Blue Bird Corporation reports developments in school bus manufacturing, clean-power bus deployments, operating results and corporate governance. The company designs, engineers, manufactures and sells school buses, including electric, propane, natural gas and conventional models, and also sells replacement bus parts and extended warranties.
Recurring news for Blue Bird includes school district fleet deliveries, Type C electric buses, Blue Bird Vision propane buses, charging-infrastructure partnerships, product safety features, quarterly and annual earnings releases, leadership and engineering appointments, acquisition integration, equity and governance matters, and capital-structure updates tied to its public-company reporting.
Blue Bird Corporation (NASDAQ: BLBD) announced a fifth amendment to its credit facility, providing covenant relief through December 31, 2022. This amendment waives the minimum consolidated EBITDA and units manufactured covenant for the quarter ending October 1, 2022, due to ongoing supply chain disruptions. Changes also include switching the market interest rate index to the Secured Overnight Financing Rate. CEO Matthew Stevenson highlighted the importance of this support from lending partners amidst operational changes and supply chain volatility.
Blue Bird Corporation (NASDAQ: BLBD) announced its participation in two investor conferences: Cowen’s 15th Annual Global Transportation & Sustainable Mobility Conference on September 7-9 and D.A. Davidson’s 21st Annual Diversified Industrials & Services Conference on September 22-23. These events will facilitate discussions on the company's advancements in electric and low-emission school buses. Blue Bird has established itself as a leader in this sector, operating over 20,000 propane, natural gas, and electric buses.
Blue Bird Corporation (NASDAQ: BLBD) commends the Inflation Reduction Act of 2022, which represents a historic $369 billion investment in energy security and climate change initiatives. This act aims to decrease harmful carbon emissions by approximately 40% by 2030 and fosters the growth of clean school buses and charging infrastructure. Key funding includes $1 billion in grants for heavy-duty vehicles and up to $100,000 in tax credits for charging infrastructure, supporting Blue Bird's mission in advancing clean transportation.
Blue Bird Corporation (Nasdaq: BLBD) reported third-quarter fiscal 2022 net sales of $206.1 million, marking a 4.8% increase year-over-year driven by a 20.4% rise in average unit sales price. Despite selling 1,726 units, a decline from previous years due to supply chain constraints, the company noted strong demand for electric buses with a backlog of $700 million. Adjusted EBITDA was $8.8 million, down from last year, and net loss was $(6.4) million. The company revised its 2022 guidance to a revenue range of $750-800 million.
Blue Bird Corporation (NASDAQ: BLBD) has announced a collaboration with Lightning eMotors (NYSE: ZEV) to launch a factory-certified electric repower program for its gasoline- and propane-powered school buses. Starting in 2023, customers can convert their buses into zero-emission vehicles, supporting a future-ready fleet. This initiative helps schools meet upcoming zero-emission mandates while maintaining low upfront costs. The electric powertrain offers multiple battery configurations, allowing for a driving range of up to 150 miles on a single charge.
Blue Bird Corporation (NASDAQ: BLBD) will release its fiscal 2022 third quarter financial results on August 10, 2022, at 4:30PM ET. Executives Matthew Stevenson and Razvan Radulescu will discuss the results during an audio webcast. The public can access the webcast through the Investor Relations section of Blue Bird's website. Following the call, a replay will be available. Blue Bird is a leader in electric and low-emission school buses, recognized for its commitment to sustainable transportation solutions.
Blue Bird Corporation (NASDAQ: BLBD) has launched Blue Bird Energy Services, aimed at enhancing electric school bus customers' charging infrastructure capabilities. This initiative seeks to support the electrification of student transport by offering comprehensive turnkey charging solutions, from site engineering to customizable hardware. With nearly 650 electric school buses operating, Blue Bird is positioned as a leader in clean transportation, offering various charging options, including AC and DC fast-chargers. The service underscores the company's commitment to sustainable transportation solutions.
Blue Bird Corporation (NASDAQ: BLBD), an industry leader in electric and low-emission school buses, will attend two investor conferences: the 19th Annual Craig-Hallum Institutional Investor Conference virtually on June 1, 2022 and the UBS Global Industrials & Transportation Conference in-person in New York City on June 8, 2022. Interested parties can contact Craig-Hallum at chconference@craig-hallum.com or UBS's Katie Oakford at katie.oakford@ubs.com.
Blue Bird Corporation (NASDAQ: BLBD) announced a 10% price increase on all school bus models effective May 10, 2022, due to record inflation and higher costs for raw materials, transportation, and labor. The company cites ongoing supply chain disruptions linked to the war in Ukraine and the COVID-19 pandemic as contributing factors. President and CEO Matthew Stevenson emphasized the need to maintain quality and operations amidst these challenges to continue serving the student transportation industry.
Blue Bird Corporation (Nasdaq: BLBD) reported second-quarter fiscal 2022 results showing net sales of $207.7 million, a 26.1% increase year-over-year. The company recorded a GAAP net loss of $12.1 million, significantly higher than the previous year. Adjusted EBITDA stood at $(10.7) million, declining by $18.2 million. Strong backlog at over 6,600 units remains a positive, although pricing has been increased by over 25% due to supply chain challenges. Guidance for fiscal 2022 has been revised to net revenue of $800-900 million.