Welcome to our dedicated page for The Shyft Group news (Ticker: SHYF), a resource for investors and traders seeking the latest updates and insights on The Shyft Group stock.
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.
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.
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.
FAQ
What is the current stock price of The Shyft Group (SHYF)?
What is the market cap of The Shyft Group (SHYF)?
What does The Shyft Group, Inc. do?
What products does The Shyft Group offer?
What is Blue Arc™ EV Solutions?
Who are Shyft's primary customers?
Where is The Shyft Group located?
How many employees does The Shyft Group have?
What financial highlights did The Shyft Group report for 2023?
What are some of Shyft's key brands?
What recent achievements has Shyft accomplished?
What is The Shyft Group's outlook for 2024?
