quarters of booking improvements and a 72% reduction in channel inventory from its peak, which he expects will lead to dealer restocking starting in Q2.

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