The Shyft Group Reports Third Quarter 2024 Results
The Shyft Group (NASDAQ: SHYF) reported Q3 2024 results with sales of $194.1 million, down 3.6% year-over-year. The company achieved net income of $3.1 million ($0.09 per share) and adjusted EBITDA of $14.3 million, representing 7.4% of sales. Gross margin expanded to 20.4%, up 210 basis points year-over-year. The company maintained its full-year 2024 adjusted EBITDA outlook of $45-50 million and expects sales of approximately $800 million. Notable developments include Blue Arc Class 4 vehicle entering production with first deliveries expected in Q4, and consolidated backlog of $345.4 million, down 25.6% year-over-year.
Il Shyft Group (NASDAQ: SHYF) ha riportato i risultati del terzo trimestre 2024, con vendite di 194,1 milioni di dollari, in calo del 3,6% rispetto all'anno precedente. L'azienda ha raggiunto un utile netto di 3,1 milioni di dollari (0,09 dollari per azione) e un EBITDA rettificato di 14,3 milioni di dollari, pari al 7,4% delle vendite. Il margine lordo è aumentato al 20,4%, in crescita di 210 punti base rispetto all'anno scorso. L'azienda ha mantenuto le previsioni per l'EBITDA rettificato per l'intero anno 2024 tra i 45 e i 50 milioni di dollari e si aspetta vendite di circa 800 milioni di dollari. Tra i vari sviluppi, il veicolo Blue Arc Classe 4 è entrato in produzione con le prime consegne previste per il quarto trimestre, e il portafoglio consolidato ammonta a 345,4 milioni di dollari, in calo del 25,6% rispetto all'anno precedente.
El Shyft Group (NASDAQ: SHYF) reportó resultados del tercer trimestre de 2024, con ventas de 194,1 millones de dólares, una disminución del 3,6% en comparación con el año anterior. La compañía logró un ingreso neto de 3,1 millones de dólares (0,09 dólares por acción) y un EBITDA ajustado de 14,3 millones de dólares, que representa el 7,4% de las ventas. El margen bruto se amplió al 20,4%, aumentando 210 puntos básicos en comparación con el año anterior. La compañía mantuvo su pronóstico de EBITDA ajustado para todo el año 2024 de entre 45 y 50 millones de dólares y espera ventas de aproximadamente 800 millones de dólares. Entre los desarrollos notables se encuentra el inicio de la producción del vehículo Blue Arc Clase 4, con las primeras entregas previstas para el cuarto trimestre, y un backlog consolidado de 345,4 millones de dólares, en disminución del 25,6% en comparación con el año anterior.
Shyft Group (NASDAQ: SHYF)는 2024년 3분기 결과를 보고했으며, 매출이 1억 9410만 달러로 전년 대비 3.6% 감소했습니다. 회사는 순이익 310만 달러($0.09의 주당 이익)와 조정 EBITDA 1430만 달러를 달성하여 매출의 7.4%를 차지했습니다. 총 이익률은 20.4%로 확대되어 전년 대비 210bp 증가했습니다. 회사는 2024년 전체 연도 조정 EBITDA 목표를 4500만 달러에서 5000만 달러로 유지하고 있으며, 매출은 약 8억 달러에 이를 것으로 예상하고 있습니다. 주목할 만한 개발 사항으로는 Blue Arc 4등급 차량 생산에 들어가며 4분기에 첫 배송이 예상되고, 통합 백로그는 3억 4540만 달러로 전년 대비 25.6% 감소했습니다.
Le Shyft Group (NASDAQ: SHYF) a publié ses résultats pour le troisième trimestre 2024, avec un chiffre d'affaires de 194,1 millions de dollars, en baisse de 3,6 % par rapport à l'année précédente. L'entreprise a réalisé un bénéfice net de 3,1 millions de dollars (0,09 dollar par action) et un EBITDA ajusté de 14,3 millions de dollars, représentant 7,4 % du chiffre d'affaires. La marge brute s'est élargie à 20,4 %, soit une augmentation de 210 points de base par rapport à l'année dernière. L'entreprise maintient ses prévisions d'EBITDA ajusté pour l'année entière 2024 entre 45 et 50 millions de dollars et prévoit des ventes d'environ 800 millions de dollars. Parmi les développements notables, on trouve le lancement en production du véhicule Blue Arc de classe 4, avec les premières livraisons attendues au quatrième trimestre, et un carnet de commandes consolidé de 345,4 millions de dollars, en baisse de 25,6 % par rapport à l'année précédente.
Die Shyft Group (NASDAQ: SHYF) hat die Ergebnisse des dritten Quartals 2024 veröffentlicht, mit Umsätzen von 194,1 Millionen Dollar, was einem Rückgang von 3,6% im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte einen Nettoertrag von 3,1 Millionen Dollar (0,09 Dollar pro Aktie) und ein bereinigtes EBITDA von 14,3 Millionen Dollar, was 7,4% des Umsatzes entspricht. Die Bruttomarge erweiterte sich auf 20,4%, was einem Anstieg von 210 Basispunkten im Vergleich zum Vorjahr entspricht. Das Unternehmen beibehält seine Prognose für das bereinigte EBITDA für das gesamte Jahr 2024 in Höhe von 45-50 Millionen Dollar und erwartet Umsätze von etwa 800 Millionen Dollar. Zu den bemerkenswerten Entwicklungen gehört der Produktionsstart des Blue Arc Fahrzeuges der Klasse 4, dessen erste Auslieferungen für das vierte Quartal erwartet werden, sowie ein konsolidierter Auftragsbestand von 345,4 Millionen Dollar, was einem Rückgang von 25,6% im Vergleich zum Vorjahr entspricht.
- Gross margin expanded by 210 basis points to 20.4%
- Adjusted EBITDA increased 31% YoY to $14.3 million
- Blue Arc Class 4 vehicle production commenced
- Expected free cash flow of approximately $30 million for 2024
- Sales declined 3.6% YoY to $194.1 million
- Net income decreased from $4.5M to $3.1M YoY
- Consolidated backlog down 25.6% YoY to $345.4 million
- Lower EPS guidance of $0.07 to $0.20 for 2024
Insights
The Q3 results present a mixed picture with some encouraging operational improvements despite revenue headwinds. Gross margin expanded significantly to
The company's adjusted EBITDA showed notable improvement, increasing
The balance sheet appears healthy with net leverage at 2.2x, positioning the company well for future investments. The projected free cash flow of
- Expanded gross margin to
20.4% , up 210 basis points year-over-year - Blue Arc Class 4 vehicle now in production with first customer deliveries expected in the fourth quarter
- Maintained full year 2024 adjusted EBITDA outlook of
$45 $50 million
Third Quarter 2024 Financial Highlights
For the third quarter of 2024 compared to the third quarter of 2023:
- Sales of
$194.1 million $7.2 million 3.6% , from$201.3 million - Net income of
$3.1 million $0.09 $4.5 million $0.13 $2.0 million - Adjusted EBITDA of
$14.3 million 7.4% of sales, an increase of$3.3 million $11.0 million 5.5% of sales; results include$6.1 million $7.6 million - Adjusted net income of
$6.1 million $0.18 $6.7 million $0.19 - Consolidated backlog1 of
$345.4 million $119.0 million 25.6% , compared to$464.4 million
"We are improving performance by the execution of our operational framework as we achieved adjusted EBITDA growth of
2024 Financial Outlook
"In the quarter, Shyft delivered improved financial results while progressing key strategic initiatives, including the acquisition and initial integration of Independent Truck Upfitters. Our balance sheet remains solid as we achieved net leverage of 2.2x, which was meaningfully below our expectations for the third quarter. Based on our expected fourth quarter performance, we anticipate further improvement of our balance sheet and liquidity as we enter 2025, providing flexibility to invest capital going forward," said Jon Douyard, Chief Financial Officer.
Full-year 2024 outlook, notwithstanding further changes in the operating environment, is as follows:
- Sales of approximately
$800 million - Adjusted EBITDA of
$45 $50 million $20 $25 million - Net income of
$2.6 $6.9 million 20% - Earnings per share of
$0.07 $0.20 - Adjusted earnings per share of
$0.35 $0.50 - Capital expenditures of
$15 $20 million - Free cash flow of approximately
$30 million
Dunn concluded, "Our team is committed to meeting our financial goals for the year and maintaining financial strength heading into 2025. As we integrate ITU and start Blue Arc production, the team is energized by Shyft's future growth prospects and opportunities to deliver value through a one Shyft mindset. Overall, while the operating environment is highly dynamic, Shyft is well positioned to grow profitably as end-markets turn more positive."
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 specialty 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, Builtmore Contract Manufacturing™, and Independent Truck Upfitters. 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
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. More information about factors that potentially could affect our financial results is included in our filings with the Securities and Exchange Commission ("SEC"), including our most recent Annual Report on Form 10-K and subsequent filings, 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) | |||
September 30, | December 31, | ||
2024 | 2023 | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 21,440 | $ 9,957 | |
Accounts receivable, less allowance of | 99,255 | 79,573 | |
Contract assets | 32,237 | 50,305 | |
Inventories | 108,931 | 105,135 | |
Other receivables - chassis pool agreements | 31,592 | 34,496 | |
Other current assets | 6,364 | 7,462 | |
Total current assets | 299,819 | 286,928 | |
Property, plant and equipment, net | 83,773 | 83,437 | |
Right of use assets – operating leases | 40,524 | 45,827 | |
Goodwill | 64,902 | 48,880 | |
Intangible assets, net | 60,724 | 45,268 | |
Net deferred tax asset | 17,310 | 17,300 | |
Other assets | 2,382 | 2,409 | |
TOTAL ASSETS | $ 569,434 | $ 530,049 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Current liabilities: | |||
Accounts payable | $ 80,697 | $ 99,855 | |
Accrued warranty | 8,827 | 7,231 | |
Accrued compensation and related taxes | 17,204 | 13,526 | |
Contract liabilities | 6,024 | 4,756 | |
Operating lease liability | 9,881 | 10,817 | |
Other current liabilities and accrued expenses | 10,659 | 11,965 | |
Short-term debt - chassis pool agreements | 31,592 | 34,496 | |
Current portion of long-term debt | 248 | 185 | |
Total current liabilities | 165,132 | 182,831 | |
Other non-current liabilities | 9,028 | 8,184 | |
Long-term operating lease liability | 32,377 | 36,724 | |
Long-term debt, less current portion | 110,234 | 50,144 | |
Total liabilities | 316,771 | 277,883 | |
Shareholders' equity: | |||
Preferred stock, no par value: 2,000 shares authorized (none issued) | - | - | |
Common stock, no par value : 80,000 shares authorized; 34,482 and | 98,888 | 93,705 | |
Retained earnings | 153,775 | 158,461 | |
Total shareholders' equity | 252,663 | 252,166 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 569,434 | $ 530,049 | |
The Shyft Group, Inc. and Subsidiaries
| ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Sales | $ | 194,075 | $ | 201,325 | $ | 584,744 | $ | 669,865 | ||||||||
Cost of products sold | 154,468 | 164,557 | 470,488 | 547,419 | ||||||||||||
Gross profit | 39,607 | 36,768 | 114,256 | 122,446 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 4,200 | 5,225 | 12,425 | 18,064 | ||||||||||||
Selling, general and administrative | 30,078 | 27,419 | 94,704 | 89,978 | ||||||||||||
Total operating expenses | 34,278 | 32,644 | 107,129 | 108,042 | ||||||||||||
Operating income | 5,329 | 4,124 | 7,127 | 14,404 | ||||||||||||
Other income (expense) | ||||||||||||||||
Interest expense | (2,392) | (1,572) | (6,198) | (4,697) | ||||||||||||
Other income | 138 | 15 | 315 | 209 | ||||||||||||
Total other expense | (2,254) | (1,557) | (5,883) | (4,488) | ||||||||||||
Income before income taxes | 3,075 | 2,567 | 1,244 | 9,916 | ||||||||||||
Income tax expense (benefit) | (48) | (1,951) | 626 | (965) | ||||||||||||
Net income | 3,123 | 4,518 | 618 | 10,881 | ||||||||||||
Less: net loss attributable to non-controlling interest | - | - | - | 32 | ||||||||||||
Net income attributable to The Shyft Group Inc. | $ | 3,123 | $ | 4,518 | $ | 618 | $ | 10,913 | ||||||||
Basic earnings per share | $ | 0.09 | $ | 0.13 | $ | 0.02 | $ | 0.31 | ||||||||
Diluted earnings per share | $ | 0.09 | $ | 0.13 | $ | 0.02 | $ | 0.31 | ||||||||
Basic weighted average common shares outstanding | 34,474 | 34,604 | 34,399 | 34,863 | ||||||||||||
Diluted weighted average common shares outstanding | 34,651 | 34,637 | 34,527 | 34,985 | ||||||||||||
The Shyft Group, Inc. and Subsidiaries | ||||||||
Nine Months Ended September 30, | ||||||||
2024 | 2023 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 618 | $ | 10,881 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Depreciation and amortization | 14,488 | 12,360 | ||||||
Non-cash stock-based compensation expense | 5,672 | 5,187 | ||||||
Loss on disposal of assets | 167 | 132 | ||||||
Deferred income taxes | (9) | (614) | ||||||
Changes in accounts receivable and contract assets | 7,454 | 62,730 | ||||||
Changes in inventories | 6,949 | (15,039) | ||||||
Changes in accounts payable | (21,509) | (25,194) | ||||||
Changes in accrued compensation and related taxes | 3,678 | 1,693 | ||||||
Changes in accrued warranty | 1,596 | (844) | ||||||
Changes in other assets and liabilities | (1,888) | (6,474) | ||||||
Net cash provided by operating activities | 17,216 | 44,818 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property, plant and equipment | (11,482) | (16,143) | ||||||
Proceeds from sale of property, plant and equipment | 91 | 100 | ||||||
Acquisition of business, net of cash acquired | (48,631) | (500) | ||||||
Net cash used in investing activities | (60,022) | (16,543) | ||||||
Cash flows from financing activities: | ||||||||
Proceeds from long-term debt | 135,000 | 100,000 | ||||||
Payments on long-term debt | (75,000) | (101,000) | ||||||
Payments of dividends | (5,222) | (5,392) | ||||||
Purchase and retirement of common stock | - | (19,083) | ||||||
Exercise and vesting of stock incentive awards | (489) | (4,472) | ||||||
Net cash provided by (used in) financing activities | 54,289 | (29,947) | ||||||
Net increase (decrease) in cash and cash equivalents | 11,483 | (1,672) | ||||||
Cash and cash equivalents at beginning of period | 9,957 | 11,548 | ||||||
Cash and cash equivalents at end of period | $ | 21,440 | $ | 9,876 | ||||
The Shyft Group, Inc. and Subsidiaries | |||||||||||||||||
Quarter Ended September 30, 2024 (in thousands of dollars) | |||||||||||||||||
Business Segments | |||||||||||||||||
Fleet Vehicles | Specialty | Eliminations & | |||||||||||||||
& Services | Vehicles | Other | Consolidated | ||||||||||||||
Fleet vehicle sales | $ | 87,773 | $ | - | $ | - | $ | 87,773 | |||||||||
Motorhome chassis sales | - | 11,194 | - | 11,194 | |||||||||||||
Other specialty vehicle sales | - | 66,983 | 850 | 67,833 | |||||||||||||
Aftermarket parts and accessories sales | 18,087 | 9,188 | - | 27,275 | |||||||||||||
Total Sales | $ | 105,860 | $ | 87,365 | $ | 850 | $ | 194,075 | |||||||||
Adjusted EBITDA | $ | 9,828 | $ | 16,146 | $ | (11,630) | $ | 14,344 | |||||||||
The Shyft Group, Inc. and Subsidiaries | |||||||||||||||||
Quarter Ended September 30, 2023 (in thousands of dollars) | |||||||||||||||||
Business Segments | |||||||||||||||||
Fleet Vehicles | Specialty | Eliminations & | |||||||||||||||
& Services | Vehicles | Other | Consolidated | ||||||||||||||
Fleet vehicle sales | $ | 108,491 | $ | - | $ | - | $ | 108,491 | |||||||||
Motorhome chassis sales | - | 20,519 | - | 20,519 | |||||||||||||
Other specialty vehicle sales | - | 50,557 | 444 | 51,001 | |||||||||||||
Aftermarket parts and accessories sales | 15,768 | 5,546 | - | 21,314 | |||||||||||||
Total Sales | $ | 124,259 | $ | 76,622 | $ | 444 | $ | 201,325 | |||||||||
Adjusted EBITDA | $ | 7,977 | $ | 15,988 | $ | (12,977) | $ | 10,988 | |||||||||
The Shyft Group, Inc. and Subsidiaries | ||||||||||||||||||
Period End Backlog (amounts in thousands of dollars) | ||||||||||||||||||
Sept. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sept. 30, 2023 | ||||||||||||||
Fleet Vehicles and Services | $ | 267,952 | $ | 294,586 | $ | 356,089 | $ | 325,003 | $ | 383,448 | ||||||||
Specialty Vehicles | 77,456 | 59,856 | 83,334 | 84,269 | 80,983 | |||||||||||||
Total Backlog | $ | 345,408 | $ | 354,442 | $ | 439,423 | $ | 409,272 | $ | 464,431 | ||||||||
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 | |||||
Three Months Ended September 30, | |||||
The Shyft Group, Inc. | 2024 | % of sales | 2023 | % of sales | |
Net income | $ 3,123 | 1.6 % | $ 4,518 | 2.2 % | |
Add (subtract): | |||||
Restructuring and other related charges | 186 | 58 | |||
Acquisition related expenses and adjustments | 1,225 | 149 | |||
Non-cash stock-based compensation expense | 2,188 | 2,097 | |||
CEO transition | - | 235 | |||
Tax effect of adjustments | (665) | (363) | |||
Adjusted net income | $ 6,057 | 3.1 % | $ 6,694 | 3.3 % | |
Net income | $ 3,123 | 1.6 % | $ 4,518 | 2.2 % | |
Add (subtract): | |||||
Depreciation and amortization | 5,278 | 4,310 | |||
Income tax benefit | (48) | (1,951) | |||
Interest expense | 2,392 | 1,572 | |||
EBITDA | $ 10,745 | 5.5 % | $ 8,449 | 4.2 % | |
Add: | |||||
Restructuring and other related charges | 186 | 58 | |||
Acquisition related expenses and adjustments | 1,225 | 149 | |||
Non-cash stock-based compensation expense | 2,188 | 2,097 | |||
CEO transition | - | 235 | |||
Adjusted EBITDA | $ 14,344 | 7.4 % | $ 10,988 | 5.5 % | |
Diluted net earnings per share | $ 0.09 | $ 0.13 | |||
Add (subtract): | |||||
Restructuring and other related charges | - | - | |||
Acquisition related expenses and adjustments | 0.04 | - | |||
Non-cash stock-based compensation expense | 0.06 | 0.06 | |||
CEO transition | - | 0.01 | |||
Tax effect of adjustments | (0.01) | (0.01) | |||
Adjusted diluted net earnings per share | $ 0.18 | $ 0.19 | |||
The Shyft Group, Inc. and Subsidiaries | ||||||
Nine Months Ended September 30, | ||||||
The Shyft Group, Inc. | 2024 | 2023 | ||||
Net cash provided by operating activities | $ | 17,216 | $ | 44,818 | ||
Purchases of property, plant and equipment | (11,482) | (16,143) | ||||
Proceeds from sale of property, plant and equipment | 91 | 100 | ||||
Free cash flow | $ | 5,825 | $ | 28,775 | ||
The Shyft Group, Inc. and Subsidiaries | |||||||
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.
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