Douglas Dynamics ( (PLOW) ) has released its Q4 earnings. Here is a breakdown of the information Douglas Dynamics presented to its investors.
Douglas Dynamics, Inc., a leading manufacturer and upfitter of work truck attachments and equipment in North America, recently announced its financial results for the fourth quarter and full year of 2024. The company operates in the commercial vehicle sector, specializing in snow and ice control equipment and storage solutions under well-known brands such as FISHER®, SNOWEX®, and WESTERN®.
The company reported strong financial performance for 2024, driven by record results from its Work Truck Solutions segment and improved margins in the Work Truck Attachments segment. Net sales for the year were $568.5 million, with a net income of $56.2 million and diluted earnings per share of $2.36. Adjusted net income and adjusted diluted EPS saw significant increases of approximately 45% compared to the previous year.
Key highlights include a successful cost savings program that exceeded expectations, delivering over $10 million in savings, and a notable one-time gain from a sale leaseback transaction. The Work Truck Solutions segment achieved record results, with net sales growing by 13% to $312.5 million and adjusted EBITDA increasing by 75.6%. Meanwhile, the Work Truck Attachments segment improved its profitability despite challenges from low snowfall in core markets.
Looking ahead, Douglas Dynamics has outlined a positive outlook for 2025, expecting net sales to range between $610 million and $650 million, and adjusted EBITDA between $75 million and $95 million. The company is well-positioned for continued growth, supported by a strong backlog and efficient operations in both segments.