The Shyft Group Reports Record Third Quarter Results

FVS segment sales totaled $198.5 million, an increase of 36.7% from $145.2 million, reflecting strong sales across all product categories.

Adjusted EBITDA increased $3.6 million to $36.8 million, or 18.5% of sales, from $33.2 million, or 22.9% of sales, a year ago.  The increase was primarily due to higher volume, while year-over-year margins were impacted by product mix and higher material and labor costs.

The segment backlog at September 30, 2021, totaled a record $758.5 million, up 231.4%, compared to $228.9 million at September 30, 2020.  On a sequential basis, backlog increased $97.6 million, or 14.8% from $660.9 million in the second quarter of 2021.  This increase reflects strong demand for delivery vehicles, including the recently announced USPS order.

Specialty Vehicles (SV)

SV segment sales were $74.1 million, an increase of 27.1% from $58.3 million, led by strong growth in luxury motor coach chassis sales and service bodies. 

Adjusted EBITDA was $5.8 million, or 7.9% of sales, compared to $7.2 million, or 12.3% of sales, a year ago.  The decrease was due to higher material and labor costs.

The segment backlog at September 30, 2021, totaled $94.0 million, up 81.7% compared to $51.8 million at September 30, 2020.  On a sequential basis, backlog increased $3.5 million, or 3.9% from $90.5 million in the second quarter of 2021. 

Outlook for Remainder of 2021

"Our excellent performance during the quarter, including strong cash generation, has enabled us to pay down our debt entirely and raise 2021 guidance," said Jon Douyard, Chief Financial Officer. "Our strong balance sheet coupled with a growing backlog, will further support our continued growth."

The Company's guidance for the 2021 full year is as follows:

• Revenue to be in the range of $930.0 to $970.0 million
• Income from continuing operations of $59.9 to $61.3 million
• Adjusted EBITDA of $108.0 to $110.0 million
• Effective tax rate of approximately 26%
• Earnings per share of $1.66 - $1.70
• Adjusted earnings per share of $1.97 - $2.01

"Our year-to-date results really speak to our stability, nimbleness and the resulting momentum that will serve us well to finish the year strong," said Adams.  "We continue to invest in new products and technologies and we are making significant progress on our custom EV chassis, which will further differentiate our company and boost our competitive position, while delivering a much-needed product to our customers."

Conference Call, Webcast, Investor Presentation and Investor Information
The Shyft Group will host a conference call for analysts and portfolio managers at 10 a.m. EDT today to discuss these results and current business trends.  The conference call and webcast will be available via:

Webcast: www.TheShyftGroup.com/investor-relations/webcasts  

Conference Call: 1-877-317-6789 (domestic) or 412-317-6789 (international); passcode: 10155595

For more information about The Shyft Group, please visit www.TheShyftGroup.com. 

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 & Services™ and Shyft Specialty Vehicles™. Today, its family of brands include Utilimaster®, Royal Truck Body™, DuraMag® and Magnum®, Strobes-R-Us™, Spartan RV Chassis™, Builtmore Contract Manufacturing™, and corresponding aftermarket provisions. 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 associates across campuses, and operates facilities in Michigan, Indiana, Maine, Pennsylvania, South Carolina, Florida, Missouri, California, Arizona, Texas, and Saltillo, Mexico. The Company reported sales from continuing operations of $676 million in 2020. Learn more about The Shyft Group at www.TheShyftGroup.com.

This release contains several forward-looking statements that are not historical facts, including statements concerning our business, strategic position, financial projections, financial strength, future plans, objectives, and the performance of our products and operations.  These statements can be identified by words such as "believe," "expect," "intend," "potential," "future," "may," "will," "should," and similar expressions regarding future expectations.  Furthermore, statements contained in this document relating to the global outbreak of the novel coronavirus disease (COVID-19), the impact of which remains inherently uncertain on our financial results, are forward-looking statements.  These forward-looking statements involve various known and unknown risks, uncertainties, and assumptions that are difficult to predict with regard to timing, extent, and likelihood.  Therefore, actual performance and results may materially differ from what may be expressed or forecasted in such forward-looking statements. Factors that could contribute to these differences include future developments relating to the COVID-19 pandemic, including governmental responses, supply chain shortages, and potential labor issues; operational and other complications that may arise affecting the implementation of our plans and business objectives; continued pressures caused by economic conditions including weaknesses resulting from the COVID-19 pandemic; challenges that may arise in connection with the integration of new businesses or assets we acquire or the disposition of assets; restructuring of our operations, and/or our expansion into new geographic markets; issues unique to government contracting, such as competitive bidding processes, qualification requirements, and delays or changes in funding; disruptions within our dealer network; changes in our relationships with major customers, suppliers, or other business partners; changes in the demand or supply of products within our markets or raw materials needed to manufacture those products; and changes in laws and regulations affecting our business.  Other factors that could affect outcomes are set forth in our Annual Report on Form 10-K and other filings we make 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.

CONTACT: 

Juris Pagrabs
Group Treasurer
The Shyft Group
(517) 997-3862

The Shyft Group, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except par value)
(Unaudited)
		September 30,		December 31,
		2021		2020
ASSETS
Current assets:
Cash and cash equivalents		$          14,549		$          20,995
Accounts receivable, less allowance of $145 and $116		67,607		64,695
Contract assets		42,459		9,414
Inventories, net		81,901		46,428
Other receivables - chassis pool agreements		3,995		6,503
Other current assets		8,569		8,172
Total current assets		219,080		156,207
Property, plant and equipment, net		57,374		45,734
Right of use assets – operating leases		44,303		43,430
Goodwill		48,881		49,481
Intangible assets, net		53,832		56,386
Other assets		1,180		2,052
Net deferred tax asset		5,625		5,759
TOTAL ASSETS		$        430,275		$       359,049
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable		$          89,601		$          47,487
Accrued warranty		7,548		5,633
Accrued compensation and related taxes		18,045		17,134
Deposits from customers		2,148		756
Operating lease liability		7,632		7,508
Other current liabilities and accrued expenses		10,631		8,121 Werbung Mehr Nachrichten zur The Shyft Group Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 05:47 - PR Newswire Stellar Asset Management Ltd - Form 8.3 - Equals Group Plc 02:00 - PR Newswire BlackRock Throgmorton Trust Plc - Total Voting Rights 02:00 - PR Newswire FirstGroup Plc - Transaction in Own Shares