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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 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.
The Shyft Group, a leader in specialty vehicle manufacturing, will participate in the Raymond James 43rd Annual Institutional Investors Conference in Orlando, Florida on March 7, 2022. CEO Daryl Adams and CFO Jon Douyard will hold a group presentation from 11:35 am – 12:05 pm ET, followed by one-on-one meetings with institutional investors. The investor presentation will be available on the company's website. In 2021, The Shyft Group reported sales of $992 million and operates across multiple states and Mexico, employing approximately 3,800 individuals.
The Shyft Group reported a record full-year EPS of $1.91 and adjusted EPS of $2.08 on sales of $992 million for 2021, reflecting a 46.7% increase from the previous year. Operating income rose to $70 million, aided by a favorable tax rate. However, gross margins decreased to 20.1% due to rising material and labor costs. The backlog surged to $963.6 million, up 101.3% year-over-year. Looking ahead, the company anticipates revenue between $1.05 billion and $1.25 billion for 2022, yet cautions about ongoing supply chain challenges.
The Shyft Group, Inc. (NASDAQ: SHYF) announced a new share repurchase program, authorizing up to $250 million of its common stock. This decision follows the completion of a previous program where approximately 409,000 shares were bought back for $18.9 million in January 2022. CEO Daryl Adams stated that this initiative reflects the Board's positive long-term outlook and commitment to returning value to shareholders. Repurchases will depend on various market conditions; however, there is no obligation to buy back a specific number of shares.
The Shyft Group, Inc. (NASDAQ: SHYF) announced it will release its fourth quarter and full year 2021 financial results on February 24, 2022. A conference call and webcast for analysts and investors is scheduled for the same day at 10 a.m. ET, providing insights into the company's performance. The Shyft Group is a leader in specialty vehicle manufacturing, particularly for ecommerce-driven parcel delivery and other commercial markets. They reported sales of $676 million in 2020.
The Shyft Group (NASDAQ: SHYF) will unveil its new electric delivery vehicle on a proprietary Class 3 EV chassis at the NTEA Work Truck Week trade show in Indianapolis from March 8-10, 2022. CEO Daryl Adams highlights the company's decision to create its own chassis due to a lack of viable options in the market. Prototypes for customer testing will be available in the second half of 2022, with production expected to start by mid-2023. The vehicle features customizable design and battery options, targeting the rising demand for last-mile delivery solutions.
The Shyft Group (NASDAQ: SHYF) has announced a 100% increase in its quarterly dividend, raising it from $0.025 to $0.05 per share. This change reflects the Board of Directors' confidence in the Company’s financial strength and market outlook. The dividend is payable on or before March 17, 2022, to shareholders of record by February 17, 2022. This initiative demonstrates the Company's commitment to returning capital to its shareholders while enhancing their income.
The Shyft Group (NASDAQ: SHYF) announces that Board member Michael Dinkins was recognized as one of Savoy magazine's 2021 Most Influential Black Corporate Directors. Dinkins has served on the board since December 2020 and chairs the Audit Committee, bringing nearly 30 years of financial leadership experience. He is currently the CEO of Dinkins Financial. Chair James Sharman applauded Dinkins for his financial acumen and leadership. The Shyft Group reported $676 million in sales from continuing operations in 2020 and operates across multiple U.S. states and Mexico.
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