Shyft Group reports Q1 net loss of $4.7M; sales down 19% YoY; reaffirms FY2024 outlook

SHYFT GROUP, INC.

2024-Q1 EPS reported -$0.14 revenue$197,889,000

Sales $197.9M (-18.7% YoY); net loss $4.7M ($0.14/sh) vs net income $1.7M ($0.05/sh) a year ago.
Adjusted EBITDA $6.1M (3.1% of sales) down from $10.8M (4.4%); includes $5.5M EV program costs.
Consolidated backlog $439M (-34% YoY) but up 7.4% sequentially; FVS backlog down 39%, SV backlog flat.
FY2024 guidance reaffirmed: sales $850-900M, adj. EBITDA $40-50M, EPS $0.07-$0.30; Blue Arc EV production target late 2024.
SV segment sales up 3.4% to $90.1M; adjusted EBITDA $17.0M (18.8% margin), up from $13.9M.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SHYFT GROUP, INC. reported the first quarter ending March 31, 2024 results: revenue $197.9 million, net income Net loss of $4.7 million, or ($0.14) per share. Guidance reaffirmed.

Period: the first quarter ending March 31, 2024
Revenue: $197.9 million
Net income: Net loss of $4.7 million, or ($0.14) per share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

The Shyft Group Reports First Quarter 2024 Results ● First quarter sales of $198 million; Quarter end consolidated backlog of $439 million with FVS backlog up 10% sequentially ● Maintains 2024 outlook with sales of $850 to $900 million and adjusted EBITDA of $40 to $50 million

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Source: SEC EDGAR

accession 0001437749-24-013118

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