Company Performance - Blue Bird (BLBD) closed at $35.36, reflecting a -0.69% change from the previous day, underperforming the S&P 500's 0.58% gain [1] - Over the past month, Blue Bird's shares have increased by 9.98%, surpassing the Auto-Tires-Trucks sector's gain of 5.01% and the S&P 500's loss of 0.84% [1] Earnings Forecast - Blue Bird is expected to release earnings on May 7, 2025, with a forecasted EPS of $0.96, indicating a 7.87% increase from the same quarter last year [2] - The Zacks Consensus Estimate projects net sales of $390 million, up 12.74% from the previous year [2] Annual Estimates - For the annual period, the Zacks Consensus Estimates predict earnings of $4 per share and revenue of $1.45 billion, representing increases of +15.61% and +7.92% respectively from the last year [3] - Recent revisions to analyst forecasts for Blue Bird are crucial as they reflect changing business trends and analysts' outlook on the company's health and profitability [3] Valuation Metrics - Blue Bird's current Forward P/E ratio is 8.91, which is lower than the industry's average Forward P/E of 9.95, indicating a valuation discount [6] - The company has a PEG ratio of 0.82, aligning with the average PEG ratio of the Automotive - Domestic industry [7] Industry Context - The Automotive - Domestic industry, part of the Auto-Tires-Trucks sector, holds a Zacks Industry Rank of 202, placing it in the bottom 19% of over 250 industries [8] - Research indicates that industries in the top 50% of the Zacks Industry Rank outperform those in the bottom half by a factor of 2 to 1 [8]

Core Viewpoint - Ford Motor has reported a significant decline in auto sales in the United States, facing challenges from shifting consumer demand, production adjustments, and increasing competition [1][4]. Sales Performance - Ford's overall auto sales in the U.S. dropped by 8.9% in February 2025, with gasoline-powered vehicle sales declining by 12.7% [1][2]. - Sales of electrified models, including hybrids and EVs, experienced double-digit growth, while EV sales grew by 15% to 7,326 units, driven by strong Mustang Mach-E and E-Transit van sales [2][3]. - The F-150 Lightning saw a 14.7% decline in sales due to intensified competition from other electric pickups [3]. - SUV sales fell by 24.4%, and car sales decreased by 32.2%, while truck sales recorded a growth of 7.7% [3]. Financial Outlook - For 2025, Ford expects adjusted EBIT to be between $7 billion and $8.5 billion, down from $10.2 billion in 2024 [11]. - The company anticipates generating adjusted free cash flow of $3.5 billion to $4.5 billion in 2025, compared to $6.7 billion in 2024 [11]. - The Zacks Consensus Estimate for Ford's 2025 revenues is $166.15 billion, indicating a year-over-year decline of 3.78% [13]. Market Challenges - The Trump administration's 25% tariff on auto imports from Mexico, Canada, and the EU poses a significant challenge, as Ford exported nearly 196,000 cars from Mexico to North America in the first half of 2024 [7]. - Increased pricing pressure and competition in the EV market, particularly from lower-cost alternatives from Chinese automakers, are additional concerns for Ford [9]. - Changing customer preferences and high battery costs are impacting the profitability of Ford's EVs [10]. Stock Performance - Over the trailing 12-month period, Ford's shares have decreased by 24.9%, underperforming the Zacks Auto, Tires and Trucks sector's decline of 2.7% [4]. - The consensus estimate for Ford's first-quarter 2025 EPS is 7 cents, reflecting a significant year-over-year decline of 85.71% [12].

Financial Data and Key Metrics Changes - The company achieved near record adjusted EBITDA of $46 million, just $2 million below last year's record, with an exceptional adjusted EBITDA margin of 15% [12][39] - Revenue for the first quarter was $314 million, nearly the same as last year, with adjusted free cash flow increasing by $23 million to $22 million [15][39] - The liquidity position at the end of the quarter was a record $280 million, with a significant reduction in debt by over $40 million compared to the previous year [47][39] Business Line Data and Key Metrics Changes - The company sold 2,130 buses in the first quarter, with a revenue breakdown showing bus net revenue at $288 million, down by $5 million due to a lower EV mix [13][40] - Parts sales totaled $26 million, representing a solid 6% growth over last year [17][41] - The EV sales in Q1 were 132 units, which is 36% lower than last year, while alternative powered buses represented a 51% mix of unit sales [41][18] Market Data and Key Metrics Changes - The backlog for Blue Bird school buses was at a healthy 4,400 units at the end of the first quarter, representing almost six months of production [7][16] - The current backlog of electric vehicles represents about $250 million in revenue, which is almost double the value from the same time last year [19] - The average selling price for each ICE bus was about 6% higher than a year ago, reflecting both pricing and richer options [17] Company Strategy and Development Direction - The company is focused on making significant improvements across its entire business, including upgrading facilities and developing new products [10] - The company plans to grow its margin to 15% and beyond over the next few years, with a target of 1,000 EV unit sales for fiscal 2025 [62][70] - The company is also expanding its addressable market by supplying commercial chassis to U.S. last mile delivery businesses and doubling Micro Bird JV bus capacity [70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for school buses and the potential for pricing stability and profit margins [7][8] - The company is optimistic about the resumption of the Clean School Bus funding program, which is seen as critical for future EV sales [68][70] - Management acknowledged the challenges posed by executive orders and tariffs but remains confident in the company's ability to navigate these issues [20][33] Other Important Information - The company announced a leadership change, with Phil Horlock stepping down as President and CEO, to be replaced by John Wyskiel [23] - The company has a contractual agreement with the DOE for 50% funding of a new plant expansion, representing $80 million of a total investment of $160 million [21] Q&A Session Summary Question: Scenarios for reaching the high end of EBITDA guidance - Management indicated strong Q1 performance and momentum in non-EV powertrains, suggesting that higher EV sales could help reach the upper end of guidance [74][75] Question: Clarification on unspent funds and EPA program - Management confirmed that 250 buses have firm orders with approved rebates, and there have been no cancellations since the pause [80][81] Question: Pricing strategy in response to tariffs - Management stated that they are prepared to pass through potential tariff costs to customers, similar to a sales tax [84][86] Question: EV mix progression throughout the year - Management forecasted an increase in EV sales throughout the year, with a low mix in Q1 due to timing of EPA funding [90][91] Question: Inventory increase in the last quarter - Management explained that inventory was increased to ensure supply chain stability and to pre-buy components, particularly for EVs [94] Question: Long-term growth without EV funding - Management expressed confidence in multiple growth avenues, including state and local funding for EVs and expansion into new markets [100] Question: Exposure to tariffs on China - Management indicated limited exposure to China, with plans to evaluate and potentially resourcing parts from other countries [103][104] Question: Risks regarding labor availability and components - Management reported a strong labor force and good supply chain conditions, with no current concerns [108][109] Question: Cost structure on EV school buses - Management announced a reduction in EV bus prices by $25,000 and ongoing efforts to drive down costs through alternative suppliers [112][114] Question: Potential for propane as an alternative - Management confirmed that propane is a logical alternative for customers, offering the lowest total cost of ownership without subsidies [120][122]

PART I [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) For the first quarter of fiscal 2025, Blue Bird Corporation reported net sales of $313.9 million, a slight decrease from the prior-year period, while net income increased to $28.7 million, with basic EPS rising to $0.89 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of December 28, 2024, total assets increased slightly to $535.2 million, driven by higher cash and inventories, while total liabilities decreased and stockholders' equity grew to $179.7 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | Dec 28, 2024 | Sep 28, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $136,119 | $127,687 | | Inventories | $163,120 | $127,798 | | Total current assets | $330,858 | $323,379 | | Total assets | $535,222 | $524,894 | | **Liabilities & Equity** | | | | Total current liabilities | $229,427 | $235,973 | | Long-term debt | $88,828 | $89,994 | | Total liabilities | $355,517 | $365,330 | | Total stockholders' equity | $179,705 | $159,564 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the three months ended December 28, 2024, net sales decreased by 1.2% to $313.9 million, but net income increased by 9.8% to $28.7 million, or $0.86 per diluted share, supported by lower interest expense and higher other income Consolidated Statement of Operations Highlights (in thousands, except per share data) | Metric | Q1 FY2025 (ended Dec 28, 2024) | Q1 FY2024 (ended Dec 30, 2023) | Change (%) | | :--- | :--- | :--- | :--- | | Net sales | $313,872 | $317,660 | (1.2%) | | Gross profit | $60,317 | $63,558 | (5.1%) | | Operating profit | $33,042 | $37,956 | (12.9%) | | Net income | $28,722 | $26,150 | 9.8% | | Diluted earnings per share | $0.86 | $0.81 | 6.2% | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the first quarter of fiscal 2025, net cash provided by operating activities significantly improved to $26.4 million, while cash used in investing and financing activities increased, resulting in an overall increase of $8.4 million in cash and cash equivalents Consolidated Statement of Cash Flows Highlights (in thousands) | Cash Flow Activity | Q1 FY2025 (ended Dec 28, 2024) | Q1 FY2024 (ended Dec 30, 2023) | | :--- | :--- | :--- | | Net cash provided by operating activities | $26,410 | $217 | | Net cash used in investing activities | $(5,094) | $(2,904) | | Net cash (used in) provided by financing activities | $(12,884) | $995 | | **Change in cash and cash equivalents** | **$8,432** | **$(1,692)** | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's business, accounting policies, and financial statement components, highlighting the impact of supply chain constraints, segment performance, and a new share repurchase program - Global supply chain constraints continued to result in higher purchasing and freight costs, but pricing actions and manufacturing improvements have allowed the company to report **gross margins exceeding pre-pandemic levels**[28](index=28&type=chunk) Revenue by Product Category (in thousands) | Product Category | Q1 FY2025 | Q1 FY2024 | | :--- | :--- | :--- | | Diesel buses | $124,372 | $84,998 | | Alternative power buses | $148,922 | $195,329 | | Parts | $25,091 | $23,636 | | **Total Net Sales** | **$313,872** | **$317,660** | Segment Net Sales and Gross Profit (in thousands) | Segment | Net Sales Q1 FY2025 | Gross Profit Q1 FY2025 | Net Sales Q1 FY2024 | Gross Profit Q1 FY2024 | | :--- | :--- | :--- | :--- | :--- | | Bus | $288,147 | $47,172 | $293,437 | $51,294 | | Parts | $25,725 | $13,145 | $24,223 | $12,264 | | **Total** | **$313,872** | **$60,317** | **$317,660** | **$63,558** | - On January 31, 2024, the Board authorized a $60 million share repurchase program, under which the company repurchased **243,450 shares for $10.0 million** during the quarter ended December 28, 2024[74](index=74&type=chunk)[75](index=75&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management reports a 1.2% decrease in Q1 FY2025 net sales to $313.9 million, attributed to changes in bus product and customer mix, while maintaining strong gross margins and robust liquidity with a strong backlog - Supply chain disruptions continued in Q1 FY2025, but ongoing improvements in manufacturing and pricing actions allowed the company to report **gross profit and margins materially consistent with fiscal 2024**[90](index=90&type=chunk) - The company's order backlog remained **strong at approximately 4,400 units** as of December 28, 2024, despite selling over 2,100 units in the quarter, indicating robust demand[91](index=91&type=chunk) Consolidated Results of Operations (in thousands) | Metric | Q1 FY2025 | Q1 FY2024 | | :--- | :--- | :--- | | Net sales | $313,872 | $317,660 | | Gross profit | $60,317 | $63,558 | | Operating profit | $33,042 | $37,956 | | Net income | $28,722 | $26,150 | | Adjusted EBITDA | $45,753 | $47,604 | | Adjusted EBITDA margin | 14.6% | 15.0% | - Other income increased by **$4.1 million**, primarily due to the sale of certain state emissions credits for approximately **$2.6 million** and the absence of **$1.2 million in stockholder transaction costs** incurred in the prior-year period[118](index=118&type=chunk)[119](index=119&type=chunk)[121](index=121&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=28&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) The company states that there have been no material changes to its interest rate, commodity, or currency risks as previously disclosed in its fiscal 2024 Form 10-K - There have been **no material changes** to the company's market risks, including interest rate, commodity, or currency risks, since the last annual report[153](index=153&type=chunk) [Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of December 28, 2024, with no material changes in internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's **disclosure controls and procedures were effective** as of the end of the period[155](index=155&type=chunk) - **No changes occurred** during the fiscal quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[156](index=156&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20Proceedings.) The company is involved in legal proceedings in the ordinary course of business but does not believe the outcome of any pending cases will have a material adverse effect on its financial condition, liquidity, or results of operations - Management does **not expect pending legal proceedings to have a material adverse effect** on the company's financial statements[159](index=159&type=chunk) [Risk Factors](index=30&type=section&id=Item%201A.%20Risk%20Factors.) The company highlights key risks, including the potential negative impact of changes in trade policies and tariffs on production costs and sales, and the adverse effect of changes in government grants and incentives for clean fuel technologies - **Potential changes in trade policies and tariffs could increase component costs**, which may not be fully passed on to customers, potentially reducing sales and profitability[161](index=161&type=chunk) - **Sales of alternative-powered buses are dependent on government programs and incentives**; changes in these policies could negatively impact customer demand and the company's sales mix[162](index=162&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=30&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) The company details its share repurchase program, authorized for up to $60 million, under which it repurchased 243,450 shares for approximately $10.0 million during the quarter ended December 28, 2024 Share Repurchase Activity (Q1 FY2025) | Period by fiscal month | Total shares repurchased | Average price paid per share ($) | Approx. dollar value remaining under program (in millions) | | :--- | :--- | :--- | :--- | | Sep 29 - Oct 26, 2024 | — | — | $50.1 | | Oct 27 - Nov 23, 2024 | — | — | $50.1 | | Nov 24 - Dec 28, 2024 | 243,450 | $41.22 | $40.0 | | **Total** | **243,450** | | | [Other Information](index=31&type=section&id=Item%205.%20Other%20Information.) The company reports that during the first quarter of fiscal 2025, none of its directors or officers adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement - **No directors or officers adopted or terminated a Rule 10b5-1 trading plan** or other non-Rule 10b5-1 trading arrangement during the quarter[169](index=169&type=chunk) [Exhibits](index=32&type=section&id=Item%206.%20Exhibits.) This section lists the exhibits filed with the Form 10-Q report, including corporate governance documents, warrant forms, officer certifications, and XBRL data files - The report **includes several exhibits, such as CEO/CFO certifications (31.1, 31.2, 32.1) and XBRL data files**, filed in accordance with SEC requirements[170](index=170&type=chunk)

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]

BLUE BIRD CORPORATION (NASDAQ: BLBD) FY2024 Fourth Quarter & Full Year Results Earnings Conference Call November 25, 2024 Agenda Introductions & Forward-Looking Statements Mark Benfield Executive Director, Investor Relations Key Results and Highlights Phil Horlock President & CEO Financial Results Razvan Radulescu CFO Outlook Phil Horlock President & CEO Q&A Group This presentation includes forward-looking statements, including statements regarding full-year guidance and seasonality, that are subject to ris ...

Blue Bird Corporation (NASDAQ:BLBD) Q4 2024 Earnings Conference Call November 25, 2024 4:30 PM ET Company Participants Mark Benfield - IR Phil Horlock - CEO Razvan Radulescu - CFO Conference Call Participants Mike Shlisky - D. A. Davidson. Eric Stine - Craig-Hallum Tyler DiMatteo - BTIG Craig Irwin - Roth Capital Partners Chris Pierce - Needham Operator Hello, everyone. Thank you for joining Blue Bird's Fiscal 2024 Fourth Quarter and Full Year Earnings Conference Call. My name is Sierra, and I'll be your mo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 28, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number: 001-36267 BLUE BIRD CORPORATION (Exact name of registrant as specified in its charter) Delaware 46-3891989 (State or other juris ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): October 25, 2024 BLUE BIRD CORPORATION (Exact name of registrant as specified in its charter) | --- | --- | --- | |-----------------------------------------|--------------------------------------------------------------|-----------------------| | | | | | Delaware | 001-36267 | 46-3891989 | | (S ...

Blue Bird Corporation (NASDAQ:BLBD) Q3 2024 Earnings Conference Call August 7, 2024 4:30 PM ET Company Participants Mark Benfield - IR Phil Horlock - CEO Razvan Radulescu - CFO Conference Call Participants Mike Shlisky - D. A. Davidson. Chris Pierce - Needham Eric Stine - Craig-Hallum Sherif El-Sabbahy - Bank of America Merrill Lynch Operator Hello all and welcome to Blue Bird's Fiscal 2024 Third Quarter Earnings Conference Call. My name is Lydia and I'll be your operator today. After the prepared remarks t ...