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Oct 02, 2021
Blue Bird Q4 2021 Earnings Report
Blue Bird experienced impacts from supply chain disruptions, but benefited from strong demand and a record firm order backlog.
Key Takeaways
Blue Bird reported Q4 2021 results with net sales of $192.2 million and a net loss of $(2.4) million. The company's performance was affected by supply chain disruptions, which led to delays in bookings. However, the company saw strong order backlog, particularly for electric buses.
Net sales decreased to $192.2 million due to supply chain disruptions.
Net loss was $(2.4) million, a decrease of $14.3 million compared to the same period last year.
Adjusted EBITDA was $7.6 million, a decrease of $14.3 million compared to the fourth quarter last year.
Firm order backlog of 4,200+ units, including 260+ electric bus units.
Forward Guidance
Blue Bird anticipates headwinds in FY2022 due to units pushed from FY2021 being ordered prior to price increases and supplier constraints on key components restricting build capacity in the first half of the year. The company projects net revenue of $750 million - $850 million, Adjusted EBITDA of $30 million - $50 million, and Adjusted Free Cash Flow of $35 million - $55 million.
Positive Outlook
- The school-bus industry recovery is well underway.
- The company is focused on ramping production quickly and profitably as supply chain challenges ease.
- Manufacturing efficiency improvements and cost controls are being implemented.
- Vehicle prices have been increased by 11% to address commodity price increases.
- The company is increasing its focus and resources in the EV business.
Challenges Ahead
- The majority of units pushed from FY2021 into FY2022 were ordered prior to price increases.
- Supplier constraints on key components significantly restrict first half build capacity.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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