Douglas Dynamics, Inc. (NYSE:PLOW) Q4 2023 Earnings Conference Call February 27, 2024 10:00 AM ET

Company Participants

Nathan Elwell - Vice President, Investor Relations

Bob McCormick - President & Chief Executive Officer

Sarah Lauber - Executive Vice President & Chief Financial Officer

Conference Call Participants

Mike Shlisky - D.A. Davidson

Robert Schultz - Baird

Greg Burns - Sidoti & Company

Operator

Hello, and welcome to the Douglas Dynamics Fourth Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions]

I would now like to hand the call to Nathan Elwell, Vice President of IR. Please go ahead.

Nathan Elwell

Thank you, MJ. 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 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 and in our filings with the SEC.

Joining me on the call today is Bob McCormick, President and CEO; and Sarah Lauber, Executive Vice President 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, I'll hand the call over to Bob. Please go ahead.

Bob McCormick

Thanks, Nathan, and good morning everyone. Today I wanted to talk briefly about the fourth quarter 2023. As you probably saw, our detailed pre-release last month and the release yesterday evening. But more importantly, I'd like to focus on 2024 and a bright future I see for Douglas Dynamics.

The main drivers of our fourth quarter performance were a continuation and expansion of what we had previously discussed throughout 2023. Work Truck Solutions performance was the highlight of the fourth quarter and 2023 in total. Their strong Q4 completed calendar year where they met their financial targets, improving EBITDA margins each quarter over prior year performance. I want to commend the solutions team for their dedication and performance. And I'm pleased to say, we expect continued improvements throughout 2024.

The improved solutions performance, however, was overshadowed by weather driven challenges in the attachment sector. Following two years of excellent results in attachments, the weather really impacted performance in 2023 and was the reason our results came in well below our expectations.