The Shyft Group, which makes chassis for RVs – among several markets it serves – has reported second quarter sales of $244 million, an increase of $120 million, or 97 percent, over the same period last year. That was the biggest quarter for sales in company history, it said.
The increase in revenue led to a huge increase in net income: $19 million for the quarter – a 316 percent increase over the $4.6 million of a year ago.
The company’s Specialty Vehicle segment, which includes RVs, increased by 183 percent, to $75.7 million, led by luxury motor coach chassis sales, the company said.
Its backlog in that segment grew to $90.5 million, an increase of 70 percent.
“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.”
“In addition to our strong financial performance during the quarter, we continued to make investments that will drive productivity improvements and position us for future growth,” said CFO Jon Douyard. “Our current liquidity position remains healthy at $120.0 million, and our leverage ratio stands at just 0.4 times adjusted EBITDA, leaving ample room for further strategic investments. While our strong order intake resulted in record backlog, we continue to manage through a challenging supply environment. Despite this headwind, we are confident raising our guidance for the year to reflect the strong first-half performance and our team’s ability to meet customer needs through the second half.”
