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Jun 30, 2021
The Shyft Group Q2 2021 Earnings Report
Achieved record sales and backlog, and reported increased EPS and adjusted EPS.
Key Takeaways
The Shyft Group reported record sales of $244 million and a doubling of backlog to an all-time high of $751 million. EPS was reported at $0.44 and adjusted EPS at $0.53. The company's momentum continued to build, exceeding expectations with sales doubling and adjusted EBITDA tripling over the prior year.
Sales of $244.0 million, an increase of $120.0 million, or 96.8%, from $124.0 million, reflecting increased sales in all product categories.
Gross profit margin of 21.3% of sales, a 190 basis point improvement from 19.4% of sales, driven by sales volume and actions taken to improve overall operating efficiency.
Income from continuing operations of $17.0 million, or $0.44 per share, compared to a loss of ($1.1) million, or ($0.03) per share.
Consolidated backlog at June 30, 2021, was a record $751.4 million, up $413.9 million, or 122.6%, compared to $337.5 million at June 30, 2020.
The Shyft Group
The Shyft Group
Forward Guidance
The Company expects full-year 2021 revenue to be in the range of $900 to $950 million, net income of $55 to $62 million, adjusted EBITDA of $100 to $110 million, effective tax rate of approximately 26%, earnings per share of $1.52 - $1.72, and adjusted earnings per share of $1.75 - $1.95.
Positive Outlook
- Revenue to be in the range of $900 to $950 million
- Net income of $55 to $62 million
- Adjusted EBITDA of $100 to $110 million
- Earnings per share of $1.52 - $1.72
- Adjusted earnings per share of $1.75 - $1.95
Challenges Ahead
- Challenging supply environment
- Managing through a challenging supply environment
- Continued to make investments that will drive productivity improvements and position us for future growth
- Continue to see strong demand in parcel delivery and luxury motor coach, as well as accelerating demand in service bodies, which further cement our plans toward continued growth in the second half of the year.
- Environment remains challenging