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Jun 30, 2024
The Shyft Group Q2 2024 Earnings Report
The Shyft Group reported a decrease in sales and net income for Q2 2024, while adjusted EBITDA also declined. The company acquired Independent Truck Upfitters (ITU) and reaffirmed its full-year outlook.
Key Takeaways
The Shyft Group's Q2 2024 results showed a decrease in sales and profitability compared to the previous year. Sales decreased by 14.4% to $192.8 million, and net income fell to $2.2 million, or $0.06 per share. Adjusted EBITDA also decreased to $12.5 million. However, the company acquired Independent Truck Upfitters (ITU) to accelerate Specialty Vehicles growth and reaffirmed its full-year 2024 adjusted EBITDA outlook.
Sales decreased by 14.4% to $192.8 million compared to Q2 2023.
Net income decreased to $2.2 million, or $0.06 per share, compared to $4.7 million, or $0.13 per share in Q2 2023.
Adjusted EBITDA decreased to $12.5 million, or 6.5% of sales, compared to $15.9 million, or 7.0% of sales in Q2 2023.
The company acquired Independent Truck Upfitters (ITU) to expand its service body product offerings and upfit capabilities.
The Shyft Group
The Shyft Group
Forward Guidance
The company provided full-year 2024 outlook, anticipating sales between $800 million and $850 million, and adjusted EBITDA between $45 million and $50 million.
Positive Outlook
- Sales to be in the range of $800 million to $850 million
- Adjusted EBITDA of $45 to $50 million, including EV spending of $20 to $25 million
- Net income of $2.6 to $6.9 million, with an income tax rate of approximately 20%
- Earnings per share of $0.07 to $0.20
- Adjusted earnings per share of $0.35 to $0.50
Challenges Ahead
- Assumes no Blue Arc EV revenue
- Ongoing market softness
- EV program related costs
- Decrease in sales
- Decrease in net income