The following is a summary of the The Shyft Group, Inc. (SHYF) Q1 2024 Earnings Call Transcript:
Financial Performance:
The Shyft Group's Q1 2024 sales totaled $197.9 million, representing an 18.7% decrease from $243.4 million in Q1 2023.
The company posted a net loss of $4.7 million, or $0.14 per share, compared to a net income of $1.7 million, or $0.05 per share in the same period of the previous year.
Adjusted EBITDA stood at $6.1 million, or 3.1% of sales, a decrease compared to $10.8 million, or 4.4% of sales for the same period in 2023.
Business Progress:
The Parcel Delivery team reported the highest order level in nearly two years, signalling strong commercial progress.
The Shyft Group introduced a framework for driving operational excellence and increasing shareholder value, including building high-performance teams, delivering operational excellence, and keeping customers at the center of each activity.
Focusing on the company's electric vehicle initiative, the development of the Blue Arc EV walk-in van is on track for a market release later in 2024.
Looking ahead to 2024, the company expects sales in the range of $850 million to $900 million, with an expected adjusted EBITDA of $40 million to $50 million.
More details: Shyft Group IR
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