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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.
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.
Spruce Power has completed its transformation into a pure-play clean energy provider, ceasing its hybrid vehicle operations. Entering a definitive agreement with The Shyft Group, Spruce will transition its DOD program responsibilities while retaining future royalty rights. Additionally, Spruce sold battery inventory and legacy hybrid technology to RMA Group. As a result, the company expects to significantly reduce operating cash usage. CEO Eric Tech announced plans for leadership transition in early 2023, signaling a streamlined focus on renewable energy.
On December 14, 2022, The Shyft Group (NASDAQ: SHYF) announced the appointment of John Dunn as President of Fleet Vehicles and Services, effective January 2023. Dunn, a seasoned industry professional, will oversee strategic business aspects and implementation with his leadership team. His prior experience includes serving as President and CEO at Plastic Omnium and various leadership roles at Brose. Dunn's focus on customer relations is expected to align well with Shyft's objectives, enhancing their commitment to delivering tailored solutions in the specialty vehicle market.
The Shyft Group (NASDAQ: SHYF), a leader in specialty vehicle manufacturing, will present at the Barclays Global Automotive and Mobility Tech Conference on November 30, 2022. Daryl Adams, President and CEO, along with CFO Jon Douyard, will hold a fireside chat at 8:40 A.M. Eastern Time, featuring a presentation and Q&A session. The event will be webcast live, accessible through their Investor Relations website. The company reported $992 million in sales for 2021 and operates across multiple U.S. states and Mexico.
The Shyft Group (NASDAQ: SHYF), a leader in specialty vehicle manufacturing, announced participation in the Deutsche Bank 2022 Industrials Conference on November 15, 2022, and the 13th Annual Craig-Hallum Alpha Select Conference on November 17, 2022, in New York City. The company aims to engage in one-on-one meetings with institutional investors during both events. Shyft provides vehicles for delivery companies and government entities, boasting a workforce of approximately 3,800 and reported sales of $992 million in 2021.
The Shyft Group (NASDAQ: SHYF), a leader in specialty vehicle manufacturing, announced that CEO Daryl Adams and CFO Jon Douyard will speak at the 2022 Baird Global Industrial Conference on November 8, 2022, in Chicago. The management team will conduct one-on-one meetings and a fireside chat at 4:40 PM CT, which will be available via live webcast on the Shyft Group Investor Relations website. The company reported sales of $992 million in 2021 and employs approximately 3,800 individuals across various states and Mexico.
The Shyft Group, Inc. (NASDAQ: SHYF) announced a quarterly cash dividend of $0.05 per share, payable on December 15, 2022, to shareholders recorded by the close of business on November 16, 2022. The company, a leader in specialty vehicle manufacturing, reported sales of $992 million in 2021 and employs around 3,800 people across its facilities in North America and Mexico.
The Shyft Group reported a 4.9% increase in sales to $286.1 million for Q3 2022, despite a net income decline to $17.3 million from $21.0 million a year prior. Adjusted EBITDA fell to $27.1 million, influenced by $7.7 million in EV development expenses. The backlog reached $1 billion, up 22.4% year-over-year, demonstrating strong demand. The Company tightened its full-year EPS outlook, anticipating earnings per share between $0.83 and $1.05, citing supply chain challenges but expressing optimism for Q4 performance.
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