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Dec 31, 2022
The Shyft Group Q4 2022 Earnings Report
Reported fourth-quarter and full-year results, with Q4 sales growing by 9% and full-year sales reaching a record $1.0 billion.
Key Takeaways
The Shyft Group reported a solid Q4 2022 with sales of $302 million, a 9% increase year-over-year, and a record full-year sales of $1.0 billion. The company is on track for Blue Arc EV production in the second half of 2023 and introduced a 2023 outlook with sales of $1.0 to $1.2 billion.
Q4 sales reached $302 million, a 9% increase compared to the prior year.
Full-year sales achieved a record $1.0 billion.
The company remains on target for Blue Arc Electric Vehicle (EV) production in the second half of 2023.
The 2023 outlook includes sales of $1.0 to $1.2 billion and adjusted EBITDA of $70 to $100 million, up 20% year-over-year at the midpoint.
Forward Guidance
The Shyft Group anticipates sales between $1.0 billion and $1.2 billion and adjusted EBITDA between $70 million and $100 million for the full year 2023.
Positive Outlook
- Sales to be in the range of $1.0 billion to $1.2 billion
- Adjusted EBITDA of $70 to $100 million
- Net income of $28 to $50 million, with an income tax rate of approximately 25%
- Earnings per share of $0.77 to $1.38
- Adjusted earnings per share of $0.97 to $1.59
Challenges Ahead
- Current uncertainty surrounding broader macroeconomic conditions has led us to take a cautious approach to our outlook
- Capital expenditures of approximately $35 million
- Free cash flow conversion ratio as a percent of net income greater than 100%
- Guidance for full-year 2023, notwithstanding further changes in the operating environment
Historical Earnings Impact
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