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Mar 31, 2023
The Shyft Group Q1 2023 Earnings Report
Reported Q1 sales growth and significant year-over-year profitability improvement.
Key Takeaways
The Shyft Group reported Q1 2023 sales of $243.4 million, an 18% increase compared to the prior year. Net income was $1.7 million, or $0.05 per share, compared to a loss of $3.9 million, or loss of $0.11 per share in the prior year. The company reaffirmed its 2023 sales and profit outlook.
Sales increased by 17.7% to $243.4 million compared to the first quarter of 2022.
Net income improved to $1.7 million, or $0.05 per share, compared to a net loss of $3.9 million, or loss of $0.11 per share in the prior year.
Adjusted EBITDA increased by $11.4 million to $10.8 million, or 4.4% of sales, from a loss of $0.6 million, or 0.3% of sales in the prior year.
Consolidated backlog decreased by 47.6% to $667.4 million as of March 31, 2023, compared to $1.3 billion as of March 31, 2022.
Forward Guidance
The company reaffirmed its 2023 outlook, projecting sales between $1.0 billion and $1.2 billion, adjusted EBITDA between $70 million and $100 million, and earnings per share between $0.77 and $1.39.
Positive Outlook
- Sales to be in the range of $1.0 billion to $1.2 billion
- Adjusted EBITDA of $70 to $100 million
- Net income of $28 to $50 million, with an income tax rate of approximately 25%
- Earnings per share of $0.77 to $1.39
- Adjusted earnings per share of $0.98 to $1.60
Challenges Ahead
- Capital expenditures of approximately $35 million
- Mixed demand signals create caution in the short term.
- Exposure to changes in the operating environment.
- Potential changes in operating environment could impact outlook.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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