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Sep 30, 2021
The Shyft Group Q3 2021 Earnings Report
Achieved EPS of $0.58 and adjusted EPS of $0.63, on sales of $273 million and raised full year guidance.
Key Takeaways
The Shyft Group reported record third-quarter results with sales of $272.6 million, a 34.0% increase compared to the third quarter of 2020. The company achieved an EPS of $0.58 and an adjusted EPS of $0.63. Due to the excellent performance during the quarter, the company has paid down its debt entirely and raised 2021 guidance.
Sales of $272.6 million, an increase of 34.0% from $203.5 million, reflecting increased sales in all product categories.
Income from continuing operations of $21.0 million, or $0.58 per share, compared to $19.4 million, or $0.54 per share.
Adjusted EBITDA of $33.7 million, or 12.4% of sales, an increase of 3.5% from $32.6 million, or 16.0% of sales.
Consolidated backlog at September 30, 2021, was a record $852.6 million, up 203.8%, compared to $280.6 million at September 30, 2020.
The Shyft Group
The Shyft Group
Forward Guidance
The Company’s guidance for the 2021 full year is as follows: Revenue to be in the range of $930.0 to $970.0 million, Income from continuing operations of $59.9 to $61.3 million, Adjusted EBITDA of $108.0 to $110.0 million, Effective tax rate of approximately 26%, Earnings per share of $1.66 - $1.70, Adjusted earnings per share of $1.97 - $2.01