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Sep 30, 2020
The Shyft Group Q3 2020 Earnings Report
The Shyft Group reported a strong third quarter with a 46% EPS gain, reaching a record of $0.54, and sales of $203.5 million.
Key Takeaways
The Shyft Group reported strong Q3 2020 results, with sales of $203.5 million and EPS of $0.54. The company's performance reflects growing momentum from transformative efforts to focus on higher growth and margin opportunities.
Sales of $203.5 million, a decrease of 9.4% from $224.7 million, but increased 0.9% excluding the USPS order.
Gross profit margin of 24.9%, an 800 basis point improvement from 16.9%.
Income from continuing operations of $19.4 million, or $0.54 per share, compared to $13.1 million, or $0.37 per share.
Adjusted EBITDA of $32.6 million, or 16.0% of sales, an increase of 46% from $22.3 million, or 9.9% of sales.
The Shyft Group
The Shyft Group
Forward Guidance
The Company is reinstating its previously issued March 2020 guidance, and shifting its profitability targets to the higher end.
Positive Outlook
- Revenue to be in the range of $660.0 to $680.0 million
- Adjusted EBITDA of $73.0 to $75.0 million
- Adjusted earnings per share of $1.28 to $1.32
- End markets served continue to be strong, fueled by the surge in ecommerce parcel deliveries.
- Seeing the increase in demand that was expected.
Challenges Ahead
- Intensifying pandemic-related issues