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Mar 31, 2022
The Shyft Group Q1 2022 Earnings Report
Reported sales of $207 million and EPS of ($0.11), with adjusted EPS of ($0.06).
Key Takeaways
The Shyft Group reported first quarter sales of $206.9 million, a 4.5% increase compared to the previous year. The company experienced a loss from continuing operations of ($3.9 million), or ($0.11) per share, and an adjusted net loss of ($2.1) million, or $(0.06) per share. Consolidated backlog reached a record $1.3 billion, up 91.0% from the previous year.
Sales increased by 4.5% to $206.9 million.
Loss from continuing operations was ($3.9 million), or ($0.11) per share.
Adjusted EBITDA was ($0.6 million), or (0.3%) of sales.
Consolidated backlog totaled a record $1.3 billion, up 91.0%.
The Shyft Group
The Shyft Group
Forward Guidance
The company updated its full-year 2022 guidance, anticipating continued industry-wide challenges related to chassis and supply chain issues. Revenue is expected to be in the range of $900 to $1,100 million, with adjusted EBITDA of $50 to $80 million, including ($30 million) of expenses related to EV development. Income from continuing operations is projected to be $18 to $41 million, with earnings per share of $0.49 to $1.15 and adjusted earnings per share of $0.75 to $1.41.
Positive Outlook
- Committed to innovation and meeting the evolving needs of our customers.
- Launched a number of exciting new products in the quarter.
- Continue to invest to drive operational productivity and develop new markets, including commercial EVs.
- The long-term outlook for the Company remains positive
- Leverage our strong balance sheet to invest in our future.
Challenges Ahead
- Chassis delays and other supply chain issues accelerated in March, adversely impacting our performance in the month.
- Industry-wide challenges will continue in the near term.
- EV development costs of $30 million will impact Adjusted EBITDA.
- Revenue to be in the range of $900 to $1,100 million
- Adjusted EBITDA of $50 to $80 million