Q2 2024 Shyft Group Inc Earnings Call Transcript
Key Points
- The Shyft Group Inc (SHYF) delivered $12.5 million of adjusted EBITDA with significant improvement in their FVS business, increasing margins to high single digits.
- The acquisition of Independent Truck Upfitters (ITU) is expected to enhance service body upfits capabilities and provide unique cross-selling opportunities.
- The Blue Arc team achieved key project milestones and is on track to deliver trucks to customers by the end of the year.
- Operational efficiency improvements have led to better margin performance and quality scoring from customers.
- The company increased its 2024 profit outlook to the higher end of the previously stated range, expecting adjusted EBITDA to be in the range of $45 million to $50 million.
- Sales for the second quarter were $192.8 million, down 14% from the prior-year quarter.
- Net income decreased to $2.2 million or $0.06 per share, compared to $4.7 million or $0.13 per share in the previous year.
- Adjusted EBITDA for the FVS segment was $8.4 million, down from $12.5 million a year ago, primarily driven by lower volume.
- The SV backlog was down 29% versus the end of 2023, due to lower motorhome demand.
- The parcel market recovery is now expected to be more likely in early 2025 rather than the second half of 2024.
Good morning, and welcome to The Shyft Group's second-quarter 2024 conference call and webcast. All participants will be in a listen-only mode until the question-and-answer session of the conference call. As a reminder, this call is being recorded.
I would now like to introduce Randy Wilson, Vice President of Investor Relations and Treasury for The Shyft Group. Please go ahead.
Good morning, and thank you for joining us.
Today, you will hear from John Dunn, President and Chief Executive Officer; and Jon Douyard, Chief Financial Officer. Their prepared remarks will be followed by a question-and-answer session.
Before we begin, please turn to slide 2 of the presentation for our Safe Harbor statement. Today's conference call contains forward-looking statements, which are subject to risks that could cause actual results to be materially different from those expressed or implied. Primary risks that management believes could materially affect our results are
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