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Mar 31, 2024
The Shyft Group Q1 2024 Earnings Report
The Shyft Group reported a decrease in sales and a net loss compared to the previous year, but saw sequential improvement in order backlog.
Key Takeaways
The Shyft Group reported a decrease in sales by 18.7% to $197.9 million and a net loss of $4.7 million, or ($0.14) per share, compared to net income of $1.7 million, or $0.05 per share in Q1 2023. Despite challenging end-markets, the company maintains its 2024 outlook with sales of $850 to $900 million and adjusted EBITDA of $40 to $50 million.
First quarter sales decreased to $197.9 million, an 18.7% decrease year-over-year.
Net loss was $4.7 million, or ($0.14) per share, compared to net income of $1.7 million, or $0.05 per share in the first quarter of 2023.
Adjusted EBITDA decreased to $6.1 million, or 3.1% of sales, from $10.8 million, or 4.4% of sales in the prior year.
Consolidated backlog was $439.4 million as of March 31, 2024, down 34.2% compared to $667.4 million as of March 31, 2023, but up 7.4% sequentially.
Revenue by Segment
Forward Guidance
The company maintains its 2024 outlook with sales of $850 to $900 million and adjusted EBITDA of $40 to $50 million.
Positive Outlook
- Sales to be in the range of $850 million to $900 million.
- Adjusted EBITDA of $40 to $50 million, including EV spending of $20 to $25 million.
- Net income of $2.5 to $10.5 million, with an income tax rate of approximately 20%.
- Earnings per share of $0.07 to $0.30.
- Adjusted earnings per share of $0.28 to $0.51.
Challenges Ahead
- Assumes no Blue Arc EV revenue.
- Capital expenditures of approximately $20 to $25 million.
- Free cash flow of $25 to $35 million.
- Parcel market remains soft.
- Cautious on near-term demand.
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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