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Douglas Dynamics, Inc. reports news on its work truck attachments and work truck solutions businesses, including commercial snow and ice control equipment, truck-mounted service cranes, dump hoists, municipal upfit work, and storage solutions. Its portfolio includes FISHER, SNOWEX, WESTERN, HENDERSON, DEJANA, VENCO and VENTURO brands across the Work Truck Attachments and Work Truck Solutions segments.
Recurring developments include operating results, snowfall- and municipal-demand trends, parts and accessories sales, capacity and manufacturing initiatives, completed acquisitions, cash dividends, outlook updates, and board governance changes.
Douglas Dynamics (NYSE: PLOW) announced that its Board of Directors approved a quarterly cash dividend of $0.295 per share for Q2 2024.
The dividend will be paid on June 28, 2024, to stockholders of record on June 17, 2024.
Douglas Dynamics is a key player in manufacturing and upfitting commercial work truck attachments and equipment, operating under renowned brands like FISHER, SNOWEX, WESTERN, HENDERSON, and DEJANA.
The company has been innovating for over 75 years to improve job efficiency and profitability for businesses, leveraging the Douglas Dynamics Management System (DDMS) to maintain high-quality standards and service delivery.
Douglas Dynamics (NYSE: PLOW) announced a CEO transition process. CEO Bob McCormick will retire in July 2024 after 20 years with the company. He will stay as a consultant until the end of 2024. Chairman James L. Janik will assume the role of Interim President & CEO. The board is evaluating internal and external candidates for a permanent CEO. McCormick's tenure has been praised for his strategic leadership and commitment to excellence.
James L. Janik, who previously served as CEO from 2000 to 2018, will lead the company during the transition. Douglas Dynamics is North America's leading manufacturer of work truck attachments and equipment, with two main segments: Work Truck Attachments and Work Truck Solutions.
Douglas Dynamics, Inc. reported improved results in Q1 2024 compared to Q1 2023, with a 16.0% increase in net sales to $95.7 million, and a net loss improvement of $4.7 million to $(8.4) million. The company expanded its 2024 Cost Savings Program aiming for $10+ million in annualized savings and paid a $0.295 per share cash dividend. The Work Truck Solutions segment delivered strong growth, increasing net sales by 13.4% to $71.8 million and more than doubling Adjusted EBITDA to $6.0 million. The Work Truck Attachments segment also improved, with net sales up by 23.9% to $23.8 million and Adjusted EBITDA improving by $5.7 million to ($4.5) million. The Company updated its 2024 outlook with net sales expected between $600 million and $640 million, Adjusted EBITDA between $70 million and $90 million, and Adjusted EPS between $1.20 and $1.70. The updated financial targets for both segments remain steady, with a positive outlook for the Solutions segment.
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