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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, is hosting a virtual event for Manufacturing Day on Sept. 29, 2020, to educate students about careers in manufacturing. This year marks the fourth consecutive year Shyft has participated in this initiative, aiming to reach more students through a digital format. The event will feature insights from various Shyft employees, showcasing opportunities within the company. Previously, Shyft engaged local students across several states through in-person events at its facilities.
Utilimaster, part of The Shyft Group (NASDAQ: SHYF), showcased innovative parcel delivery vehicles at the 2020 Contractor Expo in Nashville, held from Sept. 18-19. This event marked a return to in-person exhibitions amid the COVID-19 pandemic, focusing on vehicle efficiency for parcel contractors. The company presented a range of vehicles, enhancing productivity and safety for delivery operations. Attendees engaged with the sales team, while new insights from the expo are expected to inform future vehicle innovations.
Utilimaster, part of The Shyft Group (NASDAQ: SHYF), is hosting a remote job fair on September 16 from 10 a.m. to 6 p.m. at The Roosevelt Center in Elkhart, Indiana, to meet rising production demands for fleet vehicles. The company seeks to recruit for general assembly positions with competitive wages starting at $15.50 per hour for day shifts and $17.25 for night shifts. Benefits include daily transportation, medical coverage, and tuition reimbursement. This initiative highlights the growing need for delivery vehicles amid a surge in e-commerce.
The Shyft Group (NASDAQ: SHYF) is expanding its operations by opening a new 35,000-square-foot manufacturing facility in Jupiter, Florida, primarily for Strobes-R-Us specialty vehicle fleet upfits and retail sales. This expansion will elevate the company’s Florida manufacturing capacity to over 50,000 square feet. The new facility aims to support the increasing demand for upfit solutions in last-mile delivery and specialty service fleets, creating 40 skilled trades positions. The Shyft Group reported $757 million in sales from continuing operations in 2019.
The Shyft Group (NASDAQ: SHYF) will host a virtual webinar titled 'Unlocking Your Perfect Delivery Vehicle' on August 28, 2020, focusing on parcel delivery contractors. This event will provide insights into four key Utilimaster vehicle platforms designed for the growing last-mile delivery market. Participants will learn about vehicle capabilities and have the opportunity to engage in a Q&A session. The company's president highlighted the demand surge for parcel delivery and its ability to support this sector through its extensive product portfolio and production capacity.
The Shyft Group (NASDAQ: SHYF) is highlighting key fleet and work truck offerings at the General Motors Virtual Solutions Summit starting August 25. Notably, the launch of Royal Truck Body's Severe Duty service body features durable construction aimed at enhancing performance for contractors. Additionally, Utilimaster showcases its versatile Utilivan targeted at the growing parcel delivery market. Following its rebranding from Spartan Motors, the company emphasizes its commitment to specialty vehicle markets, reporting $757 million in sales for 2019.
The Shyft Group (NASDAQ: SHYF) has announced the production of its first electric vehicles (EVs) for parcel delivery customers. This marks a significant step for its Utilimaster brand, which will use a new flexible body assembly line to manufacture these EV walk-in vans. The vehicles will undergo testing for route performance and customer feedback will be utilized to enhance their features. Production is slated for 2021, aiming for a capacity of up to 5,000 units per year. These EVs will provide a range of up to 150 miles, contributing to Shyft's expansion in the electric delivery vehicle market.
The Shyft Group, Inc. (NASDAQ: SHYF) announced a change in its dividend payment frequency from semi-annual to quarterly. A quarterly cash dividend of $0.025 per share has been declared, payable on September 18, 2020, to shareholders on record by August 18, 2020. This move reflects the company's strong capital position and commitment to enhancing shareholder value. This marks the first quarterly dividend in the company's history, aiming to provide more consistent cash returns to investors.
The Shyft Group (NASDAQ: SHYF) reported second quarter 2020 results, revealing a 31% decline in sales to $124.0 million due to COVID-19-related production challenges. Gross profit margin improved to 19.4%, while income from continuing operations dropped to ($1.1 million) or ($0.03 per share). Adjusted EBITDA was $9.4 million, slightly down from the previous year. However, backlog increased 22.2% to $337.5 million, indicating strong future demand. The company expects third quarter revenues between $180 million and $200 million.
Utilimaster, a brand of The Shyft Group (NASDAQ: SHYF), is hosting its third drive-thru job fair on August 5 from 10 a.m. to 6 p.m. in Bristol, Indiana, to fill positions due to rising demand for specialty delivery vehicles. Applicants will be interviewed in car-side and open-air formats to ensure social distancing. Competitive wages start at $15.50 for day shifts and $17.25 for night shifts, with comprehensive benefits available from the first day. The fair is part of an effort to meet the increasing needs of delivery services.
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