The Shyft Group, which primarily makes specialty vehicles as well as chassis for RVs, reported a drop in both revenue and net income for the recent quarter and full fiscal year.
In the fourth quarter, Shyft reported sales of $171.6 million, a drop from $180 million the same period a year ago. Net income in the quarter was $10.1 million, down from $16.5 million.
For the full year, the company reported sales of $676 million, a drop of 11 percent from the prior. The company’s net income for the year rose to $48.2 million, an increase of nearly 10 percent from the $43.9 million the previous year.
“By all accounts, 2020 proved to be a historic and transformative year for The Shyft Group, as we strategically aligned our product portfolio to take advantage of more profitable growth markets after the sale of the (Emergency Response) business,” said Daryl Adams, president and CEO. “I am incredibly proud and appreciative of the tremendous efforts of
our entire team. Throughout 2020, we rose to the challenge to overcome the impact of the COVID-19 pandemic and related plant disruptions to meet customer demand, while ending the year with nearly $500 million in backlog. We completed another key acquisition that expanded our product offerings, and we continued our efforts toward greater
efficiency and productivity across our operations. We emerge from 2020 in a stronger position, well equipped to drive growth in each of our businesses for years to come.”
