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]

Financial Data and Key Metrics Changes - The fourth quarter of 2024 showed improved consolidated results across all metrics compared to the previous year, primarily due to strong growth in the Solutions segment and increased margins in the Attachments segment [4][20] - Net sales were flat at $568.5 million, with gross profit increasing by 9% to $146.8 million, resulting in a gross margin increase of 220 basis points to 25.8% [21][22] - Net income rose to $56.2 million from $23.7 million, driven by a one-time gain from a sale leaseback transaction and improved profitability across both segments [23] Business Line Data and Key Metrics Changes - In the Attachments segment, sales decreased by 12% to $256 million, while adjusted EBITDA declined only 4% to $48.5 million, with an adjusted EBITDA margin improvement of 160 basis points to 18.9% [25] - The Solutions segment achieved record sales of $312.5 million, a 13% increase, and adjusted EBITDA increased by 76% to $30.9 million, with margins improving by 350 basis points to 9.9% [26] Market Data and Key Metrics Changes - Snowfall this winter has been regional, with above-average snowfall in some markets but insufficient snow in core markets like Chicago, New York, and Boston [12][13] - Dealer sentiment remains positive, and inventory levels are decreasing, indicating a strong financial footing for dealers [14] Company Strategy and Development Direction - The company aims to maintain its current dividend and is open to small and medium-sized acquisitions if suitable opportunities arise, while maintaining a disciplined approach [6][7] - The focus remains on long-term growth, with a strong emphasis on operational efficiency and adapting to market conditions [15][19] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the upcoming snow season, expecting it to be better than the previous year, which had significantly low snowfall [12][19] - The company anticipates net sales for 2025 to be between $610 million and $650 million, with adjusted EBITDA projected to range from $75 million to $95 million [31][32] Other Important Information - The company successfully executed a cost savings program in 2024, exceeding expectations and producing pre-tax savings of over $10 million [22] - The total backlog at the end of 2024 was $348 million, an increase of $52 million, driven by strong municipal bookings [24] Q&A Session Summary Question: Weather impact on sales in the South and Southeast - Management noted limited dealer presence in the Deep South but acknowledged some sales in those areas due to snowfall [38][39] Question: Update on private sector growth in the Solutions segment - Growth is primarily seen in the municipal sector, with some softness in the commercial side [40][41] Question: Free cash flow expectations for 2025 - Free cash flow is expected to be at or better than 2024 levels, with improvements in working capital and capital expenditures anticipated [44][45] Question: Regional distribution of snowfall and its impact - Key markets are primarily east of the Mississippi and north of Tennessee, with a strong presence in Canada [53] Question: Future margin improvement in the Solutions segment - Margins are expected to improve through increased throughput and ongoing efficiency initiatives [55]