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Mar 31, 2021
The Shyft Group Q1 2021 Earnings Report
Reported EPS of $0.32 and Adjusted EPS of $0.36 on Sales of $198 Million
Key Takeaways
The Shyft Group reported a strong first quarter with sales of $197.9 million, an increase of 11.8% compared to the first quarter of 2020. EPS was reported at $0.32 and adjusted EPS at $0.36. The company's backlog nearly doubled from the previous year to a record $667 million.
Sales increased by 11.8% to $197.9 million.
Income from continuing operations was $11.5 million, or $0.32 per share.
Adjusted EBITDA increased by 4.3% to $19.2 million, representing 9.7% of sales.
Consolidated backlog reached a record $666.5 million, up 93.4% from the previous year.
The Shyft Group
The Shyft Group
Forward Guidance
The company reaffirmed its full-year 2021 guidance, projecting revenue in the range of $850 to $900 million, net income of $51 to $58 million, and adjusted earnings per share of $1.65 to $1.85.
Positive Outlook
- Revenue to be in the range of $850 to $900 million
- Net income of $51 to $58 million
- Adjusted EBITDA of $95 to $105 million
- Effective tax rate of approximately 26%
- Earnings per share of $1.42 - $1.62
Challenges Ahead
- Supply chain uncertainty
- Chassis availability due to the semi-conductor shortage
- Monitoring the supply chain uncertainty
- Monitoring chassis availability
- Impact of these factors