Milwaukee-based Douglas Dynamics Inc. has reported fourth quarter net income of $13 million, or 58 cents per share, up from $8.4 million, or 38 cents per share, in the fourth quarter of 2013.
The company manufactures vehicle attachments and equipment, including snow and ice management tools. It recorded operating income of $24.8 million in the quarter, up from $16.8 million in the same period a year ago.
Quarterly revenue was $100.1 million, up 37 percent from $73 million in the fourth quarter of 2013. The increase was driven by higher demand partially caused by record snowfall in New England, the company said.
For the full year, Douglas Dynamics reported net income of $40 million, or $1.77 per share, up from $11.6 million, or 51 cents per share, in 2013.
Operating income totaled $72.2 million in 2014 , up from $27.5 million in 2013.
“There is no doubt that 2014 was a remarkable year for Douglas Dynamics,” said James Janik, chairman, president and chief executive officer. “Our record results for the quarter and year reflect a unique combination of unprecedented market conditions and first class operational execution. Speaking on behalf of the board and management team, we couldn’t be more proud of the way our team stepped up to the challenge and leveraged its expertise to meet the flood of pent up demand we experienced during the year.
“As great a year as we have experienced, we are by no means satisfied. We continue to operate in an industry and economy that can be unpredictable, and while we have the wind at our back today, we have a long memory and know that circumstances can change quickly. This winter, the extreme snowfall events are concentrated in New England compared to last year that experienced more weather events over broader population areas.”
