Shyft Group sales, profits jump

NOVI—Shyft Group Inc., the specialty vehicle manufacturer, reported net income of $16 million or 44 cents a share in the second quarter ended June 30, up from a loss of $1.4 million or 4 cents a share in the same quarter of 2020.

For the six months, net income was $27.5 million or 76 cents a share, up from $6.5 million or 18 cents a share a year earlier.

Revenue for the quarter was $244 million, up 96.8 percent from $124 million a year earlier, reflecting increased sales in all product categories.

“The Shyft Group’s momentum continued to build in the second quarter, producing results that exceeded our expectations, including doubling our sales and tripling adjusted EBITDA over the prior year,” said Daryl Adams, president and CEO. “Our strength in quality, innovation, and customer-driven product development, combined with rising demand in our markets, led to record backlog across all segments. While the environment remains challenging, our team continues to outperform and delivered our highest quarterly sales on record. We continue to see strong demand in parcel delivery and luxury motor coach, as well as accelerating demand in service bodies, which further cement our plans toward continued growth in the second half of the year.”

Sales in the company’s fleet vehicles and services segment were $168.3 million, up 73.1 percent from $97.2 million a year earlier. Adjusted earnings for the segment was $28.3 million, up from $13.7 million a year ago.

Sales in the company’s specialty vehicles segment were $75.7 million, up 183.2 percent from $26.7 million a year earlier, as the luxury motor coach and service vehicle markets bounced back. Adjusted earnings for the segment were $8.6 million, up from $1.2 million a year earlier.

The company said it expects full-year revenue of $900 million to $950 million, and net income of $55 million to $62 million.

To listen to a replay of a conference call discussing these results, visit  www.TheShyftGroup.com/investor-relations/webcasts .

Shyft Group brands include Utilimaster, Royal Truck Body, DuraMag, Magnum, Strobes-R-Us, Spartan RV Chassis, Builtmore Contract Manufacturing, and aftermarket products.

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