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Sep 30, 2024
The Shyft Group Q3 2024 Earnings Report
The Shyft Group reported third quarter results with expanded gross margin and maintained full-year adjusted EBITDA outlook.
Key Takeaways
The Shyft Group reported sales of $194.1 million, a decrease of 3.6% compared to the third quarter of 2023. Net income was $3.1 million, or $0.09 per share. Adjusted EBITDA increased by $3.3 million to $14.3 million, or 7.4% of sales.
Expanded gross margin to 20.4%, up 210 basis points year-over-year.
Blue Arc Class 4 vehicle now in production with first customer deliveries expected in the fourth quarter.
Maintained full year 2024 adjusted EBITDA outlook of $45 to $50 million.
Positioned for significant profit growth in 2025.
The Shyft Group
The Shyft Group
Forward Guidance
The company provided full-year 2024 outlook with sales of approximately $800 million and adjusted EBITDA of $45 to $50 million.
Positive Outlook
- Sales of approximately $800 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