Douglas Dynamics Q2 Earnings Smashes Estimates; Raises FY21 Outlook

  • Douglas Dynamics Inc PLOW reported second-quarter FY21 net sales growth of 31.2% year-on-year, to $157.53 million, beating the analyst consensus of $141.53 million.
  • The revenue increase was driven by strong pre-season shipments in Attachments, and the lack of pandemic shutdown experienced last year in all businesses.
  • Sales from the Work Truck Attachments segment increased 42% Y/Y to $104.6 million, and the Work Truck Solutions segment rose 14.5% to $52.9 million.
  • Gross profit margin expanded 430 basis points Y/Y to 31%.
  • The operating margin was 15.3%, and operating income for the quarter amounted to $24.1 million.
  • The company held $15.2 million in cash and equivalents as of June 30, 2021.
  • Adjusted EBITDA for the quarter rose 65% Y/Y to $33.5 million with an adjusted EBITDA margin of 21.3%, a 440 basis points expansion.
  • Adjusted EPS of $0.91 beat the analyst consensus of $0.63.
  • "Demand in Attachments has shown considerable resilience during the pre-season order period, reflecting positive dealer sentiment and end-user confidence," said CEO Bob McCormick.
  • Outlook: Douglas sees FY21 sales of $520 million - $580 million (prior view $505 million - $565 million) versus the consensus of $538.25 million. It expects an unchanged adjusted EBITDA of $75 million - $100 million.
  • The company expects FY21 adjusted EPS of $1.40 - $2.20 (prior view $1.20 - $2.00), versus the consensus of $1.77.
  • Price action: PLOW shares closed lower by 1.30% at $39.38 on Monday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceSmall CapBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!