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The Shyft Group (SHYF) investor relations material
The Shyft Group Q1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2025 earnings summary24 Apr, 2025
Executive summary
Q1 2025 sales rose 3.4% year-over-year to $204.6M, with improved profitability, narrowed net loss, and strong adjusted EBITDA growth; Blue Arc contributed $26.3M.
Net loss narrowed to $1.4M from $4.7M year-over-year; adjusted net income was $2.4M, and adjusted EPS improved to $0.07 from $(0.04).
Backlog at $335M, down 23.7% year-over-year but up 7% from year-end; service body order intake remained strong.
Merger integration with Aebi Schmidt is progressing, with closure expected by mid-2025.
Acquisition of Independent Truck Upfitters expanded service body offerings and upfit capabilities.
Financial highlights
Gross margin improved to 19.7% from 17.2% year-over-year; gross profit rose to $40.3M.
Adjusted EBITDA doubled to $12.3M (6.0% of sales) from $6.1M (3.1%) year-over-year.
Adjusted net income was $2.4M; adjusted EPS $0.07.
Free cash flow for Q1 2025 was $(9.5)M, similar to $(9.6)M in Q1 2024.
Net leverage ratio remained below 2.0x, supporting a strong balance sheet.
Outlook and guidance
Full-year 2025 sales expected between $870M–$970M; adjusted EBITDA guidance of $62M–$72M.
Adjusted EPS forecasted at $0.69–$0.92; free cash flow expected at $25M–$30M.
~70% of full-year adjusted EBITDA expected in the second half of 2025.
Guidance assumes modest market recovery in parcel and motorhome segments, with growth led by infrastructure and Blue Arc ramp.
Management expects to leverage product innovations and recent acquisitions for long-term growth.
Explain the drivers of margin improvement.
What is the expected impact of Aebi Schmidt?
Why does backlog exclude Blue Arc orders?
How will tariffs impact combined Shyft/Aebi?
Detail parcel quoting activity, timing included?
Update on Blue Arc order pipeline beyond FedEx?
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Frequently asked questions
The Shyft Group is the North American leader in specialty vehicle manufacturing, assembly, and upfit for the commercial, retail, and service vehicle markets. Our customers include first-to-last mile delivery companies across vocations, federal, state, and local government entities; the trades; and utility and infrastructure segments. The Shyft Group is organized into two core business units: Shyft Fleet Vehicles and Services™ and Shyft Specialty Vehicles™. Today, its family of brands include Utilimaster®, Blue Arc™ EV Solutions, Royal® Truck Body, DuraMag® and Magnum®, Strobes-R-Us, Spartan® RV Chassis, Red Diamond™ Aftermarket Solutions, and Builtmore Contract Manufacturing™. The Shyft Group and its go-to-market brands are well known in their respective industries for quality, durability, and first-to-market innovation. The Company employs approximately 3,000 employees and contractors across campuses, and operates facilities in Arizona, California, Florida, Indiana, Maine, Michigan, Missouri, Pennsylvania, Tennessee, Texas, and Saltillo, Mexico. The Company reported sales of $872 million in 2023. Learn more at TheShyftGroup.com
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