The Shyft Group reported operating results for the first quarter ended March 31.
For the first quarter of 2025 compared to the first quarter of 2024:
- Sales of $204.6 million, an increase of $6.7 million, or 3.4%, from $197.9 million
- Net loss of $1.4 million, or ($0.04) per share, compared to a loss of $4.7 million, or ($0.14) per share
- Adjusted EBITDA of $12.3 million, or 6.0% of sales, an increase of $6.2 million, from $6.1 million, or 3.1% of sales
- Adjusted net income of $2.4 million, or $0.07 per share, compared to a loss of $1.4 million, or ($0.04) per share
- Consolidated backlog of $335.3 million as of March 31, down $104.1 million, or 23.7%, compared to $439.4 million as of March 31, 2024; Improvement of $22.1 million or 7.1% versus year-end
- Blue Arc sales of $26.3 million in the quarter
“We are pleased with our start to the year and the team’s ability to deliver better than expected financial results,” said John Dunn, president and CEO. “The team is focused on driving operational efficiency and commercial growth initiatives, positioning us well to continue to capture market share.”
2025 Financial Outlook
“Disciplined execution drove meaningful year-over-year margin improvement,” said Scott Ocholik, interim chief financial officer. “As we continue to focus on improved cash generation, we expect to maintain a strong balance sheet.”
Full-year 2025 outlook, notwithstanding further changes in the operating environment, is as follows:
- Sales of $870 to $970 million
- Adjusted EBITDA of $62 to $72 million
- Adjusted earnings per share of $0.69 to $0.92
- Free cash flow of $25 to $30 million
Dunn concluded, “Looking ahead, we are excited about our pending merger with Aebi Schmidt as it creates a premier global specialty vehicles leader with increased scale, broader product and service offerings, and strong industry expertise, all of which will allow us to better serve our customers. There are clear opportunities for the combined company to grow and deliver additional value to our shareholders.”
