Douglas Dynamics Reports Record First Quarter 2026 Results

Douglas Dynamics, Inc. (NYSE: PLOW), North America’s premier manufacturer and upfitter of work truck attachments and equipment, today announced financial results for the first quarter ended March 31, 2026. Unless otherwise stated, all comparisons made in this document are between the first quarters of 2026 and 2025. Mark Van Genderen, President & CEO, stated, “The strength of our first-quarter results reflects increased snowfall driven demand, disciplined execution, and continued progress against our strategic priorities. Our performance is particularly positive in light of year over year comparison to the robust first quarter of 2025. These results establish a strong foundation for the year, and we remain focused on pursuing our strategic objectives amid an evolving macroeconomic backdrop. I want to thank our teams for their ongoing dedication as we work to address the heightened demand across many areas of our business.” Consolidated First Quarter 2026 Results $ in millions(except Margins & EPS)Q1 2026Q1 2025Net Sales$137.8$115.1Gross Profit Margin27.4%24.5% Income from Operations$9.9$3.2Net Income$6.4$0.1Diluted EPS$0.26($0.00)Adjusted EBITDA$16.8$9.4Adjusted EBITDA Margin12.2%8.2%Adjusted Net Income$8.6$2.2Adjusted Diluted EPS$0.36$0.09 Net Sales increased 20% to a record $137.8 million based on record sales of parts and accessories at Work Truck Attachments, and higher municipal volumes, which offset lower commercial volumes at Work Truck Solutions. Gross Margin increased 290-basis points to 27.4%, based on higher volumes at Work Truck Attachments and strong execution in both segments.Net Income improved substantially to $6.4 million, with $0.26 of diluted EPS.Adjusted EBITDA increased 78% to a record $16.8 million, which drove a 400-basis point increase in margin to 12.2%, and record adjusted diluted EPS of $0.36. Work Truck Attachments Segment First Quarter 2026 Results $ in millions (except Adjusted EBITDA Margin)Q1 2026Q1 2025Net Sales$60.9$36.5Adjusted EBITDA$7.7$0.3Adjusted EBITDA Margin12.6%0.9% Net Sales increased 67% to a record $60.9 million, driven by strong snow and ice product demand, plus a full quarter of sales from Venco Venturo, which was acquired in November 2025.Adjusted EBITDA increased materially to $7.7 million.Above average snowfall across core markets in the Northeast and Midwest during the first quarter led to a surge in demand. Dedicated execution from our team delivered record shipments of parts and accessories. Van Genderen explained, “Our core markets experienced the heaviest snowfall in a decade this past winter, with snowfall totals approximately 25% above the 10-year average. The snowfall-driven strength of parts and accessories sales carried into the first quarter, and we are now focused on ensuring that the pre-season orders we’re currently taking for all our products are efficiently delivered to dealers in the second and third quarters of this year.” Work Truck Solutions Segment First Quarter 2026 Results $ in millions (except Adjusted EBITDA Margin)Q1 2026Q1 2025Net Sales$76.9$78.6Adjusted EBITDA$9.1$9.1Adjusted EBITDA Margin11.9%11.6% Net Sales decreased slightly to $76.9 million, with Adjusted EBITDA increasing slightly to $9.1 million.Adjusted EBITDA margin increased to a record 11.9%. Van Genderen stated, “Our municipal operations continue to deliver solid performance, allowing the Solutions segment to produce record bottom line results again this quarter, coupled with near record Net Sales. This impressive achievement offset slightly softer demand in certain commercial business segments.” Dividend & Liquidity Returned approximately $10.1 million of cash to shareholders through the payment of a quarterly cash dividend of $0.295 per diluted share, and the repurchase of approximately 70,000 shares of company stock.Net cash used in operating activities of $1.0 million was in line with the prior year, primarily due to improved earnings offset by working capital changes within the quarter. 2026 Outlook Sarah Lauber, Executive Vice President and CFO, noted, “The business trends we experienced in 2025 largely carried over into the first quarter of 2026, helping to drive record results. Winter weather supported increased demand at Attachments, particularly for parts and accessories. Despite a challenging comparison against last year’s record financials, the Solutions segment delivered excellent overall results again. Looking forward, we expect moderation on the commercial side due to economic uncertainty and continued positive momentum in our municipal operations.” Lauber continued, “Taking these factors into account, we are raising our strong guidance ranges for the year. This momentum reinforces our belief in the power of our market leading brands and our 2026 growth trajectory, driving our ability to deliver long-term value for stakeholders.” 2026 Outlook Ranges* OriginalUpdatedLowHighLowHighNet Sales$710$760$750$795Adjusted EBITDA$100$120$110$125Adjusted Diluted EPS$2.25$2.85$2.55$3.05Effective tax rate24%25%24%25%*In millions, except per share, and tax rate data The 2026 outlook assumes relatively stable economic and supply chain conditions, that pre-season orders are expected to be shipped approximately equally between the second and third quarters, and that core markets will experience average snowfall in the fourth quarter of 2026. With respect to the Company’s 2026 financial outlook, the Company is not able to provide a reconciliation of the non-GAAP financial measures to GAAP because it does not provide specific guidance for the various extraordinary, nonrecurring, or unusual charges and other certain items. These items have not yet occurred, are out of the Company’s control and/or cannot be reasonably predicted. As a result, reconciliation of the non-GAAP guidance measures to GAAP is not available without unreasonable effort and the Company is unable to address the probable significance of the unavailable information. Earnings Conference Call Information The Company will host a conference call on Tuesday, May 5, 2026 at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). To join the conference call, please dial 1-833-634-5024 domestically, or 1-412-902-4205 internationally. The call will also be available via the Investor Relations section of the Company’s website at www.douglasdynamics.com. For those who cannot listen to the live broadcast, replays will be available for one week following the call.... Read more

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