The Shyft Group, which serves a variety of specialty vehicle markets, including making chassis for RVs, reports $1 billion in sales in 2022, an increase of $35.4 million over 2021.
The company’s adjusted net income for the year was $44.5 million, compared to $75 million the previous year.
In the fourth quarter, the company had sales of $302.0 million, an 8.9% increase over Q4 of 2021.
Its adjusted net income was $20.5 million, compared to $20.2 million in the same quarter in 2021.
In the specialty vehicles division, which includes RVs, the company reported a drop in sales in the fourth quarter, finishing the period at $93.2 million, compared with $94.7 million the year prior. The backlog in that segment was $96 million, compared with 104.1 million in Q4 of 2021.
“I am proud of the Shyft Group team’s ability to execute and close out the year strong, with solid growth in sales and adjusted EBITDA for the fourth quarter,” said Daryl Adams, president and CEO. “We overcame dynamic challenges in our supply chain and inflationary pressures, remaining nimble and responsive to the needs of our customers while taking advantage of opportunities to invest in future growth.”
Added CFO Jon Douyard, in his outlook for 2023: “We are focused on delivering improved profitability in 2023. Current uncertainty surrounding broader macroeconomic conditions has led us to take a cautious approach to our outlook. Our balance sheet strength and ample liquidity provide financial flexibility to fund operations and growth investments.”
