Douglas Dynamics, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Provides Earnings Guidance for the Year 2018; Provides Tax Rate Guidance for the Year 2019
November 05, 2018 at 10:53 pm
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Douglas Dynamics, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported net sales of $124,832,000 against $125,339,000 a year ago, this slight decrease is attributable to the timing of shipments and ongoing chassis availability issues in Work Truck Attachments, partially offset by higher price realization and increased demand in Work Truck Solutions. Income from operations was $15,460,000 against $20,144,000 a year ago. Income before taxes was $11,069,000 against $15,081,000 a year ago. Net income was $9,921,000 against $9,327,000 a year ago. Earnings per common share assuming dilution attributable to common shareholders were $0.43 against $0.40 a year ago. EBITDA was $20,232,000 against $24,744,000 a year ago. Adjusted EBITDA was $20,518,000 against $24,159,000 a year ago. Adjusted net income was $10,136,000 against $8,964,000 a year ago. Adjusted diluted earnings per share was $0.44 against $0.39 a year ago. Net debt was $316.8 million compared to $330 million a year ago. Capital expenditures were $2,223,000 against $2,070,000 a year ago.
For the nine months, the company reported net sales of $372,242,000 against $336,958,000 a year ago. Income from operations was $48,910,000 against $45,206,000 a year ago. Income before taxes was $36,011,000 against $31,464,000 a year ago. Net income was $29,209,000 against $20,796,000 a year ago. Earnings per common share assuming dilution attributable to common shareholders were $1.26 against $0.90 a year ago. Net cash used in operating activities was $17,904,000 against $669,000 a year ago. Capital expenditures were $6,302,000 against $5,216,000 a year ago. EBITDA was $62,646,000 against $59,627,000 a year ago. Adjusted EBITDA was $67,674,000 against $60,644,000 a year ago. Adjusted net income was $32,980,000 against $21,427,000 a year ago. Adjusted diluted earnings per share were $1.42 against $0.93 a year ago.
The company provided earnings guidance for the year 2018. For the year, net sales are expected to be between $490 million and $535 million. Adjusted EBITDA is predicted to range from $90 million to $110 million. Earnings per diluted share are expected to be in the range of $1.75 per share to $2.05 per share. The company believes effective tax rate for 2018 will be in the range of 21% to 23%.
For the year 2019, the company expects effective tax rate to return to the new normal range of 25% to 27% in 2019.
Douglas Dynamics, Inc. is a manufacturer and upfitter of commercial work truck attachments and equipment. The Company operates through two segments: Work Truck Attachments and Work Truck Solutions. The Work Truck Attachments segment is engaged in manufacturing and selling snow and ice control attachments and other products sold under the FISHER, SNOWEX and WESTERN brands, as well as its vertically integrated products. It offers a range of product lines of snowplows and sand and salt spreaders for light trucks. The Work Truck Solutions segment is engaged in manufacturing municipal snow and ice control products under the HENDERSON brand and the upfit of attachments and storage solutions under the HENDERSON brand, and the DEJANA brand and its related sub-brands. Work Truck Solutions products consist of truck and vehicle upfits where it attaches component pieces of equipment, truck bodies, racking, and storage solutions, and which are typically used by end-users for work related purposes.
Douglas Dynamics, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Provides Earnings Guidance for the Year 2018; Provides Tax Rate Guidance for the Year 2019
DOUGLAS DYNAMICS, INC. 
