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- **Strategic Acquisition**: Venco Venturo acquisition to diversify attachments portfolio, with modest 2026 accretion to EPS and free cash flow.
- **Record Q3 Performance**: Solutions segment up 36% in net sales, Attachments preseason shipments in line with expectations.
- **Updated Guidance**: FY2025 net sales $635M-$660M, Adjusted EBITDA $87M-$102M, reflecting strong execution and winter readiness.
- **Operational Strength**: Inventory reduction in Attachments, healthy dealer inventories, and DDMS-driven efficiency in Solutions.

**【CEO Opening Remarks】**
- Announced the acquisition of Venco Venturo, a provider of truck-mounted cranes and dump hoists, marking the first M&A in 9 years. The deal is expected to be modestly accretive to EPS and free cash flow in 2026.
- Highlighted the company's strategic pillars: Optimize, Expand, and Activate. The acquisition aligns with the 'Activate' pillar, focusing on diversifying the attachments portfolio.
- Reported strong Q3 performance: Work Truck Solutions (WTS) segment saw net sales and adjusted EBITDA grow over 30%, while Attachments preseason shipments met expectations.
- Noted inventory reduction in Attachments segment ($11M YoY decline) and healthy dealer inventories below 5-year average, positioning the company for winter demand.

**【CFO Financial Commentary】**
- Q3 2025 net sales: $162.1M (25% YoY growth), Adjusted EBITDA: $20.1M (31% YoY growth), Adjusted EPS: $0.40 (60% YoY increase).
- Attachments segment: Net sales $68.1M (13% YoY), Adjusted EBITDA $10.5M (29% YoY). Solutions segment: Net sales $94M (36% YoY), Adjusted EBITDA $9.6M (34% YoY).
- Updated FY2025 guidance: Net sales $635M-$660M, Adjusted EBITDA $87M-$102M, Adjusted EPS $1.85-$2.25.
- Balance sheet: Total liquidity $70.1M, leverage ratio 1.9x, within target range of 1.5x-3x.

**【Q&A Highlights】**
- **Venco Venturo Details**: Revenue ~$30M-$40M, pre-synergy margins similar to Solutions segment. Integration plans include leveraging Douglas Dynamics' operational expertise (DDMS, sourcing) to improve margins.
- **Fourth-Quarter Outlook**: Attachments expected to return to 2023 volume levels; Solutions segment to maintain strong demand from municipal and commercial customers.
- **Snowfall Assumptions**: Guidance assumes average snowfall, with inventory and operational readiness to adapt to weather variability.


Douglas Dynamics, Inc. (PLOW) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

PLOW

PLOW fundamentals

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