Douglas Dynamics, Inc. (NYSE:PLOW) Q2 2023 Earnings Conference Call August 1, 2023 10:00 AM ET
Company Participants
Nathan Elwell - VP, IR
Robert McCormick - President, CEO & Director
Sarah Lauber - EVP, CFO & Secretary
Conference Call Participants
Michael Shlisky - D.A. Davidson & Co.
Timothy Wojs - Robert W. Baird & Co.
Gregory Burns - Sidoti & Company
Operator
Hello, and welcome to the Douglas Dynamics Second Quarter 2023 Earnings Conference Call. [Operator Instructions]. Please note, today's event is being recorded. I'd now like to turn the conference over to Nathan Elwell, Vice President of Investor Relations. Please go ahead.
Nathan Elwell
Thank you. Welcome, everyone, and thank you for joining us on today's call. Before we begin, I would like to remind you that some of the comments that will be made during this conference call, including answers to your questions, will all constitute forward-looking statements. These forward-looking statements are subject to risks that could cause actual results to be materially different. Those risks include, among others, matters that we have described in yesterday's press release, ending in our filings with the SEC.
Joining me on the call today is Bob McCormick, President and CEO; and Sarah Lauber, EVP and CFO. Bob will provide an overview of our performance, followed by Sarah reviewing our financial results and guidance. After that, we'll open the call for questions. With that said, I'll hand the call over to Bob. Please go ahead.
Robert McCormick
Thanks, Nathan. Good morning, everyone. We are pleased with our results for the second quarter. Our teams delivered improved year-over-year results in both segments and across virtually every metric. The Attachments segment delivered stronger-than-expected results following a difficult snow season and our Solutions team delivered noteworthy improvements as well. Consolidated second quarter 2023 net sales increased by 11% to a record $207.3 million mainly driven by increased volumes and pricing adjustments in both segments.
The impact of higher volumes and pricing adjustments continue to flow through to the bottom line as net income increased 35% to $24 million. Adjusted EBITDA increased 27% to $43.3 million compared to the same period last year. Overall, the numbers are improving, but there is still a long way to go before we are back to normal operating conditions and normal results.
Right now, our tasks are more straightforward than they have been in recent years. We are heads down working hard and chipping away at the challenges in front of us preparing for improved external business conditions, we believe will be here in 2024.