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Jun 29, 2024
Blue Bird Q3 2024 Earnings Report
Reported record results and raised 2024 guidance and long-term outlook.
Key Takeaways
Blue Bird reported record third-quarter results for fiscal year 2024, with net sales of $333.4 million, up 13% year-over-year, and GAAP net income of $28.7 million, up $19.4 million year-over-year. The company also raised its full-year financial guidance for Adjusted EBITDA to $175 million and long-term Adjusted EBITDA margin outlook to 15%.
Net sales increased by 13% to $333.4 million compared to the prior year.
GAAP net income increased by $19.4 million to $28.7 million compared to the prior year.
Adjusted EBITDA reached a record $48.2 million with a 14.5% margin.
The company delivered over 200 electric-powered buses, nearly 40% more than last year.
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 increased its full-year financial guidance for Adjusted EBITDA to $175 million, with a 13% margin, and raised its long-term profit outlook towards an Adjusted EBITDA margin of 15% on ~$2 billion in revenues.
Positive Outlook
- Full-year guidance for Net Revenue raised to $1.30-1.33 Billion.
- Full-year guidance for Adjusted EBITDA raised to $170-180 million (13.1% - 13.5% margin).
- Full-year guidance for Adjusted Free Cash Flow raised to $80-90 million.
- Long-term profit outlook raised towards an Adjusted EBITDA margin of 15% on ~$2 billion in revenues.
- Strong market demand with over 5,200 units in order backlog.
Challenges Ahead
- Supply chain constraints have limited the company's ability to produce and deliver buses due to shortages of critical components.
- Increased inventory costs due to higher raw materials costs and supply chain disruptions.
- Ongoing inflationary pressures impacting manufacturing costs.
- Potential economic conditions (including tariffs) could affect fuel costs, commodity costs, industry size, and financial conditions of dealers and suppliers.
- Volatility in the tax base and other funding sources that support the purchase of buses by end customers.
Revenue & Expenses
Visualization of income flow from segment revenue to net income