Blue Bird(BLBD) - 2025 Q1 - Quarterly Results

Financial Performance - Net sales for Q1 FY2025 were $313.9 million, a decrease of $3.8 million or 1.2% from the previous year[6] - GAAP net income increased to $28.7 million, up by $2.6 million compared to the same period last year, driven by $2.6 million in emission credits[8] - Adjusted EBITDA for Q1 FY2025 was $45.8 million, a decrease of $1.9 million from the prior year, resulting in a 14.6% margin[10] - Gross profit for Q1 FY2025 was $60.3 million, down by $3.2 million from the previous year[7] - Operating profit decreased to $33,042 from $37,956, reflecting a decline of 12.5% year-over-year[28] - Net income increased to $28,722, up 9.8% from $26,150 in the prior year[28] - Basic earnings per share rose to $0.89, compared to $0.81 for the same period last year, representing a growth of 9.9%[28] - Adjusted EBITDA for the three months ended December 28, 2024, was $45,753, a decrease of 3.7% from $47,604 in the prior year[32] Sales and Production - The company sold 2,130 buses in Q1 FY2025, consistent with the previous year, with a backlog of nearly 4,400 units[3][4] - Parts sales increased by $1.5 million or 6.2% due to price increases and higher fulfillment volumes[6] - Approximately 1,000 electric-powered buses are either sold or in the order backlog, supporting the EV sales target for 2025[4] - The average sales price per unit decreased by 1.9%, primarily due to changes in customer and product mix[6] Guidance and Future Outlook - The company reaffirmed its full-year 2025 guidance for net revenue between $1.4 billion and $1.5 billion, and adjusted EBITDA of $185 million to $215 million[5] - The company aims for a long-term adjusted EBITDA margin of over 15% on approximately $2 billion in revenues[6] Assets and Cash Flow - Total current assets increased to $330,858, up from $323,379, marking a growth of 2.4%[27] - Total assets reached $535,222, an increase of 1.3% from $524,894[27] - Cash and cash equivalents at the end of the period were $136,119, up from $127,687, indicating a growth of 6.3%[30] - Free cash flow improved to $21,816, compared to a negative $2,687 in the same period last year[35]