Milwaukee-based Douglas Dynamics, Inc. today reported first quarter net income of $1.6 million, or 7 cents per share, up from a first quarter 2013 net loss of $3.4 million, or a 15 cents loss per share.
Revenue was $36.4 million, up 158 percent from $14.1 million in the same period a year ago.
The company, which designs, manufactures and sells snow and ice control equipment for the light trucks market and usually generates a first quarter loss, attributed the record revenue to an unusually snowy winter. Unit sales and parts and accessories sales were up because of higher snowfall totals.
Douglas also acquired TrynEx, Inc. in May 2013, and it contributed additional sales for the quarter.
“Our robust results for the first quarter of 2014 were particularly pleasing given we also produced a strong first quarter last year, when winter arrived late in the season,” said James Janik, president and chief executive officer of Douglas Dynamics. “When compared to our average first quarter, the first quarter of 2014 was remarkably strong and we produced a profitable first quarter for the first time in ten years. The addition of TrynEx last spring contributed to our strong results, and we remain pleased with how that business is performing.”
Janik expects the impact of this winter to continue benefitting Douglas Dynamics going forward.
“We are now at the end of one of the longest snowfall seasons we have experienced, which produced the highest amounts of snowfall in North America of any of the past 18 years,” he said. “Our unparalleled responsiveness and focus on quality and service allowed us to meet the significantly increased demand. The heavy and sustained snowfall meant extra work for our plowing and spreading customers, and extreme use of their equipment, which bodes well for our 2014 preseason order period as plowers should have both the need and the means to replace their equipment.”