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Douglas Dynamics Reports Fourth Quarter And Full Year 2024 Results
PLOWDouglas Dynamics(PLOW) GlobeNewswire·2025-02-24 23:01

Core Insights - Douglas Dynamics, Inc. reported strong financial results for the fourth quarter and full year ended December 31, 2024, driven by record performance in Work Truck Solutions and improved margins in Work Truck Attachments [2][3][5] Financial Performance - Net Sales for FY 2024 reached 568.5million,aslightincreasefrom568.5 million, a slight increase from 568.2 million in FY 2023 [6] - Net Income for FY 2024 was 56.2million,significantlyupfrom56.2 million, significantly up from 23.7 million in FY 2023, reflecting a one-time gain of 42.3millionfromasaleleasebacktransaction[10][5]−DilutedEarningsPerShare(EPS)increasedto42.3 million from a sale leaseback transaction [10][5] - Diluted Earnings Per Share (EPS) increased to 2.36 in FY 2024 from 0.98inFY2023[10][5]−AdjustedNetIncomeandAdjustedDilutedEPSroseapproximately450.98 in FY 2023 [10][5] - Adjusted Net Income and Adjusted Diluted EPS rose approximately 45% to 35.2 million and 1.47,respectively[5][10]SegmentPerformance−WorkTruckSolutionsachievedrecordfull−yearresultswithNetSalesof1.47, respectively [5][10] Segment Performance - Work Truck Solutions achieved record full-year results with Net Sales of 312.5 million, up from 276.5millioninFY2023[12][8]−WorkTruckAttachmentssawNetSalesdeclineto276.5 million in FY 2023 [12][8] - Work Truck Attachments saw Net Sales decline to 256.0 million from 291.7millioninFY2023,impactedbylowsnowfallinpreviouswinters[11][8]−AdjustedEBITDAforWorkTruckSolutionsincreased75.6291.7 million in FY 2023, impacted by low snowfall in previous winters [11][8] - Adjusted EBITDA for Work Truck Solutions increased 75.6% to 30.9 million, while Work Truck Attachments reported Adjusted EBITDA of 48.5million,downfrom48.5 million, down from 50.6 million [12][11] Cost Management and Efficiency - The 2024 Cost Savings Program exceeded expectations, delivering over 10millioninsavings[5][6]−Selling,general,andadministrativeexpensesroseto10 million in savings [5][6] - Selling, general, and administrative expenses rose to 91.7 million in FY 2024 from 78.8millioninFY2023,primarilyduetoone−timecosts[6][10]CapitalAllocationandLiquidity−NetCashProvidedbyOperatingActivitiesincreasedsignificantlyfrom78.8 million in FY 2023, primarily due to one-time costs [6][10] Capital Allocation and Liquidity - Net Cash Provided by Operating Activities increased significantly from 12.5 million in FY 2023 to 41.1millioninFY2024[17][10]−FreeCashFlowforFY2024was41.1 million in FY 2024 [17][10] - Free Cash Flow for FY 2024 was 33.3 million, a substantial improvement from 1.9millioninFY2023[17][10]−Theleverageratioimprovedto2.4XattheendofFY2024,downfromslightlybelow3.5XattheendofFY2023[17][10]2025Outlook−ThecompanyanticipatesNetSalesfor2025tobebetween1.9 million in FY 2023 [17][10] - The leverage ratio improved to 2.4X at the end of FY 2024, down from slightly below 3.5X at the end of FY 2023 [17][10] 2025 Outlook - The company anticipates Net Sales for 2025 to be between 610 million and 650million,withAdjustedEBITDAexpectedtorangefrom650 million, with Adjusted EBITDA expected to range from 75 million to $95 million [18][14] - The effective tax rate for 2025 is projected to be approximately 24% to 25% [18][14]