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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.
Spartan RV Chassis, a brand of The Shyft Group (NASDAQ: SHYF), will showcase its new Red Diamond™ Leveling System at the 2022 Florida RV SuperShow. This innovative system offers quick and easy leveling for RVs without jacks, targeting Class A Coaches from 2000 and newer. Key features include one-touch automatic leveling, manual control, adjustable entry height, and chassis twist protection. The user-friendly touchscreen interface enhances functionality for RV owners. This launch aims to meet growing demands for efficient leveling solutions among RV enthusiasts.
Utilimaster, part of The Shyft Group (NASDAQ: SHYF), has partnered with Ford Pro to produce two pilot vehicles using the all-electric Ford E-Transit chassis for customer testing. The vehicles, equipped with Utilimaster's engineered Velocity® body, are designed for the delivery market's increasing demand for electric fleet options. Chad Heminover, President of Shyft Fleet Vehicles and Services, stated the company aims to provide innovative solutions for electric fleet vehicles. The pilot program vehicles will be operational through 2023.
The Shyft Group, Inc. (NASDAQ: SHYF) has declared a cash dividend of $0.025 per share, payable on or before December 16, 2021. Shareholders on record by the end of business on November 16, 2021 will receive this dividend. President and CEO Daryl Adams emphasized the Board's commitment to returning cash to shareholders, continuing a tradition of dividends since 1993. The company reported sales of $676 million from continuing operations in 2020, highlighting its position as North America's leader in specialty vehicle manufacturing.
The Shyft Group, a leader in specialty vehicle manufacturing, reported strong third-quarter results for 2021, with sales reaching $272.6 million, an increase of 34% year-over-year. Gross profit margin fell to 20.6% due to higher material and labor costs. Income from continuing operations was $21 million, or $0.58 per share, alongside an adjusted EBITDA of $33.7 million. A record backlog of $852.6 million reflects robust demand, including a significant USPS order. The company has raised its full-year guidance, anticipating revenue between $930 million to $970 million.
Utilimaster has secured a $53 million contract from the United States Postal Service for 447 truck bodies to enhance bulk mail delivery. This award follows a $214 million contract completed in 2019 for over 2,000 vehicles. The new order will be manufactured between the second quarter of 2022 and 2023 and will feature vehicles on cab-over and cab-behind chassis. Utilimaster, part of The Shyft Group (NASDAQ: SHYF), is recognized for its quality and custom solutions in the specialty vehicle market.
The Shyft Group, Inc. (NASDAQ: SHYF) will announce its third quarter 2021 results before market opening on November 4, 2021. A conference call and webcast will follow at 10 a.m. EDT to discuss these results with analysts and institutional investors. The call will be archived for later access. The Shyft Group is a leader in specialty vehicle manufacturing, catering to ecommerce delivery and various commercial markets, reporting sales of $676 million in 2020.
Utilimaster will present three specialized utility vehicles at The Utility Expo from September 28-30, 2021 in Louisville, Kentucky. These vehicles include the Aeromaster walk-in van, Ford Transit Cargo Van, and Ford F-150 Pickup Truck, each tailored for essential utility services in challenging conditions. The Aeromaster features an Onan Generator for underground utility work, while the Transit Cargo Van is designed for electric meter testing. The F-150 is aimed at general contractors, showcasing Utilimaster's commitment to customized vehicle solutions.
The Shyft Group, Inc. (NASDAQ: SHYF) announced the opening of a new 40,000-square-foot research and development facility in Plymouth, Michigan, on September 20, 2021. This center, part of Shyft Innovations, will focus on product development, design, and prototyping, with an emphasis on EV chassis technology. The facility supports the company's strategic initiative in electric mobility, reflecting its commitment to innovation in specialty vehicle manufacturing. The growth in Shyft's portfolio showcases the strength of its market position.
On August 31, 2021, The Shyft Group announced that its brand Utilimaster has received over 500 orders for refrigerated vehicles from grocery chains across North America, addressing the growing demand for home grocery delivery. These vehicles are designed for efficient delivery of fresh and frozen goods, catering to diverse customer needs in urban, suburban, and rural areas. The introduction of the Velocity™ vehicle, capable of carrying varied temperature-controlled goods, highlights Shyft's commitment to meeting market demands. The company will showcase its offerings at the Home Delivery World event in Philadelphia on September 1-2.
The Shyft Group, Inc. (NASDAQ: SHYF), a leader in specialty vehicle manufacturing, announced a quarterly cash dividend of $0.025 per share. This dividend will be payable on or before September 15, 2021, to shareholders recorded by August 18, 2021. Daryl Adams, the President and CEO, expressed the Board's commitment to returning cash to shareholders and highlighted the confidence in the company's strong financial performance. In 2020, the company reported sales from continuing operations of $676 million.
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