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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) announced the appointment of Terri Pizzuto and Mark Rourke to its Board of Directors, effective January 4, 2021. Pizzuto, with nearly 40 years in finance, previously served as CFO of Hub Group, while Rourke is the current CEO of Schneider National (NYSE: SNDR). Their expertise in transportation and logistics is expected to drive growth and enhance shareholder value. The company reported sales of $757 million in 2019 and aims to leverage the new board members' insights for strategic innovations in specialty vehicle manufacturing.
Spartan RV Chassis, a division of The Shyft Group (NASDAQ: SHYF), has launched the Spartan RV Dealer Connect™ app, enhancing access for Class A diesel RV salespeople to essential chassis information. The app offers features like chassis specifications, training courses, and a Spartan Rewards system. Additionally, the existing Connected Care™ app was updated to improve user experience for RV owners, now including a maintenance schedule and service center locator. The efforts aim to support dealers and customers, facilitating better service during the ongoing pandemic.
The Shyft Group (NASDAQ: SHYF) has appointed Michael Dinkins to its Board of Directors, effective December 1, 2020. Dinkins brings nearly 30 years of executive financial experience, previously serving as CEO and CFO for several publicly traded companies. He currently leads Dinkins Financial, aiding private equity firms in acquisitions. Chairman James Sharman welcomed Dinkins, highlighting his financial expertise as a valuable asset for the company's growth strategy. The Board now includes other notable directors and reflects a commitment to enhance shareholder value.
Strobes-R-Us, part of The Shyft Group (NASDAQ: SHYF), is hosting a fleet seminar at its new West Palm Beach facility on Nov. 16, 2020. The event aims to educate attendees on fleet management best practices and showcase new upfit innovations. Participants will have the chance to view a service body upfit from DuraMag, Shyft's recent acquisition. This seminar comes alongside the launch of Strobes-R-Us' redesigned e-commerce website, enhancing service and product accessibility. The move signifies Strobes-R-Us' ongoing commitment to growth in the specialty vehicle market.
The Shyft Group, Inc. (NASDAQ: SHYF) has declared a cash dividend of $0.025 per share of common stock, payable on or before December 18, 2020. Shareholders on record by the close of business on November 18, 2020 will receive this dividend. President and CEO Daryl Adams emphasized the Board's confidence in the company's strong financial status and commitment to returning cash to shareholders. The Shyft Group reported $757 million in sales from continuing operations in 2019, positioning it as a leader in specialty vehicle manufacturing.
The Shyft Group (NASDAQ: SHYF) reported third quarter 2020 results, revealing sales of $203.5 million, a 9.4% decline from $224.7 million in Q3 2019. Gross profit margin improved to 24.9%, up 800 basis points, while income from continuing operations rose to $19.4 million, or $0.54 per share. Adjusted EBITDA increased by 46% to $32.6 million, and adjusted net income was $22.1 million, a 39.7% rise. The company reinstated its 2020 guidance, forecasting revenue between $660 million and $680 million. Consolidated backlog reached $280.6 million, reflecting strong demand for parcel delivery vehicles.
The Shyft Group has launched the Velocity F2, a new Class 2 walk-in van designed to meet the rising demand for e-commerce and delivery services. Built on a Ford Transit chassis with a sub-10,000 lb. GVWR, it offers improved fuel efficiency and cargo capacity comparable to traditional delivery vans. The vehicle is production-ready, with orders now being accepted. Key benefits include lower total cost of ownership, no need for a commercial driver's license, and compliance ease with DOT regulations. This move aims to support growing delivery fleet requirements across the industry.
Utilimaster, part of The Shyft Group (NASDAQ: SHYF), is responding to the rising demand for home delivery vehicles. The company offers a diversified range of last-mile delivery vehicles, including walk-in vans and cargo van upfits, designed for various chassis and classes. With over 40 years of experience, Utilimaster focuses on customized solutions that enhance safety and efficiency. Their latest product line is primed for the booming e-commerce and home delivery sectors, featuring innovations that address cost, fuel efficiency, and cargo capacity needs.
The Shyft Group, a leader in specialty vehicle manufacturing, will announce its Q3 2020 results on November 5, 2020, before market opening. A conference call at 10 a.m. EST will follow, allowing analysts and investors to discuss the results. This event is significant for stakeholders as it may impact stock performance and provide insights into the company's financial health. The Shyft Group reported $757 million in sales from continuing operations in 2019, serving various sectors including delivery and utility services.
The Shyft Group (NASDAQ: SHYF) has acquired F3 MFG Inc., a prominent aluminum truck body and accessory manufacturer, adding the DuraMag and Magnum brands to its offerings. This acquisition follows Shyft's recent purchase of Royal Truck Body, positioning Shyft as a national service body manufacturer. F3's sales grew at a 74% CAGR from 2015 to 2019, reaching $25 million in 2019. The deal was funded with cash and is expected to contribute positively to Shyft's earnings in 2021.
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