Blue Bird Corporation (NASDAQ:BLBD) Q1 2024 Results Earnings Conference Call February 7, 2024 4:30 PM ET Company Participants Mark Benfield - Head of Invest Relations Phil Horlock - Chief Executive Officer Razvan Radulescu - Chief Financial Officer Conference Call Participants Michael Shlisky - D.A. Davidson & Co. Eric Stine - Craig-Hallum Craig Irwin - ROTH-MKM Operator Hello, all. And welcome to the Blue Bird Corporation Fiscal 2024 First Quarter Earnings. My name is Lydia, and I'll be your operator today ...

Financial Performance - Total net sales for the three months ended December 30, 2023, were $317.66 million, a 34.7% increase from $235.73 million for the same period in 2022[106]. - Gross profit for the three months ended December 30, 2023, was $63.56 million, compared to $7.46 million for the same period in 2022, indicating a significant improvement[113]. - Operating profit for the three months ended December 30, 2023, was $37.96 million, a turnaround from an operating loss of $9.38 million in the same period last year[113]. - Net income for the three months ended December 30, 2023, was $26.15 million, compared to a net loss of $11.29 million for the same period in 2022[113]. - Shipping and handling revenues increased to $4.7 million for the three months ended December 30, 2023, up from $4.3 million in the same period of 2022[101]. Debt and Financing - Blue Bird executed a $250 million five-year credit agreement with Bank of Montreal, including a $100 million term loan facility and a $150 million revolving credit facility[80][81]. - As of December 30, 2023, the company had $98.5 million in term loan borrowings, down from $130.3 million as of September 30, 2023[93]. - The weighted-average annual effective interest rates for term loans were 9.9% for the three months ended December 30, 2023, compared to 10.9% for the same period in 2022[94]. - Interest expense for the three months ended December 30, 2023, was $3.63 million, down from $4.20 million in the same period of 2022[113]. Operational Challenges - Supply chain disruptions continued into the first quarter of fiscal 2024, impacting the number of school buses produced and sold, as well as increasing manufacturing costs[77]. - The company faced challenges due to the COVID-19 pandemic and Russia's invasion of Ukraine, which negatively impacted operations and cash flows[76][78]. Revenue Expectations - The company expects to recognize approximately $7.1 million in revenue during fiscal 2024 from federal funds awarded for zero and low emission school buses under the U.S. Infrastructure Investment and Jobs Act[99]. Inventory and Liabilities - Total inventories as of December 30, 2023, were $142.46 million, an increase from $135.29 million as of September 30, 2023[124]. - Total accrued self-insurance liability as of December 30, 2023, was $6.40 million, slightly up from $6.25 million as of September 30, 2023[100]. Taxation - The effective tax rate for the three months ended December 31, 2022, was 20.8%, aligning closely with the statutory federal income tax rate of 21%[104]. Pension and Accounting - The company reported a net periodic pension benefit expense of $36,000 for the three months ended December 30, 2023, compared to $178,000 for the same period in 2022[79]. - The company plans to provide updated disclosures required by new accounting standards in the periods they become effective[123]. Market Position - The company is recognized as a leader in alternative powered school buses, including propane, gasoline, and all-electric options[75]. - The company has taken periodic pricing actions to ensure that sales prices for buses keep pace with increased costs of inventory procurement[77].

A renewable energy infrastructure is well on its way to being built. However, patient investors still have time to get involved with green transportation stocks. Fossil fuels will still be needed for decades to come. Therefore, traditional energy stocks will remain solid investments, particularly for the income generated by their dividends.  However, growth-oriented investors may want to look at green energy investments. At this point, they face a more favorable regulatory environment that will ease adoptio ...

The equity markets are off to a strong start in 2024. But does that mean it’s time to look at small-cap growth stocks? It may be, and here’s why.  As January comes to a close, the market rally has not yet spread to the small-cap sector. The small-cap Russell 2000 index is down 3.2% in January. And over the last 12 months, the index has been essentially flat, with only minor gains at any given time. Over the last five years, however, this index is up almost 30%. And historically, the beginning of a broad mar ...

MACON, Ga.--(BUSINESS WIRE)--Blue Bird Corporation (Nasdaq: BLBD), the leader in electric and low-emission school buses, today announced that its Board of Directors authorized the company to repurchase up to $60 million in the aggregate of its outstanding common stock during the next 24 months. The repurchase program permits repurchases in open market or private transactions, including accelerated share repurchase transactions, block trades, or pursuant to trading plans intended to comply with SEC Rule 10b5 ...

MACON, Ga.--(BUSINESS WIRE)--Blue Bird Corporation (Nasdaq: BLBD), the leader in electric and cleaner-emission school buses, will release its fiscal 2024 first quarter financial results on February 7, 2024. The public is invited to attend an audio webcast in which Blue Bird executives Phil Horlock, CEO, and Razvan Radulescu, CFO, will discuss results. This webcast will take place at 4:30PM ET on February 7, 2024. A slide presentation will be available to support the webcast. Dial-in details and the webcas ...

Blue Bird Corporation (BLBD) has received a record order of electric school buses from the Los Angeles Unified School District (“LAUSD”). Through A-Z Bus Sales, Inc., a local Blue Bird dealer, LAUSD ordered 180 electric, zero-emission school buses. These orders will enable the school district to kick-start its transition to 100% electric student transportation, making significant strides toward its goal of reducing greenhouse gas emissions.LAUSD’s fleet already has 26 Blue Bird electric buses. It has now pl ...

Los Angeles Unified School District (LAUSD) ordered a record 180 electric, zero-emission school buses from Blue Bird Corporation, including 150 All American (pictured here) and 30 Vision model buses. The school district anticipates the bus delivery in October 2024. The shift to clean student transportation will help LAUSD realize its ambitious goals of reducing harmful greenhouse gas emissions while improving its operational efficiencies. (Image provided by Los Angeles Unified School District)Los Angeles Un ...

Blue Bird Corporation (NASDAQ:BLBD) Q4 2023 Earnings Conference Call December 11, 2023 4:30 PM ET Company Participants Mark Benfield - Head of Invest Relations Phil Horlock - Chief Executive Officer Razvan Radulescu - Chief Financial Officer Conference Call Participants Eric Stine - Craig-Hallum Mike Shlisky - D.A. Davidson Craig Irwin - ROTH MKM Operator Hello, everyone. Thank you for attending Blue Bird Corporation's Fiscal 2023 Fourth Quarter and Full Year Earnings Call. My name is Sierra, and I'll be yo ...

Introductions & Forward-Looking Statements Mark Benfield Executive Director, Investor Relations Results and Highlights Phil Horlock CEO Financial Results Razvan Radulescu CFO Outlook Phil Horlock CEO Q&A Group 2 Introductions & Forward-Looking Statements • Ability to expand market share Financial Results Forward Looking Statements • Future profitability • Other statements preceded by, followed by or that include the words "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe, ...