2024-01-30 08:48:32 ET
- Douglas Dynamics ( NYSE: PLOW ) initiated cost savings program, which included workforce reduction and announced Q4 and FY prelim numbers.
- The company initiated 2024 Cost Savings Program in January 2024 where they expected to deliver annualized savings of $8M to $10M, or about $0.25 adjusted EPS, with about 75% expected to be realized in 2024.
- The implementation of these initiatives is expected to lead to approximately $2M in pre-tax restructuring charges related to workforce reduction costs and other related expenses.
- Company expects to incur charges primarily in the first quarter of 2024, and Adjusted EBITDA will be adjusted for any items affecting comparability.
- It reported prelim Q4 revenue of $134M, EPS of $0.29 per share and Adj EPS of $0.19 per share.
- The company said that following record low snowfall on the east coast during the 2022-23 snow season, demand was already negatively impacted entering the fourth quarter 2023 equipment retail season.
- Douglas provided initial 2024 financial outlook which projects 70% - 80% increase in adjusted EPS versus 2023.
- Source: Press Release
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Douglas Dynamics implements cost savings program, reports Q4 prelim numbers