PLOW

Douglas Dynamics has been treading water for the past six months, holding steady at $42.31. The stock also fell short of the S&P 500’s 13.9% gain during that period. Given the weaker price action, is now a good time to buy PLOW? Or should investors expect a bumpy road ahead? Find out in our full research report, it’s free. Once manufacturing snowplows designed for the iconic jeep vehicle precursor, Douglas Dynamics (NYSE:PLOW) offers snow and ice equipment for the roads and sidewalks. Long-term growth is the most important, but within industrials, a stretched historical view may miss new industry trends or demand cycles. Douglas Dynamics’s annualized revenue growth of 10.4% over the last two years is above its five-year trend, suggesting its demand recently accelerated. Free cash flow isn’t a prominently featured metric in company financials and earnings releases, but we think it’s telling because it accounts for all operating and capital expenses, making it tough to manipulate. Cash is king. As you can see below, Douglas Dynamics’s margin expanded by 11 percentage points over the last five years. The company’s improvement shows it’s heading in the right direction, and we can see it became a less capital-intensive business because its free cash flow profitability rose more than its operating profitability. Douglas Dynamics’s free cash flow margin for the trailing 12 months was 7%. Cost of sales for an industrials business is usually comprised of the direct labor, raw materials, and supplies needed to offer a product or service. These costs can be impacted by inflation and supply chain dynamics. Douglas Dynamics has bad unit economics for an industrials company, giving it less room to reinvest and develop new offerings. As you can see below, it averaged a 25.6% gross margin over the last five years. That means Douglas Dynamics paid its suppliers a lot of money ($74.40 for every $100 in revenue) to run its business. Douglas Dynamics has huge potential even though it has some open questions. With its shares underperforming the market lately, the stock trades at 13.3× forward P/E (or $42.31 per share). Is now the right time to buy? See for yourself in our comprehensive research report, it’s free. ONE MORE THING: Top 5 Growth Stocks. The biggest stock winners almost always had one thing in common before they ran. Revenue growing like crazy. Meta. CrowdStrike. Broadcom. Our AI flagged all three. They returned 315%, 314%, and 455%, respectively. Find out which 5 stocks it’s flagging this month — FREE. Get Our Top 5 Growth Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,552% between June 2020 and June 2025). Find your next big winner with StockStory today.

As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q2. Today, we are looking at heavy transportation equipment stocks, starting with Douglas Dynamics (NYSE:PLOW). Heavy transportation equipment companies are investing in automated vehicles that increase efficiencies and connected machinery that collects actionable data. Some are also developing electric vehicles and mobility solutions to address customers’ concerns about carbon emissions, creating new sales opportunities. On the other hand, heavy transportation equipment companies are at the whim of economic cycles. Interest rates, for example, can greatly impact the construction and transport volumes that drive demand for these companies’ offerings. The 12 heavy transportation equipment stocks we track reported a satisfactory Q2. As a group, revenues beat analysts’ consensus estimates by 2.2% while next quarter’s revenue guidance was 8.6% above. While some heavy transportation equipment stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 3.9% since the latest earnings results. Once manufacturing snowplows designed for the iconic jeep vehicle precursor, Douglas Dynamics (NYSE:PLOW) offers snow and ice equipment for the roads and sidewalks. Douglas Dynamics reported revenues of $214.6 million, up 10.5% year on year. This print fell short of analysts’ expectations by 2.2%, but it was still a very strong quarter for the company with an impressive beat of analysts’ EBITDA estimates and full-year EBITDA guidance exceeding analysts’ expectations. Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 3.9% since reporting and currently trades at $42.43. Is now the time to buy Douglas Dynamics? Access our full analysis of the earnings results here, it’s free. With its first trailer reportedly built on two sawhorses, Wabash (NYSE:WNC) offers semi trailers, liquid transportation containers, truck bodies, and equipment for moving goods. Wabash reported revenues of $417.2 million, down 9.1% year on year, outperforming analysts’ expectations by 3.6%. The business had a stunning quarter with an impressive beat of analysts’ EBITDA estimates and revenue guidance for next quarter exceeding analysts’ expectations. Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 6% since reporting. It currently trades at $12.51. Is now the time to buy Wabash? Access our full analysis of the earnings results here, it’s free. Having designed the industry’s first double-decker railcar in the 1980s, Greenbrier (NYSE:GBX) supplies the freight rail transportation industry with railcars and related services. Greenbrier reported revenues of $576.5 million, down 31.6% year on year, falling short of analysts’ expectations by 5.9%. It was a disappointing quarter as it posted full-year revenue guidance missing analysts’ expectations significantly and full-year EPS guidance missing analysts’ expectations significantly. Greenbrier delivered the weakest performance against analyst estimates, slowest revenue growth, and weakest full-year guidance update in the group. As expected, the stock is down 3.7% since the results and currently trades at $46.13. Read our full analysis of Greenbrier’s results here. Oshkosh (NYSE:OSK) manufactures specialty vehicles for the defense, fire, emergency, and commercial industry, operating various brand subsidiaries within each industry. Oshkosh reported revenues of $2.92 billion, up 6.7% year on year. This number topped analysts’ expectations by 3.3%. It was a very strong quarter as it also logged full-year revenue guidance beating analysts’ expectations and a beat of analysts’ EPS estimates. The stock is flat since reporting and currently trades at $155.43. Read our full, actionable report on Oshkosh here, it’s free. Helping build race cars at one point, Allison Transmission (NYSE:ALSN) offers transmissions to original equipment manufacturers and fleet operators. Allison Transmission reported revenues of $1.57 billion, up 92.4% year on year. This result beat analysts’ expectations by 3.1%. Overall, it was a very strong quarter as it also put up full-year revenue guidance beating analysts’ expectations and full-year EBITDA guidance slightly topping analysts’ expectations. Allison Transmission scored the fastest revenue growth of the whole group. The stock is up 8.6% since reporting and currently trades at $126.27. Read our full, actionable report on Allison Transmission here, it’s free. Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership. Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products. By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals. Want to invest in winners with rock-solid fundamentals? Check out our Strong Momentum Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.

Douglas Dynamics delivered 10.5% sales growth in the second quarter, but revenue missed market expectations. Management credited the strong quarter to elevated preseason demand in the Work Truck Attachments segment, which benefitted from above-average snowfall last winter, and robust municipal orders in the Solutions segment. CEO Mark Van Genderen highlighted that dealers rebuilt inventories after several years of lower stock, and the company’s operational execution enabled timely fulfillment of preseason orders. Additionally, municipal-focused products continued to offset commercial softness, maintaining the company’s growth trajectory. Is now the time to buy PLOW? Find out in our full research report (it’s free). Revenue: $214.6 million vs analyst estimates of $219.5 million (10.5% year-on-year growth, 2.2% miss) Adjusted EPS: $1.22 vs analyst estimates of $1.06 (14.8% beat) Adjusted EBITDA: $44.58 million vs analyst estimates of $38.93 million (20.8% margin, 14.5% beat) The company lifted its revenue guidance for the full year to $785 million at the midpoint from $772.5 million, a 1.6% increase Management raised its full-year Adjusted EPS guidance to $3.15 at the midpoint, a 12.5% increase EBITDA guidance for the full year is $127.5 million at the midpoint, above analyst estimates of $115.5 million Operating Margin: 16.5%, down from 19% in the same quarter last year Market Capitalization: $1.02 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Michael Shlisky (D.A. Davidson) asked about the year-over-year decline in Attachments EBITDA margins. CFO Sarah Lauber explained the impact of the Venco Venturo acquisition and shipment timing, noting margins would be flat without the acquisition. Michael Shlisky (D.A. Davidson) inquired about Attachments revenue expectations for Q4. Lauber said guidance remains conservative due to the unpredictable nature of snowfall, with most growth expected in Q2 and Q3. Michael Shlisky (D.A. Davidson) questioned new product development at Venco Venturo. CEO Mark Van Genderen said no major changes are planned yet, but future product innovation is under consideration. Timothy Wojs (Baird) asked what drove the upside in Attachments preseason orders. Van Genderen cited stronger-than-expected demand for both plows/hoppers and parts/accessories, with dealers rebuilding inventory. Gregory Burns (Sidoti & Company) sought clarity on the drivers of municipal Solutions strength and backlog. Van Genderen pointed to new contracts, strong customer relationships, and improved throughput, while Lauber said the new Missouri facility added about 10% capacity. Over the coming quarters, our analysts will track (1) continued strength in Attachments preseason orders and the pace of shipments into Q3, (2) the ramp-up of new municipal capacity and its effect on Solutions backlog fulfillment, and (3) signs of improvement or further delays in commercial channel demand. The timing and severity of winter weather will also be critical for fourth quarter performance. Douglas Dynamics currently trades at $44.35, in line with $44.13 just before the earnings. Is there an opportunity in the stock? The answer lies in our full research report (it’s free for active Edge members). ONE MORE THING: Top 5 Growth Stocks. The biggest stock winners almost always had one thing in common before they ran. Revenue growing like crazy. Meta. CrowdStrike. Broadcom. Our AI flagged all three. They returned 315%, 314%, and 455%, respectively. Find out which 5 stocks it’s flagging this month — FREE. Get Our Top 5 Growth Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+214% between June 2020 and June 2025). Find your next big winner with StockStory today.

Image source: The Motley Fool. Monday, Aug. 3, 2026 at 8:00 a.m. ET Vice President of Investor Relations - Nathan Elwell President and Chief Executive Officer - Mark Van Genderen Executive Vice President and Chief Financial Officer - Sarah Lauber Operator: Good day, and welcome to the Douglas Dynamics Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Nathan Elwell, Vice President of Investor Relations. Please go ahead. Nathan Elwell: Thank you. Welcome, everyone, and thank you for joining us on today's call. Before we begin, I would like to remind you that some of the comments that will be made during this conference call, including answers to your questions, will constitute forward-looking statements. These forward-looking statements are subject to risks that could cause actual results to be materially different. Those risks include, among others, matters that we have described in today's press release and in our filings with the SEC. Please note the quarterly fact sheet can be found on our IR website. Joining me on the call today is Mark Van Genderen, President and CEO; and Sarah Lauber, Executive Vice President and CFO. Mark will provide an overview of our performance, followed by Sarah reviewing our financial results and guidance. After that, we'll open the call for questions. With that, I'll hand the call over to Mark. Please go ahead. Mark Van Genderen: Thanks, Nathan, and welcome to our call, everyone. We're pleased to report that both segments performed well in Q2, resulting in a record quarter for the company. These continued results underscore the strength of our current position in the markets we serve, the positive market conditions we're experiencing today, how well we're operating across almost every facet of our business and ultimately are just a fantastic example of a team effort across the entire company. In the Attachments segment, our team responded exceptionally well to the elevated demand created by last winter's snowfall, delivering strong operational performance. And meanwhile, the Solutions segment delivered another excellent quarter, continuing the pattern of strong results that has characterized the business in recent years. Sarah will share more details shortly. But as a quick summary, 3 key factors have been driving our performance so far this year. First, above-average snowfall last winter created strong preseason demand at Attachments. Second, ongoing robust demand for our municipal-focused products and services and solutions. And third, our teams have really maintained an unwavering focus on execution, meeting near-term customer demand while continuing to advance our long-term strategic priorities. Our performance was strong across the company. Results in the Attachments segment really exceeded our expectations. This gives us the confidence to raise our full year guidance once again, which Sarah will discuss later in the call. Let me walk through our performance by segment, starting with Work Truck Attachments. As you know, our dealers put in preseason orders for the upcoming winter during Q2 each year. I'm pleased to share that very solid retail sales, combined with lower plow and hopper field inventory, drove strong preseason orders during the quarter. Our team did a great job delivering roughly the first half of these orders, resulting in year-over-year top and bottom-line growth. Furthermore, we continue to expect a preseason shipment mix of roughly 50% in Q2 and 50% in Q3. For context, in 2025, we shipped approximately 60% of preseason orders in the second quarter and 40% in the third quarter. So bottom line, we anticipate a very strong Q3 in Attachments. We will continue to ship these remaining preseason orders to our dealers over the next several weeks, so they will be ready to install the products as we move into their main retail season before winter weather arrives. And based on the ordering patterns we've observed and our most recent field inventory taken in Q2, it's clear that dealer inventories are lower than they have been in recent years. This means, in addition to strong demand, our preseason has seen a boost from dealers who are rebuilding their inventories. We are also in the process of building more finished goods inventory compared to last year so that we're ready to ship to dealers in season when the snow starts to fly. And it's not just whole goods. You may remember that we achieved record parts and accessories sales in 2025. Well, based on current trends, we expect to surpass that record by the end of the third quarter this year, which is just a tremendous achievement by our team. As always, we'll continue to closely monitor reorder activity during the second half of the year and weather trends once we get into the fourth quarter. So staying with Attachments, but switching gears to cranes and hoists, the integration of Venco Venturo is essentially complete. Our new team in Cincinnati is incredibly receptive to and already benefiting from Douglas' manufacturing, sourcing, and operational expertise, which is contributing to improved execution across the business. To wrap up Attachments, we remain optimistic about our third quarter performance and believe we are ready for whatever the weather brings us in the fourth quarter. All right. So turning to Work Truck Solutions, where municipal demand continues to be a key source of strength and where we're investing to expand our capacity to meet customer needs. Of course, we know results in Solutions will naturally fluctuate from quarter to quarter. After delivering record second quarter results in both 2024 and 2025, we're pleased to deliver another excellent second quarter in 2026. Our municipal business continues to generate growth, supported by ongoing operational improvements, and our continued strong competitive position in the market is the main driver behind our strong backlog. To support this growth, I'm pleased to confirm that our new purpose-built facility in Missouri is now open and fully operational, right on schedule. We're also expanding our manufacturing operations in Manchester, Iowa, with the addition of a new logistics facility. Construction is already underway, and we expect the building to begin operations during the fourth quarter. Once complete, it will also free up valuable space within our existing manufacturing facility and help improve throughput and efficiency. And more recently, we announced the planned relocation of our Ohio upfit center to a larger, better-suited facility, which will increase capacity and efficiency. These investments represent important additions to our capacity and position us well to exceed customer expectations and support future growth opportunities. As I mentioned earlier, the strength of our municipal business helped to offset softer demand in certain areas of our commercial operations. As we continue to navigate shifting demand trends, we are taking targeted actions to optimize our sales and marketing efforts while aligning our cost structure to preserve profitability wherever possible. It's encouraging to note that our dealer channel, which has historically been one of the more difficult parts of the business to forecast, has shown signs of improvement recently and is trending in the right direction. Another trend we've observed recently is that several of our larger fleet customers have paused their ordering as they evaluate the current geopolitical and economic landscape. This is an important distinction as these orders have been put on hold, so to speak, rather than lost to competitors. Overall, we continue to expect another solid year from the Solutions segment as well. All right. So with the results of another strong quarter covered, I'd like to take a moment to focus on the bigger picture. Over the last several quarters, our leadership team has taken the time to reflect on what makes our company great, namely the dedication and expertise of our people, the strength of our iconic brands, and the impact our products have on helping keep people safe and communities thriving. Two things really became clear during these discussions. First, we've traditionally focused our strategy and structure at the individual brand level. And second, we needed a clearer, more consistent and inspirational way to communicate who we are, what guides our decisions, and where we're headed over the long term, not just for each of our divisions, but for Douglas Dynamics as a whole. This is why over the last several quarters, we've shared how we're reframing and executing our strategy. First, through the 3 pillars of optimize, expand, and activate, a clarifying and compelling foundational framework now being used across the company; and second, the creation and introduction of an updated mission and vision. At Douglas Dynamics, our mission is to keep people safe and communities thriving. This simple, memorable tenet underscores the importance of the work our employees do every day. In snow and ice control, our products literally help save lives and keep our communities on the road and able to function during winter weather. And across our upfitting operations, we provide the equipment and upfit the vehicle that ensure professionals across countless industries can do their job safely, efficiently and productively. Just as importantly, we believe safe and thriving applies to the community we've built inside Douglas Dynamics. Our people have always been our greatest competitive advantage, and creating an environment where our people feel safe, supported, and proud of the work they do is of paramount importance. As we look to the future, our vision is to build the most comprehensive portfolio of trusted work vehicle attachments and solutions that set the standard for safety, quality and productivity backed by the best team in the industry. Now we already know we have the best team in the industry, but this vision reinforces our commitment to investing in great people, delivering products that customers trust and rely on, expanding thoughtfully into adjacent markets and continuing to build a stronger, more diversified company. Now ultimately, this framework doesn't change who we are. It provides a clear way to provide purpose to our teams internally while more clearly explaining where we're headed externally. As we continue to execute our strategy and pursue future opportunities, you'll hear us reference these ideas more consistently because they represent the lens through which we're making decisions and building Douglas Dynamics for the long term. To conclude, our business is performing well. Our operations are executing efficiently, and the end markets we serve support continued growth opportunities. The strength of these fundamentals is clearly reflected in our results. So to all of our employees, thank you. These record-setting results are a direct reflection of your hard work, commitment and focus on delivering every day for our customers. And to all of our stakeholders, this is an exciting time for Douglas Dynamics. As we move through the third quarter, we remain confident in our ability to execute our strategic priorities and continue making progress towards our long-term vision. While we are justifiably proud of what we have accomplished so far in 2026, there is a lot more we are aiming to achieve in the years ahead. And on that note, I'd like to pass the call to Sarah. Sarah Lauber: Thanks, Mark. I'll start by walking through the quarter before turning to our increased guidance, and then we'll open it up to questions. Before I talk to the numbers, unless stated otherwise, all these comparisons I'll make today are between the second quarter of 2026 and the second quarter of 2025. As Mark noted, it was a record second quarter overall with both segments delivering strong financial results. Combined with our excellent first quarter performance, we generated outstanding results for the first half of 2026, and we are well positioned as we move into the back half of the year. Based on the outperformance of the Attachments segment, the ongoing strong performance of Solutions and our visibility now into the third quarter, we've raised our guidance ranges, which I will also discuss. Turning to the numbers. Consolidated net sales increased 10% to a record $214.6 million, driven primarily by robust preseason orders at Work Truck Attachments, while gross margins remained strong at 31%, flat with last year. SG&A expenses increased 37% to $29.8 million as improved performance led to higher variable incentive and stock-based compensation, along with increased employee costs associated with the addition of Venco Venturo. Adjusted EBITDA increased 5% to a record $44.6 million, and adjusted earnings per share increased 7% to a record $1.22. So we saw quite a few record consolidated numbers this quarter. Before going further, I want to remind you that the tariffs that impacted many companies recently were not material for Douglas Dynamics as we source the vast majority of our materials in North America, we manufacture solely in the U.S. and 95% of our sales are also in the U.S. While we have received IEEPA refunds, they are not material, and they've been accounted for in our results and in our updated outlook for the year. Okay. Let's look at the results for the 2 segments. Work Truck Attachments delivered a fantastic quarter, exceeding our initial expectations. Performance was driven primarily by strong preseason demand, particularly for parts and accessories, as well as the efficient manufacturing and shipping execution of our team. Net sales increased 20% to $129.3 million, driven by strong demand on above-average snowfall and the addition of Venco Venturo. Adjusted EBITDA increased 13% to $35.8 million, with adjusted EBITDA margins of 27.7%. As Mark mentioned, the ratio of preseason shipments in 2026 is expected to be close to a 50-50 split between second and third quarters compared to a 60-40 split last year. While margins remain strong, they were impacted relative to last year by the addition of Venco Venturo as well as the timing of preseason shipments and changes in product mix. As we noted last quarter, the more balanced timing of preseason shipments between the second and third quarters can create some quarter-to-quarter variability in margins. Looking ahead, the outlook for Attachments remains positive. We are on track to deliver improved margins for the year. We are also on track to complete our preseason shipments by the end of the third quarter, and we expect to enter the fourth quarter with healthy inventory levels, well positioned for the start of the winter season. Turning to Work Truck Solutions. Our net sales of $85.3 million were relatively flat compared to the record results achieved last year, while adjusted EBITDA was $8.8 million. We are pleased with these results, particularly given the difficult comparison to the record second quarter achieved in both '24 and '25. The demand trends continue with performance driven by the continued strength of our municipal operations, which helped offset ongoing softness in certain areas of the commercial business that led to lower volumes and greater inefficiencies. Municipal demand remains strong. We are booking production dates well into 2027 and added approximately 10% of additional municipal capacity. At the same time, we are maintaining discipline around our cost structure in the areas of the commercial business that exhibit softness. All in all, another great quarter of positive results for Solutions. With the results for the quarter covered, let's turn to the balance sheet and liquidity. Net cash used in operating activities increased $12.5 million to $25.2 million for the first half of the year. Year-to-date, free cash flow decreased approximately $14.6 million to negative $32.5 million compared to negative $17.8 million in the first half of 2025. The main factors were higher inventory, which was needed to meet demand and increased receivables driven by higher net sales. At mid-year, we maintained $69.4 million of total liquidity, comprised of $1.9 million in cash and $67.5 million of available capacity on our revolver, which is more than ample for our needs this year. Capital expenditures increased by $2.2 million to $7.3 million in the first half of the year, which is right in line with our plan. And looking at 2026 as a whole, we still expect full year CapEx to be within our traditional relatively modest range of 2% to 3% of net sales. Our capital allocation priorities remain consistent. We're committed to returning excess cash to shareholders via the strong dividend we've consistently paid for 16 years. We also repurchased around 67,500 shares. And when combined, we returned a total of $10.1 million to shareholders during the quarter. Finally, while we are open and interested in pursuing strategic M&A opportunities as they arise as part of our Activate strategic pillar, we will always remain prudent in our approach and have to find the right companies and products at the right valuation. Okay. Let's turn to our outlook. We are raising our guidance ranges based on the strength of preseason at Attachments. We now expect 2026 net sales to be between $765 million and $805 million. Adjusted EBITDA is now predicted to range from $120 million to $135 million, which is an 8.5% increase at the midpoint compared to the previous ranges. Adjusted earnings per share is now expected to be in the range of $2.90 to $3.40, which is a 12.5% increase at the midpoint compared to the previous ranges. The effective tax rate is still expected to be approximately 24% to 25%. And as always, this assumes relatively stable economic and supply chain conditions and average snowfall in the fourth quarter. Let me provide a little more context. As you've already heard, it's important to remember the timing of shipments this year versus last year in Attachments. We expect preseason to be close to a 50-50 split between second and third quarters versus the 60-40 split in the 2025 preseason. At Solutions, the outlook remains generally in line with our initial expectations. Our backlog provides partial visibility for the remainder of the year. Today, we're predicting full year top-line growth and low double-digit margins, which encompasses the growth of municipal and the softness in commercial. While we continue to see raw material and energy-related inflation, our teams are taking the appropriate actions to mitigate these pressures, and we will remain vigilant going forward. To summarize, we're very pleased with our year-to-date performance, and our updated outlook indicates that we are on track to deliver record annual results in 2026. To put that into perspective, if we achieve the low end of our updated adjusted earnings per share guidance range, that would represent an approximate 20% increase over our previous record set in 2019. In addition, our guidance range implies that we can achieve margins in the low 20s for Attachments while maintaining low double-digit margins for Solutions. With that said, our focus remains on the task at hand: continuing to manufacture and deliver equipment, increasing throughput across our Work Truck facilities and positioning the business to deliver strong results. Congratulations to our dedicated team whose constant focus on delivering for our dealers and customers every day is highlighted by the strength of our performance this quarter. That concludes our commentary. We'd like to open the call for questions. Operator: [Operator Instructions] The first question today comes from Mike Shlisky with D.A. Davidson. Michael Shlisky: I'm blanking here on Attachments. Help me fill in the blanks. Maybe you mentioned this in your prepared comments. I don't think I heard it. The EBITDA margins were down year-over-year. The sales were up about 20%. Can you just help me bridge -- and I think you beat my estimates on it, but just to make sure I know what's going on. Help us bridge some of the downside in the margins over the prior year. Sarah Lauber: Sure. I'd be happy to do so. So the second quarter, the margins were down slightly. I would say the largest impact there is the addition of Venco Venturo. In addition, when you look at what we shipped and the timing of everything, we essentially had some shifts in the mix of what we were getting out the door in the second quarter versus the third quarter. If you take out the Venco acquisition, our margins in the second quarter would have been flat to last year on higher volumes. And then I'll add just 2 more points on the Attachments margins. When you look at the total preseason and what we expect, we expect our margins to be up year-over-year when you just look at preseason in total. And we also expect the full year margins to get into the low 20s. Michael Shlisky: Outstanding. And then on Attachments on the top line, I know you mentioned Q2 and Q3 being roughly 50-50. What about Q4? That could be a wildcard based on actual snow activity. But given the strong orders you had in the second quarter that will hopefully affect the rest of the year, do you think we should be modeling at least a little bit of growth in Attachments in the fourth quarter? Sarah Lauber: Yes. So we have not really changed our expectation for the fourth quarter. I believe I spoke to it a little bit last year and the fact that fourth quarter was a strong parts and accessories quarter last year. We had a lot of snow early. Our expectation from that standpoint is from a whole unit perspective, we're being relatively conservative, I would say. That's probably all I would elaborate on. Mark Van Genderen: Yes. And from a more anecdotal standpoint, I think Sarah is spot on. I mean we know the fourth quarter, if you look back the last several years, it can be great. It can be a little bit lighter. I'd say a couple of things. One is, in talking with our dealers, there's, I'd say, a sense of optimism that maybe we haven't seen as much the few years where we didn't have as much snowfall, we're coming off a very strong year. So you see the -- as I mentioned, the inventory, you see the retail sales, talking with them at the various shows. There's a lot of excitement out there. We're also committed. I don't want to be lost that in Attachments, we're doing everything we can to ship the very strong preseason that we -- the orders that we had by the end of the third quarter. So our teams are very diligent because it's during the summer and early fall where product is actually being put on contractors' vehicles. And so we see that occurring as well. So kind of everything is lined up. Obviously, we have to wait and see what snowfall does, but everything else that we can control is in a really good spot right now. Sarah Lauber: I'll add just a little bit, Mike. When you look at the midpoint of our guidance for the full year, that leads you to about 15% to, call it, 20% growth for the entire company with our expectation of Solutions with what we're seeing in municipal and the softness in commercial, just having volume up in the low to mid-single digits. And essentially, the rest of that growth then is in Attachments. Michael Shlisky: Okay. Got it. I also want to throw out a quick Venco Venturo question for you as well. As you look at your attached businesses that are part of the snow business, you've had a great track record of innovating with new products for years and years in the snow business. Tell us a little bit about what Venco Venturo offers. Are there any new products on the horizon there? What's been their track record and their history of putting out new hoisting cranes to the market? Mark Van Genderen: Yes. We talked about -- good question. We talked about on the call some of the, I'd say, initial efficiencies that we have focused on and continue to around manufacturing, supply chain, just overall operations. We have a strong product development team, as you mentioned, on the snow side. That's something I would say we'll continue to look at in the future. I don't have anything to report out right now in terms of any huge changes that we've made from a product line standpoint. But as we have with other functions, kind of looking at seeing where can we take our historic strength in that area and see how we can apply that to Venco. Operator: The next question comes from Tim Wojs with Baird. Timothy Wojs: Maybe just -- by the way, I like this morning stuff. So I'm someone who needs a morning conference call. So my vote would be to keep it going. But yes, maybe just kind of stepping back in the Attachments business, what was stronger than when we talked 90 days ago on the preseason? Because it still sounds like we've got kind of a 50-50 mix Q2 to Q3, but we're raising the guide effectively on the sales side for stronger preseason. So I'm just trying to -- did you get more out in the second quarter than you thought as well? I'm just trying to think about where the upside surprise was. Mark Van Genderen: Yes. In general, I'd say kind of across the board, we saw plows and hoppers, the numbers from the preseason orders came up. And then, as Sarah mentioned, I talked to it, too, the parts and accessories orders were extremely strong. So -- and those, again, we shipped some in the second quarter, a lot of that will get shipped out in the third quarter. That's why we feel comfortable about talking about a strong Q3 and really focused on making sure the remaining preseason orders get out by the end of Q3. Timothy Wojs: Okay. And I guess like when you're talking to the channel -- I mean, I guess, parts and accessories, I can understand kind of being pretty strong in the first quarter, just given the usage. Is it your understanding that both the plows and the parts and accessory inventory levels in the channel were pretty low, and so you're rebuilding both? Is that kind of what's going on there? Mark Van Genderen: Yes. I would say we don't have as much visibility into the parts and accessories inventory in the channel as we do with plows and hoppers. So we're basing the belief that's more anecdotal on parts and accessories and certainly, the fact that they -- that our dealers have ordered what they have, both for what they used and consumed last year, selling to contractors and then what we anticipate they're buying coming into this year. When we talk field inventory specifically, and we go out and have some formal processes to get this several times a year, we're talking to the plows and then the hoppers on the back of the truck. And that's where we've seen our most recent inventory check, which was a month or so ago, is both plows and hoppers were lower than what we've seen in the last several years, and the dealers also reported strong retail sales on those product lines. Timothy Wojs: Okay. That's helpful. And then just -- maybe just dialing in Q3 a little bit, just given some of the moving pieces historically. Like I guess, just given the 50-50 split, it seems like we should be thinking Attachments will have revenue that's well north of $100 million and margins -- or EBITDA margins that are probably north of 20%. Does that math check out with you guys? Sarah Lauber: Yes. Certainly because we have a lot more going out the door than that 40% last quarter. I will say from a margin perspective, because of the volume higher than last year, but sequentially, I would expect it to be lower than the second quarter. Operator: The next question goes to Greg Burns with Sidoti & Company. Gregory Burns: On the municipal side of the Solutions business, can you just characterize a little bit more color around why you're -- where you're seeing strength in that business? Is it just broader market-related like a rising tide? Or are you taking share within the market? And then I was hoping maybe you could give us a little bit more color around backlog, where that stands, lead times and how much capacity you've brought on and what is coming online from what you kind of detailed in your prepared remarks? Mark Van Genderen: Yes, I'll take the first part kind of more of the qualitative and then Sarah can handle the quantitative on backlog. The Henderson team right now is just performing very, very well. You look at the timing of the deliveries, you look at the efforts on the behalf of the sales teams, you look at some of the new contracts that we're -- that we've been able to achieve. I mean a key in that market is to look out over the next several years. And when we talk backlog, it's interesting. We've shared the concept before. It's not necessarily that customers want trucks right now. We develop a relationship that says, "Hey, over the next 3 years, we want 150 trucks, 50 trucks a year," and that's all included in our backlog. So it is absolutely paramount that we deliver trucks when we say we're going to, that the quality of the vehicles is there and that our customers can come to rely on us. And if you look over the last 2 or 3 years with what Chad Barker and his team have been able to do in that space, it really is that to develop, I'd say, the strongest relationships that we've ever had with current customers, with new customers and really doing what we say we're going to do and making it happen. So again, I'm not going to provide a lot of commentary on what we see from a competitive standpoint, but I will tell you that we're just -- we're really doing well right now. Sarah Lauber: Yes. On the backlog and capacity question. So the backlog, we are very close to the record backlog that we had back in 2022. So that just shows where we're winning some orders, and that's increasing. On a capacity standpoint, with the Missouri facility coming online, I would call that up to 10% more capacity was added. And the announcement that Mark just walked through in his script on Ohio, we'll add, call it, about the same amount next year, but the facility has room to grow. I would say more importantly, though, that the team has been very focused on their throughput in the upfit locations so that we can get these larger contracts, get the trucks out the door quicker, and they have been making very good progress on that. Operator: [Operator Instructions] This concludes our question-and-answer session. I would like to turn the conference back over to Mark Van Genderen, President and CEO, for any closing remarks. Mark Van Genderen: I'll finish by saying thank you for your time and continued interest in Douglas Dynamics, and we look forward to talking with you all soon. Thank you. Operator: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect. Before you buy stock in Douglas Dynamics, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Douglas Dynamics wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $399,832!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,374,595!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 10, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Douglas Dynamics (PLOW) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Douglas Dynamics, Inc. PLOW used its second-quarter 2026 earnings call to frame stronger attachment demand as the main driver of another outlook increase, while keeping expectations for Work Truck Solutions measured. Adjusted earnings of $1.22 per share topped the Zacks Consensus Estimate of $0.93, a 31.20% surprise. Revenues of $214.6 million missed the $216.8 million consensus by 1.00%. Douglas Dynamics, Inc. price-consensus-eps-surprise-chart | Douglas Dynamics, Inc. Quote Executive vice president and CFO Sarah Lauber raised 2026 net sales guidance to $765-$805 million from $750-$795 million. CFO Lauber also increased adjusted EBITDA guidance to $120-$135 million and adjusted earnings guidance to $2.90-$3.40 per share. The midpoint increases were 8.5% and 12.5%, respectively. The outlook assumes stable economic and supply-chain conditions, an even split of preseason attachment shipments between the second and third quarters, and average fourth-quarter snowfall. President and CEO Mark Van Genderen said above-average snowfall last winter drove strong preseason demand, while lower dealer inventories created an additional restocking benefit. Work Truck Attachments sales increased 20% to $129.3 million. CEO Van Genderen emphasized that orders were strong across plows, hoppers, parts and accessories. CEO Van Genderen said Douglas expects to surpass its 2025 record for parts and accessories sales by the end of the third quarter, reinforcing management’s confidence in near-term shipments. CEO Van Genderen said Douglas shipped roughly half of its preseason orders in the second quarter and plans to complete the remainder by the end of the third quarter. A Baird analyst asked what had strengthened since the prior call. CEO Van Genderen pointed to higher preseason orders across plows and hoppers, with parts and accessories providing another source of upside. CFO Lauber agreed that third-quarter Attachments revenues should be well above $100 million and margins north of 20%, while sequential margins should be lower than in the second quarter. CEO Van Genderen said municipal demand remains the central support for Work Truck Solutions, offsetting softer activity in selected commercial lines. CFO Lauber said the municipal backlog is close to the record level reached in 2022, with production dates extending well into 2027. The new Missouri facility added about 10% of municipal capacity. Commercial customers were more cautious. CEO Van Genderen said several larger fleet buyers had paused orders while assessing economic and geopolitical conditions, but management viewed those orders as delayed rather than lost. A D.A. Davidson analyst pressed management on the year-over-year decline in Attachments margin despite higher sales. CFO Lauber said Venco Venturo was the largest drag. Excluding the acquisition, second-quarter Attachments margins would have been flat year over year on higher volume, while full-year margins remain targeted in the low 20s. A Sidoti analyst asked about municipal growth and capacity. CEO Van Genderen credited stronger customer relationships and delivery execution, while CFO Lauber said the planned Ohio relocation should add roughly another 10% of capacity next year. CFO Lauber said first-half operating cash use increased to $25.2 million as the company carried more inventory and receivables to support higher sales. Midyear liquidity totaled $69.4 million, including $1.9 million of cash and $67.5 million of revolver availability. CFO Lauber described that amount as sufficient for 2026 needs. Douglas returned $10.1 million to shareholders during the quarter through dividends and share repurchases. CFO Lauber also kept strategic acquisitions within the activate framework, subject to valuation discipline. CEO Van Genderen kept the call focused on shipping the remaining preseason backlog, expanding municipal throughput and controlling costs in softer commercial operations. Management also presented its optimize, expand and activate framework as the operating lens for long-term decisions, including adjacent-market growth and selective acquisitions. PLOW currently carries a Zacks Rank #5 (Strong Sell), indicating unfavorable earnings-estimate revision trends despite its Value Score of B and Growth, Momentum and VGM Score of A. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Within the Zacks framework, the Rank is the primary near-term signal, while A and B Style Scores identify stronger characteristics within value, growth and momentum. The Rank can change as analysts revise estimates after the reported results. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Douglas Dynamics, Inc. (PLOW) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Record second quarter performance was primarily driven by above-average snowfall last winter, which depleted dealer inventories and accelerated preseason demand for attachments. The Attachments segment benefited from a significant rebuild of dealer field inventory for plows and hoppers, which are currently lower than in recent years. Parts and accessories sales are on a trajectory to surpass the 2025 record by the end of the third quarter, reflecting high equipment utilization from the prior season. Work Truck Solutions continues to see robust demand from municipal customers, offsetting softer commercial demand where some large fleet customers have paused orders due to geopolitical and economic uncertainty. Management is shifting from a brand-centric strategy to a unified 'Douglas Dynamics' framework focused on safety and community-thriving to improve long-term communication and decision-making. Operational improvements and capacity expansions, including a new Missouri facility and an upcoming Ohio relocation, are designed to increase throughput and support a near-record municipal backlog. Full year 2026 guidance was raised by 8.5% at the midpoint for adjusted EBITDA, reflecting higher-than-expected preseason orders and visibility into the third quarter. Preseason shipment timing is expected to be a 50-50 split between Q2 and Q3, a shift from the 60-40 split in 2025 that will drive a year-over-year increase in Q3 revenue. The company expects to achieve full year margins in the low 20s for the Attachments segment and low double digits for the Solutions segment. Guidance assumes average snowfall for the fourth quarter and relatively stable economic and supply chain conditions for the remainder of the year. Strategic M&A remains a priority under the 'Activate' pillar, though management emphasized a prudent approach focused on the right valuation and product fit. The integration of Venco Venturo is essentially complete, with the business already benefiting from Douglas' manufacturing and sourcing expertise. Tariff impacts are deemed immaterial as the vast majority of materials are sourced in North America and 95% of sales are within the U.S. Higher inventory levels and increased receivables led to a decrease in free cash flow to negative $32.5 million for the first half of the year. Ongoing raw material and energy-related inflation is being managed through targeted mitigation actions and cost structure discipline in softer commercial areas. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management attributed the slight margin decline to the addition of Venco Venturo and shifts in the timing and mix of preseason shipments. Excluding the Venco acquisition, margins would have been flat year-over-year despite higher volumes. Full year margins for the segment are still expected to reach the low 20s as preseason shipments conclude. Management is maintaining a conservative stance on Q4 whole unit sales, as performance is heavily dependent on actual snowfall timing. Dealers are expressing a higher sense of optimism compared to previous light-snow years, supported by strong retail sales and low current inventory. The municipal backlog is nearing the 2022 record, with production dates being booked well into 2027. Capacity has increased by approximately 10% with the Missouri facility, and a similar expansion is expected next year through the Ohio facility relocation. The 'Solutions' growth is driven by long-term multi-year contracts where reliability and throughput are the primary competitive advantages.

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE. Douglas Dynamics (PLOW) is back in focus as the company prepares to release its Q2 2026 results before the market opens on August 3, followed by an earnings call later that day. See our latest analysis for Douglas Dynamics. At a share price of $44.13, Douglas Dynamics has seen its 1 month share price return fall 15.57%, while its year to date share price return of 33.77% sits alongside a 1 year total shareholder return of 63.15%. This indicates that momentum has recently cooled following a stronger period. If you are considering Douglas Dynamics ahead of earnings and want fresh ideas, this may be a suitable moment to scan the market and uncover 18 top founder-led companies After a sharp run over the past year and a recent pullback, Douglas Dynamics now sits at a point where opinions split. Has most of the upside already played out? Or does valuation still leave meaningful room ahead? Compared with Douglas Dynamics' last close at $44.13, the most widely followed narrative anchors fair value at $56.25, using an 8.89% discount rate to frame long term cash flows. Read the complete narrative. Want to see what sits behind that backlog story and higher earnings power narrative? The key is how revenue, margins and future multiples all line up in the model. Result: Fair Value of $56.25 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, Douglas Dynamics still faces meaningful risks, including heavy dependence on winter weather and a concentrated North American customer base that could pressure long term revenue stability. Find out about the key risks to this Douglas Dynamics narrative. If the mixed sentiment around Douglas Dynamics leaves you unsure, use the full set of risks and rewards to decide for yourself. Start by weighing the 5 key rewards and 1 important warning sign If you are weighing Douglas Dynamics ahead of earnings, do not stop there. Give yourself options by scanning other opportunities that could suit your style and risk tolerance. Spot potential value plays early by reviewing companies highlighted in the 55 high quality undervalued stocks that pair quality with attractive pricing signals. Seek more resilient downside protection by focusing on businesses featured in the 81 resilient stocks with low risk scores that score well on stability and risk checks. Explore companies in the screener containing 19 high quality undiscovered gems that combine solid fundamentals with relatively low market attention. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include PLOW. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Douglas Dynamics (PLOW) came out with quarterly earnings of $1.22 per share, beating the Zacks Consensus Estimate of $0.93 per share. This compares to earnings of $1.14 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +31.18%. A quarter ago, it was expected that this snowplow maker would post earnings of $0.12 per share when it actually produced earnings of $0.36, delivering a surprise of +200%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Douglas Dynamics, which belongs to the Zacks Automotive - Replacement Parts industry, posted revenues of $214.65 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.99%. This compares to year-ago revenues of $194.33 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Douglas Dynamics shares have added about 35.2% since the beginning of the year versus the S&P 500's gain of 9.4%. While Douglas Dynamics has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Douglas Dynamics was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.93 on $216.1 million in revenues for the coming quarter and $2.85 on $768.1 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Automotive - Replacement Parts is currently in the bottom 12% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Standard Motor Products (SMP), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 4. This auto parts maker is expected to post quarterly earnings of $1.42 per share in its upcoming report, which represents a year-over-year change of +10.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Standard Motor Products' revenues are expected to be $509.1 million, up 3.1% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Douglas Dynamics, Inc. (PLOW) : Free Stock Analysis Report Standard Motor Products, Inc. (SMP) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Douglas Dynamics, Inc.? Here are five stocks we like better. Record Q2 performance: Net sales rose 10% year over year to $214.6 million, while adjusted EBITDA increased 5% to $44.6 million and adjusted EPS climbed 7% to $1.22. Results were driven by strong pre-season snow-equipment demand and continued municipal-market strength. Attachments led growth: Work Truck Attachments sales increased 20% to $129.3 million, supported by above-average prior-year snowfall, lower dealer inventories and the Venco Venturo acquisition. Work Truck Solutions sales were roughly flat as strong municipal demand offset softness among some commercial customers. 2026 outlook raised: Douglas Dynamics now expects sales of $765 million-$805 million, adjusted EBITDA of $120 million-$135 million and adjusted EPS of $2.90-$3.40. The company also returned $10.1 million to shareholders during the quarter through dividends and share repurchases. Douglas Dynamics (NYSE:PLOW) reported record second-quarter results for 2026, supported by strong pre-season demand in its Work Truck Attachments segment and continued municipal-market strength in Work Truck Solutions. The company raised its full-year sales, adjusted EBITDA and adjusted earnings-per-share outlook. President and CEO Mark Van Genderen said above-average snowfall during the prior winter lifted demand for snow and ice-control equipment, while municipal demand continued to underpin the Solutions business. He also cited companywide operational execution as a contributor to the quarter's results. → Lost in Space: Why Aerospace Valuations Are Plummeting Right Now “Both segments performed well in Q2, resulting in a record quarter for the company,” Van Genderen said. “Results in the attachment segment really exceeded our expectations.” Consolidated net sales increased 10% year over year to a record $214.6 million in the second quarter. Gross margin held steady at 31%. → MarketBeat Week in Review – 07/27- 07/31 Adjusted EBITDA rose 5% to a record $44.6 million, while adjusted diluted earnings per share increased 7% to a record $1.22, according to Executive Vice President and CFO Sarah Lauber. SG&A expense increased 37% to $29.8 million. Lauber attributed the increase to higher variable incentive and stock-based compensation resulting from improved performance, as well as employee costs associated with the addition of Venco Venturo. → GE HealthCare Stock Climbs on Vital Diagnostics Demand Lauber said tariff effects were not material to Douglas Dynamics because the company sources most of its materials in North America, manufactures entirely in the U.S. and generates 95% of sales in the U.S. The company received refunds related to IEEPA tariffs, but said those refunds were not material and were included in reported results and updated guidance. Work Truck Attachments sales increased 20% to $129.3 million, driven by pre-season orders following above-average snowfall, along with the Venco Venturo acquisition. Adjusted EBITDA for the segment increased 13% to $35.8 million, producing an adjusted EBITDA margin of 27.7%. Van Genderen said strong retail sales and lower dealer inventories of plows and hoppers supported pre-season ordering. Douglas Dynamics expects pre-season shipments to be split approximately evenly between the second and third quarters, compared with a 60% second-quarter and 40% third-quarter mix in 2025. The company expects to complete pre-season shipments by the end of the third quarter and said it plans to enter the fourth quarter with healthy inventory levels to support in-season dealer demand. Douglas Dynamics also expects parts and accessories sales to surpass the record level set in 2025 by the end of the third quarter. Van Genderen said dealer inventories of plows and hoppers were lower than levels seen in recent years, creating demand both from retail activity and inventory rebuilding. During the question-and-answer session, Lauber said segment margins were affected by the addition of Venco Venturo, product mix and the timing of shipments. Excluding the acquisition, she said second-quarter attachment margins would have been flat year over year despite higher volumes. The company expects full-year segment margins to improve and reach the low-20% range. Van Genderen said the integration of Venco Venturo, which produces cranes and hoists, is essentially complete. He said the Cincinnati-based operation has benefited from Douglas Dynamics’ manufacturing, sourcing and operational expertise, although the company did not announce new products for the business. Work Truck Solutions generated $85.3 million in sales, roughly flat compared with record second-quarter results a year earlier. Adjusted EBITDA was $8.8 million. Strong municipal demand offset softness in certain commercial operations, where lower volumes created inefficiencies. Lauber said municipal demand remains strong, with production dates booked well into 2027. The company has added approximately 10% of additional municipal capacity. Van Genderen said some larger fleet customers have paused orders while assessing geopolitical and economic conditions. He said those orders have been placed on hold rather than lost to competitors. The company also said its dealer channel has recently shown signs of improvement. The company opened its new purpose-built Missouri facility on schedule and said it is fully operational. Douglas Dynamics is also building a logistics facility in Manchester, Iowa, that is expected to begin operations during the fourth quarter. In addition, the company plans to relocate its Ohio Upfit center to a larger facility intended to increase capacity and efficiency. Van Genderen said the company’s municipal business has benefited from operational performance, sales efforts and new contracts. He said the company’s backlog is near the record level reached in 2022, reflecting multi-year customer commitments. For the first half of 2026, net cash used in operating activities was $25.2 million, an increase of $12.5 million from the prior-year period. Free cash flow was negative $32.5 million, compared with negative $17.8 million in the first half of 2025, primarily because of higher inventory needed to meet demand and higher receivables tied to increased sales. At midyear, Douglas Dynamics had total liquidity of $69.4 million, including $1.9 million of cash and $67.5 million of available revolver capacity. First-half capital expenditures increased $2.2 million to $7.3 million. The company continues to expect full-year capital expenditures to equal roughly 2% to 3% of net sales. During the quarter, Douglas Dynamics repurchased approximately 67,500 shares and returned a combined $10.1 million to shareholders through repurchases and dividends. Lauber said the company remains interested in strategic acquisition opportunities but will remain selective on valuation and fit. The company raised its 2026 outlook, now forecasting: Net sales of $765 million to $805 million. Adjusted EBITDA of $120 million to $135 million. Adjusted EPS of $2.90 to $3.40. An effective tax rate of approximately 24% to 25%. The updated forecast assumes relatively stable economic and supply-chain conditions and average snowfall in the fourth quarter. Lauber said that achieving the low end of the new adjusted EPS range would represent an approximate 20% increase over the company’s prior record, established in 2019. Douglas Dynamics, Inc is a leading designer, manufacturer and distributor of snow and ice removal equipment for commercial, municipal and residential markets. The company's product portfolio encompasses a wide range of truck-mounted plows, spreaders, salt brine systems and related accessories engineered to perform in challenging winter conditions. Its offerings cater to professional snow contractors, government agencies and retail customers seeking reliable solutions for snow and ice management. Douglas Dynamics markets its products under several well-known brands, including Fisher Engineering, Western Products, Hiniker Company and Buyers Products. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Douglas Dynamics Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Raises 2026 Outlook Ranges Based on Attachments Preseason Outperformance Second Quarter 2026 Highlights*: Net Sales increased 10% to a record $214.6 million Net Income of $25.4 million, with $1.07 of diluted EPS Adjusted EBITDA increased 5% to a record $44.6 million Adjusted diluted EPS increased 7% to a record $1.22 Returned approximately $10 million of cash to shareholders*All comparisons are to second quarter 2025 financials MILWAUKEE, Aug. 03, 2026 (GLOBE NEWSWIRE) -- Douglas Dynamics, Inc. (NYSE: PLOW), North America’s premier manufacturer and upfitter of work truck attachments and equipment, today announced financial results for the second quarter ended June 30, 2026. Unless otherwise stated, all comparisons made in this document are between the second quarters of 2026 and 2025. Mark Van Genderen, President & CEO, noted, “Our team delivered another quarter of strong results as we continue advancing our long-term vision to build a comprehensive portfolio of trusted work vehicle attachments and solutions that set the standard for safety, quality, and productivity. As we move through the second half of the year, we are confident in our team's ability to execute our strategic priorities, and we believe we are on track to deliver record annual results in 2026." Consolidated Second Quarter 2026 Results Net Sales increased 10% to a record $214.6 million based on strong pre-season orders at Work Truck Attachments. Net Income of $25.4 million translated to $1.07 of diluted EPS. Adjusted EBITDA increased 5% to a record $44.6 million, which drove record adjusted diluted EPS of $1.22, a 7% increase. Work Truck Attachments Segment Second Quarter 2026 Results Net Sales increased 20% to $129.3 million, driven by strong demand for snow and ice control products, plus the addition of Venco Venturo. Adjusted EBITDA increased 13% to $35.8 million, with Adjusted EBITDA margins of 27.7%, based on the impact of Venco Venturo, timing of preseason shipments, and business mix. The ratio of pre-season shipments in 2026 is expected to be close to a 50% to 50% split between the second and third quarters, compared to a 60% to 40% split in 2025. Van Genderen explained, “The strong snowfall this past winter set the stage for a robust pre-season in Attachments, and results to date have exceeded our initial expectations, particularly for parts and accessories. Based on the strength of our third-quarter projections, we anticipate preseason shipments will be split nearly evenly between the second and third quarters this year. Our team continues to execute effectively, ensuring timely deliveries to dealers and enabling installations to be completed ahead of the winter season.” Work Truck Solutions Segment Second Quarter 2026 Results Net Sales of $85.3 million are relatively flat, with lower Adjusted EBITDA of $8.8 million, based on continued lower commercial demand somewhat offset by strength in municipal demand. Van Genderen stated, “The Solutions segment produced a strong quarter overall, despite facing a tough comparison to record second quarter results in 2025. Municipal demand continues to be a source of strength, and we continue to invest to expand our capacity to meet customer needs. At the same time, we are navigating softer demand in select commercial business lines. As a result, we are taking targeted actions to optimize our sales and marketing efforts and align our cost structure to preserve profitability.” Dividend & Liquidity Returned approximately $10 million of cash to shareholders through the payment of a quarterly cash dividend of $0.295 per diluted share, and the repurchase of approximately 67,500 shares of company stock. Net cash used in operating activities increased $12.5 million to $25.2 million for the first half of 2026. The increase was due to higher inventory required to meet demand across both segments and increased receivables driven by higher net sales. Capital expenditures increased by $2.2 million to $7.3 million in the first half of 2026 as planned. The Company continues to expect 2026 Capital Expenditures to be towards the higher end of the traditional range of 2% to 3% of Net Sales. 2026 Outlook Sarah Lauber, Executive Vice President and CFO, noted, “Based on the strength of pre-season orders for the Attachments segment, we are raising our 2026 guidance once again. In Solutions, healthy municipal demand continues to support performance near our record 2025 levels, largely offsetting the anticipated softness in some of our commercial markets. Supported by the hard work and dedication of our team, our updated outlook highlights that we are on track to produce record annual results in 2026.” The 2026 outlook assumes relatively stable economic and supply chain conditions, that pre-season orders are still 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 Monday, August 3, 2026 at 11:00 a.m. Eastern Time (10:00 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. About Douglas Dynamics Home to the most trusted brands in the industry, Douglas Dynamics is North America’s premier manufacturer and up-fitter of commercial work truck attachments and equipment. For more than 75 years, the Company has been innovating products that not only enable people to perform their jobs more efficiently and effectively, but also enable businesses to increase profitability. Through its proprietary Douglas Dynamics Management System (DDMS), the Company is committed to continuous improvement aimed at consistently producing the highest quality products, at industry-leading levels of service and delivery that ultimately drive shareholder value. The Douglas Dynamics portfolio of products and services is separated into two segments: First, the Work Truck Attachments segment, which includes commercial snow and ice control equipment sold under the FISHER®, SNOWEX® and WESTERN® brands, and truck mounted cranes and dump hoists sold under the VENCO VENTURO brands. Second, the Work Truck Solutions segment, which includes the up-fit of market leading attachments and storage solutions under the HENDERSON® brand, and the DEJANA® brand and its related sub-brands. Use of Non-GAAP Financial Measures This press release contains financial information calculated other than in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). The non-GAAP measures used in this press release are Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings Per Share (EPS), and Free Cash Flow. The Company believes that these non-GAAP measures are useful to investors and other external users of its consolidated financial statements in evaluating the Company’s operating performance as compared to that of other companies. Reconciliations of these non-GAAP measures to the nearest comparable GAAP measures can be found immediately following the Consolidated Statements of Cash Flows included in this press release. Adjusted EBITDA represents net income before interest, taxes, depreciation, and amortization, as further adjusted for certain charges consisting of unrelated legal and consulting fees, stock-based compensation, severance, restructuring charges, acquisition costs, inventory step up related to Venco Venturo, CEO transition costs, debt modification expense, and loss on extinguishment of debt. The Company uses Adjusted EBITDA in evaluating the Company’s operating performance because it provides the Company and its investors with additional tools to compare its operating performance on a consistent basis by removing the impact of certain items that management believes do not directly reflect the Company’s core operations. The Company’s management also uses Adjusted EBITDA for planning purposes, including the preparation of its annual operating budget and financial projections, and to evaluate the Company’s ability to make certain payments, including dividends, in compliance with its senior credit facilities, which is determined based on a calculation of “Consolidated Adjusted EBITDA” that is substantially similar to Adjusted EBITDA. Adjusted Net Income and Adjusted Earnings Per Share (calculated on a diluted basis) represents net income and earnings per share (as defined by GAAP), excluding the impact of stock based compensation, severance, restructuring charges, acquisition costs, inventory step up related to Venco Venturo, CEO transition costs, debt modification expense, loss on extinguishment of debt, and certain charges related to unrelated legal fees and consulting fees. Management believes that Adjusted Net Income and Adjusted Earnings Per Share are useful in assessing the Company’s financial performance by eliminating expenses and income that are not reflective of the underlying business performance. Free Cash Flow is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities less the acquisition of property and equipment. Free Cash Flow should be evaluated in addition to, and not considered a substitute for, other financial measures such as Net Income and Net Cash Provided By (Used in) Operating Activities. We believe that free cash flow represents our ability to generate additional cash flow from our business operations. Forward Looking Statements This press release contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These statements include information relating to future events, future financial performance, strategies, expectations, competitive environment, regulation, product demand, the payment of dividends, and availability of financial resources. These statements are often identified by use of words such as "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will" and similar expressions and include references to assumptions and relate to our future prospects, developments, and business strategies. Such statements involve known and unknown risks, uncertainties and other factors that could cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, weather conditions, particularly lack of or reduced levels of snowfall and the timing of such snowfall, our ability to manage general economic, business and geopolitical conditions, including the impacts of natural disasters, labor strikes, global political instability, adverse developments affecting the banking and financial services industries, pandemics and outbreaks of contagious diseases and other adverse public health developments, increases in the price of steel or other materials, including as a result of tariffs, necessary for the production of our products that cannot be passed on to our distributors, our inability to maintain good relationships with our distributors, our inability to maintain good relationships with the original equipment manufacturers with whom we currently do significant business, lack of available or favorable financing options for our end-users, distributors or customers, increases in the price of fuel or freight, including as a result of the ongoing conflict in Iran, a significant decline in economic conditions, the inability of our suppliers and original equipment manufacturer partners to meet our volume or quality requirements, inaccuracies in our estimates of future demand for our products, our inability to protect or continue to build our intellectual property portfolio, the effects of laws and regulations and their interpretations on our business and financial condition, including policy or regulatory changes related to climate change, our inability to develop new products or improve upon existing products in response to end-user needs, losses due to lawsuits arising out of personal injuries associated with our products, factors that could impact the future declaration and payment of dividends, or our ability to execute repurchases under our stock repurchase program, our inability to effectively manage the use of artificial intelligence, disruptions at our manufacturing facilities, our inability to compete effectively against competition, our inability to successfully implement our new enterprise resource planning system, our inability to achieve the projected financial performance with the assets of Venco Venturo, which we acquired in 2025, and unexpected costs or liabilities related to such acquisition, as well as those discussed in the section entitled “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2025 and any subsequent Form 10-Q filings. You should not place undue reliance on these forward-looking statements. In addition, the forward-looking statements in this release speak only as of the date hereof and we undertake no obligation, except as required by law, to update or release any revisions to any forward-looking statement, even if new information becomes available in the future. For further information contact:Douglas Dynamics, Inc.Nathan ElwellVice President of Investor [email protected] Financial Statements