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Jul 02, 2022
Blue Bird Q3 2022 Earnings Report
Reported third quarter results, demonstrating progress in its recovery plan despite a challenging environment and focusing on electric vehicle growth.
Key Takeaways
Blue Bird Corporation announced its fiscal 2022 third quarter results, with net sales of $206.1 million and a GAAP net loss of $6.4 million. The company's recovery plan is yielding results, driven by pricing actions and cost control measures, despite continued inflationary pressures and supply chain disruptions. Blue Bird is focused on expanding its leadership in zero- and low-emission school buses.
Net sales reached $206.1 million, with a GAAP net loss of $6.4 million.
Adjusted EBITDA was $8.8 million, with 1,726 buses sold.
Margin expansion was achieved as pricing actions took hold.
The company has a strong backlog of $700 million and 6,300 units, including over 380 electric Type C & D buses.
Blue Bird
Blue Bird
Blue Bird Revenue by Segment
Revenue by Segment
Bus Sales Revenue
CapyFin.com Forward Guidance
Blue Bird revised its fiscal 2022 guidance due to supply chain disruptions and a semiconductor part shortage affecting EV production. The company now expects net revenue of $750-800 million, adjusted EBITDA of $5-15 million, and adjusted free cash flow of $(45)-(35) million.
Positive Outlook
- Margins are on track and improving.
- Aggressive cost control measures are in place.
- Strong improvement in results in the third quarter, in-line-with previous plan.
- New bus orders reflected a 25% price increase year over year.
- Partnership with dealer network to recover substantial pricing on backlog units.
Challenges Ahead
- Production levels are still constrained by supply chain disruptions.
- A recent temporary but critical supply shortage is limiting EV production.
- Supply-constraint lower volumes are expected.
- EV semiconductor part shortage is impacting production.
- Revised guidance for fiscal 2022 includes lower net revenue and adjusted EBITDA.