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Oct 01, 2022
Blue Bird Q4 2022 Earnings Report
Reported fourth quarter and full year results with record EV sales and backlog, positioning for a strong recovery in fiscal 2023.
Key Takeaways
Blue Bird reported Q4 2022 results with net sales of $257.7 million, a net loss of $23.1 million, and adjusted EBITDA of $(16.4) million. The company sold 2,016 buses during the quarter and has a robust backlog of over $600 million and 5,000+ units. They are positioned for a strong recovery in fiscal 2023.
Net sales increased by 34.1% to $257.7 million compared to the prior year period.
Net loss increased to $23.1 million compared to the same period last year.
Adjusted EBITDA decreased to $(16.4) million compared to the fourth quarter last year.
The company saw significant growth in electric school bus bookings, up 85%.
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 provided full year fiscal 2023 guidance of Net Revenue of $900-1,000 million, Adj. EBITDA of $35-45 million and Adj. Free Cash Flow of $0-10 million. The company reconfirmed their long term outlook of profitable growth towards $2 billion in revenues and Adjusted EBITDA margins of 12%, or $250 million.
Positive Outlook
- Expect to return to historical profitability levels during FY23.
- Anticipate increasing levels of revenues and performance each quarter.
- Operational metrics are starting to improve.
- Turnaround is working.
- Expect order backlog to grow significantly over the next several months as orders are placed with the EPA’s 2022 Clean School Bus Rebate Program.
Challenges Ahead
- FY2022 was an incredibly difficult year.
- Experienced a supplier allocation that cut volumes approximately in half in Q1.
- Unprecedented inflation and steel prices almost tripled during Q2.
- Fixed pricing on old backlog during the first half of the year.
- Unsuccessful production increase in Q3 and inventory accumulation.
Revenue & Expenses
Visualization of income flow from segment revenue to net income