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As a consequence, our results for the year showed considerable improvement, albeit versus weaker comparables in 2016.We feel well positioned to see continued growth in both sales and operating income in 2018, although, at more modest rates than achieved in 2017.
Registration can be made online or by calling (262) 432-0388 between a.m. Sponsors of the 2018 Conference include Agro Liquid, Copperhead Ag, Dawn Equipment Co., Environmental Tillage Systems, Ingersoll Tillage Group, Kuhn Krause, Montag Mfg., Schlagel Manufacturing, Thurston Mfg.The cash we do repatriate will initially be used to pay down outstanding debt under our revolving line of credit, however, over time we anticipate it will be deployed to support our growth and acquisition initiatives. The new rate takes effect in 2018 and should have a meaningful impact on our net earnings going forward since Alamo Group's overall effective tax rate has averaged around 35% annually over the last several years."Another feature of the new tax act is a reduction in the corporate tax rate from 35% to 21% in our U. The exact amount will ultimately be affected by a number of factors including the amount of U. earnings compared to our earnings from operations outside the U. Still, we believe this will enable us to increase our development expense going forward and to accelerate our various operation improvement initiatives which should make us more competitive in the international markets in which we participate.As a result of this one-time tax, we will now be able to more economically repatriate cash being held in our international operations without being subject to significant incremental taxation.While we are still evaluating our options, we will repatriate some portion of the cash held by our international subsidiaries, though we will leave sufficient balances to meet our working capital needs, support anticipated capital expenditure requirements and other growth oriented initiatives.https://cc.readytalk.com/r/o92pu9qod3zh&eom Should this topic be of interest to you, and you are unable to attend the live webinar, one on one demonstrations can be scheduled at
Headlining presenters for the 2018 conference include microbiologist Ben Elliott, who will explore soil biology during his session, “Stimulating & Strengthening the Biological Power of Your Strip-Tilled Soils.” Harold van Es, professor of soil science and Chair of the Department of Crop and Soil Sciences at Cornell University will lead a session, “What Have We Learned About How Tillage Systems & Cover Crops Affect Soil Health?
While there is always a degree of economic uncertainty, we are optimistic that our markets should continue to improve in 2018.
And, we are hopeful external factors such as currency exchange rates will not move too dramatically either way throughout the year.
Acquisitions remain a key element in Alamo Group's ongoing development and while in the near term high expectations are likely to remain an issue, we feel we will still be able to complete deals without compromising our long term return objectives.
"Lastly, we believe the recently enacted Tax Cuts and Jobs Act of 2017 will have a meaningful impact on our results in the future.
They are good strategic fits in some of the niche markets in which we participate.