Milwaukee-based Douglas Dynamics Inc., which manufactures snow and ice control equipment for light trucks, today reported fourth quarter and full year results.
In the fourth quarter, net income was $8.5 million, or 38 cents per share, up from a loss of $1 million, or 5 cents per share, in the fourth quarter of 2012.
Revenue for the fourth quarter was $72.9 million, up from $28.2 million in the same period a year ago.
Snowfall totals were much higher in 2013 than in 2012, which contributed to the large increase in quarterly earnings, the company said.
“Record fourth quarter sales signify a continued improvement in business conditions compared to last year, as snowfall levels were strong across core markets,” said James L. Janik, president and chief executive officer. “Our financial results underscore the importance of our operational excellence and the competitive advantage of our manufacturing flexibility and supply chain, which enabled us to adapt efficiently to increased levels of demand and strengthen our relationships with our dealers.”
For the full year, net income was $11.6 million, or 52 cents per share, up from $6 million, or 27 cents per share, in 2012.
Revenue for 2013 was $194.3 million, up from $140 million in 2012.
“Following the challenging market conditions we saw in 2012, the positive results for 2013 mark an important step in what we anticipate is a two year return to normal business conditions,” Janik said. “As we progress further into 2014, we are encouraged by sustained strong snowfall levels across many of our core markets in the early part of our first quarter and positive non-snowfall indicators within our business such as significantly lower field inventory, strong retail re-order sales, improving dealer sentiment as well as continually improving light truck sales. We remain steadfast in our focus on enhancing margins and leveraging our industry leading product portfolio, which includes our record number of new product launches in 2013 and our TrynEx assets, to better serve the needs of our customers. We will continue to invest prudently in 2014 and beyond to drive future growth and profitability.”