Welcome to our dedicated page for Blue Bird news (Ticker: BLBD), a resource for investors and traders seeking the latest updates and insights on Blue Bird stock.
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) has successfully completed a $75 million securities purchase agreement with Coliseum Capital Management, issuing shares at $16.00 each. This capital will be directed towards enhancing their electric vehicle (EV) strategy, particularly following new legislation allocating $5 billion for clean school buses. Coliseum now owns 15% of Blue Bird and has placed a representative on the board. The funds will help with working capital, pay down debt, and invest in technology, aiming to bolster Blue Bird's leadership in the alternative-power bus market.
Blue Bird Corporation (Nasdaq: BLBD) will announce its fiscal 2021 fourth quarter and full year financial results on December 15, 2021, at 4:30PM ET. The event will include a public audio webcast featuring CEO Matthew Stevenson and CFO Razvan Radulescu discussing the results. Interested participants can access the webcast on the company's Investor Relations website. Blue Bird is recognized as a leader in the design and manufacturing of school buses, with over 550,000 buses sold.
Blue Bird Corporation (NASDAQ: BLBD) announced a fourth amendment to its credit facility, effective through the fiscal second quarter of 2023. The amendment provides covenant relief by replacing the net leverage ratio with a minimum EBITDA covenant, increasing the leverage ratio from 3.50:1 to 4.00:1 for the first two quarters of fiscal 2023. It also introduces a new pricing grid based on the net debt to EBITDA ratio and allows for an additional $10 million of revolver availability. CEO Matthew Stevenson emphasized the importance of this amendment for operational flexibility during the pandemic.
Blue Bird Corporation (NASDAQ: BLBD) has filed a universal shelf registration statement on Form S-3 with the SEC, allowing it to raise up to $200 million through various securities. This initiative is described as a prudent approach to capital management, enabling the company to capitalize on growth opportunities from the Bipartisan Infrastructure Deal and the evolving electric vehicle market. The shelf registration will remain in effect for three years once declared effective, providing flexibility for future offerings.
Blue Bird is optimistic about the inclusion of student transportation in the recently approved Bipartisan Infrastructure Deal. With over 20,000 clean fuel buses, the company aims to enhance emissions-reducing school transportation across the U.S. The $5 billion investment in electric bus production is expected to modernize school fleets and decrease maintenance costs, potentially saving districts over $6,000 annually.
Blue Bird has pioneered electric buses for over 25 years and sees increased demand for alternative-powered vehicles as a positive outcome of this legislation.
Nuvve Holding Corp. (Nasdaq: NVVE) announced plans to install 200 V2G DC fast charging stations at Blue Bird Corporation's (Nasdaq: BLBD) facility in Fort Valley, Georgia. This innovative hub will optimize electric bus utilization and enable them to function as energy storage assets. By utilizing Nuvve's V2G technology, buses will charge and discharge energy, enhancing battery health and reducing utility costs. The hub aims to aggregate power from multiple buses, creating a virtual power plant with a capacity of 25 MW, potentially supplying power to over 10,000 homes during peak demand.
Blue Bird Corporation (NASDAQ: BLBD) announced the appointment of Razvan Radulescu as its new Chief Financial Officer (CFO), effective October 1, 2021. Razvan brings over 20 years of experience from Daimler Trucks, having held significant roles in Finance, Procurement, and Compliance. He succeeds Phil Tighe, the interim CFO, who will assist in the transition until year-end. Blue Bird, a leading school bus manufacturer, emphasizes innovation and safety in its products, maintaining a robust position in the market with over 570,000 buses sold since 1927.
Blue Bird Corporation (Nasdaq: BLBD) reported third quarter fiscal 2021 results, with net income of $4.3 million, up $3 million YoY. Revenue reached $196.7 million, marking a 4% increase from last year. Adjusted EBITDA improved to $13.2 million, a $0.7 million rise. However, supply chain disruptions led to 550 fewer bookings and a decline in year-to-date net sales by $106 million, down 17.7%. Despite challenges, the order backlog remains robust at over 4,000 buses, indicating strong market demand for traditional and electric school buses.
Micro Bird Holdings, a joint venture of Blue Bird and Girardin, has acquired a controlling interest in GranTuned Automobiles (Ecotuned), a supplier of EV drivetrains. This strategic move enhances Micro Bird's position in the light and medium-duty EV market, leveraging Ecotuned’s advanced technologies and expertise. The partnership, which has over 80% market share in North America's Type A school bus segment, is expected to bolster revenue and profitability for Micro Bird and Blue Bird Corporation.
Nuvve Holding Corp. (Nasdaq: NVVE) and Blue Bird Corporation (Nasdaq: BLBD) are expanding their partnership to integrate Nuvve's vehicle-to-grid (V2G) technology in Blue Bird's electric school buses. This collaboration aims to offer financing through Levo Mobility LLC, enabling schools to lease V2G electric buses and related infrastructure with no upfront costs. Levo has committed up to $750 million, potentially electrifying 3,500 buses. This initiative allows schools access to revenue-generating capabilities by utilizing buses to stabilize the grid, enhancing the appeal and affordability of sustainable school transportation.