Third Quarter Highlights:
- Net Sales of $47.4 million and adjusted EBITDA of $11.6 million
- Adjusted Earnings per diluted share of $0.13
- Pre season order period (Q2 & Q3 combined) net sales and adjusted EBITDA up 3.3% and 16.4% respectively over prior year
- Board approves 10% increase to planned 4Q dividend
- Company reiterates outlook for 2010
MILWAUKEE, Nov. 1, 2010 (GLOBE NEWSWIRE) -- Douglas Dynamics, Inc. (NYSE:PLOW), the North American leader in the design, manufacture and sale of snow and ice control equipment for light trucks, today announced financial results for the third quarter ended September 30, 2010.
Third Quarter ResultsDouglas Dynamics' pre-season sales period is comprised of the second and third quarters combined. To encourage distributors to receive shipments prior to the peak fourth quarter retail selling season, the Company offers promotional financial and freight terms to distributors that place orders during the second quarter. These orders are then shipped during the second and third quarters. The timing of these shipments between the second and third quarters can vary year to year based upon a number of factors, including distributor inventory levels and space availability. For 2010, pre-season orders have shifted from traditional patterns to be more heavily weighted toward the second quarter versus the third quarter. In total, pre-season net sales and adjusted EBITDA for the second and third quarters combined were up 3.3% and 16.4% respectively, over the same six-month period in the prior year. Focusing solely on the third quarter 2010, net sales were $47.4 million, representing a 5.8% decrease from the corresponding period in 2009. This decrease in net sales reflects a shift in the timing of pre-season shipments toward the second quarter versus the third quarter. As pre-season shipments shifted more toward the second quarter both equipment and parts and accessories sales in the third quarter decreased versus the prior year as expected.