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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) reported its financial results for 2020, showing sales of $676 million, down 10.7% from 2019, due largely to the absence of a one-time USPS order. However, adjusted EBITDA increased by 19.2% to $76.3 million, reflecting improved operational efficiency. The company generated $65.8 million in cash from operations and reduced debt by $65 million. Looking ahead, 2021 guidance estimates revenue between $850 million and $900 million and earnings per share between $1.42 and $1.62. The backlog as of December 31, 2020, totalled $478.7 million, up 42.2% year-over-year.
The Shyft Group (Nasdaq: SHYF), a leader in specialty vehicle manufacturing, will showcase its latest products at the virtual Work Truck Week 21 from March 8-12, 2021. The event will feature innovations from Utilimaster, Royal Truck Body, and DuraMag. Notable products include the Velocity M3 parcel delivery vehicle and the new Trademaster service body. Shyft aims to connect with industry professionals, presenting its extensive portfolio to a growing market and redefining purpose-built vehicles across various classes and propulsion systems.
The Shyft Group (NASDAQ: SHYF) will announce its fourth quarter and full year results for 2020 on March 11, 2021, before market open. A conference call and webcast will follow at 10 a.m. EST to discuss the financial results with analysts and institutional investors. Shyft specializes in specialty vehicle manufacturing for ecommerce parcel delivery and commercial markets. In 2019, the Company reported $757 million in sales from continuing operations. It operates multiple facilities across the U.S. and employs around 3,000 associates.
The Shyft Group (SHYF) announced that Builtmore Contract Manufacturing will expand its production for Isuzu Commercial Truck. This includes the new 2022 F-Series cab-over chassis with the Cummins B6.7 diesel engine and a Class 5 gasoline-powered N-Series chassis. Production will start immediately at Shyft's Charlotte facility. The F-Series will offer two models—Class 6 FTR and Class 7 FVR—enhancing maneuverability and visibility for users. The Cummins B6.7 engine will provide up to 325 horsepower and improved torque compared to its predecessor, creating new opportunities for Isuzu dealers.
The Shyft Group, Inc. (NASDAQ: SHYF), a leader in specialty vehicle manufacturing, announced a quarterly cash dividend of $0.025 per share. This payment reflects the company's commitment to returning cash to shareholders and will be paid on or before March 25, 2021, to shareholders of record by the end of business on February 25, 2021. The Company’s strong dividend history dates back to 1993, demonstrating its dedication to shareholder value.
The Shyft Group (Nasdaq: SHYF) announced the opening of a new Shyft Upfit Center in Charlotte, Michigan. This center will provide full-service truck body mounting for its Royal Truck Body, DuraMag, and Magnum products, enhancing their offerings in specialty vehicle manufacturing for ecommerce-driven parcel delivery. The company continues to expand its operations after acquiring F3 MFG and Royal Truck Body, consolidating its position as a national service body manufacturer. Sales from continuing operations totaled $757 million in 2019.
On January 13, 2021, Spartan RV Chassis, a unit of The Shyft Group (NASDAQ: SHYF), announced its participation in two major RV shows in Florida and Arizona. The company will present its newly launched Dealer RV Chassis Connect™ app and the updated Connected Care™ mobile application, designed to assist RV owners with maintenance and service. Spartan RV Chassis has also expanded its Chassis Care Kits, which are customizable and aimed at enhancing owner convenience. The initiative aims to improve customer service and support in a digital environment.
The Shyft Group (Nasdaq: SHYF) is expanding its Charlotte, Michigan manufacturing campus to meet rising demand for its Velocity F2 walk-in van, set to begin deliveries in March 2021. The company plans to hire new manufacturing employees and is seeking state incentives for facility upgrades. With a history of over 40 years in Charlotte, Shyft emphasizes its commitment to the local workforce. The Velocity F2, introduced in October, is gaining traction in the e-commerce-driven delivery market. The company reported $757 million in sales from continuing operations in 2019.
The Shyft Group (NASDAQ: SHYF) announced over 3,000 orders for its new Velocity-F2 delivery vehicle, responding to increased demand in ecommerce. Production will begin in February 2021, with deliveries starting in March. The Velocity-F2 was designed for fuel efficiency and payload capacity, meeting last-mile delivery needs. The company has manufacturing facilities across the U.S. and Mexico, enhancing its market reach. This order reflects a strong current demand in the parcel delivery sector, as consumer interest in ecommerce continues to rise.
The Shyft Group (NASDAQ: SHYF) has donated $125,000 to the Eaton Community Health Collaborative, completing a $1 million pledge over a decade. This initiative aims to support community health in Charlotte, Michigan, where the company was founded. CEO Daryl Adams emphasized the importance of promoting health and wellness during challenging times. The Shyft Group, known for specialty vehicle manufacturing, divested its fire truck business and now focuses on e-commerce-driven delivery vehicles and other specialty markets.
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