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Jan 02, 2021
Blue Bird Q1 2021 Earnings Report
Reported first quarter results with focus on margin expansion, EV growth, and industry recovery.
Key Takeaways
Blue Bird reported a decrease in net sales to $130.4 million and a GAAP net loss of $1.6 million for the first quarter of fiscal year 2021. The company is focused on improving operational performance and capitalizing on market recovery.
Net sales reached $130.4 million with a GAAP net loss of $1.6 million.
Average selling price per bus increased by 1.7%.
Electric bus sales and backlog exceeded 100 units.
Adjusted EBITDA was $5.8 million, impacted by lower unit sales due to the pandemic.
Blue Bird
Blue Bird
Forward Guidance
Blue Bird reaffirmed its previously provided guidance for net revenue of $750M-975M, Adj. EBITDA between $40M-$65M and Adjusted Free Cash Flow of $(5)-$20M.
Positive Outlook
- Schools will accelerate reopening for in-classroom teaching as we head toward the next school year
- Improving our underlying business structure that is key to achieving our near-term EBITDA margin target of at least 10%
- Move to a single shift production schedule late in the third quarter of 2020 drove efficiency and quality improvements through the first quarter
- We grew our alternative-powered bus sales mix again in the first quarter, achieving a record 46% mix of total unit sales compared with 39% last year
- An industry rebound is in sight
Challenges Ahead
- Challenging environment caused by the pandemic which has resulted in many schools operating in a virtual or hybrid mode.
- There is a lot of uncertainty around timing of a return-to-normalcy for schools
- Net sales were $130.4 million for the first quarter of fiscal 2021, a decrease of $22.8 million, or 14.9%, from prior year period.
- First quarter gross profit of $14.5 million represented a decrease of $6.8 million from the first quarter of last year. Gross profit margin declined 2.8 points to 11.1%.
- Net loss was $1.6 million for the first quarter of fiscal 2021, a profit reduction of $1.2 million compared with the same period last year.