Filing Flows › Douglas Dynamics (PLOW) › Q1 2025
Douglas Dynamics (PLOW) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 6, 2025
Douglas Dynamics (PLOW) reported revenue of $115M for the first quarter 2025 (Q1 2025), +20% from a year earlier and -20% from the quarter before. Operating margin was 2.8%, net earnings $148K (0.1% of revenue).
Douglas Dynamics, Q1 2025: revenue $115M (+20% year over year), operating margin 2.8%, net earnings $148K, operating cash flow −$1.3M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $115M | -20% | +20% |
| Gross profit | $28.1M | -21% | +49% |
| Operating profit | $3.2M | -75% | — |
| Net earnings | $148K | -98% | — |
| Operating cash flow | −$1.3M | — | — |
What changed
Revenue was $115.1M in Q1 2025, up 20% year over year and down 20% from the previous quarter. Independent Dealer was the largest line at 61% of revenue. Independent Dealer added $12.7M year over year (up 22%), 66% of the total change. Product and Service, Other declined 28%.
Gross margin was 24.5%, up 4.7 points from a year earlier. Operating profit was $3.2M, a 2.8% margin (up 9.5 points year over year). Operating expenses fell 2% while revenue rose 20%. Net earnings were $148K. The effective tax rate was 69.8%.
Operating cash flow was −$1.3M. Non-cash charges added back $3.8M of depreciation and amortization and $2.1M of share-based compensation. Working capital and other items used $7.5M. Capital expenditures of $2.2M exceeded it, leaving free cash flow of −$3.5M.
Questions
What was Douglas Dynamics' revenue in the first quarter 2025?
Douglas Dynamics (PLOW) reported revenue of $115M for the first quarter 2025 (Q1 2025), +20% from a year earlier and -20% from the quarter before.
Was Douglas Dynamics profitable in the first quarter 2025?
Operating profit was $3.2M (2.8% of revenue) and net earnings $148K.
Source: Douglas Dynamics 10-Q on SEC EDGAR.