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NFI Group Inc (NFYEF) drives innovation in sustainable mass transit as a leading manufacturer of electric and hydrogen-powered buses. This news hub provides investors and industry professionals with timely updates on the company’s technological advancements, strategic partnerships, and market developments.
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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.
NFI Group Inc. reported positive Q2 2024 results, marking its first profitable quarter since Q2 2021. Key highlights include:
- Revenue of $851 million, up 29% year-over-year
- Delivered 1,246 equivalent units, a 34% increase
- Net earnings of $3 million, or $0.02 per share
- Adjusted EBITDA of $59 million, up 387%
- Free Cash Flow of $1.1 million
- Total backlog of 14,605 units valued at $11.8 billion
NFI reaffirmed its 2024 guidance, including Adjusted EBITDA range of $240-$280 million, and its 2025 Adjusted EBITDA target of over $350 million. The company saw improvements in manufacturing and aftermarket segments, with record quarterly aftermarket revenue of $162 million.
NFI Group's subsidiary, Alexander Dennis, has secured its first order from Stagecoach for 41 next-generation electric buses. The order includes 24 Enviro100EV small buses and 17 Enviro400EV double-deckers, which will be deployed in London in early 2025. These buses meet Transport for London’s (TfL) latest Bus Safety Standards and offer energy efficiency rates of 0.67kWh/km for the Enviro400EV and 0.54kWh/km for the Enviro100EV. Designed for lower cost of ownership, they promise a longer operational lifespan without the need for battery replacement during two full TfL route contract terms. This order aligns with London's goal of achieving a zero-emission bus fleet and supports job creation across the UK.
NFI Group, a leading bus and coach manufacturer and electric mass mobility solutions provider, has announced the release date for its second quarter 2024 financial results. The financial results will be published on July 31, 2024, after market close. Following this, a conference call and webcast to discuss the results will take place on August 1, 2024, at 8:30 a.m. ET. The webcast can be accessed without registration, and a results presentation will be available at www.nfigroup.com. Attendees can also join via phone by pre-registering through a provided link. A replay of the call will be accessible from 12:00 p.m. ET on August 1, 2024, to 11:59 p.m. ET on August 1, 2025. Additional materials will be available on NFI's website.
NFI Group subsidiary Alexander Dennis has secured a significant order from Stagecoach for 244 zero-emission buses, marking the largest single order of its kind. This order comes after Stagecoach's successful bids to the UK's Zero-Emission Regional Bus Areas scheme (ZEBRA 2), supported by various local authorities in England. The order includes 180 Enviro400EV double deckers, 54 Enviro200EV single deckers, and 10 Enviro100EV small buses. These buses boast advanced energy efficiency and substantial operational ranges, contributing to an attractive total cost of ownership. Deliveries will occur in 2025 and 2026.
NFI subsidiary Alexander Dennis has confirmed an order from Reading Buses for 24 zero-emission and 29 low-emission buses, totaling 53 units. This includes 24 next-generation Enviro400EV electric double-deckers funded by the UK's ZEBRA 2 scheme and set to enter service in 2025. These units are noted for their energy efficiency, capable of storing up to 472kWh and achieving 1.6GWh energy throughput over eight years. Additionally, 29 low-emission buses will include 21 Enviro400 double-deckers and 8 Enviro200 single-deckers, slated for delivery later this year. The move aims to enhance service efficiency and reduce emissions on busy routes 17 and 21.
NFI Group released its 2023 Environmental, Social, and Governance (ESG) report, emphasizing its commitment to zero-emission electric mobility solutions. The report highlights significant achievements, including a 27% increase in zero-emission vehicle deliveries, amounting to 878 units, and $10.9 million invested in team training. NFI's zero-emission vehicles have covered over 150 million miles, preventing billions of pounds of CO2 emissions. The company also focused on workforce development, mental health, and diversity, equity, and inclusion initiatives. NFI established a Sustainability Council and supported community initiatives, raising over $422,000 for United Way agencies.
NFI Group subsidiary Alexander Dennis has secured a contract for 29 Enviro500 double deck buses from BC Transit in British Columbia, Canada. This order is part of a partnership with Big Rig Manufacturing and will support BC Transit’s ongoing operations. BC Transit President Erinn Pinkerton emphasized the importance of this partnership for maintaining efficient transit services amid growing ridership. Stephen Walsh, Alexander Dennis’s VP for North America, highlighted the historical significance of BC Transit’s choice of double deck buses since 2000. The new buses will replace older models, marking 25 years since BC Transit introduced double deck buses in North America. Including this order, Alexander Dennis has secured over 110 orders for Enviro500 and Enviro500EV buses in Canada and the US since production restarted in 2023. NFI is a leader in zero-emission mobility, with its electric vehicles operating in over 150 cities globally and completing over 180 million EV service miles.
NFI Group has appointed John Proven as President of NFI Parts and ARBOC Specialty Vehicles effective June 3, 2024. John replaces Brian Dewsnup, who became NFI’s CFO in February 2024. John brings over 20 years of leadership experience, most recently serving as CEO of CEL Group of Companies. He has a strong track record in enhancing operational efficiency and driving growth. NFI's CEO, Paul Soubry, highlighted John's innovative mindset and ability to translate strategy into growth as key for NFI's future success. John holds a Bachelor of Commerce and a Chartered Accountant designation.
New Flyer Industries Canada, a subsidiary of NFI Group, has announced a contract with BC Transit for the purchase of 33 next-generation Xcelsior CHARGE NG™ 40-foot battery-electric buses. This contract adds to New Flyer's firm backlog in Q2 2024. BC Transit, which serves over 130 communities in British Columbia and aims for a fully electric fleet by 2040, will integrate these buses as part of its Low Carbon Fleet Program. The partnership between NFI and BC Transit spans over 45 years, with more than 600 NFI vehicles currently in BC Transit's fleet. The new buses incorporate advanced technologies, including high-energy batteries and a lightweight electric traction drive system.
