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Apr 02, 2022
Blue Bird Q2 2022 Earnings Report
Blue Bird reported a challenging second quarter due to supply chain disruptions and inflationary pressures, but focused on electric vehicle growth and process improvement.
Key Takeaways
Blue Bird's Q2 2022 results were impacted by supply chain disruptions and inflationary pressures, leading to a GAAP net loss of $12.1 million and adjusted EBITDA of $(10.7) million. Net sales increased to $207.7 million, driven by higher bus unit sales. The company is focused on electric vehicle growth and has a record order backlog.
Net sales increased by 26.1% year-over-year to $207.7 million.
GAAP net loss was $12.1 million, $11.5 million higher than the same period last year.
Adjusted EBITDA was $(10.7) million, $18.2 million below prior year level.
Order backlog remains strong at a record 6,600 buses, worth approximately $700 million.
Blue Bird
Blue Bird
Blue Bird Revenue by Segment
Revenue by Segment
Bus Sales Revenue
CapyFin.comParts Sales Revenue
CapyFin.com Forward Guidance
Blue Bird revised its fiscal year 2022 guidance due to continued supply chain disruptions, now expecting net revenue of $800-900 million, adjusted EBITDA of $20-30 million, and adjusted free cash flow of $15-25 million.
Positive Outlook
- Expect to see gradual relief beginning in fiscal Q4 as fully-priced orders begin to be delivered.
- Implemented price increases totaling more than 25% over the past 10 months.
- Anticipate scaling up electric vehicle production capacity to 4,000 vehicles a year by 2024 to meet increasing demand.
- Focused on capitalizing on significant growth opportunities in electric commercial chassis.
- Benefiting from the Clean School Bus Rebate Program.
Challenges Ahead
- The previously anticipated recovery in the supply base in the second half of the fiscal year has been delayed.
- Supply disruptions due to Russia’s war in Ukraine and COVID-related lockdowns in China.
- Continued rise in raw material, freight, and labor costs.
- Shortages on a number of key components.
- Unclear how the supply disruptions will trend.
Revenue & Expenses
Visualization of income flow from segment revenue to net income