NOVI, Mich., Aug. 28, 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, announced today that its management team will be hosting investors at the 15th Annual Midwest IDEAS Investor Conference on Thursday, August 29, 2024 in Chicago. About The Shyft Group The Shyft Group is the North American leader in specialty vehicle manufa ...

NOVI, Mich., Aug. 8, 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, announced today that its management team will be meeting with investors at the Raymond James Industrial and Energy Showcase on August 8, 2024. About The Shyft Group The Shyft Group is the North American leader in specialty vehicle manufacturing, assembly, ...

NOVI, Mich., Aug. 2, 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 announced that its Board of Directors authorized a cash dividend of $0.05 per share of common stock. The Michigan-based manufacturer reported that its quarterly dividend will be payable on September 16, 2024 to shareholders of record as of the close ...

Financial Data and Key Metrics Changes - For Q2 2024, the company reported sales of $192.8 million, a decrease of 14% from $225.1 million in the prior year quarter [9] - Net income was $2.2 million or $0.06 per share, compared to net income of $4.7 million or $0.13 per share in the previous year [9] - Adjusted EBITDA was $12.5 million or 6.5% of sales, down from $15.9 million or 7% of sales in Q2 2023 [84] - The adjusted EBITDA margin improved to 21.2% of sales compared to 19.8% in the same period last year [11] Business Line Data and Key Metrics Changes - The FVS segment achieved sales of $109.8 million, down 21% from a year ago, with adjusted EBITDA of $8.4 million versus $12.5 million a year ago [63] - The SV segment delivered sales of $82.9 million, down 5% compared to last year, with strong margin performance in vocational service body businesses [64] - FVS backlog was $295 million, down 9% versus the end of the previous year, while SV backlog was $59.9 million, down 29% due to lower motorhome demand [10][11] Market Data and Key Metrics Changes - The parcel market has not yet recovered, with order activity described as soft, but positive signals have been observed [10] - The company expects the parcel market recovery to be more likely in early 2025 rather than the second half of 2024 [50] Company Strategy and Development Direction - The company is focused on operational efficiency and has streamlined its leadership structure to enhance performance [5] - The acquisition of ITU is expected to enhance upfitting capabilities and provide cross-selling opportunities, aligning with the company's growth strategy [6][81] - The company aims to deliver improved financial performance heading into 2025, with a focus on integrating ITU and leveraging its capabilities [13][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in vehicle deliveries beginning later this year, with a ramp-up expected in 2025 [8] - The company has increased its 2024 profit outlook, expecting adjusted EBITDA in the range of $45 million to $50 million on sales of $800 million to $850 million [86] - Management noted that the team is actively seeking new opportunities to drive volume, with a focus on maintaining financial strength [30][70] Other Important Information - The company launched a safety initiative called Mission Zero, aiming for zero incidents and injuries [58] - The Blue Arc program is transitioning to production, with customer momentum building and positive feedback from demos [82][88] Q&A Session Summary Question: What is the expected ramp-up in production for the FedEx order? - Management indicated that initial deliveries will include the FedEx order and that customer interest is strong, with production ramping up [17][18] Question: Are there any one-time costs associated with the ITU acquisition? - Management acknowledged potential initial integration costs but did not view them as overly material [20] Question: When can we expect recovery in the motorhome business? - Management indicated that recovery in the motorhome segment is likely out in 2025, with current focus on efficiency and margin protection [95] Question: How does the ITU acquisition enhance the product portfolio? - The acquisition is expected to provide access to new chassis providers and enhance the company's capabilities in specialty vehicles [73][107] Question: What is the outlook for the parcel market? - Management noted that recovery in the parcel market is anticipated to be more likely in early 2025 [50]

Core Viewpoint - The Shyft Group reported quarterly earnings of $0.16 per share, exceeding the Zacks Consensus Estimate of $0.12 per share, but down from $0.25 per share a year ago [1][2] Financial Performance - The earnings surprise for the quarter was 33.33%, with a previous quarter loss expectation of $0.18 per share, but the company reported a loss of only $0.04, resulting in a surprise of 77.78% [2] - Revenues for the quarter were $192.78 million, missing the Zacks Consensus Estimate by 2.49%, and down from $225.1 million year-over-year [3] Stock Performance - The Shyft Group shares have declined approximately 4.8% year-to-date, while the S&P 500 has gained 13.8% [4] - The company's current Zacks Rank is 2 (Buy), indicating expectations of outperforming the market in the near future [7] Future Outlook - The consensus EPS estimate for the upcoming quarter is $0.17 on revenues of $228.8 million, and for the current fiscal year, it is $0.42 on revenues of $853.9 million [8] - The automotive - original equipment industry is currently ranked in the bottom 13% of Zacks industries, which may impact the stock's performance [9]

Adjusted EBITDA for our SV segment for the second quarter of 2024 was $17.5 million, compared to $17.4 million for the second quarter of 2023, an increase of $0.1 million or 1.0%. Adjusted EBITDA for our SV segment for the first six months of 2024 was $34.5 million, compared to $31.2 million for the first six months of 2023, an increase of $3.3 million or 10.6%. This increase was primarily attributable to $4.8 million of favorable pricing and mix and $1.8 million of lower manufacturing costs, partially offs ...

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 th ...

Exhibit 99.1 The Shyft Group Reports Second Quarter 2024 Results ● 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 – The Shyft Group, Inc. (NASDAQ: SH ...

Teleconference and webcast access: A listen-only presentation, supporting materials, and replay of the presentation will be available at: www.theshyftgroup.com/investor-relations/webcasts 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 inf ...

NOVI, Mich., June 4, 2024 /PRNewswire/ -- The Shyft Group, Inc. (NASDAQ: SHYF) (the "Company"), the North American leader in specialty vehicle manufacturing, assembly, and upfit for the commercial, retail, and service specialty vehicle markets, announced that management will be hosting analysts and investors at upcoming sell-side conferences in June. Upcoming investor conference participation by management include: SOURCE The Shyft Group, Inc. Stifel 2024 Cross Sector Insight Conference on Tuesday, June 4, ...