The Shyft Group reports a drop in its second-quarter sales and income company-wide, but its Specialty Vehicles group, which makes RV chassis, actually saw a substantial increase year-over-year.
Sales in that segment were $95.3 million, an increase of $12.9 million, or 15.7%, from $82.4 million a year ago. The company said this was due to continued strong performance in luxury motorhome chassis and service body sales as well as the impact of pricing actions.
Shyft said its higher sales volume in this category, along with pricing actions and improved product mix, were partially offset by material and labor cost inflation.
The segment backlog as of June 30 totaled $135.2 million and was up 36.8% compared to $98.8 million at the end of June last year.
Company-wide in the second quarter, The Shyft Group said it had sales of $232.2 million, a decrease of $11.8 million, or 4.8%, from $244 million.
Income from continuing operations of $5.3 million, or $0.15 per share, compared to income from continuing operations of $17.0 million, or $0.44 per share.
Adjusted EBITDA of $13.7 million, or 5.9% of sales, a decrease of $14.9 million, from $28.6 million, or 11.7% of sales. Results include $7.0 million of EV development costs.
“The Shyft Group continued to manage supply chain disruptions in the second quarter with results in line with our expectations. The Specialty Vehicles team executed well and produced solid results, while we also saw chassis deliveries in our Fleet Vehicle Services business improve steadily as the quarter progressed,” said Daryl Adams, president and CEO. “We also continued to hit key development milestones with our electrification products and remain on track for production in mid-2023.”
