The Shyft Group Reports Second Quarter 2024 Results

Rhea-AI Summary

The Shyft Group reported Q2 2024 results with sales of $192.8 million, down 14.4% year-over-year. Net income was $2.2 million or $0.06 per share, compared to $4.7 million or $0.13 per share in Q2 2023. Adjusted EBITDA was $12.5 million or 6.5% of sales, down from $15.9 million or 7.0% of sales last year.

Key highlights include:

• Received order for 150 Blue Arc EV Trucks from FedEx
• Acquired Independent Truck Upfitters (ITU) to accelerate Specialty Vehicles growth
• Updated 2024 outlook with adjusted EBITDA of $45-$50 million
• Consolidated backlog of $354.4 million, down 30.5% year-over-year

The company expects full-year 2024 sales of $800-$850 million and adjusted EPS of $0.35-$0.50.

Positive

• Received order for 150 Blue Arc EV Trucks from FedEx
• Acquired Independent Truck Upfitters (ITU) to expand service body offerings and upfit capabilities
• Increased full year 2024 adjusted EBITDA outlook to $45-$50 million
• ITU acquisition expected to be accretive to EPS in 2025
• Forecasted ROIC greater than 15% by Year 3 of ITU acquisition

Negative

• Sales decreased 14.4% year-over-year to $192.8 million
• Net income declined to $2.2 million from $4.7 million in Q2 2023
• Adjusted EBITDA decreased to $12.5 million from $15.9 million last year
• Consolidated backlog down 30.5% year-over-year to $354.4 million
• Full-year 2024 outlook assumes no Blue Arc EV revenue

Financial Analyst

The Shyft Group's Q2 2024 results reveal a mixed financial picture with some concerning trends but also positive developments. Sales declined 14.4% year-over-year to $192.8 million, while net income fell to $2.2 million ($0.06 per share) from $4.7 million ($0.13 per share) in Q2 2023. Adjusted EBITDA margin contracted slightly to 6.5% from 7.0%.

The 30.5% decrease in backlog to $354.4 million is particularly worrying, as it may indicate softening demand. However, the company's strategic moves, such as the acquisition of Independent Truck Upfitters (ITU) and progress in its Blue Arc EV program, show proactive steps towards future growth.

The ITU acquisition, valued at $46 million plus potential earnouts, is expected to be accretive to EPS by 2025 and achieve a 15%+ ROIC by year 3. This move aligns with Shyft's growth strategy in the Specialty Vehicles segment and could provide valuable synergies.

The updated 2024 outlook, with adjusted EBITDA now projected at $45 to $50 million, suggests some resilience despite market challenges. However, the wide range in projected net income ($2.6 to $6.9 million) and EPS ($0.07 to $0.20) indicates significant uncertainty.

Investors should closely monitor the progress of the Blue Arc EV program, as its success could be a game-changer for Shyft's future performance.

Market Research Analyst

The Shyft Group's Q2 results and strategic moves reflect broader trends in the specialty vehicle market. The 14.4% year-over-year sales decline and reduced backlog suggest a softening demand environment, possibly due to economic uncertainties affecting fleet purchases.

However, the company's focus on electric vehicles (EVs) through its Blue Arc program aligns with the growing shift towards sustainable transportation. The order for 150 Blue Arc EV Trucks from FedEx is a significant vote of confidence in Shyft's EV capabilities and could pave the way for more commercial partnerships.

The acquisition of Independent Truck Upfitters (ITU) is a strategic move to expand Shyft's service body offerings and upfit capabilities. This diversification could help buffer against market fluctuations and position the company for growth as the commercial vehicle market evolves.

The company's investment in EV development ($20 to $25 million in 2024) demonstrates a commitment to future-proofing its business. However, this spending will impact near-term profitability, as reflected in the modest earnings projections for 2024.

Overall, while facing short-term headwinds, Shyft appears to be positioning itself for long-term growth in a changing market landscape. The success of its EV initiatives and the integration of ITU will be important factors to watch in the coming years.

• Delivered sales of $193 million, EPS of $0.06 and adjusted EPS of $0.16
• Received order for 150 Blue Arc™ EV Trucks from FedEx; Blue Arc Class 4 vehicle production remains on track for 2024
• Acquired Independent Truck Upfitters (ITU) to further accelerate Specialty Vehicles growth
• Increased full year 2024 adjusted EBITDA midpoint with updated outlook now at $45 to $50 million 

NOVI, Mich., July 25, 2024 /PRNewswire/ -- The Shyft Group, Inc. (NASDAQ: SHYF) ("Shyft" or the "Company"), the North American leader in specialty vehicle manufacturing, assembly and upfit for the commercial, retail and service specialty vehicle markets, today reported operating results for the second quarter ending June 30, 2024.

Second Quarter 2024 Financial Highlights                                                                         

For the second quarter of 2024 compared to the second quarter of 2023: 

• Sales of $192.8 million, a decrease of $32.3 million, or 14.4%, from $225.1 million
• Net income of $2.2 million, or $0.06 per share, compared to $4.7 million, or $0.13 per share
• Adjusted EBITDA of $12.5 million, or 6.5% of sales, a decrease of $3.4 million, from $15.9 million, or 7.0% of sales; Results include $5.9 million of EV program related costs versus $7.4 million in the prior year
• Adjusted net income of $5.3 million, or $0.16 per share, compared to $8.7 million, or $0.25 per share in the second quarter of 2023
• Consolidated backlog¹ of $354.4 million as of June 30, 2024, down $155.8 million, or 30.5%, compared to $510.2 million as of June 30, 2023.

"We continued to drive our Shyft operating strategy and saw progress in the quarter despite ongoing market softness.  The SV team delivered another strong financial quarter, FVS generated sequential margin improvement, and Blue Arc achieved milestones that position us for vehicle delivery later this year," said John Dunn, President and CEO. 

M&A Transaction Update
Acquired Independent Truck Upfitters (ITU), a Midwest-based provider of vocational service body upfit for commercial fleets and government service vehicles on July 24, 2024. ITU sales were approximately $55 million in 2023 with three locations in Iowa, Michigan, and Missouri.

The ITU acquisition aligns with our Specialty Vehicles segment growth strategy by expanding our service body product offerings and upfit capabilities. This transaction provides unique synergies and cross-selling opportunities with current products, adds chassis pools, and increases ship-thru capability to support future growth.

Relevant transaction details include:

• Initial cash consideration of $46 million, subject to customary adjustments, with an $8 million earnout subject to annual business performance over the next two years
• Expected EBITDA multiple less than 6.0x adjusted for tax benefits and synergies; Acquisition is expected to be accretive to EPS in 2025
• Forecasted to deliver ROIC greater than 15% by Year 3 of the transaction
• Funded with cash on hand and borrowings under our existing credit facility; Expected net leverage ratio of approximately 2.75x in the third quarter of 2024 and decreasing by year end 2024.

2024 Financial Outlook

"Our team remains focused on delivering our financial commitments for the year while we position the company for future growth. Our balance sheet remains solid, provides flexibility, and gives us the confidence to invest in growth initiatives," said Jon Douyard, Chief Financial Officer.

Full-year 2024 outlook, notwithstanding further changes in the operating environment, is as follows:

• Sales to be in the range of $800 million to $850 million; Assumes no Blue Arc EV revenue
• Adjusted EBITDA of $45 to $50 million, including EV spending of $20 to $25 million
• Net income of $2.6 to $6.9 million, with an income tax rate of approximately 20%
• Earnings per share of $0.07 to $0.20
• Adjusted earnings per share of $0.35 to $0.50
• Capital expenditures of approximately $20 to $25 million
• Free cash flow of $25 to $35 million

Dunn concluded, "Our recently announced strategic actions, including organizational streamlining and the ITU acquisition, have positioned us well for sustainable growth. In addition, we are actively preparing for Blue Arc production in late 2024 and building the commercial pipeline across the business. We believe these catalysts will enable us to deliver meaningful financial improvement in 2025."

Footnote: 1.) Consolidated backlog does not reflect Blue Arc order activity

Conference Call and Webcast Information
The Shyft Group will host a conference call at 8:30 a.m. ET today to discuss these results and current business trends. The conference call and webcast will be available via:
Webcast: https://theshyftgroup.com/investor-relations/webcasts/
Conference Call: 1-844-868-8845 (domestic) or 412-317-6591 (international)

About The Shyft Group
The Shyft Group is the North American leader in specialty vehicle manufacturing, assembly, and upfit for the commercial, retail, and service vehicle markets. Our customers include first-to-last mile delivery companies across vocations, federal, state, and local government entities; the trades; and utility and infrastructure segments. The Shyft Group is organized into two core business units: Shyft Fleet Vehicles and Services™ and Shyft Specialty Vehicles™. Today, its family of brands include Utilimaster®, Blue Arc™ EV Solutions, Royal® Truck Body, DuraMag® and Magnum®, Strobes-R-Us, Spartan® RV Chassis, Red Diamond™ Aftermarket Solutions, and Builtmore Contract Manufacturing™. The Shyft Group and its go-to-market brands are well known in their respective industries for quality, durability, and first-to-market innovation. The Company employs approximately 3,000 employees and contractors across campuses, and operates facilities in Arizona, California, Florida, Indiana, Maine, Michigan, Missouri, Pennsylvania, Tennessee, Texas, and Saltillo, Mexico. The Company reported sales of $872 million in 2023. Learn more at TheShyftGroup.com. 

This release contains information, including our sales and earnings guidance, all other information provided with respect to our outlook for 2024 and future periods, and other statements concerning our business, strategic position, financial projections, financial strength, future plans, objectives, and the performance of our products and operations that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. Generally, we have identified such forward-looking statements by using words such as "believe," "expect," "intend," "potential," "future," "may," "will," "should," and similar expressions or by using future dates in connection with any discussion of, among other things, the construction or operation of new or existing facilities, operating performance, trends, events or developments that we expect or anticipate will occur in the future, statements relating to volume changes, share of sales and earnings per share changes, anticipated cost savings, potential capital and operational cash improvements, changes in supply and demand conditions and prices for our products, trade duties and other aspects of trade policy, statements regarding our future strategies, products and innovations, and statements expressing general views about future operating results. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements are not historical facts, but instead represent only the Company's beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company's control. It is possible that the Company's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Management believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company's historical experience and our present expectations or projections. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company's historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to the risks and uncertainties described in "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023, and those described from time to time in our future reports filed with the Securities and Exchange Commission (SEC), which are available at www.sec.gov or our website. All forward-looking statements in this release are qualified by this paragraph. Investors should not place undue reliance on forward-looking statements as a prediction of actual results. We undertake no obligation to publicly update or revise any forward-looking statements in this release, whether as a result of new information, future events, or otherwise.

CONTACTS
MEDIA
Sydney Machesky
Director, Corporate Communications
Sydney.Machesky@theshyftgroup.com
586.413.4112

INVESTORS
Randy Wilson
Vice President, Investor Relations and Treasury
Randy.Wilson@theshyftgroup.com
248.727.3755

The Shyft Group, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands)
(Unaudited)
	June 30,		December 31,
	2024		2023
ASSETS
Current assets:
Cash and cash equivalents	$            8,958		$             9,957
Accounts receivable, less allowance of $412 and $276	93,698		79,573
Contract assets	39,237		50,305
Inventories	94,593		105,135
Other receivables - chassis pool agreements	19,555		34,496
Other current assets	7,489		7,462
Total current assets	263,530		286,928
Property, plant and equipment, net	78,952		83,437
Right of use assets – operating leases	42,810		45,827
Goodwill	48,880		48,880
Intangible assets, net	43,530		45,268
Net deferred tax asset	17,310		17,300
Other assets	2,556		2,409
TOTAL ASSETS	$        497,568		$       530,049
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$         73,971		$         99,855
Accrued warranty	8,136		7,231
Accrued compensation and related taxes	14,509		13,526
Contract liabilities	5,623		4,756
Operating lease liability	9,978		10,817
Other current liabilities and accrued expenses	9,551		11,965
Short-term debt - chassis pool agreements	19,555		34,496
Current portion of long-term debt	225		185
Total current liabilities	141,548		182,831
Other non-current liabilities	7,153		8,184
Long-term operating lease liability	34,580		36,724
Long-term debt, less current portion	65,197		50,144
Total liabilities	248,478		277,883
Shareholders' equity:
Preferred stock, no par value: 2,000 shares authorized (none issued)	-		-
Common stock, no par value : 80,000 shares authorized; 34,448 and 34,303 outstanding	96,651		93,705
Retained earnings	152,439		158,461
Total shareholders' equity	249,090		252,166
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$         497,568		$        530,049

 

The Shyft Group, Inc. and Subsidiaries Consolidated Statements of Operations (In thousands, except per share data) (Unaudited)
		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Sales		$	192,780			$	225,101			$	390,669			$	468,540
Cost of products sold			152,193				182,347				316,020				382,862
Gross profit			40,587				42,754				74,649				85,678
Operating expenses:
Research and development			4,506				5,890				8,225				12,839
Selling, general and administrative			32,353				30,270				64,626				62,559
Total operating expenses			36,859				36,160				72,851				75,398
Operating income			3,728				6,594				1,798				10,280
Other income (expense)
Interest expense			(1,753)				(1,477)				(3,806)				(3,125)
Other income			80				124				177				194
Total other expense			(1,673)				(1,353)				(3,629)				(2,931)
Income (loss) before income taxes			2,055				5,241				(1,831)				7,349
Income tax expense (benefit)			(109)				556				674				986
Net income (loss)			2,164				4,685				(2,505)				6,363
Less: net loss attributable to non-controlling interest			-				-				-				32
Net income (loss) attributable to The Shyft Group Inc.		$	2,164			$	4,685			$	(2,505)			$	6,395
Basic earnings (loss) per share		$	0.06			$	0.13			$	(0.07)			$	0.18
Diluted earnings (loss) per share		$	0.06			$	0.13			$	(0.07)			$	0.18
Basic weighted average common shares outstanding			34,402				34,935				34,361				34,995
Diluted weighted average common shares outstanding			34,474				34,991				34,361				35,161

 

The Shyft Group, Inc. and Subsidiaries Consolidated Statements of Cash Flows (In thousands) (Unaudited)
	Six Months               Ended June 30,
		2024			2023
Cash flows from operating activities:
Net income (loss)	$	(2,505)		$	6,363
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization		9,210			8,050
Non-cash stock based compensation expense		3,484			3,090
Loss on disposal of assets		83			128
Deferred income taxes		(9)			-
Changes in accounts receivable and contract assets		(3,057)			68,064
Changes in inventories		10,542			(1,142)
Changes in accounts payable		(21,002)			(38,567)
Changes in accrued compensation and related taxes		983			303
Changes in accrued warranty		905			(1,143)
Changes in other assets and liabilities		(1,461)			(9,525)
Net cash provided by (used in) operating activities		(2,827)			35,621
Cash flows from investing activities:
Purchases of property, plant and equipment		(9,243)			(10,963)
Proceeds from sale of property, plant and equipment		90			82
Acquisition of business, net of cash acquired		-			(500)
Net cash used in investing activities		(9,153)			(11,381)
Cash flows from financing activities:
Proceeds from long-term debt		65,000			70,000
Payments on long-term debt		(50,000)			(81,000)
Payments of dividends		(3,481)			(3,653)
Purchase and retirement of common stock		-			(8,786)
Exercise and vesting of stock incentive awards		(538)			(4,541)
Net cash provided by (used in) financing activities		10,981			(27,980)
Net decrease in cash and cash equivalents		(999)			(3,740)
Cash and cash equivalents at beginning of period		9,957			11,548
Cash and cash equivalents at end of period	$	8,958		$	7,808

 

	The Shyft Group, Inc. and Subsidiaries Sales and Other Financial Information by Business Segment (Unaudited)
	Quarter Ended June 30, 2024 (in thousands of dollars)
								Business Segments
				Fleet Vehicles				Specialty				Eliminations &
				& Services				Vehicles				Other			Consolidated
	Fleet vehicle sales	$		92,244		$		-		$		-		$	92,244
	Motorhome chassis sales			-				18,946				-			18,946
	Other specialty vehicles sales			-				58,062				76			58,138
	Aftermarket parts and accessories sales			17,596				5,856				-			23,452
	Total Sales	$		109,840		$		82,864			$	76		$	192,780
	Adjusted EBITDA	$		8,368		$		17,549			$	(13,445)		$	12,472

 

	The Shyft Group, Inc. and Subsidiaries Sales and Other Financial Information by Business Segment (Unaudited)
	Quarter Ended June 30, 2023 (in thousands of dollars)
								Business Segments
				Fleet Vehicles				Specialty				Eliminations &
				& Services				Vehicles				Other			Consolidated
	Fleet vehicle sales		$	125,291			$	-			$	-		$	125,291
	Motorhome chassis sales			-				30,099				-			30,099
	Other specialty vehicles sales			-				51,652				(1,443)			50,209
	Aftermarket parts and accessories sales			13,692				5,810				-			19,502
	Total Sales		$	138,983			$	87,561			$	(1,443)		$	225,101
	Adjusted EBITDA		$	12,468			$	17,367			$	(13,968)		$	15,867

 

The Shyft Group, Inc. and Subsidiaries Sales and Other Financial Information by Business Segment (Unaudited)
Period End Backlog (amounts in thousands of dollars)
			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023					Sept. 30, 2023		Jun. 30, 2023
Fleet Vehicles and Services		$	294,586		$	356,089			$	325,003			$	383,448		$			437,802
Specialty Vehicles			59,856			83,334				84,269				80,983					72,402
Total Backlog		$	354,442		$	439,423			$	409,272			$	464,431		$			510,204

Reconciliation of Non-GAAP Financial Measures

This release presents Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), adjusted net income, adjusted earnings per share, and free cash flow, each of which is a non-GAAP financial measure.

We define Adjusted EBITDA as income before interest, income taxes, depreciation and amortization, as adjusted to eliminate the impact of restructuring charges, acquisition related expenses and adjustments, non-cash stock-based compensation expenses, and other gains and losses not reflective of our ongoing operations.

We present the non-GAAP measure Adjusted EBITDA because we consider it to be an important supplemental measure of our performance. The presentation of Adjusted EBITDA enables investors to better understand our operations by removing items that we believe are not representative of our continuing operations and may distort our longer-term operating trends. We believe this measure to be useful to improve the comparability of our results from period to period and with our competitors, as well as to show ongoing results from operations distinct from items that are infrequent or not indicative of our continuing operating performance. We believe that presenting this non-GAAP measure is useful to investors because it permits investors to view performance using the same tools that management uses to budget, make operating and strategic decisions, and evaluate our historical performance.

Our management uses Adjusted EBITDA to evaluate the performance of and allocate resources to our segments. Adjusted EBITDA is also used, along with other financial and non-financial measures, for purposes of determining annual incentive compensation for our management team and long-term incentive compensation for certain members of our management team.

We define free cash flow as net cash provided by (used in) operating activities less purchases of property, plant and equipment and add proceeds from sale of property, plant and equipment. We believe this measure of free cash flow provides management and investors further useful information on cash generation or use in our operations.

We believe that the presentation of these non-GAAP measures, when considered together with the corresponding GAAP financial measures and the reconciliations to that measure, provides investors with additional understanding of the factors and trends affecting our business than could be obtained in the absence of this disclosure.

 

The Shyft Group, Inc. and Subsidiaries Consolidated Financial Summary (Non-GAAP) (In thousands, except per share data) (Unaudited)
	Three Months June 30,
The Shyft Group, Inc.	2024	% of sales		2023	% of sales
Net income	$           2,164	1.1 %		$        4,685	2.1 %
Add (subtract):
Restructuring and other related charges	1,146			1,253
Acquisition related expenses and adjustments	399			-
Non-cash stock-based compensation expense	2,010			1,263
Legacy legal matters	150			-
Loss from write-off of assets	147			-
CEO transition	37			2,287
Non-recurring professional fees	-			160
Tax effect of adjustments	(705)			(981)
Adjusted net income	$          5,348	2.8 %		$        8,667	3.9 %
Net income	$          2,164	1.1 %		$        4,685	2.1 %
Add (subtract):
Depreciation and amortization	4,775			4,186
Income tax expense (benefit)	(109)			556
Interest expense	1,753			1,477
EBITDA	$         8,583	4.5 %		$      10,904	4.8 %
Add:
Restructuring and other related charges	1,146			1,253
Acquisition related expenses and adjustments	399			-
Non-cash stock-based compensation expense	2,010			1,263
Legacy legal matters	150			-
Loss from write-off of assets	147			-
CEO transition	37			2,287
Non-recurring professional fees	-			160
Adjusted EBITDA	$       12,472	6.5 %		$     15,867	7.0 %
Diluted net earnings per share	$           0.06			$         0.13
Add (subtract):
Restructuring and other related charges	0.04			0.04
Acquisition related expenses and adjustments	0.01			-
Non-cash stock-based compensation expense	0.06			0.04
Legacy legal matters	0.01			-
Loss from write-off of assets	-			-
CEO transition	-			0.07
Non-recurring professional fees	-			-
Tax effect of adjustments	(0.02)			(0.03)
Adjusted diluted net earnings per share	$          0.16			$         0.25

 

The Shyft Group, Inc. and Subsidiaries Consolidated Financial Summary (Non-GAAP) (In thousands) (Unaudited)
	Six Months Ended  June 30,
The Shyft Group, Inc.		2024			2023
Net cash provided by (used in) operating activities	$	(2,827)		$	35,621
Purchases of property, plant and equipment		(9,243)			(10,963)
Proceeds from sale of property, plant and equipment		90			82
Free cash flow	$	(11,980)		$	24,740

 

The Shyft Group, Inc. and Subsidiaries Consolidated Financial Summary (Non-GAAP) (In thousands, except per share data) (Unaudited)
			Outlook
			Twelve Months Ended December 31, 2024
The Shyft Group, Inc.			Low		Mid		High
Income from continuing operations			$            2,600		$             4,750		$             6,900
Add:
Depreciation and amortization			21,000		20,450		19,900
Interest expense			8,400		8,400		8,400
Taxes			640		1,195		1,750
EBITDA			$           32,640		$           34,795		$           36,950
Add:
Non-cash stock-based compensation and other charges			12,360		12,705		13,050
Adjusted EBITDA			$           45,000		$           47,500		$           50,000
Earnings per share			$               0.07		$               0.14		$               0.20
Add:
Non-cash stock-based compensation and other charges			0.35		0.36		0.37
Less tax effect of adjustments			(0.07)		(0.07)		(0.07)
Adjusted earnings per share			$               0.35		$               0.43		$               0.50

 

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SOURCE The Shyft Group, Inc.

FAQ

What were The Shyft Group's Q2 2024 financial results?

The Shyft Group reported Q2 2024 sales of $192.8 million, net income of $2.2 million or $0.06 per share, and adjusted EBITDA of $12.5 million or 6.5% of sales.

How did The Shyft Group's Q2 2024 results compare to Q2 2023?

Compared to Q2 2023, sales decreased 14.4%, net income declined from $4.7 million to $2.2 million, and adjusted EBITDA decreased from $15.9 million to $12.5 million.

What is The Shyft Group's financial outlook for 2024?

The Shyft Group expects 2024 sales of $800-$850 million, adjusted EBITDA of $45-$50 million, and adjusted earnings per share of $0.35-$0.50.

What major order did The Shyft Group receive for its Blue Arc EV Trucks?

The Shyft Group received an order for 150 Blue Arc EV Trucks from FedEx.

What acquisition did The Shyft Group complete in Q2 2024?

The Shyft Group acquired Independent Truck Upfitters (ITU) on July 24, 2024, to expand its service body offerings and upfit capabilities.