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Sep 30, 2022
The Shyft Group Q3 2022 Earnings Report
The Shyft Group reported Q3 2022 results with sales up 5% and a strong backlog of $1 billion.
Key Takeaways
The Shyft Group reported a 4.9% increase in sales to $286.1 million. Earnings were $17.3 million, or $0.49 per share. The company's backlog remains strong at $1.0 billion.
Sales increased by 4.9% to $286.1 million compared to the third quarter of 2021.
Earnings per share (EPS) were $0.49, down from $0.58 in the same period last year.
Adjusted EBITDA was $27.1 million, representing 9.5% of sales.
The consolidated backlog reached $1.0 billion, a 22.4% increase year-over-year.
The Shyft Group
The Shyft Group
Forward Guidance
The company tightened its full-year 2022 guidance, anticipating revenue between $1.0 billion and $1.1 billion and adjusted EPS between $1.02 and $1.24.
Positive Outlook
- Revenue to be in the range of $1.0 billion to $1.1 billion
- Adjusted EBITDA of $62.5 to $72.5 million
- Income from continuing operations of $29.7 to $37.6 million
- Earnings per share of $0.83 to $1.05
- Adjusted earnings per share of $1.02 to $1.24
Challenges Ahead
- Guidance is subject to further chassis and supply chain related issues.
- Adjusted EBITDA includes approximately $30 million of expenses related to EV development.
- Free cash flow performance has been challenging year-to-date.
- Lower volume in Fleet Vehicles and Services segment.
- Production inefficiencies due to supply chain challenges.