Welcome to our dedicated page for Shyft Group news (Ticker: SHYF), a resource for investors and traders seeking the latest updates and insights on Shyft Group stock.
The Shyft Group, Inc. (NASDAQ: SHYF) is the North American leader in the manufacturing, assembly, and upfit of specialty vehicles for the commercial, retail, and service markets. Headquartered in Novi, Michigan, the company boasts a rich history that began with custom chassis engineering and has since expanded into specialized vehicle design and custom manufacturing.
Shyft Group's extensive portfolio includes walk-in vans, truck bodies, cargo vans, and pickup truck upfits, primarily used in e-commerce and parcel delivery. The company also serves the mobile retail and utility trades, offering a range of products built for demanding vocations. One of their standout offerings is the luxury Class A diesel motorhome chassis, demonstrating their versatility and high manufacturing standards.
Recently, Shyft has focused on innovation and sustainability with its Blue Arc™ EV Solutions, targeting the growing electric vehicle (EV) market. The company has secured a significant order from FedEx for 150 Blue Arc™ EV trucks, highlighting their commitment to reducing carbon emissions and advancing green technology. These EVs have been rigorously tested under real-world conditions and have shown impressive performance, including regenerative braking capabilities.
Financially, Shyft reported sales of $872 million in 2023, reflecting robust demand and a strong market presence. The company operates across multiple states in the U.S. and in Saltillo, Mexico, employing approximately 3,000 people. Shyft's strategic partnerships with Tier 1 suppliers like Akebono, Bosch, Dana, Hendrickson, and Modine ensure high-quality, commercial-grade solutions for their vehicles.
The Shyft Group continually enhances its service offerings, recently partnering with Amerit Fleet Solutions to provide 24/7 maintenance support for their Blue Arc™ EV trucks. This partnership ensures minimal downtime and maximizes fleet efficiency, exemplifying Shyft's customer-centric approach.
For the first quarter of 2024, Shyft reported improved commercial activity and a solid performance in their Specialty Vehicles business. Despite a challenging demand environment, the company remains focused on operational efficiency and long-term growth initiatives.
- Core Business Segments: Shyft Fleet Vehicles and Services™, Shyft Specialty Vehicles™.
- Products: Walk-in vans, truck bodies, cargo vans, pickup truck upfits, custom chassis for luxury RVs, Blue Arc™ EV trucks.
- Services: Replacement parts, repair, maintenance, field service, refurbishment services.
- Key Brands: Utilimaster®, Blue Arc™ EV Solutions, Royal® Truck Body, DuraMag® and Magnum®, Strobes-R-Us™, Spartan® RV Chassis, Red Diamond™ Aftermarket Solutions, Builtmore Contract Manufacturing™.
Shyft remains committed to driving shareholder value through strategic investments, operational excellence, and a focus on customer satisfaction. Learn more at TheShyftGroup.com.
The Shyft Group (NASDAQ: SHYF) has announced an expanded collaboration with Isuzu North America , building on their relationship that began in 2011. This partnership positions Shyft to grow its business and establish new operations near Isuzu's future production facility in Greenville County, South Carolina.
The expanded collaboration includes creating a dedicated upfit and modification center near the Greenville plant and developing a new body program for the North American market. Shyft will continue assembling key Isuzu vehicle lines at its Charlotte, Michigan campus during the multi-year production ramp-up in Greenville.
Isuzu's new 1,000,000-square-foot Greenville facility will consolidate production, vehicle preparation, and logistics operations, with initial production expected to begin in 2027 and further expansion in 2028. Once fully operational, the plant will have capacity to produce up to 50,000 vehicles annually and employ more than 700 people.
The Shyft Group (NASDAQ: SHYF) reported Q4 2024 results with sales of $201.4 million, down 0.4% year-over-year, and a net loss of $3.4 million ($0.10 per share). Q4 Adjusted EBITDA improved to $15.9 million (7.9% of sales) from $2.3 million in Q4 2023.
For full-year 2024, sales decreased 9.9% to $786.2 million, with a net loss of $2.8 million ($0.08 per share). The company achieved Adjusted EBITDA of $48.8 million (6.2% of sales), up from $40.0 million in 2023. Consolidated backlog stood at $313.2 million, down 23.5% from the previous year.
Looking ahead, Shyft provided 2025 guidance with expected sales of $870-970 million, Adjusted EBITDA of $62-72 million, and adjusted EPS of $0.69-0.92. The company's pending merger with Aebi Schmidt remains on track to close by mid-2025.
The Shyft Group (NASDAQ: SHYF), a leading North American specialty vehicle manufacturer, has announced a quarterly cash dividend of $0.05 per share of common stock. The dividend will be paid on March 28, 2025, to shareholders of record at the close of business on February 27, 2025. The company specializes in manufacturing, assembly, and upfit services for commercial, retail, and service specialty vehicle markets.
The Shyft Group (NASDAQ: SHYF), North America's leader in specialty vehicle manufacturing, assembly, and upfit for ecommerce-driven parcel delivery and commercial vehicles, has scheduled its fourth quarter and full-year 2024 financial results announcement. The results will be released before market opening on Thursday, February 20, 2025.
The company will host a conference call and webcast at 8:30 A.M. Eastern Time. Investors can access the listen-only presentation, supporting materials, and replay through the company's investor relations website. The conference call will be available via telephone at 1-844-868-8845 (Domestic) or 1-412-317-6591 (International).
The Shyft Group (SHYF) provided supplemental information about its proposed merger with Aebi Schmidt Group, announced on December 16, 2024. The combined company projects $2.7 billion in revenue and $315 million in adjusted EBITDA by 2028, with a long-term vision of $3+ billion in revenue.
The merger offers Shyft shareholders a 30% premium (excluding synergies) and 58% premium (including synergies) based on December 13, 2024 share price. Shyft shareholders will own 48% of the combined company, with Aebi Schmidt holding 52%. The all-stock transaction is expected to close by mid-2025, subject to regulatory and shareholder approvals.
The deal aims to create a leading specialty vehicles company with increased scale and broader product offerings. Each Shyft share will be exchanged for approximately 1.04 shares of the combined company's common stock in a tax-free transaction.
The Shyft Group (NASDAQ: SHYF) has appointed Scott Ocholik as Interim Chief Financial Officer, effective January 1, 2025. Ocholik, currently serving as Vice President, Chief Accounting Officer, and Corporate Controller, will succeed Jon Douyard, who previously announced his resignation. The company's Board of Directors is conducting a comprehensive search for a permanent CFO, considering both internal and external candidates.
Ocholik joined Shyft in 2019 as Vice President and Corporate Controller and has been serving in his current role since 2022. Prior to Shyft, he was Executive Vice President and CFO at Gestamp North America. He holds accounting and MBA degrees from Michigan State University.
The Shyft Group (NASDAQ: SHYF) and Aebi Schmidt Group announced an all-stock merger to create a leading specialty vehicles company. The merger terms include a 1.04 share exchange ratio, with Shyft shareholders owning 48% and Aebi Schmidt 52% of the combined entity. The combined company is projected to generate ~$1.95 billion in 2024 revenue and ~$200 million+ in adjusted EBITDA, including synergies.
The merger expects to deliver $25-30 million in synergies by year 2, with EPS accretion in year 1 and ROIC exceeding cost of capital by year 3. The combined entity will maintain a strong North American presence (75% of revenue) while leveraging Aebi Schmidt's European footprint. Barend Fruithof will serve as CEO, with James Sharman as Chairman. The transaction is expected to close by mid-2025, subject to regulatory and shareholder approvals.
The Shyft Group has begun shipping its first Blue Arc™ Class 4 EV trucks to multiple customers, including a leading parcel delivery customer. This milestone marks the transition to regular production of electrified fleet solutions. The vehicle, developed over three years through customer collaboration and rigorous testing, features the company's Work-Driven Design® process.
The commercial-grade truck includes ergonomic seating, noise-reducing cab, advanced safety systems, and configurable cargo spaces ranging from 600 to 1,000 cubic feet. Key features include automatic electronic parking brakes and keyless entry with auto-lock capabilities.
The Shyft Group announced that CFO Jon Douyard has resigned to pursue opportunities outside the industry, effective December 31, 2024. During his nearly five-year tenure, Douyard strengthened the company's financial discipline and balance sheet while driving growth through organic and inorganic investments. CEO John Dunn expressed gratitude for Douyard's leadership and contributions. The Board of Directors has initiated a comprehensive search for a new CFO, considering both internal and external candidates, with support from an executive search firm.
The Shyft Group (NASDAQ: SHYF), a North American leader in specialty vehicle manufacturing, assembly, and upfit, has declared a quarterly cash dividend of $0.05 per share of common stock. The dividend will be paid on December 16, 2024, to shareholders of record at the close of business on November 15, 2024.
FAQ
What is the current stock price of Shyft Group (SHYF)?
What is the market cap of Shyft Group (SHYF)?
What does The Shyft Group, Inc. do?
What products does The Shyft Group offer?
What is Blue Arc™ EV Solutions?
Who are Shyft's primary customers?
Where is The Shyft Group located?
How many employees does The Shyft Group have?
What financial highlights did The Shyft Group report for 2023?
What are some of Shyft's key brands?
What recent achievements has Shyft accomplished?
What is The Shyft Group's outlook for 2024?
