Douglas Dynamics misses Q3 top and bottom line estimates; narrows FY23 outlook

• Douglas Dynamics press release (NYSE:PLOW): Q3 Non-GAAP EPS of $0.25 misses by $0.22.
• Revenue of $144.1M (-13.2% Y/Y) misses by $18.73M.
• Adjusted EBITDA decreased $7.8 million to $17.3 million when compared to the third quarter of 2022.
• The effective tax rate was 16.4% and 17.9% for the third quarters of 2023 and 2022, respectively.

• Updated 2023 financial outlook:

  • Net Sales are now expected to be between $610 million and $640 million, versus the previous range of $620 million and $650 million vs. the consensus of $632.43 million.
  • Adjusted EBITDA is now predicted to range from $77 million to $92 million, versus the previous range of $85 million to $100 million.
  • Adjusted Earnings Per Share are now expected to be in the range of $1.30 per share to $1.70 per share, versus the previous range of $1.55 to $2.00 per share vs. the consensus of $1.73.
  • The effective tax rate is now expected to be approximately 24%.

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