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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), a leader in specialty vehicle manufacturing, announced that CEO Daryl Adams and CFO Jon Douyard will participate in the 19th Annual Craig-Hallum Institutional Investor Virtual Conference on June 1, 2022. The company will conduct one-on-one meetings with institutional investors to discuss its operations and potential. Shyft operates with a focus on niche markets, including commercial and recreational vehicles, reporting sales of $992 million in 2021 and employing around 3,800 people across multiple states.
Spartan RV Chassis, a brand under Shyft Group (NASDAQ: SHYF), has unveiled its new Premier Drive™ system at the Entegra Coach Diesel Owners' Homecoming event in Goshen, Ind. Designed for Class A luxury motorcoaches, this system features an Independent Front Suspension (IFS) aimed at enhancing ride quality, agility, and driver control. The chassis boasts advanced technologies, including air disc brakes and a robust frame structure. The event runs from May 17-20, 2022, where attendees can explore the new offerings.
Daryl Adams, President and CEO of The Shyft Group, was recognized as a 2022 Notable Leader in EV by Crain’s Detroit Business. This accolade reflects his contributions to the electric vehicle sector, particularly through the launch of Blue Arc™ EV Solutions, which aims to enhance last-mile delivery efficiency with innovative electric vehicles. Key offerings include an all-electric Class 3 delivery van and the customizable Power Cube™ charging station. Vehicle prototypes are set for testing shortly, with production expected in late 2023.
Blue Arc™ EV Solutions, a brand of The Shyft Group (NASDAQ: SHYF), will showcase its commercial-grade EV ecosystem at the 11th annual Advanced Clean Transportation (ACT) Expo in Long Beach, California from May 9-12, 2022. Key highlights include a first-of-its-kind EV chassis and a fully electric Class 3 delivery van. The show will also feature the Power Cube™, a customizable, portable charging station. Blue Arc aims to leverage Shyft's expertise in last-mile delivery solutions, with prototypes expected for route testing soon, starting production mid-2023.
The Shyft Group (NASDAQ: SHYF) has announced a quarterly cash dividend of $0.05 per share, payable on or before June 17, 2022, to shareholders of record as of May 17, 2022. Daryl Adams, President and CEO, emphasized the Board's confidence in the company's long-term outlook, reinforcing their commitment to returning cash to shareholders. The company, a leader in specialty vehicle manufacturing, reported sales of $992 million in 2021 and operates across several states and Mexico with approximately 3,800 employees.
Shyft Group reported Q1 2022 sales of $207 million, a 4.5% increase from Q1 2021. However, the company faced a loss from continuing operations of ($3.9 million) or ($0.11 per share), compared to a profit of $11.5 million or $0.32 per share last year. Adjusted EBITDA plunged to (0.3%) of sales, down $19.8 million. A notable highlight is the record backlog of $1.3 billion, marking a 91% annual increase. The company launched its Blue Arc EV Solutions brand and plans to navigate ongoing supply chain challenges.
The Shyft Group, Inc. (NASDAQ: SHYF) will announce its Q1 2022 results on April 28, 2022, prior to market opening. A conference call and webcast will follow at 10 a.m. ET to discuss the financial results with analysts and institutional investors. The Shyft Group is a leader in specialty vehicle manufacturing, catering to the commercial, retail, and service sectors. It employs approximately 3,800 employees across multiple states and reported sales of $992 million in 2021.
The Shyft Group appointed Carl Esposito to its Board of Directors effective March 14, 2022, enhancing its leadership amid its focus on the electric vehicle market. Esposito brings over 30 years of experience from notable roles at Lear Corporation and Honeywell, where he led strategic product innovation. His appointment comes as Ronald Harbour, a board member since 2009, retires at the upcoming annual meeting in May 2022. This change is expected to further Shyft's commitment to R&D and electrification strategies aimed at value creation for shareholders.
The Shyft Group, a leader in specialty vehicle manufacturing, announced its participation in the 34th Annual ROTH Conference in Dana Point, California on March 14-15, 2022. CEO Daryl Adams and CFO Jon Douyard will attend, engaging in one-on-one meetings with institutional investors. The Shyft Group specializes in commercial and fleet vehicle manufacturing, reporting $992 million in sales for 2021. The company is known for its quality and innovation in various vehicle markets.
The Shyft Group (NASDAQ: SHYF) has launched Blue Arc™ EV Solutions, featuring a commercial-grade all-electric delivery van, an EV chassis, and the Power Cube™ charging station. This initiative addresses last-mile delivery needs and integrates sustainable solutions. Randy Marion Dealer Group has been secured as the first dealer to offer Blue Arc's vehicles. Production is set to begin mid-2023 in the southeastern U.S. Shyft aims to leverage its extensive manufacturing infrastructure to meet growing EV demands in the commercial sector.
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