The Shyft Group, Inc. (NASDAQ: SHYF) shares gained ground Thursday. The company which purports to be 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 first quarter ending March 31.
Sales proved $197.9 million in Q1, a decrease of $45.5 million, or 18.7%, from $243.4 million. Net loss was $4.7 million, or ($0.14) per share, compared to net income of $1.7 million, or $0.05 per share
Adjusted EBITDA of $6.1 million, or 3.1% of sales, a decrease of $4.7 million, from $10.8 million, or 4.4% of sales; Results include $5.5 million of EV program related costs versus $8.5 million in the prior year.
Adjusted net loss of $1.4 million, or ($0.04) per share, compared to adjusted net income of $4.3 million, or $0.12 per share in the first quarter of 2023
Consolidated backlog of $439.4 million as of March 31, 2024, down $228.0 million, or 34.2%, compared to $667.4 million as of March 31, 2023; On a sequential quarter basis, consolidated backlog was up 7.4%
“We made progress implementing our operating framework, which includes high performing teams, operational excellence, and customer centricity,” said CEO John Dunn. “Our sales team drove improved commercial activity in the quarter, which enabled a sequential improvement in order backlog. Our SV business continues to execute well and delivered solid results in the quarter.”
SHYF shares 44 cents, or 4.1%, to $11.18.