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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) 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.
The Shyft Group has announced strategic partnerships with Allegiance Trucks and Ascendance Trucks to establish dealer sales and service for their Blue Arc™ Class 4 all-electric truck in the Northeast region. The partnerships leverage Allegiance and Ascendance's network of 75 locations across 16 states, offering advanced truck sales, flexible leasing, and comprehensive service support.
The Blue Arc Class 4 EV truck features configurable cargo spaces of 600 to 1,000 cubic feet, ergonomic seating, noise-reducing cab, and advanced safety systems including automatic electronic parking brake and keyless entry with auto-lock capabilities.
The Shyft Group (NASDAQ: SHYF) reported Q3 2024 results with sales of $194.1 million, down 3.6% year-over-year. The company achieved net income of $3.1 million ($0.09 per share) and adjusted EBITDA of $14.3 million, representing 7.4% of sales. Gross margin expanded to 20.4%, up 210 basis points year-over-year. The company maintained its full-year 2024 adjusted EBITDA outlook of $45-50 million and expects sales of approximately $800 million. Notable developments include Blue Arc Class 4 vehicle entering production with first deliveries expected in Q4, and consolidated backlog of $345.4 million, down 25.6% year-over-year.
The Shyft Group (NASDAQ: SHYF), a leading North American specialty vehicle manufacturer, has announced its upcoming third quarter 2024 financial results conference call. The company will release its financial results before the market opens on Thursday, October 24, 2024. A conference call and webcast are scheduled to begin at 8:30 A.M. Eastern Time on the same day.
Investors and interested parties can access the presentation, supporting materials, and replay through the company's investor relations website. For those wishing to join the conference call, dial-in numbers have been provided: 1-844-868-8845 (Domestic) or 1-412-317-6591 (International).
The Shyft Group (NASDAQ: SHYF) has released its 2024 Sustainability Report, showcasing significant progress in environmental stewardship, social impact, and governance. Key highlights include:
- A 15% reduction in Scope 2 GHG emissions year-over-year
- An order of 150 Blue Arc™ EV Trucks from FedEx
- A 40% decrease in Total Recordable Incident Rate and 75% reduction in Lost Time Case Incident Rate
- Completion of the company's first physical climate risk assessment
- A commitment to donate $100,000 to non-profit organizations through the Shyft For Good program
The report demonstrates Shyft's dedication to sustainable growth and creating long-term value for stakeholders, employees, and communities.
The Shyft Group (NASDAQ: SHYF), a leader in specialty vehicle manufacturing, announced its participation in the D.A. Davidson 23rd Annual Diversified Industrials & Services Conference. The event is scheduled for Thursday, September 19, 2024, in Nashville, Tennessee.
As North America's top player in specialty vehicle manufacturing, assembly, and upfit for commercial, retail, and service markets, Shyft's management team will be hosting investors at this prestigious conference. This event provides an opportunity for investors to engage with Shyft's leadership and gain insights into the company's operations and future strategies.
The Shyft Group (NASDAQ: SHYF) has announced that its Blue Arc™ Class 4 EV truck has received Zero-Emission Powertrain Certification (ZEPCert) and a Heavy-Duty Greenhouse Gas (GHG) Enhanced Electric Executive Order from the California Air Resources Board (CARB). These certifications allow Blue Arc trucks to be sold across all 50 states, providing nationwide access to advanced commercial-grade EV solutions.
Additionally, the Blue Arc EV truck is now eligible for the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP), offering substantial financial incentives for customers. This program, along with other state and federal incentives, can result in significant cost savings and faster ROI for fleet operators transitioning to electric vehicles.
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