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Douglas Dynamics, Inc. (PLOW), headquartered in Milwaukee, Wisconsin, is a premier designer, manufacturer, and seller of snow and ice control equipment for light trucks. The company's product lineup includes snowplows, sand and salt spreaders, and related parts and accessories. With a robust assortment of brands such as WESTERN®, FISHER®, SNOWEX®, TURFEX®, SWEEPEX®, and HENDERSON®, Douglas Dynamics has cemented its position in the industry.
Beyond snow and ice management, Douglas Dynamics is a leading manufacturer of turf and commercial/industrial grounds control products. The company operates through two main segments: Work Truck Attachments and Work Truck Solutions. This structure allows it to offer a comprehensive range of products from snowplows to industrial maintenance equipment.
Douglas Dynamics' portfolio also includes the upfit of commercial vehicle attachments and storage solutions under the HENDERSON® and DEJANA® brands. The company leases fifteen manufacturing, upfit, and service facilities across several states, including Iowa, Maryland, Missouri, New Jersey, New York, Ohio, Pennsylvania, and Rhode Island.
Recent achievements include improvements in both top and bottom-line results for its Work Truck Solutions segment, partially offsetting the impact of weather conditions on Attachments Results. The company's outlook for 2024 remains strong, underpinned by its innovative product offerings and strategic market positioning.
In terms of leadership, a significant change is on the horizon with President & CEO Bob McCormick set to retire in July. Current Chairman Jim Janik will take on the interim President & CEO role, guiding the company through this transition while maintaining its commitment to quality and customer satisfaction.
For more information and the latest updates, contact Nathan Elwell, Vice President of Investor Relations at 847-530-0249 or via email at investorrelations@douglasdynamics.com.
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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