Nfi Group Inc - NFYEF STOCK NEWS

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.

NFI Group Inc.'s subsidiary New Flyer of America Inc. has secured its largest single fuel cell bus order in company history. The firm order is for 108 zero-emission hydrogen fuel cell-electric Xcelsior CHARGE FC™ 40-foot transit buses from San Mateo County Transit (SamTrans). This order was added to New Flyer's backlog in Q2 2024, with firm orders placed over the second and third quarters.

SamTrans will use these cutting-edge hydrogen buses to replace their diesel fleet, supporting their transition to a zero-emission fleet to meet California's sustainability targets. The purchase is funded through a combination of Federal Transit Administration (FTA) funds, California's HVIP vouchers, and local funds. This order will help SamTrans meet both California's ICT regulation for 100% zero-emission bus fleets by 2040 and U.S. greenhouse gas emissions targets.

NFI Group Inc. (NFI), a leading independent bus and coach manufacturer specializing in zero-emission electric mass mobility solutions, has announced the release date for its third quarter 2024 financial results. The results will be made public on Wednesday, November 6, 2024 after market close. A conference call and webcast to discuss the results is scheduled for Thursday, November 7, at 9:00 a.m. ET.

Interested parties can join the webcast without registration at https://edge.media-server.com/mmc/p/oaotv724/. For those wishing to join by phone, the dial-in number is 1.888.596.4144 with Conference ID 2577984. NFI recommends joining via webcast to view the results presentation and submit questions. The presentation will also be available on NFI's website. A replay of the call will be accessible from about 12:00 p.m. ET on November 7, 2024, until November 6, 2025.

NFI Group Inc.'s subsidiary Alexander Dennis has secured an order for 32 Enviro100EV small electric buses from Go-Ahead London, marking the second deal for next-generation electric buses in the capital. These compact buses, measuring 8.5m in length and 2.35m in width, are designed for narrow streets and housing estates, accommodating up to 41 passengers.

The buses will operate on TfL services from Go-Ahead London's Orpington Garage, serving routes R1, R3, R4, R8, and 233. Equipped with 354kWh batteries and the Voith Electrical Drive System, they offer long operating lives without battery replacement. Delivery is expected in early 2025, contributing to London's goal of a 100% zero-emission bus fleet by 2030.

NFI Group Inc. announced that its Board Chair, Wendy Kei, has received the Women Corporate Directors (WCD) Visionary Award for Strategic Leadership. The award recognizes a current woman CEO or board chair who demonstrates leadership through innovation, board diversity, and strategic growth while mentoring female employees. Kei was honored at WCD's annual Visionary Awards Celebration in Orlando, Florida.

Paul Soubry, NFI's President and CEO, praised Kei's instrumental role in guiding the company through challenging times and supporting its operational and financial recovery since joining the board in 2022. Kei also serves as Board Chair for Ontario Power Generation Inc. and has received numerous accolades, including being named a Fellow of the Institute of Corporate Directors and one of Canada's Top 100 Most Powerful Women.

NFI Group Inc.'s subsidiary New Flyer has been named the partner of choice for over $338 million in FTA Low- or No-Emission and Buses and Bus Facilities grants for 2024. This represents a 60% increase from the previous year. The grants, totaling nearly $1.5 billion, were awarded to 117 projects across 47 states, funding approximately 1,150 buses and related infrastructure.

The USDOT prioritized proposals with healthy contracting provisions and reduced customization. New Flyer's partners have shown increased confidence, outpacing last year's awards by over $120 million. NFI continues to lead in zero-emission mobility, with electric vehicles operating or on order in more than 150 cities across six countries, having completed over 195 million EV service miles.