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Blue Bird Corporation (symbol: BLBD) is a leading American manufacturer of school buses, offering a complete line of Type A, C, and D buses in various configurations. Since its inception in 1927, Blue Bird has been at the forefront of innovation in bus design and manufacturing, setting industry standards for quality and safety. The company's Georgia-based manufacturing facilities and a robust network of dealers and service centers across North America enable it to cater to a wide market.
With over 1,600 employees, Blue Bird's commitment to safety and reliability is evident in its comprehensive range of buses designed to meet diverse customer needs. The company also offers extensive financial solutions through Blue Bird Capital Services, facilitating easier access to their products.
Blue Bird has a significant global footprint, with sales extending to over 60 countries, including regions in Africa, Asia, the Caribbean, Latin America, Europe, and the Middle East. The company's operations are divided into two primary segments: the Bus segment, which focuses on the design, engineering, and sales of school buses along with extended warranties, and the Parts segment, which deals with the sale of replacement bus parts.
Recent developments in Blue Bird's operations highlight its dedication to enhancing safety and innovation. The company continues to invest in new technologies and partnerships, ensuring that it remains a leader in the school bus manufacturing industry. Financially, Blue Bird is stable, with the majority of its sales coming from the United States.
Blue Bird (Nasdaq: BLBD), a leader in electric and cleaner-emission school buses, announced it will release its fiscal 2024 fourth quarter and full year financial results on November 25, 2024. The company will host an audio webcast at 4:30PM ET on the same day, featuring CEO Phil Horlock and CFO Razvan Radulescu discussing the results. A slide presentation will accompany the webcast, which will be accessible through Blue Bird's Investor Relations website. A replay will be available approximately two hours after the call.
Blue Bird (Nasdaq: BLBD) has appointed Edward T. Hightower to its Board of Directors as a Class I Director. Hightower brings over 35 years of executive leadership experience, notably serving as CEO of Lordstown Motors Corp. from 2021 to 2024, where he led the company's operational turnaround and launched the Endurance electric pickup truck. He previously held senior roles at Ford, BMW, and General Motors, and is currently founder and managing director of Motoring Ventures Blue Bird, the only U.S.-owned school bus manufacturer, leads in zero-emission student transportation with over 2,000 electric buses in operation, covering more than five million miles.
Blue Bird (Nasdaq: BLBD) reported preliminary unaudited results for fiscal 2024, showing significant growth across key metrics. The company sold 9,000 buses, a 6% increase from the previous year, reaching the top end of guidance. Net sales revenue hit a record $1.35B, up 19% year-over-year and exceeding guidance. Electric vehicle sales reached a record 704 buses, marking a 29% increase. The company's total backlog stands at over 4,800 units, valued at approximately $735M, up 10% from last year. The EV backlog grew to nearly 630 buses, worth about $200M, driven by EPA's Clean School Bus program orders.
Blue Bird (Nasdaq: BLBD) has delivered 38 propane-powered Vision school buses to the School District of Philadelphia (SDP), Pennsylvania's largest school district. These Type C buses can transport 42 students up to 300 miles per propane tank and emit 96% fewer harmful emissions than diesel buses. The fleet could save SDP over $2.1 million in 15 years through reduced fuel and maintenance costs, averaging $3,700 per bus annually. Blue Bird, the only U.S. manufacturer offering propane buses, has deployed over 20,000 such vehicles since 2012, serving 1.3 million students across 1,100 school districts nationwide.
Blue Bird (Nasdaq: BLBD) applauds the EPA's announcement of $965 million in additional funding for clean school buses through the Clean School Bus Rebate Program. This fourth round of funding brings the total to nearly $3 billion, enabling about 1,300 school districts to replace old diesel buses with nearly 8,700 electric and ultra-low emission vehicles.
Blue Bird, the leader in electric and low-emission school buses, has over 2,000 electric buses in operation, covering more than 5 million miles. The company is expanding its production capacity, including opening a 40,000 square foot EV Build-up Center in 2023. Additionally, Blue Bird received an $80 million DOE grant to convert a former diesel motorhome facility into a 600,000 square foot electric and low-emissions vehicle manufacturing facility, creating over 400 new jobs.
Amentum, a global engineering and technology solutions leader, has announced its board of directors effective upon the close of its pending merger with Jacobs' Critical Mission Solutions and Cyber and Intelligence businesses, expected on September 27, 2024. The board comprises 14 industry and business leaders with extensive experience in engineering, technology, national security, and finance. Notable members include Steven J. Demetriou as executive chair, John Heller as CEO, and retired military generals Vincent K. Brooks and Ralph E. Eberhart. The diverse board brings expertise in areas such as leadership, international relations, private equity, and cybersecurity to guide Amentum's mission of addressing complex global challenges in science, security, and sustainability.
Blue Bird (Nasdaq: BLBD) has announced the resignation of Britton Smith from his position as President, effective September 28, 2024. Smith, who is stepping down for personal reasons, will also leave the Company's Board of Directors immediately. Phil Horlock, the current CEO, will assume the additional role of President, continuing his nearly 14-year leadership of the company.
Blue Bird, known for its electric and low-emission school buses, remains committed to its profitable growth plan, focusing on clean alternative-powered school buses and delivering value to stakeholders. The company's Board of Directors expressed gratitude for Smith's contributions and wished him well in his future endeavors.
Blue Bird (Nasdaq: BLBD) has delivered its 2,000th electric, zero-emission school bus to Clark County School District (CCSD) in Nevada. This milestone vehicle features Blue Bird's new extended range battery and can carry 84 students. CCSD received a $9.875 million grant from the EPA's Clean School Bus Program to purchase electric buses. Blue Bird's 2,000 electric buses serve districts across 41 U.S. states and 4 Canadian provinces, reducing carbon emissions by 21,000 metric tons annually.
The company is expanding its EV production capacity, including a new 40,000 sq ft EV Build-up Center and plans for a 600,000 sq ft manufacturing facility, aiming to produce over 5,000 electric buses annually. Blue Bird's electric buses use Accelera™ by Cummins' PowerDrive™ 7000 system, showcasing their collaboration in sustainable transportation solutions.
Blue Bird (Nasdaq: BLBD) reported strong fiscal 2024 third quarter results, with net sales up 13% to $333 million and GAAP net income increasing by $19 million to $29 million. The company achieved a record quarterly Adjusted EBITDA of $48 million, up $19 million, with 2,151 buses sold. Based on these results, Blue Bird has raised its FY2024 Adjusted EBITDA guidance to $175 million or 13% of revenue. The company also increased its long-term Adjusted EBITDA margin outlook to 15%.
Blue Bird saw strong growth in electric bus orders, delivering over 200 electric-powered buses this quarter, nearly 40% more than last year. The company's order backlog stands at over 5,200 units, including over 560 EV orders from the EPA's Clean School Bus Program.
Blue Bird (Nasdaq: BLBD) has announced a leadership transition plan. Britton Smith, currently President, will become President & CEO on September 29, 2024, succeeding Phil Horlock. Doug Grimm, a director, has been elected as Chairman, replacing Kevin Penn effective immediately.
Smith, who joined Blue Bird in 2022, has led the company's EV business and growth strategy. Horlock, who served as CEO from 2011 to 2021 and was reappointed in May 2023, will remain on the Board to ensure a smooth transition. The company emphasized Smith's qualifications and successful execution of a rigorous transition plan.
Blue Bird, approaching its 100th year, is positioned as the leader in alternative-powered school buses. The leadership changes come at a time of strong momentum and growth for the company.
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