Q2 2024 Blue Bird Corp Earnings Call Transcript
Key Points
- Blue Bird Corp reported an all-time record profit for the fiscal 2024 second quarter, marking it as the best second quarter in the company's history.
- Net sales revenue reached a record high for any quarter, with a significant 15% increase over the previous year, driven by higher pricing and a richer mix of electric vehicles (EVs).
- Adjusted EBITDA for the quarter was $46 million, nearly double the previous year's figure and well above the general guidance range.
- The company achieved a strong adjusted EBITDA margin of 13% in the second quarter, reflecting efficient operations and successful pricing strategies.
- Blue Bird Corp's backlog of firm orders grew by nearly 30% from the first quarter, indicating strong market demand and customer confidence.
- Despite overall easing, select supply chain constraints on chassis components continue to limit industry production and deliveries, potentially impacting Blue Bird Corp's ability to meet demand.
- Unit sales volume for the quarter was slightly down from the previous year, indicating some challenges in maintaining growth in units sold.
- The company anticipates inflationary pressures and cost increases in the second half of the fiscal year, which could affect profit margins.
- While federal funding for electric and propane buses is a positive, the extended timeline for infrastructure readiness and bus purchases could delay revenue recognition.
- Blue Bird Corp is facing the need for significant engineering spending to support new product programs and compliance with upcoming emission standards, which could impact short-term financial performance.
Hello, and welcome to the Blue Bird Corporation Fiscal 2024 second quarter earnings call. My name is Natasha, and I will be your moderator for today. If you would like to ask a question on today's call. Please do so by pressing star one on your telephone. I now have the pleasure of handing you over to your host, Mark Bentfield. Please go ahead.
Thank you, and welcome to Blue Bird's Fiscal 2024 second quarter earnings conference call. The audio for our call is webcast live on blue dash bird.com under the Investor Relations tab. You can access the supporting slides on our website by clicking on the presentations box on our IR landing page. Our comments today include forward-looking statements that are subject to risks that could cause actual results to be materially different. Those risks include, among others, matters. We have noted on the following two slides in our filings with the SEC Blue Bird disclaims any obligation to update the information in this call.
This afternoon, you will hear from Blue
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