The Shyft (US:SHYF) Prnewswire·2025-04-24 11:31Core Insights - The Shyft Group reported a 3.4% increase in sales for Q1 2025, reaching $204.6 million compared to $197.9 million in Q1 2024, with improved profitability and operational efficiency [2][5][4] - The company anticipates a strong financial outlook for the full year 2025, with adjusted EBITDA projected between $62 million and $72 million, and adjusted earnings per share expected to be between $0.69 and $0.92 [6] - The pending merger with Aebi Schmidt is expected to enhance the company's market position, product offerings, and operational scale, creating opportunities for growth and shareholder value [2][4] Financial Performance - Sales for Q1 2025 were $204.6 million, an increase of $6.7 million or 3.4% from Q1 2024 [5] - The net loss for Q1 2025 was $1.4 million, or ($0.04) per share, an improvement from a loss of $4.7 million, or ($0.14) per share in Q1 2024 [5][29] - Adjusted EBITDA for Q1 2025 was $12.3 million, representing 6.0% of sales, up from $6.1 million or 3.1% of sales in the same period last year [5][29] Operational Highlights - The consolidated backlog as of March 31, 2025, was $335.3 million, down $104.1 million or 23.7% from $439.4 million as of March 31, 2024, but improved by $22.1 million or 7.1% compared to year-end 2024 [5][20] - The company maintained a strong balance sheet with a net leverage ratio of less than 2.0x [4] - The merger integration planning with Aebi Schmidt is underway, with the transaction expected to close by mid-2025 [4][2] Business Segments - Fleet Vehicles and Services segment sales were $96.1 million, while Specialty Vehicles segment sales were $82.2 million, contributing to the total sales of $204.6 million [18] - Blue Arc sales for the quarter were $26.3 million, indicating a growing presence in the electric vehicle solutions market [5]