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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.
Blue Arc EV Solutions, a brand of The Shyft Group (NASDAQ: SHYF), has announced a significant response from fleet customers, resulting in an initial pre-order of 2,000 units from Randy Marion Automotive Group. This marks the debut of their all-electric Class 3 delivery walk-in vans. With production set to begin in mid-2023 post-government approvals, pre-orders will be available online starting September. The Class 3 to 5 vehicles boast a 150-mile range and are designed for efficiency in last-mile delivery.
The Shyft Group (NASDAQ: SHYF) announced its participation in the North American International Auto Show on September 14-15, showcasing the Blue Arc™ EV Solutions and the Power Cube™ portable charging station. The Class 3 all-electric delivery van aims to enhance last-mile delivery efficiency. The Power Cube is a remote-controlled charging solution, adaptable for various settings, including mass transit and construction sites. This innovation highlights Shyft's commitment to addressing infrastructure challenges in the EV transition, leveraging nearly 50 years of industry experience.
The Shyft Group, a leader in specialty vehicle manufacturing, announced its participation in the Raymond James Diversified Industrials Conference on August 23, 2022, with President Daryl Adams and CFO Jon Douyard attending. This event in New York City will include one-on-one meetings with institutional investors. The Company reported $992 million in sales for 2021 and employs around 3,800 individuals across various U.S. states and Mexico. Shyft serves multiple sectors, offering products under brands like Blue Arc and Utilimaster.
The Shyft Group, Inc. (NASDAQ: SHYF) has announced a cash dividend of $0.05 per share, reflecting the company's strong financial performance and commitment to returning cash to shareholders. The dividend will be payable on or before September 16, 2022, to shareholders of record as of the close of business on August 17, 2022. This announcement highlights the company’s confidence in its ongoing operations within the specialty vehicle manufacturing sector, where it reported $992 million in sales for the previous year.
The Shyft Group (NASDAQ: SHYF) reported second-quarter results for 2022, showing sales of $232.2 million, down 4.8% from $244.0 million year-over-year. EPS fell to $0.15 from $0.44, with adjusted EBITDA at $13.7 million, down 52% compared to the previous year. Despite challenges, the consolidated backlog increased by 51.1% to $1.1 billion. The Company maintains cautious optimism for 2022, projecting revenues between $925 million and $1.1 billion, alongside adjusted EBITDA of $55 to $80 million. Ongoing investments in EV development signal commitment to innovation.
The Shyft Group (NASDAQ: SHYF) has launched the Blue Arc Power Cube™, a portable, remote-controlled charging station designed for commercial vehicle fleets. This innovative product features 3MW of onboard power and supports Level 2 and DC Fast Charging, enabling quick vehicle charging in 1-2 hours. The Power Cube can be used in various scenarios, including military operations and disaster relief, without the need for grid connection. The launch was showcased at a Capitol Hill event attended by U.S. Congressional representatives, promoting advancements in electric vehicle infrastructure.
The Shyft Group has unveiled the Blue Arc Power Cube, a portable charging station with 3MW onboard power designed for commercial vehicle fleets. Highlighted during a showcase on Capitol Hill, the Power Cube offers Level 2 and DC Fast Charging capabilities, crucial for enhancing electric vehicle infrastructure in the U.S. It can operate independently from the power grid, augmented by wind and solar energy. The innovation aims to alleviate the current challenges faced in EV adoption, particularly in scenarios like disaster relief and military applications.
The Shyft Group (NASDAQ: SHYF) will announce its Q2 2022 financial results on July 28, 2022, before the market opens. A conference call will follow at 10 a.m. ET to discuss the results. The Shyft Group specializes in manufacturing and assembly of specialty vehicles for ecommerce parcel delivery and various commercial markets. It operates under brands like Blue Arc, Utilimaster, and Royal Truck Body, employing around 3,800 people across several states. The company reported $992 million in sales for 2021.
Red Diamond Aftermarket Solutions, a new brand by The Shyft Group (NASDAQ: SHYF), launched on June 22, 2022, presenting three innovative products aimed at enhancing RV performance: Red Diamond RunFlat, Red Diamond Air Booster, and Red Diamond Self-Leveling System. These products focus on safety, comfort, and convenience for RV owners. Red Diamond offers a wide range of parts and services, available through an online store and numerous authorized service centers across the U.S., ensuring quality and reliability in the RV market.
The Shyft Group, Inc. (NASDAQ: SHYF) appointed Randy Wilson as Vice President, Investor Relations and Group Treasurer, effective June 20, 2022. Wilson brings significant experience from Terex Corporation and Bank of America, with a focus on investor relations, finance, and capital markets. His role will encompass all aspects of investor relations and treasury functions. CFO Jon Douyard expressed confidence in Wilson's ability to enhance their investor relations program, highlighting the company's progress and aim to showcase value to both new and existing investors.
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