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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.
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Douglas Dynamics, a leader in work truck attachments, reported preliminary Q1 2023 results with net sales of $82.5 million, a decline from $102.6 million in Q1 2022. The company faced a net loss of $13.1 million, compared to a loss of $3.9 million the previous year, resulting in a diluted EPS of (0.58). Adjusted EBITDA also decreased to (7.4 million) from $4.6 million. The low snowfall this winter impacted reorder patterns significantly, leading to a downward adjustment in the 2023 financial outlook, now projecting net sales between $620 million and $650 million and adjusted EPS between $1.55 and $2.00.
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Douglas Dynamics announced robust financial results for the full year 2022, with net sales rising 13.8% to $616.1 million and net income increasing 25.8% to $38.6 million. Diluted earnings per share (EPS) improved by 26.4% to $1.63. Both segments of the company showed year-over-year growth. A quarterly dividend of $0.295 was declared for Q1 2023, representing a progressive outlook. The projected 2023 net sales range is $620 million to $680 million, with expected adjusted EBITDA between $85 million and $115 million. The company maintains a favorable long-term outlook despite potential economic challenges.
Douglas Dynamics, Inc. (NYSE: PLOW) announced it will release its financial results for Q4 and full year 2022 after market close on February 20, 2023. A conference call to discuss these results will be held on February 21, 2023 at 9:00 a.m. CT, hosted by CEO Bob McCormick and CFO Sarah Lauber. The call can be accessed live via the Company’s website or by dialing specified numbers for domestic and international callers.
With over 75 years in the industry, Douglas Dynamics is a leader in work truck attachments, known for brands like FISHER®, SNOWEX®, and WESTERN®. Its commitment to quality and efficiency aims to enhance profitability for its customers.
Mayville Engineering Company (NYSE: MEC) has elected Robert (Bob) McCormick as a new independent director, effective immediately. McCormick, currently CEO of Douglas Dynamics (NYSE: PLOW), brings over 40 years of executive experience in manufacturing and growth strategies. Tim Christen, Chair of the Board, expressed confidence in McCormick's ability to drive value through his operational and financial expertise. McCormick will also serve on the Audit Committee and is set for reelection at the 2023 annual meeting, joining a Board of eight members, including seven independents.