Douglas Dynamics (NYSE: PLOW) reported Q1 EPS of $0.04, $0.22 better than the analyst estimate of ($0.18). Revenue for the quarter came in at $103.3 million versus the consensus estimate of $77.1 million.

First Quarter 2021 Highlights:

• Delivered Net Sales of $103.3 Million
• Gross Profit Margin increased by 830 basis points compared to last year
• Recorded Net Income of $0.7 million, or $0.03 of Diluted EPS
• Adjusted EBITDA was $10.7 million, compared to $(1.7) million in 1Q20
• Reiterated 2021 guidance
• Paid $0.285 per share cash dividend on March 31, 2021

“Both segments of our business produced admirable performances in the first quarter,” noted Bob McCormick, President & CEO. “It is a remarkable achievement by our teams to deliver record first quarter results just one year from the start of the pandemic. While demand dynamics in both segments are positive for 2021, we do expect future performance will be limited by supply chain disruption, which is impacting the entire manufacturing sector. We are reiterating our 2021 guidance and are pleased demand trends look more certain today than a few months ago as we build backlog in our Solutions segment.”

GUIDANCE:

Douglas Dynamics sees FY2021 EPS of $1.20-$2.00, versus the consensus of $1.68. Douglas Dynamics sees FY2021 revenue of $505-565 million, versus the consensus of $527.13 million.

McCormick explained, “Despite the expectation that supply chain disruption will persist throughout the year, we remain confident in our ability to achieve our annual guidance and continue to position the Company to achieve our long-term goals. We are encouraged by the overall demand signals in the marketplace today and remain focused on executing on the factors within our control while finding innovative ways to work around external challenges.”

The 2021 financial outlook remains unchanged:

• Net Sales are expected to be between $505 million and $565 million.
• Adjusted EBITDA is predicted to range from $75 million to $100 million.
• Adjusted Earnings Per Share are expected to be in the range of $1.20 per share to $2.00 per share.
• The effective tax rate is expected to be approximately 25% to 26%.
• The outlook assumes relatively stable economic conditions and the Company’s core markets will experience average snowfall levels in 4Q21.

For earnings history and earnings-related data on Douglas Dynamics (PLOW) click here.