Loading...
•
Sep 30, 2023
The Shyft Group Q3 2023 Earnings Report
The Shyft Group reported third quarter results in line with expectations, led by infrastructure and vocational related businesses.
Key Takeaways
The Shyft Group's third quarter 2023 sales were $201.3 million, a decrease of 29.6% compared to the third quarter of 2022. Net income was $4.5 million, or $0.13 per share, compared to $17.3 million, or $0.49 per share in the prior year.
Sales of $201.3 million, a decrease of $84.8 million, or 29.6%, from $286.1 million.
Net income of $4.5 million, or $0.13 per share, compared to $17.3 million, or $0.49 per share.
Adjusted EBITDA of $11.0 million, or 5.5% of sales, a decrease of $16.1 million, from $27.1 million, or 9.5% of sales.
Consolidated backlog of $464.4 million as of September 30, 2023, down 55.5% compared to $1.0 billion as of September 30, 2022.
The Shyft Group
The Shyft Group
Forward Guidance
The Company is narrowing its full-year 2023 outlook to the lower-end of the range as end-market challenges and operational inefficiencies remain.