Financial Performance - Net sales for Q3 2024 were 129.4million,downfrom144.1 million in Q3 2023, primarily due to low snowfall in previous seasons[4] - Net income for Q3 2024 was 32.3million,significantlyupfrom5.8 million in the same period last year[4] - Adjusted EBITDA for Q3 2024 decreased to 15.3millionfrom17.3 million in Q3 2023, impacted by lower volumes at Attachments[4] - The company reported a basic earnings per share of 1.37forQ32024,comparedto0.25 in the same period last year[25] - Net income for the nine months ended September 30, 2024, was 48,244,000,comparedto16,646,000 for the same period in 2023, representing a significant increase[26] - Net income for Q3 2024 was 32.258million,asignificantincreasefrom5.792 million in Q3 2023[29] - Adjusted net income for the nine-month period ended September 30, 2024, was 25.897million,comparedto19.840 million for the same period in 2023, reflecting a growth of 30.9%[29] - The company reported a GAAP diluted earnings per share of 1.36forQ32024,upfrom0.24 in Q3 2023[29] - Adjusted diluted earnings per share for the nine-month period ended September 30, 2024, was 1.09,comparedto0.82 for the same period in 2023, representing a 32.9% increase[29] Cost Management and Savings - Gross profit margin increased to 23.9% in Q3 2024 from 22.3% in Q3 2023, driven by higher price realization and the 2024 Cost Savings Program[4] - The 2024 Cost Savings Program is expected to deliver 11−12 million in sustainable annualized savings, with 9millionanticipatedin2024[4]−Selling,general,andadministrativeexpensesincreasedto25.7 million in Q3 2024, compared to 18.0millioninQ32023[25]LiquidityandCashFlow−AsofSeptember30,2024,totalliquiditywas90.9 million, consisting of 8.4millionincashand82.5 million available under the revolving credit facility[11] - Free cash flow for Q3 2024 was (15.390)million,adeclinefrom(0.354) million in Q3 2023, indicating cash flow challenges[31] - The company reported a net cash used in operating activities of 33,273,000fortheninemonthsendedSeptember30,2024,animprovementfrom64,148,000 in the same period of 2023[26] - Total net cash used in operating activities for the nine-month period ended September 30, 2024, was (33.273)million,comparedto(64.148) million in the same period of 2023[31] Asset Management - Total current assets increased to 316.1millionasofSeptember30,2024,upfrom262.2 million at the end of 2023[24] - Total assets reached 665.6million,anincreasefrom593.4 million at the end of 2023[24] - Current liabilities rose to 147.5million,comparedto118.5 million at the end of 2023, indicating increased short-term obligations[24] Segment Performance - Work Truck Solutions segment achieved net sales of 69.1million,relativelyflatyear−over−year,withadjustedEBITDAincreasing447.2 million[9] - Work Truck Attachments segment net sales decreased to 60,249,000inQ32024from75,879,000 in Q3 2023, a decline of approximately 20.5%[27] - Work Truck Solutions segment net sales increased to 69,149,000inQ32024from68,242,000 in Q3 2023, reflecting a growth of about 1.3%[27] - The adjusted EBITDA margin for the Work Truck Attachments segment was 13.5% in Q3 2024, down from 16.2% in Q3 2023[27] One-time Gains and Transactions - The company announced a one-time gain of approximately 42.3millionfromasaleleasebacktransactionvaluedat64.2 million[4] - The company recognized a gain of 42,298,000onasaleleasebacktransaction,impactingthenetincomepositively[28]−Thecompanyreportedasignificantgainonasaleleasebacktransactionamountingto(42.3) million in Q3 2024[25] - The company reported a gain on sale leaseback transaction of (42.298)millionforthenine−monthperiodendedSeptember30,2024[29]FutureOutlookandChallenges−The2024financialoutlookfornetsaleshasbeenrevisedtoarangeof570 million to 600million,downfromthepreviousrangeof600 million to $640 million[14] - The company anticipates continued challenges in managing economic conditions and product demand, which may impact future performance[23]
Douglas Dynamics(PLOW)2024-10-28 22:08