The Shyft Group, which makes RV chassis along with emergency vehicles for first responders and fleet and commercial trucks, reported sales of $992 million in 2021, a 47 percent increase over the $676 million of the year before.
Net income was $75 million, a 55 percent increase over the $48.2 million in 2020.
in the fourth quarter the company reported sales of $277.3 million, a 62 percent increase compared with the fourth quarter of 2020, and net income of $20.2 million, which was up from the $10.1 million of Q4 in 2020.
“The fourth quarter capped off one of the most remarkable years at The Shyft Group, a year of record financial results and strong returns for our shareholders,” said Daryl Adams, president and CEO. “Our team’s perseverance as we navigated against industry-wide challenges, customer-focused solutions and dedication to the safety and development of our team are what made the difference in our performance and position us for even greater success in the coming year.”
In the company’s specialty vehicles division, which includes RV chassis, sales for the year were $332.4 million, increase of more than 56 percent over 2020’s sales.
The company also said that its backlog in that segment was $104 million, an 82 percent increase over the $57 million in backlog when it ended 2020.
“The company remains committed to maximizing performance and returning value to its shareholders, most recently through the doubling of its quarterly cash dividend and $250 million share repurchase authorization,” said Jon Douyard, chief financial officer for The Shyft Group. “As we look to 2022, we expect supply chain challenges to continue during the first half of the year and we remain cautious regarding our near-term outlook, particularly as it pertains to first quarter. However, with ongoing strength in demand, we will continue to invest in growth and are positioned to deliver another outstanding year for The Shyft Group.”
Adams said that part of the company’s plans for 2022 is a $10 – $15 million investment in EV development.
“While we enjoyed the success of the past year, we remain driven to grow in our core business, as well as expand in the electric vehicle space,” he said. “The combination of our existing team and infrastructure, our rich 50-year heritage in both chassis production and last mile delivery, and sustainable innovation driven by our deep hands-on knowledge of fleet owner and driver expectations will undoubtedly enable a market leading position for The Shyft Group in the years ahead.”
