Shares in The Shyft Group, Inc. (NASDAQ: SHYF) bounced at Thursday’s open, as the North American leader in specialty vehicle manufacturing, assembly and upfit for the commercial, retail and service specialty vehicle markets, today reported operating results for the second quarter ending June 30, 2024.
The Novi, Michigan-headquartered company reported sales of $192.8 million, a decrease of $32.3 million, or 14.4%, from $225.1 million. Net income amounted to $2.2 million, or $0.06 per share, compared to $4.7 million, or $0.13 per share
Adjusted EBITDA was $12.5 million, or 6.5% of sales, a decrease of $3.4 million, from $15.9 million, or 7.0% of sales; Results include $5.9 million of EV program related costs versus $7.4 million in the prior year.
Adjusted net income of $5.3 million, or $0.16 per share, compared to $8.7 million, or $0.25 per share in the second quarter of 2023
Consolidated backlog of $354.4 million as of June 30, 2024, down $155.8 million, or 30.5%, compared to $510.2 million as of June 30, 2023.
"We continued to drive our Shyft operating strategy and saw progress in the quarter despite ongoing market softness. The SV team delivered another strong financial quarter, FVS generated sequential margin improvement, and Blue Arc achieved milestones that position us for vehicle delivery later this year," said CEO John Dunn.
SHYF shares hiked $1.96, or 16.8%, to $13.60.
