The Shyft Group, Inc. - SHYF STOCK NEWS

The Shyft Group, Inc. (NASDAQ: SHYF) reported positive Q1 2023 results, achieving sales of $243 million, an 18% increase compared to the previous year, along with a turnaround to net income of $1.7 million versus a net loss of $3.9 million last year. Adjusted EBITDA rose to $10.8 million, representing 4.4% of sales. The company also invested $15 million in share repurchases, capital expenditures, and dividends. However, its consolidated backlog has decreased by 47.6% year-over-year, now totaling $667.4 million. Shyft remains optimistic, reaffirming its 2023 sales outlook of $1.0 billion to $1.2 billion with expected adjusted EBITDA of $70 million to $100 million.

The Shyft Group, a leader in specialty vehicle manufacturing, will announce its Q1 2023 results on April 27, 2023, before market opening. The announcement will be followed by a conference call and webcast at 10 a.m. ET to discuss the financial outcomes. The company operates major brands, including Blue Arc EV Solutions and Utilimaster, and reported sales of $1 billion in 2022. With approximately 4,200 employees across various locations, Shyft serves delivery companies and government entities in North America.

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.