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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 that its Blue Arc EV Solutions has achieved compliance with the emission standards set by the California Air Resources Board (CARB) for Class 3, 4, and 5 electric delivery vehicles. The vehicles provide a city driving range of 225 miles, surpassing customer expectations in the commercial market. This compliance allows Shyft to start production of Blue Arc EVs by the end of 2023 and sell them across all 50 states. Furthermore, customers may qualify for incentives under zero-emission truck regulations in certain states. Shyft also announced a $16 million investment in its Michigan facility for EV production.
The Shyft Group (NASDAQ: SHYF) announced the closure of its Montebello, California facility following tornado damage on March 22, 2023. Fortunately, no injuries to employees were reported. This 40,000-square-foot facility, which manufactures truck bodies, will remain closed for the foreseeable future. The company is collaborating with customers, suppliers, and its insurance carrier to manage the situation and ensure minimal business disruption. Importantly, there is no expected material financial impact on the company’s 2023 results due to this incident.
The Shyft Group (NASDAQ: SHYF) has appointed Pamela Kermisch as a new member of its Board of Directors, effective March 20, 2023. Kermisch, previously the Chief Customer Growth Officer at Polaris, brings extensive experience in brand strategy, dealer marketing, and digital transformation. Her appointment is expected to enhance Shyft's market strategy, especially as the company expands into electric vehicles for commercial fleets. Kermisch's background includes significant roles at General Mills, focusing on integrated marketing and customer relations.
The Shyft Group (NASDAQ: SHYF) has announced a new service body operation in Lebanon, Tennessee, aimed at better serving the Southeastern U.S. market. This 70,000-square-foot facility will focus on sales and upfitting services for their brands, including Royal Truck Body and DuraMag. The new Royal XP Service Body will feature a proprietary high-endurance coating to enhance durability and corrosion resistance, validated through rigorous testing. The facility aims to streamline operations and boost sales growth by combining multiple service body brands in a rapidly growing economic region, which reaches 50% of the U.S. population within a 650-mile radius.
The Shyft Group (NASDAQ: SHYF), a leader in specialty vehicle manufacturing, will participate in the 35th Annual Roth Conference in Dana Point, California on March 13-14, 2023. Daryl Adams, CEO, and Jon Douyard, CFO, will engage in one-on-one meetings with institutional investors and host a fireside chat. The chat is scheduled for March 14, 2023, at 8:30 am Pacific Time and will be webcasted.
With a reported sales figure of $1.0 billion in 2022, The Shyft Group focuses on commercial, retail, and service specialty vehicle markets. The company operates across multiple U.S. states and has a workforce of approximately 4,200 employees.
The Shyft Group (NASDAQ: SHYF) has launched the all-electric Blue Arc Class 5 Crew Cab at NTEA’s Work Truck Week 2023. The innovative truck is designed for various applications, including construction and landscaping, featuring a spacious cab for crew comfort and a modular chassis for different body types. Equipped with lithium-ion battery packs, a 200+ mile range, and fast charging capabilities, it aims to enhance efficiency in commercial electric vehicles. The truck's advanced safety technologies include 360° cameras and tire pressure monitoring. Additionally, Shyft plans to offer strip and cowl chassis for electrifying buses and other vehicles.
The Shyft Group, Inc. (NASDAQ: SHYF) announced it has received EPA certification for its Blue Arc™ EV Solutions Class 3, 4, and 5 electric delivery vehicles. The Class 3 vehicle boasts a range of up to 200 miles on a single charge, facilitated by a 165kWh battery pack, making it suitable for last-mile delivery routes. Additionally, it achieved a 45 MPGe combined rating. Shyft plans to begin production at its Michigan facility following a $16 million investment. The initial pre-order for 2,000 units was also confirmed by Randy Marion Dealer Group, indicating strong market interest in their electric fleet.
The Shyft Group, a leader in specialty vehicle manufacturing, announced that Daryl Adams, President and CEO, along with Jon Douyard, CFO, will present at the Raymond James 44th Annual Institutional Investors Conference on March 6, 2023. Their presentation will include a fireside chat at 9:15 A.M. ET, followed by one-on-one meetings with investors throughout the day. The chat will be webcast live on the Shyft Group Investor Relations website. The company serves a wide range of sectors, boasting a workforce of approximately 4,200 and reporting sales of $1.0 billion in 2022.
The Shyft Group (NASDAQ: SHYF) is showcasing its leadership in the commercial vehicle sector at Work Truck Week (WTW) 2023 in Indianapolis from March 7-10. The company is set to debut a new all-electric product from Blue Arc EV Solutions, highlighting its commitment to innovation and sustainability. With a diverse portfolio of nine brands, Shyft aims to demonstrate its cross-brand synergies, emphasizing quality and responsive customer service. The company reported sales of $1.0 billion in 2022 and employs approximately 4,200 staff across various U.S. states and Mexico, serving multiple sectors, including delivery and government markets.
The Shyft Group (NASDAQ: SHYF) reported Q4 2022 sales of $302 million, a 9% increase from Q4 2021, and full-year sales of $1.0 billion, marking a 3.6% growth year-over-year. Adjusted EBITDA for Q4 was $30.7 million, up from $26.6 million, while full-year adjusted EBITDA fell to $70.8 million from $108.1 million. The company faces a decrease in consolidated backlog, down 13.6% to $832.7 million. For 2023, Shyft projects sales between $1.0 to $1.2 billion and adjusted EBITDA of $70 to $100 million, with vehicle production for its Blue Arc Electric Vehicle line on track for the second half of the year.
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