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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 leading North American specialty vehicle manufacturer, has announced a quarterly cash dividend of $0.05 per share of common stock. This dividend will be paid on September 16, 2024, to shareholders of record at the close of business on August 16, 2024. The Shyft Group specializes in manufacturing, assembly, and upfit for commercial, retail, and service specialty vehicle markets. This announcement demonstrates the company's commitment to providing regular returns to its shareholders.
The Shyft Group reported Q2 2024 results with sales of $192.8 million, down 14.4% year-over-year. Net income was $2.2 million or $0.06 per share, compared to $4.7 million or $0.13 per share in Q2 2023. Adjusted EBITDA was $12.5 million or 6.5% of sales, down from $15.9 million or 7.0% of sales last year.
Key highlights include:
- Received order for 150 Blue Arc EV Trucks from FedEx
- Acquired Independent Truck Upfitters (ITU) to accelerate Specialty Vehicles growth
- Updated 2024 outlook with adjusted EBITDA of $45-$50 million
- Consolidated backlog of $354.4 million, down 30.5% year-over-year
The company expects full-year 2024 sales of $800-$850 million and adjusted EPS of $0.35-$0.50.
The Shyft Group (NASDAQ: SHYF) has acquired Independent Truck Upfitters (ITU), a leading service body and work truck upfitter in the Midwest. This acquisition aligns with Shyft's Specialty Vehicles infrastructure growth strategy, enhancing its capabilities across its specialty vehicle product portfolio. ITU specializes in larger vehicles and complex service body upfitting, serving utility, construction, and fleet management companies with custom solutions.
The acquisition enables Shyft to enter new markets and capture a greater share of higher class-sized products. John Dunn, President and CEO of Shyft Group, expressed enthusiasm about the complementary nature of ITU's products and capabilities to their existing portfolio. Tim Craft, CEO of ITU, highlighted the alignment of Shyft's commitment to operational excellence and customer focus with ITU's values.
The Shyft Group (NASDAQ: SHYF), a leader in specialty vehicle manufacturing for e-commerce parcel delivery and other commercial markets, has announced its second quarter 2024 financial results conference call. The results will be released before market opening on Thursday, July 25, 2024, followed by a conference call and webcast at 8:30 A.M. Eastern Time.
Investors can access the presentation, supporting materials, and replay at www.theshyftgroup.com/investor-relations/webcasts. For those joining by phone, the dial-in numbers are 1-844-868-8845 (Domestic) or 1-412-317-6591 (International).
The Shyft Group (NASDAQ: SHYF), a leader in specialty vehicle manufacturing and assembly, announced its participation in two upcoming investor conferences in June 2024. Management will represent the company at the Stifel 2024 Cross Sector Insight Conference in Boston on June 4, 2024, and the Wells Fargo Industrials Conference in Chicago on June 11, 2024. These conferences will provide opportunities for analysts and investors to engage with the company's leadership and gain insights into Shyft's business strategies and market positioning.
The Shyft Group (NASDAQ: SHYF) has entered into an agreement with Amerit Fleet Solutions to offer 24/7 maintenance and support for Blue Arc™ EV trucks across the U.S. This partnership aims to facilitate a seamless transition to EV technology for last-mile customers, enhancing service with mobile and on-site support. Shyft will provide trained technicians, a dedicated in-house tech support team, and an efficient parts ordering system. The Blue Arc platform features a commercial-grade EV chassis, with support from Tier 1 suppliers like Akebono and Bosch. Shyft's Blue Arc trucks have secured an initial order of 150 units from FedEx.
The Shyft Group, Inc. (NASDAQ: SHYF) announced a quarterly cash dividend of $0.05 per share of common stock, payable on June 17, 2024. The Michigan-based company is a leader in specialty vehicle manufacturing, assembly, and upfit for commercial, retail, and service markets.
The Shyft Group, Inc. (NASDAQ: SHYF) announced a purchase order with FedEx for 150 Blue Arc™ EV Trucks to be integrated into the FedEx pickup and delivery fleet in the U.S. The vehicles have been tested in real-life conditions and are expected to be delivered starting late 2024. This partnership reflects a shared commitment to reducing carbon emissions and air pollution through the adoption of commercial-grade electric vehicles.
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