The Shyft Group, which makes RV chassis as well as other specialty vehicles, such as first responder and transit vehicles, reported sales of $243.4 million in the first quarter – an increase of $36.5 million, or 17.7%, from the $206.9 million of Q1 last year.
Net income of $1.7 million, or $0.05 per share, compared to a loss of $3.9 million, or loss of $0.11 per share one year ago.
As for its specialty vehicles division, which includes RVs, sales of $87.2 million was a drop of 7% compared to the $94.2 million a year ago, with softer motorhome chassis demand somewhat offset by strength in service bodies.
The backlog in the company’s specialty vehicles division was $82.5 million as of March 31, a drop of more than 33% compared to a year ago.
Overall, the company’s backlog was $667.4 million as of March 31, down nearly 48% compared to a year ago.
“Our team was able to generate increased revenues and improve profitability as we accomplished strategic milestones that will drive future growth,” said Daryl Adams, president and CEO. “Blue Arc EV delivery vehicles received CARB and EPA certifications, which included our Class 3 EV achieving a 225-mile city driving range. This new benchmark exceeds the minimum requirements of our fleet customers.”
