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Blue Bird Announces Price Increases For All Model School Buses
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Blue Bird Corporation (NASDAQ: BLBD) announced a 10% price increase on all school bus models effective May 10, 2022, due to record inflation and higher costs for raw materials, transportation, and labor. The company cites ongoing supply chain disruptions linked to the war in Ukraine and the COVID-19 pandemic as contributing factors. President and CEO Matthew Stevenson emphasized the need to maintain quality and operations amidst these challenges to continue serving the student transportation industry.
Positive
Implementation of a 10% price increase may help offset rising costs.
Continued commitment to process improvement to optimize cost structures and operations.
Negative
Record inflationary pressures impacting profitability.
Supply chain disruptions from geopolitical issues and the pandemic affecting operations.
MACON, Ga.--(BUSINESS WIRE)--
Blue Bird Corporation (Nasdaq: BLBD), the leader in electric and low-emission school buses, has implemented a price increase on all model school buses to offset record inflationary pressures and substantially higher costs for raw materials, transportation, and labor. The Company also continues to face supply chain disruptions exacerbated by Russia’s war in Ukraine and the lingering COVID-19 pandemic. Blue Bird's10% price increase took effect on May 10, 2022.
“We maintain a relentless focus on process improvement every day to optimize our cost structure, production throughput, and operations,” said Matthew Stevenson, president and CEO of Blue Bird Corporation. “Despite the significant progress we have made so far, we are now forced to pass on these unprecedented cost increases to the market. It is a necessary step to continue supplying best-in-class school buses, parts and related services to our valued customers in the student transportation industry.”
About Blue Bird Corporation
Blue Bird (NASDAQ: BLBD) is recognized as a technology leader and innovator of school buses since its founding in 1927. Our dedicated team members design, engineer and manufacture school buses with a singular focus on safety, reliability, and durability. Blue Bird buses carry the most precious cargo in the world – the majority of 25 million children twice a day – making us the most trusted brand in the industry. The company is the proven leader in low- and zero-emission school buses with more than 20,000 propane, natural gas, and electric powered buses in operation today. Blue Bird is transforming the student transportation industry through cleaner energy solutions. For more information on Blue Bird's complete product and service portfolio, visit www.blue-bird.com. For Blue Bird's line of emission-free electric buses, visit www.bluebirdelectricbus.com.
What is the reason for Blue Bird Corporation's price increase on buses?
Blue Bird Corporation has implemented a 10% price increase due to record inflation and significantly higher costs for raw materials, transportation, and labor.
When did the price increase for Blue Bird's school buses take effect?
The price increase took effect on May 10, 2022.
How is Blue Bird addressing supply chain disruptions?
Blue Bird is focused on process improvements to optimize its cost structure and production throughput despite ongoing supply chain disruptions.
What challenges is Blue Bird Corporation currently facing?
Blue Bird is facing challenges from inflationary pressures and supply chain disruptions exacerbated by the war in Ukraine and lingering impacts of the COVID-19 pandemic.
What impact does the price increase have on Blue Bird's customers?
The price increase is necessary for Blue Bird to continue supplying high-quality school buses and related services to its customers in the student transportation industry.
