Key Highlights

  • PLOW reported record third quarter 2026 net sales of $218.0 million, up 35% from $162.1 million a year earlier.
  • Net income rose 166% to $21.2 million, or $0.89 per diluted share, versus $0.33 in the prior-year quarter.
  • Adjusted EBITDA climbed 89% to $37.9 million, lifting the Margin to 17.4% from 12.4%.
  • Work Truck Attachments sales jumped 78% to $121.5 million, helped by the Venco Venturo acquisition.
  • The company raised the low end of 2026 guidance: net sales of $770 million to $805 million and adjusted diluted EPS of $3.00 to $3.40.

Attachments Surge Powers a Record Third Quarter of 2026

Douglas Dynamics (NYSE:PLOW) reported record results for the third quarter ended Sep 30, 2026, in an announcement on Nov 2, 2026. Net sales rose 35% to $218.0 million, while gross margin widened to 27.4% from 23.5% a year earlier.

The Milwaukee-based company makes commercial snow and ice control equipment under the FISHER, SNOWEX and WESTERN brands, plus truck-mounted cranes, and upfits work trucks. Income from operations more than doubled to $31.3 million from $14.1 million.

Net income climbed 166% to $21.2 million, or $0.89 per diluted share, compared with $8.0 million, or $0.33, in the third quarter of 2025. Adjusted Net Income reached $23.3 million, which translated into adjusted diluted EPS of $0.98, up 145%.

Pre-Season Shipments Lift Attachments Margin to 24.8%

Work Truck Attachments net sales rose 78% to $121.5 million on strong pre-season demand, higher factory throughput and the addition of Venco Venturo. Segment adjusted EBITDA increased 188% to roughly $30.1 million, and the margin expanded 945 basis points to 24.8%.

Pre-season shipments split close to 50% in the second quarter and 50% in the third, against a 60% and 40% split in 2025. Year-to-date parts and accessories shipments have already topped the full-year record set in 2025.

Work Truck Solutions sales edged up 3% to a record $96.5 million, supported by steady municipal demand. Segment adjusted EBITDA slipped to $7.8 million from $9.6 million, and the margin fell to 8.1% from 10.2%, as uneven commercial Demand weighed on profitability.

Working Capital Build Drives $47.5 Million Operating Cash Outflow

Net cash used in Operating Activities widened by $26.3 million to $47.5 million over the first nine months of 2026, as the company built Working Capital to meet demand in both segments. Accounts Receivable stood at $217.8 million on Sep 30, 2026, against $97.6 million at the end of 2025.

Short-term borrowings rose to $96.0 million from $5.0 million, while cash and equivalents were $5.5 million. Capital expenditures reached $11.2 million year to date, and 2026 spending is expected to stay within 2% to 3% of net sales.

About $27 million was returned to shareholders in the nine months through quarterly dividends and share repurchases, including $21.1 million of dividends paid and $6.0 million of buybacks.

Guidance Floor Moves Up, but Winter Snowfall Remains the Swing Factor

Douglas Dynamics now expects 2026 net sales of $770 million to $805 million, up from a prior low end of $765 million. Adjusted EBITDA is guided to $123 million to $135 million, from $120 million to $135 million, and adjusted diluted EPS to $3.00 to $3.40, from $2.90 to $3.40.

The outlook assumes average snowfall in core markets in the fourth quarter, and management cautioned that the timing and severity of winter weather can create meaningful variability in year-end Attachments results. A new Ohio Facility for the Solutions segment is expected to begin operations soon, with the Earnings Call scheduled for Nov 3, 2026.