The following is a summary of the Blue Bird Corporation (BLBD) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Blue Bird reported record Q2 profit of $46 million, marking their highest ever for Q2 and the second-best quarterly profit overall.

• Their Q2 net revenue reached $346 million, a 15% increase from last year, driven significantly by higher pricing and a larger mix of electric vehicles (EVs).

• The average selling price per bus in fiscal '24 was 19% higher than the previous year.

• Q2 adjusted EBITDA of $46 million exceeded their guidance range and amounted to $25 million more than the previous year.

• The company reported an adjusted EBITDA margin of 13% in Q2 and raised their full-year adjusted EBITDA margin guidance to 12%.

• Free cash flow for Q2 was reported at an impressive $54 million.

Business Progress:

• There is strong market demand for school buses, with a 30% increase in firm orders for Blue Bird buses from Q1, reaching 5900 units.

• The number of electric buses delivered in Q2 marked a record high being 50% more than the previous year and constituting 9% of total unit sales.

• The company plans to enhance investments in engineering, business upgrades, and new product development over the next two to three years.

• Supply chain issues are gradually easing, though restrictions in the availability of certain chassis components persist.

• Three exclusive engine contracts were renewed with Ford and Roush till 2030, bolstering Blue Bird's leadership position in the industry for propane and gasoline engines.

• In response to solid Q2 results and robust future prospects, the full-year guidance has been uplifted for net revenue, adjusted EBITDA, and free cash flow.

• Blue Bird anticipates growing their electric vehicle unit sales to 800 buses in fiscal 2024, marking a growth of 47% from the previous fiscal year.

• The company is in the pilot phase of the electric vehicle chassis business, with customer feedback and exhibitions expected later in the year.

• Work is underway to adhere to the 2027 emission standards which will increase the need for Blue Bird's alternative powered vehicles.

More details: Blue Bird IR

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