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Jun 30, 2022
The Shyft Group Q2 2022 Earnings Report
The Shyft Group reported Q2 2022 results with EPS of $0.15, raised mid-point of outlook as chassis flow improved, maintained strong backlog, and continued progress on Blue Arc EV initiative.
Key Takeaways
The Shyft Group's Q2 2022 sales were $232.2 million, a decrease of 4.8% compared to the previous year. Income from continuing operations was $5.3 million, or $0.15 per share. The company's consolidated backlog at June 30, 2022, totaled $1.1 billion, up 51.1% compared to the previous year.
Sales of $232.2 million, a decrease of 4.8% from $244.0 million.
Income from continuing operations of $5.3 million, or $0.15 per share, compared to $17.0 million, or $0.44 per share.
Adjusted EBITDA of $13.7 million, or 5.9% of sales, a decrease of $14.9 million, from $28.6 million, or 11.7% of sales; results include $7.0 million of EV development costs.
Consolidated backlog at June 30, 2022, totaled $1.1 billion, up $383.8 million, or 51.1%, compared to $751.4 million at June 30, 2021.
Forward Guidance
The company provided full-year 2022 guidance, anticipating revenue between $925 million and $1.1 billion, adjusted EBITDA of $55 to $80 million, income from continuing operations of $21 to $41 million, earnings per share of $0.59 to $1.15, and adjusted earnings per share of $0.85 to $1.41.
Positive Outlook
- Increased visibility into chassis supply.
- Strong customer demand.
- Healthy balance sheet.
- Revenue to be in the range of $925 million to $1.1 billion
- Adjusted EBITDA of $55 to $80 million
Challenges Ahead
- Further chassis and supply chain related issues.
- $30 million of expenses related to EV development
- Income from continuing operations of $21 to $41 million
- Earnings per share of $0.59 to $1.15
Historical Earnings Impact
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