Milwaukee-based Douglas Dynamics Inc. reported record third quarter net income of $10.8 million, or 47 cents per share, up significantly from $603,000, or 2 cents per share, in the third quarter of 2013.
Revenue was $78.8 million, up 52 percent from $52 million in the same period a year ago.
The snow and ice management vehicle attachment manufacturer saw a record pre-season order period that drove a major increase in net sales in the second and third quarters. Strong light truck sales and sustained and significant snowfall last season have also positively impacted demand for Douglas Dynamics products.
"So far, 2014 has exceeded our internal expectations with strong financial performance reflecting a favorable market environment, strength across our portfolio, and successful execution of our strategy,” said James Janik, chairman, president and chief executive officer. During the quarter, we achieved record profitability, which is a testament to our relentless drive to improve efficiency and productivity through our manufacturing operations. We are focused on refining every one of our business processes, which will allow us to increase cash flow and invest in future growth opportunities to drive long-term shareholder value."