The Shyft (US:SHYF) Prnewswireยท2024-10-24 11:31Core Insights - The Shyft Group reported a gross margin expansion to 20.4%, an increase of 210 basis points year-over-year, indicating improved profitability [1] - The company has commenced production of the Blue Arc Class 4 vehicle, with initial customer deliveries anticipated in the fourth quarter of 2024 [1] - The full-year 2024 adjusted EBITDA outlook is maintained at $45 to $50 million, with expectations for significant profit growth in 2025 [1][3] Financial Performance - For Q3 2024, sales were $194.1 million, a decrease of $7.2 million or 3.6% from $201.3 million in Q3 2023 [2] - Net income for Q3 2024 was $3.1 million, or $0.09 per share, compared to $4.5 million, or $0.13 per share in Q3 2023, which included a tax benefit of $2.0 million [2][7] - Adjusted EBITDA for Q3 2024 was $14.3 million, or 7.4% of sales, an increase of $3.3 million from $11.0 million, or 5.5% of sales in the prior year [2][7] Strategic Initiatives - The company is integrating Independent Truck Upfitters and expects to enhance its balance sheet and liquidity as it enters 2025 [3] - The consolidated backlog as of September 30, 2024, was $345.4 million, down $119.0 million or 25.6% from $464.4 million a year earlier [2][9] 2024 Financial Outlook - The company anticipates full-year 2024 sales of approximately $800 million, assuming no revenue from Blue Arc EV [3] - Expected adjusted EBITDA for 2024 is $45 to $50 million, which includes $20 to $25 million in EV-related spending [3] - Projected net income for 2024 is between $2.6 million and $6.9 million, with earnings per share expected to range from $0.07 to $0.20 [3][17]