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Freightcar America (NASDAQ: RAIL - Get Free Report) and Douglas Dynamics (NYSE: PLOW - Get Free Report) are both small-cap industrials companies, but which is the better stock? We will contrast the two businesses based on the strength of their analyst recommendations, risk, earnings, profitability, valuation, dividends and institutional ownership. Analyst Ratings This is a summary of

Investors in Douglas Dynamics, Inc. (PLOW - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the Sept. 18, 2026 $60 Call had some of the highest implied volatility of all equity options today.

What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

What do the Analysts Think?Clearly, options traders are pricing in a big move for Douglas Dynamics shares, but what is the fundamental picture for the company? Currently, Douglas Dynamics is a Zacks Rank #3 (Hold) in the Automotive - Replacement Parts industry that ranks in the Bottom 12% of our Zacks Industry Rank. Over the last 60 days, no analyst has increased the earnings estimates for the to-be-reported quarter, while one has dropped the estimates. The net effect has taken our Zacks Consensus Estimate for the to-be-reported quarter from 63 cents per share to 60 cents in that period.

Given the way analysts feel about Douglas Dynamics right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.

 | Source: Douglas Dynamics, Inc.

MILWAUKEE, June 05, 2026 (GLOBE NEWSWIRE) -- Douglas Dynamics, Inc. (NYSE: PLOW), North America's premier manufacturer and upfitter of work truck attachments and equipment, today announced that its Board of Directors approved and declared a quarterly cash dividend of $0.295 per share for the second quarter of 2026.

The declared dividend will be paid on June 30, 2026 to stockholders of record on June 16, 2026.

About Douglas Dynamics

Home to the most trusted brands in the industry, Douglas Dynamics is North America’s premier manufacturer and up-fitter of commercial work truck attachments and equipment. For more than 75 years, the Company has been innovating products that not only enable people to perform their jobs more efficiently and effectively, but also enable businesses to increase profitability. Through its proprietary Douglas Dynamics Management System (DDMS), the Company is committed to continuous improvement aimed at consistently producing the highest quality products, at industry-leading levels of service and delivery that ultimately drive shareholder value. The Douglas Dynamics portfolio of products and services is separated into two segments: First, the Work Truck Attachments segment, which includes commercial snow and ice control equipment sold under the FISHER®, SNOWEX® and WESTERN® brands, plus truck-mounted service cranes and dump hoists under the VENCO VENTURO® brand. Second, the Work Truck Solutions segment, which includes the up-fit of market leading attachments and storage solutions under the HENDERSON® brand, and the DEJANA® brand and its related sub-brands.

CONTACT
Douglas Dynamics, Inc.
Nathan Elwell
Vice President of Investor Relations
847-530-0249
[email protected]

Douglas Dynamics (PLOW) witnessed a jump in share price last session on above-average trading volume. The latest trend in earnings estimate revisions for the stock doesn't suggest further strength down the road.

Allspring Global Investments Holdings LLC lessened its stake in shares of Douglas Dynamics, Inc. (NYSE: PLOW) by 14.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,058,359 shares of the auto parts company's stock after selling 336,258 shares during the

The market expects Douglas Dynamics (PLOW - Free Report) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on August 3. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis snowplow maker is expected to post quarterly earnings of $0.93 per share in its upcoming report, which represents a year-over-year change of -18.4%.

Revenues are expected to be $216.8 million, up 11.6% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 87.23% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Douglas Dynamics?For Douglas Dynamics, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.

On the other hand, the stock currently carries a Zacks Rank of #5.

So, this combination makes it difficult to conclusively predict that Douglas Dynamics will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Douglas Dynamics would post earnings of $0.12 per share when it actually produced earnings of $0.36, delivering a surprise of +200.00%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Douglas Dynamics doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Arrowstreet Capital Limited Partnership raised its position in Douglas Dynamics, Inc. (NYSE: PLOW) by 128.6% during the undefined quarter, according to its most recent filing with the SEC. The firm owned 538,669 shares of the auto parts company's stock after buying an additional 303,077 shares during the quarter. Arrowstreet Capital Limited Partnership owned

Second Quarter 2026 Highlights*:

Net Sales increased 10% to a record $214.6 million Net Income of $25.4 million, with $1.07 of diluted EPSAdjusted EBITDA increased 5% to a record $44.6 millionAdjusted diluted EPS increased 7% to a record $1.22Returned approximately $10 million of cash to shareholders
*All comparisons are to second quarter 2025 financials

MILWAUKEE, Aug. 03, 2026 (GLOBE NEWSWIRE) -- Douglas Dynamics, Inc. (NYSE: PLOW), North America’s premier manufacturer and upfitter of work truck attachments and equipment, today announced financial results for the second quarter ended June 30, 2026. Unless otherwise stated, all comparisons made in this document are between the second quarters of 2026 and 2025.

Mark Van Genderen, President & CEO, noted, “Our team delivered another quarter of strong results as we continue advancing our long-term vision to build a comprehensive portfolio of trusted work vehicle attachments and solutions that set the standard for safety, quality, and productivity. As we move through the second half of the year, we are confident in our team's ability to execute our strategic priorities, and we believe we are on track to deliver record annual results in 2026."

Consolidated Second Quarter 2026 Results

Net Sales increased 10% to a record $214.6 million based on strong pre-season orders at Work Truck Attachments.Net Income of $25.4 million translated to $1.07 of diluted EPS.Adjusted EBITDA increased 5% to a record $44.6 million, which drove record adjusted diluted EPS of $1.22, a 7% increase. $ in millions
(except Margins & EPS)Q2 2026Q2 2025Net Sales$214.6$194.3Gross Profit Margin31.1%31.0%Income from Operations$35.4$37.0Net Income$25.4$26.0Diluted EPS$1.07$1.09Adjusted EBITDA$44.6$42.6Adjusted EBITDA Margin20.8%21.9%Adjusted Net Income$28.9$27.2Adjusted Diluted EPS$1.22$1.14
Work Truck Attachments Segment Second Quarter 2026 Results

Net Sales increased 20% to $129.3 million, driven by strong demand for snow and ice control products, plus the addition of Venco Venturo.Adjusted EBITDA increased 13% to $35.8 million, with Adjusted EBITDA margins of 27.7%, based on the impact of Venco Venturo, timing of preseason shipments, and business mix.The ratio of pre-season shipments in 2026 is expected to be close to a 50% to 50% split between the second and third quarters, compared to a 60% to 40% split in 2025. Van Genderen explained, “The strong snowfall this past winter set the stage for a robust pre-season in Attachments, and results to date have exceeded our initial expectations, particularly for parts and accessories. Based on the strength of our third-quarter projections, we anticipate preseason shipments will be split nearly evenly between the second and third quarters this year. Our team continues to execute effectively, ensuring timely deliveries to dealers and enabling installations to be completed ahead of the winter season.”

$ in millions
(except Adjusted EBITDA Margin)Q2 2026Q2 2025Net Sales$129.3$108.1Adjusted EBITDA$35.8$31.6Adjusted EBITDA Margin27.7%29.2%
Work Truck Solutions Segment Second Quarter 2026 Results

Net Sales of $85.3 million are relatively flat, with lower Adjusted EBITDA of $8.8 million, based on continued lower commercial demand somewhat offset by strength in municipal demand. Van Genderen stated, “The Solutions segment produced a strong quarter overall, despite facing a tough comparison to record second quarter results in 2025. Municipal demand continues to be a source of strength, and we continue to invest to expand our capacity to meet customer needs. At the same time, we are navigating softer demand in select commercial business lines. As a result, we are taking targeted actions to optimize our sales and marketing efforts and align our cost structure to preserve profitability.”

$ in millions
(except Adjusted EBITDA Margin)Q2 2026Q2 2025Net Sales$85.3$86.2Adjusted EBITDA$8.8$11.0Adjusted EBITDA Margin10.3%12.8%
Dividend & Liquidity

Returned approximately $10 million of cash to shareholders through the payment of a quarterly cash dividend of $0.295 per diluted share, and the repurchase of approximately 67,500 shares of company stock.Net cash used in operating activities increased $12.5 million to $25.2 million for the first half of 2026. The increase was due to higher inventory required to meet demand across both segments and increased receivables driven by higher net sales.Capital expenditures increased by $2.2 million to $7.3 million in the first half of 2026 as planned. The Company continues to expect 2026 Capital Expenditures to be towards the higher end of the traditional range of 2% to 3% of Net Sales. 2026 Outlook

Sarah Lauber, Executive Vice President and CFO, noted, “Based on the strength of pre-season orders for the Attachments segment, we are raising our 2026 guidance once again. In Solutions, healthy municipal demand continues to support performance near our record 2025 levels, largely offsetting the anticipated softness in some of our commercial markets. Supported by the hard work and dedication of our team, our updated outlook highlights that we are on track to produce record annual results in 2026.”

2026 Outlook Ranges* FormerCurrentLowHighLowHighNet Sales$750$795$765$805Adjusted EBITDA$110$125$120$135Adjusted Diluted EPS$2.55$3.05$2.90$3.40Effective tax rate24%25%24%25%*In millions, except per share, and tax rate data
The 2026 outlook assumes relatively stable economic and supply chain conditions, that pre-season orders are still expected to be shipped approximately equally between the second and third quarters, and that core markets will experience average snowfall in the fourth quarter of 2026.

With respect to the Company’s 2026 financial outlook, the Company is not able to provide a reconciliation of the non-GAAP financial measures to GAAP because it does not provide specific guidance for the various extraordinary, nonrecurring, or unusual charges and other certain items. These items have not yet occurred, are out of the Company’s control and/or cannot be reasonably predicted. As a result, reconciliation of the non-GAAP guidance measures to GAAP is not available without unreasonable effort and the Company is unable to address the probable significance of the unavailable information.

Earnings Conference Call Information

The Company will host a conference call on Monday, August 3, 2026 at 11:00 a.m. Eastern Time (10:00 a.m. Central Time). To join the conference call, please dial 1-833-634-5024 domestically, or 1-412-902-4205 internationally.

The call will also be available via the Investor Relations section of the Company’s website at www.douglasdynamics.com. For those who cannot listen to the live broadcast, replays will be available for one week following the call.

About Douglas Dynamics

Home to the most trusted brands in the industry, Douglas Dynamics is North America’s premier manufacturer and up-fitter of commercial work truck attachments and equipment. For more than 75 years, the Company has been innovating products that not only enable people to perform their jobs more efficiently and effectively, but also enable businesses to increase profitability. Through its proprietary Douglas Dynamics Management System (DDMS), the Company is committed to continuous improvement aimed at consistently producing the highest quality products, at industry-leading levels of service and delivery that ultimately drive shareholder value. The Douglas Dynamics portfolio of products and services is separated into two segments: First, the Work Truck Attachments segment, which includes commercial snow and ice control equipment sold under the FISHER®, SNOWEX® and WESTERN® brands, and truck mounted cranes and dump hoists sold under the VENCO VENTURO brands. Second, the Work Truck Solutions segment, which includes the up-fit of market leading attachments and storage solutions under the HENDERSON® brand, and the DEJANA® brand and its related sub-brands.

Use of Non-GAAP Financial Measures

This press release contains financial information calculated other than in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). The non-GAAP measures used in this press release are Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings Per Share (EPS), and Free Cash Flow. The Company believes that these non-GAAP measures are useful to investors and other external users of its consolidated financial statements in evaluating the Company’s operating performance as compared to that of other companies. Reconciliations of these non-GAAP measures to the nearest comparable GAAP measures can be found immediately following the Consolidated Statements of Cash Flows included in this press release.

Adjusted EBITDA represents net income before interest, taxes, depreciation, and amortization, as further adjusted for certain charges consisting of unrelated legal and consulting fees, stock-based compensation, severance, restructuring charges, acquisition costs, inventory step up related to Venco Venturo, CEO transition costs, debt modification expense, and loss on extinguishment of debt. The Company uses Adjusted EBITDA in evaluating the Company’s operating performance because it provides the Company and its investors with additional tools to compare its operating performance on a consistent basis by removing the impact of certain items that management believes do not directly reflect the Company’s core operations. The Company’s management also uses Adjusted EBITDA for planning purposes, including the preparation of its annual operating budget and financial projections, and to evaluate the Company’s ability to make certain payments, including dividends, in compliance with its senior credit facilities, which is determined based on a calculation of “Consolidated Adjusted EBITDA” that is substantially similar to Adjusted EBITDA.

Adjusted Net Income and Adjusted Earnings Per Share (calculated on a diluted basis) represents net income and earnings per share (as defined by GAAP), excluding the impact of stock based compensation, severance, restructuring charges, acquisition costs, inventory step up related to Venco Venturo, CEO transition costs, debt modification expense, loss on extinguishment of debt, and certain charges related to unrelated legal fees and consulting fees. Management believes that Adjusted Net Income and Adjusted Earnings Per Share are useful in assessing the Company’s financial performance by eliminating expenses and income that are not reflective of the underlying business performance.

Free Cash Flow is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities less the acquisition of property and equipment. Free Cash Flow should be evaluated in addition to, and not considered a substitute for, other financial measures such as Net Income and Net Cash Provided By (Used in) Operating Activities. We believe that free cash flow represents our ability to generate additional cash flow from our business operations.

Forward Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These statements include information relating to future events, future financial performance, strategies, expectations, competitive environment, regulation, product demand, the payment of dividends, and availability of financial resources. These statements are often identified by use of words such as "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will" and similar expressions and include references to assumptions and relate to our future prospects, developments, and business strategies. Such statements involve known and unknown risks, uncertainties and other factors that could cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, weather conditions, particularly lack of or reduced levels of snowfall and the timing of such snowfall, our ability to manage general economic, business and geopolitical conditions, including the impacts of natural disasters, labor strikes, global political instability, adverse developments affecting the banking and financial services industries, pandemics and outbreaks of contagious diseases and other adverse public health developments, increases in the price of steel or other materials, including as a result of tariffs, necessary for the production of our products that cannot be passed on to our distributors, our inability to maintain good relationships with our distributors, our inability to maintain good relationships with the original equipment manufacturers with whom we currently do significant business, lack of available or favorable financing options for our end-users, distributors or customers, increases in the price of fuel or freight, including as a result of the ongoing conflict in Iran, a significant decline in economic conditions, the inability of our suppliers and original equipment manufacturer partners to meet our volume or quality requirements, inaccuracies in our estimates of future demand for our products, our inability to protect or continue to build our intellectual property portfolio, the effects of laws and regulations and their interpretations on our business and financial condition, including policy or regulatory changes related to climate change, our inability to develop new products or improve upon existing products in response to end-user needs, losses due to lawsuits arising out of personal injuries associated with our products, factors that could impact the future declaration and payment of dividends, or our ability to execute repurchases under our stock repurchase program, our inability to effectively manage the use of artificial intelligence, disruptions at our manufacturing facilities, our inability to compete effectively against competition, our inability to successfully implement our new enterprise resource planning system, our inability to achieve the projected financial performance with the assets of Venco Venturo, which we acquired in 2025, and unexpected costs or liabilities related to such acquisition, as well as those discussed in the section entitled “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2025 and any subsequent Form 10-Q filings. You should not place undue reliance on these forward-looking statements. In addition, the forward-looking statements in this release speak only as of the date hereof and we undertake no obligation, except as required by law, to update or release any revisions to any forward-looking statement, even if new information becomes available in the future.

For further information contact:
Douglas Dynamics, Inc.
Nathan Elwell
Vice President of Investor Relations
847-530-0249
[email protected]

Financial Statements 

Douglas Dynamics, Inc.Consolidated Balance Sheets(In thousands)    June 30,December 31, 2026
2025
 (unaudited)(unaudited)   Assets  Current assets:  Cash and cash equivalents$1,875$8,297Accounts receivable, net 156,633 97,561Inventories 174,981 149,656Inventories - truck chassis floor plan 4,356 4,184Refundable income taxes paid - 920Prepaid and other current assets 4,533 5,415Total current assets 342,378 266,033   Property, plant, and equipment, net 47,134 44,764Goodwill 116,779 116,779Other intangible assets, net 113,234 116,269Operating lease - right of use asset 90,364 68,972Non-qualified benefit plan assets 12,952 12,038Other long-term assets 2,828 1,846Total assets$725,669$626,701   Liabilities and stockholders' equity  Current liabilities:  Accounts payable$38,622$38,687Accrued expenses and other current liabilities 36,062 33,406Floor plan obligations 4,356 4,184Operating lease liability - current 9,783 7,154Income taxes payable 5,138 -Short term borrowings 57,000 5,000Current portion of long-term debt 7,416 7,416Total current liabilities 158,377 95,847   Retiree benefits and deferred compensation 15,927 14,947Deferred income taxes 34,104 33,104Long-term debt, less current portion 131,622 135,162Operating lease liability - noncurrent 80,024 60,134Other long-term liabilities 5,956 6,061   Total stockholders' equity 299,659 281,446Total liabilities and stockholders' equity$725,669$626,701    Douglas Dynamics, Inc.Consolidated Statements of Income(In thousands, except share and per share data)       Three Month Period Ended Six Month Period Ended June 30, 2026June 30, 2025 June 30, 2026June 30, 2025 (unaudited) (unaudited)      Net sales$214,648 $194,327  $352,445 $309,394 Cost of sales 147,852  134,031   247,878  220,959 Gross profit 66,796  60,296   104,567  88,435       Selling, general, and administrative expense 29,831  21,751   56,172  45,138 Intangibles amortization 1,518  1,550   3,035  3,100       Income from operations 35,447  36,995   45,360  40,197       Interest expense, net (2,324) (2,973)  (4,386) (5,357)Debt modification expense -  -   -  (176)Loss on extinguishment of debt -  -   -  (156)Other income, net 594  123   638  127 Income before taxes 33,717  34,145   41,612  34,635       Income tax expense 8,338  8,191   9,857  8,533       Net income$25,379 $25,954  $31,755 $26,102       Weighted average number of common shares outstanding:     Basic 23,116,515  23,131,151   23,107,356  23,126,379 Diluted 23,590,038  23,674,029   23,588,780  23,668,491       Earnings per share:     Basic earnings per common share attributable to common shareholders$1.08 $1.10  $1.35 $1.10 Earnings per common share assuming dilution attributable to common shareholders$1.07 $1.09  $1.33 $1.09 Cash dividends declared and paid per share$0.30 $0.30  $0.59 $0.59        Douglas Dynamics, Inc.Consolidated Statements of Cash Flows(In thousands)    Six Month Period Ended June 30, 2026June 30, 2025 (unaudited)   Operating activities  Net income$31,755 $26,102 Adjustments to reconcile net income to net cash used in operating activities:  Depreciation and amortization 7,678  7,649 Loss on disposal of fixed asset 664  -- Amortization of deferred financing costs and debt discount 210  275 Debt modification expense --  176 Loss on extinguishment of debt --  156 Stock-based compensation 6,987  3,704 Provision for losses on accounts receivable 315  315 Deferred income taxes 1,001  143 Non-cash lease expense 5,213  4,142 Changes in operating assets and liabilities, net of acquisitions:  Accounts receivable (59,387) (54,076)Inventories (25,325) (16,252)Prepaid assets, refundable income taxes paid and other assets 127  (958)Accounts payable (442) 7,480 Accrued expenses and other current liabilities 8,721  10,201 Benefit obligations, long-term liabilities and other (2,712) (1,778)Net cash used in operating activities (25,195) (12,721)   Investing activities  Capital expenditures (7,301) (5,126)Acquisition of business (927) -- Net cash used in investing activities (8,228) (5,126)   Financing activities  Repurchase of common stock (6,000) (6,000)Shares withheld on restricted stock vesting paid for employees’ taxes (899) (161)Payments of financing costs --  (293)Borrowings on long-term debt --  148,770 Payments on life insurance policy loans (122) (119)Dividends paid (14,228) (13,926)Net revolver borrowings 52,000  42,000 Repayment of long-term debt (3,750) (149,563)Net cash provided by financing activities 27,001  20,708 Change in cash and cash equivalents (6,422) 2,861 Cash and cash equivalents at beginning of period 8,297  5,119 Cash and cash equivalents at end of period$1,875 $7,980    Non-cash operating and financing activities  Truck chassis inventory acquired through floorplan obligations$172 $19,249     Douglas Dynamics, Inc.Segment Disclosures (unaudited)(In thousands)  Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Six Months Ended June 30, 2026 Six Months Ended June 30, 2025            Work Truck Attachments           Net Sales$129,330 $108,114 $190,241 $144,571Adjusted EBITDA$35,801 $31,570 $43,464 $31,897Adjusted EBITDA Margin 27.7%  29.2%  22.8%  22.1%            Work Truck Solutions           Net Sales$85,318 $86,213 $162,204 $164,823Adjusted EBITDA$8,777 $11,047 $17,925 $20,151Adjusted EBITDA Margin 10.3%  12.8%  11.1%  12.2%             Douglas Dynamics, Inc.Net Income to Adjusted EBITDA reconciliation (unaudited)(In thousands)  Three month period ended June 30, Six month period ended June 30, 2026
 2025
 2026
 2025
        Net income$25,379 $25,954 $31,755 $26,102        Interest expense - net 2,324  2,973  4,386  5,357Income tax expense 8,338  8,191  9,857  8,533Depreciation expense 2,304  2,276  4,643  4,549Intangibles amortization 1,518  1,550  3,035  3,100EBITDA 39,863  40,944  53,676  47,641        Stock-based compensation 4,450  1,554  6,987  3,704Debt modification expense -  -  -  176Loss on extinguishment of debt -  -  -  156Other charges (1) 265  119  726  371Adjusted EBITDA$44,578 $42,617 $61,389 $52,048        (1) Reflects unrelated legal, severance, restructuring and consulting fees for the periods presented. Reflects $58 in inventory step up related to Venco Venturo included in cost of sales in the six months ended June 30, 2026.  Douglas Dynamics, Inc.Reconciliation of Net Income to Adjusted Net Income (unaudited)(In thousands, except share and per share data)  Three month period ended June 30,  Six month period ended June 30, 2026
 2025
  2026
 2025
         Net income$25,379  $25,954   $31,755  $26,102 Adjustments:        Stock based compensation 4,450   1,554    6,987   3,704 Debt modification expense -   -    -   176 Loss on extinguishment of debt -   -    -   156 Other charges (1) 265   119    726   371 Tax effect on adjustments (1,179)  (418)   (1,928)  (1,102)Adjusted net income$28,915  $27,209   $37,540  $29,407          Weighted average basic common shares outstanding 23,116,515   23,131,151    23,107,356   23,126,379 Weighted average common shares outstanding assuming dilution 23,590,038   23,674,029    23,588,780   23,668,491          Adjusted earnings per common share - dilutive$1.22  $1.14   $1.58  $1.23          GAAP diluted earnings per share$1.07  $1.09   $1.33  $1.09 Adjustments net of income taxes:                 Stock based compensation 0.14   0.05    0.22   0.11 Debt modification expense -   -    -   0.01 Loss on extinguishment of debt -   -    -   0.01 Other charges (1) 0.01   -    0.02   0.00          Adjusted diluted earnings per share$1.22  $1.14   $1.58  $1.23          (1) Reflects unrelated legal, severance, restructuring and consulting fees for the periods presented. Reflects $58 in inventory step up related to Venco Venturo included in cost of sales in the six months ended June 30, 2026.           Douglas Dynamics, Inc.Free Cash Flow reconciliation (unaudited)(In thousands)  Three month period ended June 30, Six month period ended June 30,  2026   2025   2026   2025         Net used in operating activities$(24,201) $(11,384) $(25,195) $(12,721)Acquisition of property and equipment (4,140)  (2,965)  (7,301)  (5,126)Free cash flow$(28,341) $(14,349) $(32,496) $(17,847) 

Douglas Dynamics NYSE: PLOW reported record second-quarter results for 2026, supported by strong pre-season demand in its Work Truck Attachments segment and continued municipal-market strength in Work Truck Solutions. The company raised its full-year sales, adjusted EBITDA and adjusted earnings-per-share outlook.

President and CEO Mark Van Genderen said above-average snowfall during the prior winter lifted demand for snow and ice-control equipment, while municipal demand continued to underpin the Solutions business. He also cited companywide operational execution as a contributor to the quarter's results.

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“Both segments performed well in Q2, resulting in a record quarter for the company,” Van Genderen said. “Results in the attachment segment really exceeded our expectations.”

Record Sales and Earnings Consolidated net sales increased 10% year over year to a record $214.6 million in the second quarter. Gross margin held steady at 31%.

Adjusted EBITDA rose 5% to a record $44.6 million, while adjusted diluted earnings per share increased 7% to a record $1.22, according to Executive Vice President and CFO Sarah Lauber.

SG&A expense increased 37% to $29.8 million. Lauber attributed the increase to higher variable incentive and stock-based compensation resulting from improved performance, as well as employee costs associated with the addition of Venco Venturo.

Lauber said tariff effects were not material to Douglas Dynamics because the company sources most of its materials in North America, manufactures entirely in the U.S. and generates 95% of sales in the U.S. The company received refunds related to IEEPA tariffs, but said those refunds were not material and were included in reported results and updated guidance.

Attachments Segment Driven by Pre-Season Demand Work Truck Attachments sales increased 20% to $129.3 million, driven by pre-season orders following above-average snowfall, along with the Venco Venturo acquisition. Adjusted EBITDA for the segment increased 13% to $35.8 million, producing an adjusted EBITDA margin of 27.7%.

Van Genderen said strong retail sales and lower dealer inventories of plows and hoppers supported pre-season ordering. Douglas Dynamics expects pre-season shipments to be split approximately evenly between the second and third quarters, compared with a 60% second-quarter and 40% third-quarter mix in 2025.

The company expects to complete pre-season shipments by the end of the third quarter and said it plans to enter the fourth quarter with healthy inventory levels to support in-season dealer demand.

Douglas Dynamics also expects parts and accessories sales to surpass the record level set in 2025 by the end of the third quarter. Van Genderen said dealer inventories of plows and hoppers were lower than levels seen in recent years, creating demand both from retail activity and inventory rebuilding.

During the question-and-answer session, Lauber said segment margins were affected by the addition of Venco Venturo, product mix and the timing of shipments. Excluding the acquisition, she said second-quarter attachment margins would have been flat year over year despite higher volumes. The company expects full-year segment margins to improve and reach the low-20% range.

Van Genderen said the integration of Venco Venturo, which produces cranes and hoists, is essentially complete. He said the Cincinnati-based operation has benefited from Douglas Dynamics’ manufacturing, sourcing and operational expertise, although the company did not announce new products for the business.

Municipal Demand Supports Solutions Results Work Truck Solutions generated $85.3 million in sales, roughly flat compared with record second-quarter results a year earlier. Adjusted EBITDA was $8.8 million.

Strong municipal demand offset softness in certain commercial operations, where lower volumes created inefficiencies. Lauber said municipal demand remains strong, with production dates booked well into 2027. The company has added approximately 10% of additional municipal capacity.

Van Genderen said some larger fleet customers have paused orders while assessing geopolitical and economic conditions. He said those orders have been placed on hold rather than lost to competitors. The company also said its dealer channel has recently shown signs of improvement.

The company opened its new purpose-built Missouri facility on schedule and said it is fully operational. Douglas Dynamics is also building a logistics facility in Manchester, Iowa, that is expected to begin operations during the fourth quarter. In addition, the company plans to relocate its Ohio Upfit center to a larger facility intended to increase capacity and efficiency.

Van Genderen said the company’s municipal business has benefited from operational performance, sales efforts and new contracts. He said the company’s backlog is near the record level reached in 2022, reflecting multi-year customer commitments.

Cash Flow, Capital Returns and Increased Outlook For the first half of 2026, net cash used in operating activities was $25.2 million, an increase of $12.5 million from the prior-year period. Free cash flow was negative $32.5 million, compared with negative $17.8 million in the first half of 2025, primarily because of higher inventory needed to meet demand and higher receivables tied to increased sales.

At midyear, Douglas Dynamics had total liquidity of $69.4 million, including $1.9 million of cash and $67.5 million of available revolver capacity. First-half capital expenditures increased $2.2 million to $7.3 million. The company continues to expect full-year capital expenditures to equal roughly 2% to 3% of net sales.

During the quarter, Douglas Dynamics repurchased approximately 67,500 shares and returned a combined $10.1 million to shareholders through repurchases and dividends. Lauber said the company remains interested in strategic acquisition opportunities but will remain selective on valuation and fit.

The company raised its 2026 outlook, now forecasting:

Net sales of $765 million to $805 million. Adjusted EBITDA of $120 million to $135 million. Adjusted EPS of $2.90 to $3.40. An effective tax rate of approximately 24% to 25%. The updated forecast assumes relatively stable economic and supply-chain conditions and average snowfall in the fourth quarter. Lauber said that achieving the low end of the new adjusted EPS range would represent an approximate 20% increase over the company’s prior record, established in 2019.

About Douglas Dynamics (NYSE:PLOW)Douglas Dynamics, Inc is a leading designer, manufacturer and distributor of snow and ice removal equipment for commercial, municipal and residential markets. The company's product portfolio encompasses a wide range of truck-mounted plows, spreaders, salt brine systems and related accessories engineered to perform in challenging winter conditions. Its offerings cater to professional snow contractors, government agencies and retail customers seeking reliable solutions for snow and ice management.

Douglas Dynamics markets its products under several well-known brands, including Fisher Engineering, Western Products, Hiniker Company and Buyers Products.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Key Takeaways Douglas Dynamics raised 2026 sales guidance to $765-$805M and adjusted EPS to $2.90-$3.40.Strong snowfall and lower dealer inventories drove 20% growth in Work Truck Attachments sales.Municipal backlog neared 2022's record, while some fleet orders were delayed by economic concerns. Douglas Dynamics, Inc. (PLOW - Free Report) used its second-quarter 2026 earnings call to frame stronger attachment demand as the main driver of another outlook increase, while keeping expectations for Work Truck Solutions measured.

Adjusted earnings of $1.22 per share topped the Zacks Consensus Estimate of $0.93, a 31.20% surprise. Revenues of $214.6 million missed the $216.8 million consensus by 1.00%.

PLOW Raises Its 2026 OutlookExecutive vice president and CFO Sarah Lauber raised 2026 net sales guidance to $765-$805 million from $750-$795 million.

CFO Lauber also increased adjusted EBITDA guidance to $120-$135 million and adjusted earnings guidance to $2.90-$3.40 per share. The midpoint increases were 8.5% and 12.5%, respectively.

The outlook assumes stable economic and supply-chain conditions, an even split of preseason attachment shipments between the second and third quarters, and average fourth-quarter snowfall.

Douglas Leans on Attachments MomentumPresident and CEO Mark Van Genderen said above-average snowfall last winter drove strong preseason demand, while lower dealer inventories created an additional restocking benefit.

Work Truck Attachments sales increased 20% to $129.3 million. CEO Van Genderen emphasized that orders were strong across plows, hoppers, parts and accessories.

CEO Van Genderen said Douglas expects to surpass its 2025 record for parts and accessories sales by the end of the third quarter, reinforcing management’s confidence in near-term shipments.

PLOW Sees Q3 Carryover From PreseasonCEO Van Genderen said Douglas shipped roughly half of its preseason orders in the second quarter and plans to complete the remainder by the end of the third quarter.

A Baird analyst asked what had strengthened since the prior call. CEO Van Genderen pointed to higher preseason orders across plows and hoppers, with parts and accessories providing another source of upside.

CFO Lauber agreed that third-quarter Attachments revenues should be well above $100 million and margins north of 20%, while sequential margins should be lower than in the second quarter.

Douglas Balances Municipal and Commercial DemandCEO Van Genderen said municipal demand remains the central support for Work Truck Solutions, offsetting softer activity in selected commercial lines.

CFO Lauber said the municipal backlog is close to the record level reached in 2022, with production dates extending well into 2027. The new Missouri facility added about 10% of municipal capacity.

Commercial customers were more cautious. CEO Van Genderen said several larger fleet buyers had paused orders while assessing economic and geopolitical conditions, but management viewed those orders as delayed rather than lost.

PLOW Clarifies Margin and Capacity DriversA D.A. Davidson analyst pressed management on the year-over-year decline in Attachments margin despite higher sales.

CFO Lauber said Venco Venturo was the largest drag. Excluding the acquisition, second-quarter Attachments margins would have been flat year over year on higher volume, while full-year margins remain targeted in the low 20s.

A Sidoti analyst asked about municipal growth and capacity. CEO Van Genderen credited stronger customer relationships and delivery execution, while CFO Lauber said the planned Ohio relocation should add roughly another 10% of capacity next year.

Douglas Funds Growth and Shareholder ReturnsCFO Lauber said first-half operating cash use increased to $25.2 million as the company carried more inventory and receivables to support higher sales.

Midyear liquidity totaled $69.4 million, including $1.9 million of cash and $67.5 million of revolver availability. CFO Lauber described that amount as sufficient for 2026 needs.

Douglas returned $10.1 million to shareholders during the quarter through dividends and share repurchases. CFO Lauber also kept strategic acquisitions within the activate framework, subject to valuation discipline.

PLOW Keeps Execution at the CenterCEO Van Genderen kept the call focused on shipping the remaining preseason backlog, expanding municipal throughput and controlling costs in softer commercial operations.

Management also presented its optimize, expand and activate framework as the operating lens for long-term decisions, including adjacent-market growth and selective acquisitions.

Douglas’ Zacks Signals Stay MixedPLOW currently carries a Zacks Rank #5 (Strong Sell), indicating unfavorable earnings-estimate revision trends despite its Value Score of B and Growth, Momentum and VGM Score of A.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Within the Zacks framework, the Rank is the primary near-term signal, while A and B Style Scores identify stronger characteristics within value, growth and momentum. The Rank can change as analysts revise estimates after the reported results.