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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, 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.
The Shyft Group (NASDAQ: SHYF) announced a $16 million investment to expand its engineering and manufacturing campus in Charlotte, Michigan, aimed at producing electric vehicles (EVs) under the Blue Arc™ EV Solutions brand. This expansion will increase production capacity to 3,000 EVs per year, supporting local employment and production initiatives. The company has already secured a pre-order for 2,000 Class 3, 4, and 5 all-electric delivery vehicles. The move is backed by local economic incentives and aligns with Shyft's commitment to enhancing Michigan's manufacturing capabilities.
The Shyft Group, Inc. (NASDAQ: SHYF) announced a cash dividend of $0.05 per share, reflecting its commitment to returning value to shareholders. This quarterly dividend is set to be paid on March 17, 2023, to shareholders of record as of February 17, 2023. The company, a leader in specialty vehicle manufacturing with reported sales of $992 million in 2021, operates multiple facilities across the U.S. and Mexico. Its diverse customer base includes various government and utility entities, emphasizing its strong market presence.
Shyft Innovations will participate in the Manifest 2023 expo in Las Vegas from January 31 to February 2. Eric Fisher, senior vice president, will speak on the panel addressing emission reduction through transportation on February 2 at 10:55 a.m. PST. The Shyft Group is renowned for specialty vehicle manufacturing, showcasing its all-electric Blue Arc™ delivery van at booth #V6. This vehicle features a 100% battery-powered Class 3 design, spacious cargo area, and advanced safety technologies. The goal is to support the electrification of last-mile delivery fleets, emphasizing sustainability and efficiency while reducing operational costs.
The Shyft Group (NASDAQ: SHYF) will announce its fourth quarter and full-year 2022 financial results on February 23, 2023, prior to market opening. The announcement will be followed by a conference call at 10 a.m. ET for analysts and investors to discuss the results. The Shyft Group specializes in specialty vehicle manufacturing for ecommerce-driven parcel delivery and other commercial markets. The company reported sales of $992 million in 2021 and operates across various states and Mexico with a workforce of approximately 3,800 employees. More information can be found on the company’s website.
Red Diamond, a brand of The Shyft Group (NASDAQ: SHYF), showcased its premium aftermarket products at the 2023 Florida RV SuperShow. The highlight is the introduction of Red Diamond Shocks manufactured by KONI, known for their high-performance and comfort-enhancing features. The new shocks include the Frequency Selective Damper designed for select motorhomes, which eliminates vibrations for a smoother ride. This launch aligns with Red Diamond's aim to deliver exceptional aftermarket solutions to RV owners. The brand builds on the legacy of Spartan RV Chassis, offering products like leveling systems and tire pressure maintenance solutions.
Spartan RV Chassis, a division of The Shyft Group (NASDAQ: SHYF), unveils its enhanced Connected Coach® system at the Florida RV SuperShow from January 18-22, 2023. This suite includes advanced technologies designed to optimize driver safety and comfort, featuring a Digital Dash, Tri-Pod Steering Wheel, and the Spartan RV Chassis Advanced Protection System™. The Premier Drive suspension system ensures superior handling and ride quality. This initiative underscores Spartan's commitment to luxury motorcoach solutions. Attendees can explore these innovations at booth 560 and attend maintenance seminars during the event.
The Shyft Group (NASDAQ: SHYF) has completed the acquisition of XL Fleet, marking a strategic move towards enhancing its electric vehicle (EV) production capabilities. This acquisition includes technical talent, a facility in Wixom, Michigan, and a pilot development agreement with the Department of Defense. The company aims to leverage its 50 years of experience in fleet electrification to meet growing customer demand. Shyft anticipates that integrating XL Fleet's assets will accelerate its EV production efforts and strengthen its position in the market.
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