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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.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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