Welcome to our dedicated page for Blue Bird news (Ticker: BLBD), a resource for investors and traders seeking the latest updates and insights on Blue Bird stock.
Overview
Blue Bird Corporation is a distinguished American manufacturer specializing in the design, engineering, and production of school buses, with a strong commitment to safety and innovation. Operating in a highly specialized niche, the company is renowned for its expertise in bus manufacturing, its advanced engineering solutions, and a carefully maintained safety standard that addresses the critical need for secure student transportation. With roots tracing back to 1927, Blue Bird has consistently set industry benchmarks, evolving its range of products to meet and exceed educational transportation standards.
Business Segments
The company operates primarily through two key segments:
- The Bus Segment: This core business area encompasses the design, engineering, production, and sales of school buses. Blue Bird offers complete lines of Type A, C, and D buses, available in a variety of options and configurations to suit diverse operational needs. Its engineering prowess ensures that each bus meets stringent safety and performance standards, making them a trusted choice for school districts and transportation agencies.
- The Parts Segment: Complementing its bus manufacturing, Blue Bird supplies replacement parts through an extensive network, ensuring longevity and reliability of its products. This segment is crucial for maintaining operational efficiency and customer satisfaction, providing high-quality components that support ongoing fleet maintenance.
Manufacturing and Operational Excellence
Blue Bird Corporation has established robust manufacturing facilities centered in Georgia, which support its high production standards and innovation in design. The company’s network of dealers and service centers throughout North America reinforces its commitment to quality and customer accessibility. Additionally, the maintenance of a global presence through sales in over 60 countries highlights its capability to cater to international markets, while upholding a consistent commitment to operational excellence.
Financial Solutions and Customer Support
Beyond manufacturing, Blue Bird integrates comprehensive financial services through Blue Bird Capital Services. This division provides tailored financial solutions, facilitating customer access to the company’s products and extended warranties. This integrated approach not only enhances customer convenience but reinforces the overall value proposition by offering flexibility and support throughout the purchase and ownership lifecycle.
Commitment to Safety and Innovation
Central to Blue Bird’s operational philosophy is an unwavering focus on safety, particularly given the critical importance of student transportation. The company continuously innovates its design and engineering methods to adhere to, and often surpass, established safety benchmarks. This commitment is reflected in every aspect of its manufacturing process, ensuring that each product is not just a bus, but a secure vehicle built with responsibility and precision.
Market Position and Industry Context
Positioned as an independent designer and manufacturer, Blue Bird has carved a niche in the competitive landscape of school bus production. It differentiates itself through a combination of technical innovation, an enduring legacy of quality, and a comprehensive service model that spans from product development to after-sales support. In a market where reliability, durability, and safety are paramount, Blue Bird’s strategic integration of manufacturing excellence with financial services offers a holistic solution, reinforcing its credible stance among both public and private sector customers.
Operational Strategy and Value Proposition
Blue Bird Corporation’s success is built on its systematic approach to product quality and customer satisfaction. The company’s diversified approach includes:
- Advanced, safety-focused design and engineering for a range of school bus types.
- A comprehensive parts distribution network, ensuring durability and cost-effective maintenance.
- Integrated financial solutions that facilitate customer transactions and enhance product value.
This integrated operational structure not only underscores its commitment to safety but also showcases its ability to adapt to a dynamic market environment, positioning it as a stalwart in school transportation.
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.
Blue Bird (Nasdaq: BLBD) and Generate Capital have appointed Chris Baker as General Manager of their 50/50 joint venture, Clean Bus Solutions . This fleet electrification-as-a-service business aims to meet the growing demand for electric school buses and accelerate clean student transportation adoption in North America. Baker, an industry veteran with over 20 years of experience, will lead the venture's growth. The joint venture offers a turnkey electrification solution, including Blue Bird's electric school buses, charging infrastructure, financing, project management, and fleet optimization, all at an affordable monthly fee. This approach simplifies the transition to electric fleets for school districts by eliminating upfront costs and complexity.
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