Milwaukee-based Douglas Dynamics Inc. beat analyst expectations with third quarter net income of $15.5 million, or 68 cents per share, up from $10.8 million, or 47 cents per share, in the third quarter of 2014.
The vehicle attachments and equipment equipment manufacturer reported $26.6 million in operating income, up from $18.6 million in the same period a year ago.
Douglas Dynamics’ third quarter revenue was $120.6 million, up 53 percent from $78.8 million in the third quarter of 2014. About $26.9 million of the increase was attributed to the company’s acquisition of Henderson Products, which occurred on Dec. 31, 2014. The company attributed the rest of the increase to strong preseason equipment and service parts equipment ahead of the winter snow and ice management season.
“We began this year knowing we would face tough comparisons to our record performance in 2014,” said James Janik, chairman, president and chief executive officer of Douglas Dynamics. “I am pleased to report that for the first three quarters of 2015, our team has risen to the challenge and produced record results again. There were several drivers of our strong financial performance, including the successful acquisition of Henderson Products at the end of last year, which continues to meet our high expectations. In addition, we continue to see a robust market environment that produced a strong preseason order period, the ongoing release of pent up demand that was previously held in check during the last recession, plus the rapid acceptance of the new products we launched this year. Our track record of success is a testament to the almost 1,100 people at Douglas Dynamics who both continually strive to extend our market leadership position and are committed to consistently improving efficiency through our proprietary DDMS program.”