Nfi Group Inc - NFYEF STOCK NEWS

NFI Group's subsidiary New Flyer has secured a significant contract with the Washington Metropolitan Area Transit Authority (Metro) for up to 500 Xcelsior buses. The initial firm order includes 75 hybrid-electric 40-foot transit buses and 25 Xcelsior CHARGE NG™ 35-foot battery-electric buses, with options for 400 additional buses.

Metro serves over six million people across the National Capital Region, operating a 1,500-bus fleet 24/7. The contract features flexible pricing and delivery timelines to address potential supply chain challenges. This builds on a 30-year partnership between New Flyer and Metro.

NFI maintains a strong presence in zero-emission mobility, with electric vehicles operating or ordered in more than 150 cities across six countries. Their vehicles have completed over 220 million EV service miles, and the company operates the Vehicle Innovation Center, which has hosted over 470 interactive events and trained 10,600 industry professionals.

NFI Group, a leading bus and coach manufacturer specializing in zero-emission electric mass mobility solutions, has announced its schedule for the release of fourth quarter and full year 2024 financial results. The company will release its financial results on Thursday, March 13, 2025, after market close.

A conference call and webcast to discuss the results will be held on Friday, March 14, at 8:30 a.m. ET. The company encourages attendance via webcast, where a results presentation will be shown and participants can submit questions to management. The presentation will be available on NFI's website.

Webcast attendees don't need to register, while phone participants must pre-register through a provided link. A replay will be accessible from March 14, 2025, until March 13, 2026.

NFI Group's subsidiary Motor Coach Industries (MCI) has secured a significant contract from Metrolinx, an Ontario government agency responsible for transportation in the Greater Toronto and Hamilton Area. The contract includes a firm order for 80 45-foot D45 CRT diesel commuter coaches with additional options, which have been added to NFI's fourth quarter 2024 backlog.

The agreement features a milestone billing payment structure to support working capital investments. Metrolinx, which operates GO Transit, UP Express, and the PRESTO payment network, will use these coaches to maintain their operational requirements. Multiple NFI subsidiaries currently serve Metrolinx's fleet, including Alexander Dennis double-deck buses, MCI motorcoaches, and vehicle support from NFI Parts.

NFI Group has announced strategic changes to its Board of Directors, appointing Chan Galbato as the new Board Chair, succeeding Wendy Kei. Additionally, Aziz Aghili and Maryse Saint-Laurent will join as directors, replacing Larry Edwards and Krystyna Hoeg who will retire at the next annual general meeting.

Galbato brings extensive operational leadership experience as former CEO of Cerberus Operations and Advisory Company, with expertise in manufacturing operations and supply chain optimization. His appointment comes at a important time as NFI aims to execute on its $12 billion backlog amid record demand for buses and coaches.

The new appointments strengthen the Board's expertise in manufacturing, supply chain management, human resources, and capital markets, positioning NFI to address industry-wide challenges while capitalizing on opportunities in zero-emission transportation.

NFI Group subsidiary Motor Coach Industries (MCI) has secured a contract with Houston's METRO for 100 MCI D45 CRT high-floor coaches. The contract initially included 50 firm coaches and 50 options, with METRO exercising the option for the additional 50 coaches in November 2024.

The coaches will serve METRO's Park & Ride service routes, connecting residents commuting from areas outside Houston's '610 Loop' to the downtown and central city. METRO serves Harris County with over 73 million annual passenger trips across various transit services. NFI and its subsidiaries have maintained a 30-year relationship with METRO, previously delivering over 500 coaches.

The MCI D-Series coaches feature stainless-steel frames, modern styling, and common systems aimed at reducing operating costs while enhancing passenger experience.

NFI Group reported third quarter 2024 results with revenue of $711 million and delivery of 994 equivalent units, including 24% zero-emission buses. The company achieved significant improvements with total gross margin of 12.2% and manufacturing gross margin of 7.5%. Record backlog reached $12 billion, up 53% with 14,590 equivalent units. Despite a net loss of $15 million ($0.13 per share), Adjusted EBITDA improved to $53 million with Free Cash Flow of $2 million. The aftermarket segment performed strongly with $153 million revenue. NFI updated its 2024 guidance, projecting Adjusted EBITDA of $210-240 million, while reaffirming 2025 target of over $350 million.

Ballard Power Systems has received a purchase order for 200 fuel cell engines from New Flyer, representing approximately 20 MW of power. This is the second order under their January 2024 long-term supply agreement, doubling the previous order of 100 engines. The engines, scheduled for delivery in 2025, will power New Flyer's Xcelsior CHARGE FC™ hydrogen fuel cell buses for deployment across multiple US states including California, Washington, Arizona, Nevada, and New York.

NFI Group announced an expansion of its Winnipeg manufacturing capability for complete production of heavy-duty transit buses in Canada. The project will increase production capacity by 240 equivalent units annually by 2027, focusing on zero-emission buses including battery-electric, fuel-cell electric, and trolley-electric vehicles. The initiative is supported by the Government of Manitoba with a C$10 million investment and PrairiesCan with a C$15 million repayable contribution. The expansion will create up to 250 new direct green jobs and includes facility upgrades, with construction starting immediately and first bus builds planned for Q4 2025.

NFI Group's subsidiary New Flyer has received a firm order from Regional Transit Service (RTS) for 44 Xcelsior clean-diesel heavy-duty transit buses. The order includes 24 40-foot buses and 20 60-foot buses, supported by federal, state, and local funding. The contract was added to New Flyer's backlog in Q3 2024. RTS, based in Rochester, New York, serves over 10 million annual passengers across eight counties. The order builds on a 25-year relationship during which New Flyer has delivered more than 200 buses to RTS. The Xcelsior buses comply with EPA and NHTSA's Heavy-Duty National Program for reducing greenhouse gas emissions.