Key Highlights

  • Net sales rose 35% to a record USD 218.0 million, and Net Income rose 166% to USD 21.2 million.
  • Adjusted EBITDA rose 89% to USD 37.9 million, a Margin of 17.4% versus 12.4% a year earlier.
  • Work Truck Attachments net sales rose 78% to USD 121.5 million, with a segment margin of 24.8%.
  • The company raised the low end of 2026 ranges, with adjusted diluted EPS now USD 3.00 to USD 3.40.

Consolidated Results

Douglas Dynamics, Inc. (NYSE:PLOW), a manufacturer and upfitter of work truck attachments and equipment, reported third-quarter 2026 net sales of USD 218.0 million, up 35% from USD 162.1 million, on a strong pre-season and execution at Work Truck Attachments. Gross margin was 27.4% versus 23.5%, income from operations was USD 31.3 million versus USD 14.1 million, and net income was USD 21.2 million, or USD 0.89 per diluted share, versus USD 8.0 million, or USD 0.33.

Adjusted EBITDA was USD 37.9 million versus USD 20.1 million, and adjusted net income was USD 23.3 million versus USD 9.5 million, equal to adjusted Diluted Earnings per Share of USD 0.98 versus USD 0.40, up 145%.

Segment Performance

Work Truck Attachments net sales rose 78% to a record USD 121.5 million on robust pre-season demand, strong throughput and the addition of Venco Venturo. Segment adjusted EBITDA was about USD 30 million, up 188%, and margin rose 945 basis points to 24.8%, helped by throughput, product mix and the timing of shipments between the second and third quarters. Parts and accessories shipments through the first nine months already exceeded the annual record set in 2025. Pre-season shipments split close to 50% and 50% between the second and third quarters, against 60% and 40% in 2025.

Work Truck Solutions net sales rose 3% to a record USD 96.5 million, with adjusted EBITDA of USD 7.8 million versus USD 9.6 million and margin of 8.1% versus 10.2%. Sustained municipal Demand offset inconsistent commercial demand, which has weighed on profitability. President and chief executive Mark Van Genderen said the Solutions team is expanding capacity to support municipal demand and that operations at a new Ohio Facility begin in coming weeks.

Cash and Capital

Net cash used in Operating Activities increased USD 26.3 million to USD 47.5 million for the nine months, because of higher working Capital supporting demand in both segments. Capital expenditures rose USD 3.1 million to USD 11.2 million, and the company expects 2026 capital expenditures within the traditional range of 2% to 3% of net sales. Year to date, about USD 27 million of cash was returned to shareholders through the quarterly Dividend of USD 0.295 per share and share repurchases.

The chief financial officer noted that nine-month adjusted earnings per share have already surpassed the full-year record set in 2019.

Winter Season Variables

Updated 2026 guidance sets net sales of USD 770 million to USD 805 million (previously USD 765 million to USD 805 million), adjusted EBITDA of USD 123 million to USD 135 million (previously USD 120 million to USD 135 million), adjusted diluted EPS of USD 3.00 to USD 3.40 (previously USD 2.90 to USD 3.40) and an effective tax rate of 24% to 25%. The outlook assumes average snowfall in core markets in the fourth quarter.

Because Attachments results in the fourth quarter depend on the timing and severity of winter weather, the wide range between the low and high end of guidance remains intact. Items to track include snowfall, dealer inventory, Working Capital release and the start of the Ohio facility.