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UPDATE: Oppenheimer Maintains Douglas Dynamics at Perform on Less Than Expected Sales

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In a report published by Oppenheimer, analyst Jim Giannakouros maintained his Perform rating on Douglas Dynamics (NYSE: PLOW).

Oppenheimer reported that, “PLOW reported a 4Q12 LPS of ($0.05), in line with pre-announced levels, and notably impacted by last year's extremely mild winter and this winter's late start. FY12 revenue declined 33% y/y to $140M, which we believe amounts to trough levels with the low end of 2013 sales guidance up double-digits y/y. Our checks, PLOW's $30M in inventory, and '13 guidance mirroring last year's initial ranges, suggest that lingering effects of elevated purchases in 2011 ahead of one of the mildest winters on record set up for another challenging year. At roughly 8x a normalized $50M EBITDA level, we view upside as limited absent sustained pent-up demand release.”

Shares of Douglas dynamics closed at $14.40 on Tuesday.

Latest Ratings for PLOW

DateFirmActionFromTo
Jul 2016Seaport GlobalDowngradesNeutral
May 2016Seaport GlobalUpgradesBuy
Apr 2016Seaport GlobalInitiates Coverage onNeutral

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Posted-In: OppenheimerAnalyst Color Reiteration Analyst Ratings

 

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