The Shyft Group Reports First Quarter 2024 Results

• Sales were $90.1 million for the first quarter of 2024, up 3.4%, or $2.9 million year over year
• Adjusted EBITDA for the first quarter of 2024 was $17.0 million, or 18.8% of sales, an increase of $3.1 million, from $13.9 million, or 15.9% of sales, a year ago
• Segment backlog was $83.3 million as of March 31, 2024, up 1.0% compared to $82.5 million as of March 31, 2023

2024 Financial Outlook
"We are pleased with our start to the year considering the challenging end-markets," said Jon Douyard, Chief Financial Officer. "While there was improvement in FVS order activity to start the year, the parcel market remains soft, and we remain cautious on near-term demand. Overall, our team is focused on driving operational efficiency and commercial growth initiatives, positioning us to affirm our prior outlook."

Guidance for full-year 2024, notwithstanding further changes in the operating environment, is as follows:

• Sales to be in the range of $850 million to $900 million; Assumes no Blue Arc EV revenue
• Adjusted EBITDA of $40 to $50 million, including EV spending of $20 to $25 million
• Net income of $2.5 to $10.5 million, with an income tax rate of approximately 20%
• Earnings per share of $0.07 to $0.30
• Adjusted earnings per share of $0.28 to $0.51
• Capital expenditures of approximately $20 to $25 million
• Free cash flow of $25 to $35 million

Dunn concluded, "Shyft has industry leading products and a highly engaged team, who are identifying opportunities to drive companywide synergies. Recently launched initiatives to enhance sales and procurement are beginning to deliver positive results. The Blue Arc team is making progress as production is targeted for late 2024. We remain confident in our team's ability to manage through current market conditions and deliver for shareholders over the long term."

Conference Call and Webcast Information
The Shyft Group will host a conference call at 8:30 a.m. ET today to discuss these results and current business trends. The conference call and webcast will be available via:
Webcast: https://theshyftgroup.com/investor-relations/webcasts/
Conference Call: 1-844-868-8845 (domestic) or 412-317-6591 (international); passcode: 10185321

About The Shyft Group
The Shyft Group is the North American leader in specialty vehicle manufacturing, assembly, and upfit for the commercial, retail, and service specialty vehicle markets. Our customers include first-to-last mile delivery companies across vocations, federal, state, and local government entities; the trades; and utility and infrastructure segments. The Shyft Group is organized into two core business units: Shyft Fleet Vehicles and Services™ and Shyft Specialty Vehicles™. Today, its family of brands include Utilimaster®, Blue Arc™ EV Solutions, Royal® Truck Body, DuraMag® and Magnum®, Strobes-R-Us, Spartan® RV Chassis, Red Diamond™ Aftermarket Solutions, and Builtmore Contract Manufacturing™. The Shyft Group and its go-to-market brands are well known in their respective industries for quality, durability, and first-to-market innovation. The Company employs approximately 3,000 employees and contractors across campuses, and operates facilities in Arizona, California, Florida, Indiana, Maine, Michigan, Missouri, Pennsylvania, Tennessee, Texas, and Saltillo, Mexico. The Company reported sales of $872 million in 2023. Learn more at TheShyftGroup.com. 

This release contains information, including our sales and earnings guidance, all other information provided with respect to our outlook for 2024 and future periods, and other statements concerning our business, strategic position, financial projections, financial strength, future plans, objectives, and the performance of our products and operations that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. Generally, we have identified such forward-looking statements by using words such as "believe," "expect," "intend," "potential," "future," "may," "will," "should," and similar expressions or by using future dates in connection with any discussion of, among other things, the construction or operation of new or existing facilities, operating performance, trends, events or developments that we expect or anticipate will occur in the future, statements relating to volume changes, share of sales and earnings per share changes, anticipated cost savings, potential capital and operational cash improvements, changes in supply and demand conditions and prices for our products, trade duties and other aspects of trade policy, statements regarding our future strategies, products and innovations, and statements expressing general views about future operating results. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements are not historical facts, but instead represent only the Company's beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company's control. It is possible that the Company's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Management believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company's historical experience and our present expectations or projections. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company's historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to the risks and uncertainties described in "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023, and those described from time to time in our future reports filed with the Securities and Exchange Commission (SEC), which are available at www.sec.gov or our website. All forward-looking statements in this release are qualified by this paragraph. Investors should not place undue reliance on forward-looking statements as a prediction of actual results. We undertake no obligation to publicly update or revise any forward-looking statements in this release, whether as a result of new information, future events, or otherwise.

CONTACTS:
MEDIA
Sydney Lepora 
Director, Corporate Communications
Sydney.Lepora@theshyftgroup.com 
586.413.4112

INVESTORS:
Randy Wilson
Vice President
Investor Relations and Treasury
Randy.Wilson@theshyftgroup.com 
248.727.3755

The Shyft Group, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands)
(Unaudited)
	March 31,		December 31,
	2024		2023
ASSETS
Current assets:
Cash and cash equivalents	$          13,251		$             9,957
Accounts receivable, less allowance of $277 and $276	78,820		79,573
Contract assets	52,803		50,305
Inventories	97,931		105,135
Other receivables - chassis pool agreements	18,890		34,496
Other current assets	6,700		7,462
Total current assets	268,395		286,928
Property, plant and equipment, net	80,905		83,437
Right of use assets – operating leases	45,078		45,827
Goodwill	48,880		48,880
Intangible assets, net	44,399		45,268
Net deferred tax asset	17,300		17,300
Other assets	2,724		2,409
TOTAL ASSETS	$        507,681		$       530,049
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$          86,159		$         99,855
Accrued warranty	8,212		7,231
Accrued compensation and related taxes	11,675		13,526
Contract liabilities	3,939		4,756
Operating lease liability	10,050		10,817
Other current liabilities and accrued expenses	12,605		11,965
Short-term debt - chassis pool agreements	18,890		34,496
Current portion of long-term debt	164		185
Total current liabilities	151,694		182,831
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