- Douglas Dynamics (PLOW, Financial) reports record Q1 2025 net sales of $115.1 million, a 20.3% increase year-over-year.
- The Work Truck Attachments segment sees a substantial sales increase of 52.9%, reaching $36.5 million due to increased snowfall.
- Adjusted EBITDA rises to $9.4 million, marking significant operational improvements.
Douglas Dynamics (PLOW), North America's leading manufacturer and upfitter of work truck attachments and equipment, has announced outstanding financial results for the first quarter of 2025. The company achieved record net sales of $115.1 million, reflecting a 20.3% increase from Q1 2024. This growth is underpinned by strong performance across both the Work Truck Attachments and Work Truck Solutions segments.
The Work Truck Attachments segment experienced a notable revenue surge of 52.9%, totaling $36.5 million. This increase was driven by a 30% rise in snowfall compared to the previous winter, although still 12% below the ten-year average, leading to higher demand for snow and ice control equipment.
Douglas Dynamics also reported a substantial improvement in gross margin, which increased by 470 basis points to 24.5%. Adjusted EBITDA reached $9.4 million, marking an impressive 526% increase from $1.5 million in the previous year, and indicating enhanced operational efficiency. The company announced a quarterly dividend of $0.295, which was paid to shareholders on March 31, 2025.
The Work Truck Solutions segment continued its strong performance with a 9.5% increase in sales to $78.6 million, and achieved an adjusted EBITDA margin of 11.6%, a record for the first quarter. The segment's success is attributed to robust municipal demand and improved pricing strategies.
Looking forward, Douglas Dynamics maintains its 2025 guidance with expected net sales between $610 million to $650 million and adjusted EPS of $1.30 to $2.10. The company's leverage ratio also improved significantly to 2.1X, down from 3.3X in the previous year, positioning the company well for future growth.
With secure credit facilities extending to 2030 and a predominantly U.S.-based supply chain, Douglas Dynamics is well-prepared to navigate ongoing tariff concerns and economic uncertainties, while continuing to deliver shareholder value through steady dividend payments and operational excellence.
