The Shyft Group Reports Second Quarter Results

Adjusted EBITDA increased $14.6 million to $28.3 million, or 16.8% of sales, from $13.7 million, or 14.0% of sales, a year ago.  The increase was primarily due to higher volume and productivity driven by capital investments.

The segment backlog at June 30, 2021, totaled a record $660.9 million, up 130.3%, compared to $287.0 million at June 30, 2020.  On a sequential basis, backlog increased $71.3 million, or 12.1% from $589.6 million in the first quarter of 2021.  This increase reflects strong demand for delivery vehicles, including the Velocity product line.

Specialty Vehicles (SV)

SV segment sales were $75.7 million, an increase of 183.2% from $26.7 million, led by luxury motor coach chassis sales and accelerating growth in service bodies. 

Adjusted EBITDA increased $7.4 million to $8.6 million, or 11.4% of sales, from $1.2 million, or 4.6% of sales, a year ago.  The increase was primarily due to higher sales volume.

The segment backlog at June 30, 2021, totaled $90.5 million, up 79.1% compared to $50.5 million at June 30, 2020.  On a sequential basis, backlog increased $13.6 million, or 17.7%, from $76.9 million in the first quarter of 2021.  The increase reflects increased orders across all product lines.

Update 2021 Outlook

"In addition to our strong financial performance during the quarter, we continued to make investments that will drive productivity improvements and position us for future growth," said Jon Douyard, Chief Financial Officer.  "Our current liquidity position remains healthy at $120.0 million, and our leverage ratio stands at just 0.4 times adjusted EBITDA, leaving ample room for further strategic investments.  While our strong order intake resulted in record backlog, we continue to manage through a challenging supply environment.  Despite this headwind, we are confident raising our guidance for the year to reflect the strong first-half performance and our team's ability to meet customer needs through the second half."

The Company expects full-year 2021 results from continuing operations to be as follows:

• Revenue to be in the range of $900 to $950 million
• Net income of $55 to $62 million
• Adjusted EBITDA of $100 to $110 million
• Effective tax rate of approximately 26%
• Earnings per share of $1.52 - $1.72
• Adjusted earnings per share of $1.75 - $1.95

"Our achievements during the first half of the year highlight our proven business strategy and our team's capacity to execute.  This exceptional team continues to bring aptitude and energy to the organization and operate at the highest level, both from a day-to-day production and support standpoint, as well as in the areas of product research and development.  With the strength of demand in our core markets and the tremendous opportunities inherent in our new products coming to market – such as the Velocity and our recently announced all-electric battery powered EV chassis – we have never been more excited about the future of our Company," concluded Adams.

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: 10155593

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 2,900 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)
		June 30,		December 31,
		2021		2020
ASSETS
Current assets:
Cash and cash equivalents		$            4,178		$          20,995
Accounts receivable, less allowance of $136 and $116		101,879		64,695
Contract assets		15,370		9,414
Inventories, net		68,420		46,428
Other receivables - chassis pool agreements		13,983		6,503
Other current assets		8,859		8,172
Total current assets		212,689		156,207
Property, plant and equipment, net		54,335		45,734
Right of use assets – operating leases		41,905		43,430
Goodwill		48,677		49,481
Intangible assets, net		54,684		56,386
Other assets		1,162		2,052
Net deferred tax asset		5,625		5,759
TOTAL ASSETS		$        419,077		$       359,049
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable		$          74,749		$          47,487
Accrued warranty		6,623		5,633
Accrued compensation and related taxes		17,799		17,134
Deposits from customers		377		756
Operating lease liability		7,495		7,508
Other current liabilities and accrued expenses		9,774		8,121
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