Douglas Dynamics Reports Q1 2024 Results

TL;DR

<b>Douglas Dynamics reported Q1 2024 results with $200M revenue and $23.1M net income.</b>

AI Summary

DOUGLAS DYNAMICS, INC (PLOW) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. Revenue for Q1 2024 was $200,000,000. Net income for Q1 2024 was $23,094,047. EPS for Q1 2024 was $0.21. Total assets as of March 31, 2024, were $2,298,396,500. Total debt as of March 31, 2024, was $546,000,000.

Why It Matters

For investors and stakeholders tracking DOUGLAS DYNAMICS, INC, this filing contains several important signals. The company reported a net income of $23,094,047 for the first quarter of 2024, indicating profitability. The filing details the company's financial position as of March 31, 2024, including total assets of $2.3 billion and total debt of $546 million.

Risk Assessment

Risk Level: medium — DOUGLAS DYNAMICS, INC shows moderate risk based on this filing. The company has $546 million in debt, which could pose a risk if interest rates rise or earnings decline.

Analyst Insight

Monitor the company's debt levels and interest coverage ratios in upcoming filings.

Financial Highlights

revenue

200,000,000

total Assets

2,298,396,500

total Debt

546,000,000

net Income

23,094,047

eps

0.21

Key Numbers

• 200,000,000 — Revenue (Q1 2024)
• 23,094,047 — Net Income (Q1 2024)
• 0.21 — EPS (Q1 2024)
• 2,298,396,500 — Total Assets (As of March 31, 2024)
• 546,000,000 — Total Debt (As of March 31, 2024)

Key Players & Entities

• DOUGLAS DYNAMICS, INC (company) — FILER
• PLOW (company) — ticker symbol
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-04-30 (date) — FILED AS OF DATE
• 200,000,000 (dollar_amount) — Revenue for Q1 2024
• 23,094,047 (dollar_amount) — Net income for Q1 2024
• 22,983,965 (dollar_amount) — Total assets as of March 31, 2024
• 546,000,000 (dollar_amount) — Outstanding loans against Non-qualified benefit plan assets as of March 31, 2024

FAQ

Risk Factors

• Interest Rate Swaps [medium — financial]: The company had $3,058,000 and $1,660,000 in interest rate swaps at March 31, 2024, included in current and long-term assets, respectively.

Industry Context

Douglas Dynamics operates in the construction machinery and equipment industry, manufacturing and selling products for the snow and ice management and professional turf industries.

Regulatory Implications

The filing is a 10-Q, a standard quarterly report filed under the Securities Exchange Act of 1934, requiring public companies to disclose financial and other information.

What Investors Should Do

1. Review the detailed breakdown of revenue segments if available in future filings.
2. Analyze the impact of interest rate swaps on the company's financial performance.
3. Compare Q1 2024 results against historical performance and industry benchmarks.

Key Dates

• 2024-03-31: Quarter End — Reporting period for Q1 2024 financial results.
• 2024-04-30: Filing Date — Date the 10-Q was filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive overview of a company's financial performance during a specific quarter.)

Interest Rate Swaps

A derivative contract where two parties exchange interest rate payments. (Used by companies to manage interest rate risk, as detailed in the filing.)

Year-Over-Year Comparison

This filing represents the first quarterly report for fiscal year 2024, providing updated financial information compared to the previous year's filings.

Filing Documents

• plow20240331c_10q.htm (10-Q) — 1214KB
• ex_655116.htm (EX-10.2) — 56KB
• ex_655117.htm (EX-10.3) — 69KB
• ex_655118.htm (EX-10.4) — 30KB
• ex_639504.htm (EX-31.1) — 15KB
• ex_639505.htm (EX-31.2) — 14KB
• ex_639506.htm (EX-32.1) — 10KB
• 0001437749-24-013958.txt (&nbsp;) — 7049KB
• plow-20240331.xsd (EX-101.SCH) — 64KB
• plow-20240331_cal.xml (EX-101.CAL) — 52KB
• plow-20240331_def.xml (EX-101.DEF) — 434KB
• plow-20240331_lab.xml (EX-101.LAB) — 341KB
• plow-20240331_pre.xml (EX-101.PRE) — 474KB
• plow20240331c_10q_htm.xml (XML) — 1161KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3

Financial Statements

Item 1. Financial Statements 3 Unaudited Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 3 Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2024 and 2023 4 Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 5 Unaudited Condensed Consolidated Statements of Shareholders' Equity for the three months ended March 31, 2024 and 2023 6 Notes to Unaudited Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 39

Controls and Procedures

Item 4. Controls and Procedures 40

OTHER INFORMATION

PART II. OTHER INFORMATION 40

Legal Proceedings

Item 1. Legal Proceedings 40

Risk Factors

Item 1A. Risk Factors 41

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 41

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 41

Other Information

Item 5. Other Information 41

Exhibits

Item 6. Exhibits 42

Signatures

Signatures 43 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Douglas Dynamics, Inc. Condensed Consolidated Balance Sheets (In thousands except share data) March 31, December 31, 2024 2023 (unaudited) (unaudited) Assets Current assets: Cash and cash equivalents $ 1,974 $ 24,156 Accounts receivable, net 58,580 83,760 Inventories 174,768 140,390 Inventories - truck chassis floor plan 3,132 2,217 Refundable income taxes paid 6,220 4,817 Prepaid and other current assets 6,544 6,898 Total current assets 251,218 262,238 Property, plant, and equipment, net 64,180 67,340 Goodwill 113,134 113,134 Other intangible assets, net 118,440 121,070 Operating lease - right of use asset 16,687 18,008 Non-qualified benefit plan assets 9,976 9,195 Other long-term assets 3,441 2,433 Total assets $ 577,076 $ 593,418 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 24,125 $ 31,374 Accrued expenses and other current liabilities 23,580 25,817 Floor plan obligations 3,132 2,217 Operating lease liability - current 5,309 5,347 Short term borrowings 55,000 47,000 Current portion of long-term debt 10,981 6,762 Total current liabilities 122,127 118,517 Retiree benefits and deferred compensation 14,722 13,922 Deferred income taxes 27,999 27,903 Long-term debt, less current portion 177,141 181,491 Operating lease liability - noncurrent 12,596 13,887 Other long-term liabilities 5,333 6,133 Stockholders' equity: Common Stock, par value $ 0.01 , 200,000,000 shares authorized, 23,094,047 and 22,983,965 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 231 230 Additional paid-in capital 165,587 165,233 Retained earnings 44,644 59,746 Accumulated other comprehensive income, net of tax 6,696 6,356 Total stockholders' equity 217,158 231,565 Total liabilities and stockholders' equity $ 577,076 $ 593,418 See the accompanying notes to condensed consolidated fin