In This Article:
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Net Sales: $568.5 million, essentially flat compared to the previous year.
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Gross Profit: $146.8 million, a 9% increase.
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Gross Margin: Increased by 220 basis points to 25.8%.
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Cost Savings Program: Pre-tax savings of more than $10 million in 2024, with expected annualized savings of $11 million to $12 million.
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Selling, General and Administrative Expenses: Increased by 16% to $91.7 million.
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Net Income: $56.2 million, up from $23.7 million, influenced by a one-time gain from a sale leaseback transaction.
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Adjusted EBITDA: Increased 16% to $79.3 million.
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Adjusted EBITDA Margin: Improved by 200 basis points to approximately 14%.
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Adjusted Net Income: $35.2 million, a 45% increase.
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Adjusted Earnings Per Share: $1.47, a 45% increase.
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Total Backlog: $348 million, an increase of $52 million.
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Work Truck Attachments Sales: Down 12% to $256 million.
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Work Truck Attachments Adjusted EBITDA: $48.5 million, a 4% decline.
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Work Truck Attachments Adjusted EBITDA Margin: Improved by 160 basis points to 18.9%.
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Work Truck Solutions Sales: Grew 13% to $312.5 million.
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Work Truck Solutions Adjusted EBITDA: Increased 76% to $30.9 million.
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Work Truck Solutions Adjusted EBITDA Margin: Improved by 350 basis points to 9.9%.
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Net Cash Provided by Operating Activities: Increased 229% to $41.1 million.
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Free Cash Flow: $33.3 million, an increase of $31.4 million.
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2025 Net Sales Guidance: Expected to be between $610 million and $650 million.
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2025 Adjusted EBITDA Guidance: Predicted to range from $75 million to $95 million.
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2025 Adjusted Earnings Per Share Guidance: Expected to be in the range of $1.30 to $2.10 per share.
Release Date: February 25, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Douglas Dynamics Inc (NYSE:PLOW) reported improved consolidated results across all metrics compared to the prior year, driven by strong growth in the solution segment and increased margins in the attachment segment.
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The company successfully implemented a cost savings program in 2024, exceeding expectations and resulting in pre-tax savings of over $10 million.
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The Work Truck Solutions segment delivered a record year with impressive top and bottom line growth, driven by strong municipal performance and improved operating performance.
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Douglas Dynamics Inc (NYSE:PLOW) maintained a strong balance sheet, providing additional options for potential small and medium-sized acquisitions.
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The company appointed a highly qualified new President of Work Truck Attachments, Chris Bernauer, bringing extensive experience and a strong reputation for creating positive and collaborative cultures.