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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%.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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