We project revenue increased 25% from a year ago to $161.6 million in 3Q:25 and forecast EPS grew 56% to $0.34.
A heavier weighting of pre-season Attachment sales in this year's third quarter revenue in the Attachments segment and an easy comparison in the Solutions segment contribute to the strong growth we expect.
This past winter season's snowfall was greater than in recent years, so we expect volumes in the Attachment's segment is still trending higher across the whole pre-season.
In the Solutions segment, Henderson's snow removal equipment business is still delivering growth; but the more economically sensitive DeJana commercial work truck upfitting business seeing some pockets of weakness.
At the end of 2Q:25, PLOW had net debt of $180 million, down from $247 million at the end of 2Q:24, and net leverage of 2.0x, down from 3.3x.
We maintain our $39 price target, based on 18x our 2026 EPS estimate of $2.18. Our moderate risk rating recognizes PLOW's track record of earnings and cash flow and its modestly leveraged balance sheet.
31 Oct 2025
Project Strong Revenue And EPS Growth In 3Q:25, Aided By Greater Weighting Of Third Quarter Pre-Season Attachment Sales This Year; Maintain $39 Price Target
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Project Strong Revenue And EPS Growth In 3Q:25, Aided By Greater Weighting Of Third Quarter Pre-Season Attachment Sales This Year; Maintain $39 Price Target
We project revenue increased 25% from a year ago to $161.6 million in 3Q:25 and forecast EPS grew 56% to $0.34.
A heavier weighting of pre-season Attachment sales in this year's third quarter revenue in the Attachments segment and an easy comparison in the Solutions segment contribute to the strong growth we expect.
This past winter season's snowfall was greater than in recent years, so we expect volumes in the Attachment's segment is still trending higher across the whole pre-season.
In the Solutions segment, Henderson's snow removal equipment business is still delivering growth; but the more economically sensitive DeJana commercial work truck upfitting business seeing some pockets of weakness.
At the end of 2Q:25, PLOW had net debt of $180 million, down from $247 million at the end of 2Q:24, and net leverage of 2.0x, down from 3.3x.
We maintain our $39 price target, based on 18x our 2026 EPS estimate of $2.18. Our moderate risk rating recognizes PLOW's track record of earnings and cash flow and its modestly leveraged balance sheet.