Financial Data and Key Metrics Changes - Consolidated net sales increased by 20.3% to a record $115.1 million, with gross margins improving by 470 basis points to 24.5% [22] - Adjusted EBITDA rose significantly to $9.4 million, and adjusted net income improved by $8.7 million to $2.2 million, resulting in a record adjusted EPS of $0.09 [22][23] - Interest expense decreased to approximately $2.4 million due to debt reduction and lower borrowings [22] Business Line Data and Key Metrics Changes - Work Truck Attachments saw net sales increase by 52.9% to $36.5 million, driven by higher sales of parts and accessories due to improved winter weather conditions [23] - Work Truck Solutions achieved net sales growth of 9.5% to $78.6 million, primarily from higher municipal volumes and improved pricing realization [23] Market Data and Key Metrics Changes - The overall snowfall across the United States was 12% below the ten-year average but higher than the previous year, contributing to improved sales in Work Truck Attachments [11] - The number of ice events experienced was significantly above average, leading to increased interest in ice mitigation products [12] Company Strategy and Development Direction - The company is focused on operational cash generation to cover dividends while considering small to medium-sized acquisitions in the work vehicle attachment space [19] - The leadership team is committed to maintaining a disciplined approach to acquisitions while exploring opportunities for growth [19] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for the year, noting that while there is uncertainty regarding the economic outlook and tariffs, the company is well-positioned to manage these challenges [20][36] - The company expects 2025 results to be similar to or slightly better than 2024, with a strong backlog and solid demand in the municipal sector [25][36] Other Important Information - The effective tax rate for the quarter was unusually high at 69.8% due to being close to breakeven, but it is expected to normalize in the coming quarters [28] - Capital expenditures are expected to be at the higher end of the usual range of 2% to 3% of net sales in 2025 due to catching up on postponed projects [29] Q&A Session Summary Question: Comments on the solutions business in 2025 versus 2024 - Management indicated that while they aim for double-digit margins in the long term, 2025 may see some uncertainty in demand affecting this goal [40][41] Question: Cash priorities if no M&A candidates arise - The company is focused on operational excellence and may consider share buybacks or increasing dividends if no suitable acquisition opportunities arise [44] Question: Timing of certain projects and their impact - Management noted that some volume in municipal projects was pulled from the second quarter, but the impact was not overly material [46] Question: Competitive pricing and tariff impact - Management stated that competitive pricing has been consistent with their adjustments, and they believe they are in a strong competitive position [47][49] Question: Planned capacity expansion for the solutions side - The company is planning a modest capacity expansion expected to come online in 2026, driven by strong demand and existing contracts [52]