Douglas Dynamics Raises 2026 Sales Floor After Record Third Quarter

The Tip Desk · November 10, 2026 · 3 min read

Net sales reached a record $218.0 million, up 35%, as Work Truck Attachments posted $121.5 million and the company lifted the low end of its 2026 sales range to $770 million.

Douglas Dynamics (PLOW), North America’s premier manufacturer and upfitter of work truck attachments and equipment, reported record third-quarter results and raised the lower end of its 2026 guidance ranges after a strong pre-season at Work Truck Attachments.

Consolidated net sales increased 35% to a record $218.0 million, compared with a 10% increase to $214.6 million in the second quarter. Net income rose 166% to a record $21.2 million, or $0.89 a share, from $8.0 million and $0.33 a share a year earlier. Adjusted EBITDA increased 89% to a record $37.9 million, with adjusted EBITDA margin of 17.4% versus 12.4% a year earlier. Adjusted diluted EPS was $0.98. Gross profit margin was 27.4%.

Work Truck Attachments was the engine of the quarter. Segment net sales increased 78% to a record $121.5 million, after a 20% increase to $129.3 million in the second quarter. The company attributed the gain to robust preseason demand, higher throughput, and the addition of Venco Venturo. Attachments adjusted EBITDA increased 188% to $30.1 million, with margin up 945 basis points to 24.8% from 15.4% a year earlier. The company said the improvement also reflected product mix and the timing of shipments between the second and third quarters.

The pre-season shipment ratio was close to a 50% to 50% split between the second and third quarters, compared with a 60% to 40% split in 2025. Year-to-date parts and accessories shipments already exceeded the previous annual record set in 2025, the company said.

Work Truck Solutions net sales increased 3% to a record $96.5 million, after relatively flat sales of $85.3 million in the second quarter. Adjusted EBITDA was $7.8 million, with an 8.1% margin versus 10.2% a year earlier. The company said sustained municipal demand helped mitigate inconsistent commercial demand. President and Chief Executive Officer Mark Van Genderen said the prior-year third quarter also produced a record for the segment.

Investments to expand capacity for municipal demand remain on track, the company said, and it expects to begin operations at a new Ohio facility in the coming weeks.

For the first nine months of 2026, net cash used in operating activities increased $26.3 million to $47.5 million, which the company said was due to increased working capital to support demand across both segments. Year-to-date capital expenditures increased by $3.1 million to $11.2 million. Full-year 2026 capital expenditures are expected to fall within the traditional range of 2% to 3% of net sales. About $27 million of cash was returned to shareholders year to date through a quarterly cash dividend of $0.295 a share and share repurchases.

CFO Sarah Lauber said the company had surpassed its full-year record adjusted EPS achieved in 2019 through the first nine months. The company raised the lower end of its 2026 ranges: net sales to $770 million from $765 million, adjusted EBITDA to $123 million from $120 million, and adjusted diluted EPS to $3.00 from $2.90. Highs were unchanged at $805 million, $135 million, and $3.40. The effective tax rate range remains 24% to 25%.

The 2026 outlook assumes average snowfall in the fourth quarter. Van Genderen said the fourth quarter for Attachments is influenced by the timing and severity of winter weather, which can create meaningful variability in year-end results.