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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, will announce its Q2 2021 results on August 5, 2021, before market opening. A conference call and webcast are scheduled for the same day at 10 a.m. EDT to discuss the financial outcomes with analysts and investors. The company reported $676 million in sales from continuing operations for 2020, serving various markets including last-mile delivery and government entities. Shyft operates across multiple states and has a significant employee base of approximately 2,900.
The Shyft Group, a leader in specialty vehicle manufacturing, has partnered with TiiCKER to launch a dedicated retail investor site at www.tiicker.com/SHYF. This initiative aims to engage and reward retail shareholders with exclusive perks, including branded apparel and gift cards. CEO Daryl Adams emphasized the importance of showing appreciation for retail investors, while TiiCKER founder Jeff Lambert highlighted the growing trend of retail investor engagement, which surged 49% in 2020 to $13.3 trillion in assets.
The Shyft Group (NASDAQ: SHYF) announced plans for an all-electric Class 3 chassis platform aimed at various medium-duty truck markets, including delivery fleets and recreational vehicles. This EV-powered chassis, developed by Shyft Innovations™, features customizable configurations and will aid customers in meeting green mandates. Prototypes are set for testing in early 2022, with production starting mid-2023. Shyft leverages nearly a decade of EV experience and has a broad manufacturing footprint across the U.S. and Mexico, supporting diverse vehicle needs.
The Shyft Group (NASDAQ: SHYF) will host a virtual Analyst and Investor Conference on June 8, 2021, starting at 10:00 a.m. ET. During this event, senior management will present an overview of the company's business model, long-term growth strategies, and financial targets. The conference aims to provide insights into Shyft's specialty vehicle brands, targeting commercial, fleet, and recreational vehicle markets. The company's 2020 sales reached $676 million, showcasing its leading position in specialty vehicle manufacturing and assembly.
The Shyft Group (NASDAQ: SHYF) appointed Joshua Sherbin as its new Chief Legal Officer and Chief Compliance Officer effective May 17, 2021. Sherbin brings over 20 years of experience, having served at Trimas Corporation and Valeo. CEO Daryl Adams emphasized Sherbin’s expertise in law and compliance as a significant addition to their leadership team, aiming to enhance the company’s strategic growth and shareholder value. He succeeds Ryan Roney, who previously held the position.
The Shyft Group, Inc. (NASDAQ: SHYF), a leader in specialty vehicle manufacturing, has declared a $0.025 cash dividend per share of common stock. This dividend will be payable on or before June 18, 2021, to shareholders of record by May 18, 2021. Daryl Adams, the CEO, emphasized the Board's commitment to returning cash to shareholders while continuing to reinvest in the business for growth. The company, which reported $676 million in sales from continuing operations for 2020, has maintained a dividend practice since 1993.
The Shyft Group reported a strong first quarter of 2021 with sales of $197.9 million, an 11.8% increase from the previous year. Income from continuing operations reached $11.5 million, or $0.32 per share, despite a prior-year tax gain impacting comparisons. Adjusted EBITDA rose to $19.2 million, representing 9.7% of sales. The record backlog of $666.5 million reflects strong demand across business units. The company reaffirmed its full-year guidance, targeting revenue between $850 million and $900 million.
The Shyft Group, Inc. (NASDAQ: SHYF), a leader in specialty vehicle manufacturing, will announce its first quarter 2021 results on May 6, 2021, before the market opens. A conference call and webcast will be held at 10 a.m. EDT to discuss the financial results. The webcast is available at the company’s investor relations site. Shyft reported sales of $676 million in 2020 and serves various sectors including e-commerce, government, and utility industries.
DuraMag, a brand of The Shyft Group (NASDAQ: SHYF), will manufacture vocational body upfits for ev Transportation Services' FireFly electric vehicles. This initiative underscores Shyft's commitment to expanding its electric vehicle (EV) offerings in response to market demands for eco-friendly transport solutions. DuraMag will produce lightweight utility vehicle bodies at its Waterville, Maine facility, catering to service sectors like sanitation and parcel delivery. The collaboration aims to meet growing demand for zero-emission vehicles in essential services and urban e-mobility.
The Shyft Group (NASDAQ: SHYF) announced a special $500 bonus for its employees in recognition of their commitment during a challenging year. This bonus is available to all full- and part-time associates employed in 2020 at U.S. locations. President and CEO Daryl Adams highlighted the team's dedication, citing significant growth as a result. Additionally, the company is expanding its workforce through various hiring initiatives across its campuses. Shyft reported sales of $676 million in 2020 and is recognized as a leader in specialty vehicle manufacturing.
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