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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) 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.
Blue Bird Corporation (Nasdaq: BLBD) will announce its fiscal 2021 third quarter financial results on August 12, 2021. Investors can join an audio webcast hosted by CEO Phil Horlock and CFO Phil Tighe at 4:30 PM ET the same day. The presentation will be accessible via the Investor Relations section of Blue Bird's website. With over 550,000 buses sold since 1927, Blue Bird holds a strong market position and is a leader in alternative fuel school buses, enhancing its appeal to eco-conscious consumers.
Blue Bird Corporation (Nasdaq: BLBD) has appointed Matthew Stevenson as President, effective July 1, 2021. He will succeed Philip Horlock as CEO by November 1, 2021, who will transition to a senior-advisor role until 2022. Under Horlock's leadership since 2011, the company achieved significant growth, increasing sales from $550 million to over $1 billion and gaining 10 points of market share. Stevenson brings extensive commercial vehicle experience, having held leadership positions in notable companies. Tom Roberts, Chief Administrative Officer, is set to retire on October 31, 2021.
Blue Bird Corporation announced the delivery or orders of 500 electric school buses during its annual dealer meeting. The company, recognized for producing all three school bus body configurations in electric vehicles (EVs), anticipates a surge in electric bus sales throughout 2021. CEO Phil Horlock emphasized the importance of safe, zero-emission transportation for over 8 million children transported daily. Blue Bird plans to ramp up EV production capacity to 3,000 units next year, with expectations that nearly all sales will come from electric buses by 2030, responding to federal climate initiatives.
Blue Bird Corporation (Nasdaq: BLBD) reported its fiscal 2021 second quarter results, revealing a net loss of $0.6 million, consistent with the previous year. Adjusted EBITDA dropped to $7.5 million, down $4.7 million year-over-year, driven by a decline of 1,105 unit sales due to the pandemic's impact on schools. Total revenue for the quarter was $164.7 million, reflecting the challenging market environment.
Georgia Senator Reverend Raphael Warnock experienced Blue Bird Corporation’s zero-emission school bus technology during a visit to their Fort Valley facility. The Senator highlighted the importance of transitioning to electric school buses, emphasizing potential environmental and job benefits. In collaboration with other lawmakers, Warnock introduced the Clean Commute for Kids Act, proposing $25 billion over ten years to replace aging diesel buses with electric alternatives. Blue Bird, a pioneer in electric buses, aims to lead the industry toward sustainable solutions.
Blue Bird Corporation (Nasdaq: BLBD) will release its fiscal 2021 second quarter financial results on May 12, 2021. The company invites the public to an audio webcast featuring executives Phil Horlock and Jeff Taylor discussing the results at 4:30 PM ET. A slide presentation will support the discussion, and the webcast will be accessible via the Investor Relations section of Blue Bird's website. A replay will be available two hours post-call.
Blue Bird Corporation has introduced North America's first operational DC fast charge V2G-capable school bus, powered by Cummins’ PowerDrive EV system, in Pekin, Illinois. The bus, delivered to two local school districts, supports renewable energy storage and can generate revenue by selling excess energy back to the grid. The initiative promotes clean transportation and reduced emissions, with the districts' fleets now fully electric. The project is part of the Bus-2-Grid Initiative, which aids districts in capitalizing on V2G revenue opportunities.