NFI Group Inc. reports developments tied to its bus and coach manufacturing business and its aftermarket parts and service operations. News commonly covers orders from public transit agencies for platforms such as Alexander Dennis Enviro500 double-deck buses and New Flyer Xcelsior compressed natural gas transit buses, along with backlog, production-rate, supply-chain and fleet-modernization updates.
Company updates also include quarterly and annual financial results, guidance commentary, manufacturing footprint actions, leadership changes within operating businesses such as Motor Coach Industries, and shareholder meeting matters including director elections.
NFI subsidiary Alexander Dennis has confirmed an order from Reading Buses for 24 zero-emission and 29 low-emission buses, totaling 53 units. This includes 24 next-generation Enviro400EV electric double-deckers funded by the UK's ZEBRA 2 scheme and set to enter service in 2025. These units are noted for their energy efficiency, capable of storing up to 472kWh and achieving 1.6GWh energy throughput over eight years. Additionally, 29 low-emission buses will include 21 Enviro400 double-deckers and 8 Enviro200 single-deckers, slated for delivery later this year. The move aims to enhance service efficiency and reduce emissions on busy routes 17 and 21.
NFI Group released its 2023 Environmental, Social, and Governance (ESG) report, emphasizing its commitment to zero-emission electric mobility solutions. The report highlights significant achievements, including a 27% increase in zero-emission vehicle deliveries, amounting to 878 units, and $10.9 million invested in team training. NFI's zero-emission vehicles have covered over 150 million miles, preventing billions of pounds of CO2 emissions. The company also focused on workforce development, mental health, and diversity, equity, and inclusion initiatives. NFI established a Sustainability Council and supported community initiatives, raising over $422,000 for United Way agencies.
NFI Group subsidiary Alexander Dennis has secured a contract for 29 Enviro500 double deck buses from BC Transit in British Columbia, Canada. This order is part of a partnership with Big Rig Manufacturing and will support BC Transit’s ongoing operations. BC Transit President Erinn Pinkerton emphasized the importance of this partnership for maintaining efficient transit services amid growing ridership. Stephen Walsh, Alexander Dennis’s VP for North America, highlighted the historical significance of BC Transit’s choice of double deck buses since 2000. The new buses will replace older models, marking 25 years since BC Transit introduced double deck buses in North America. Including this order, Alexander Dennis has secured over 110 orders for Enviro500 and Enviro500EV buses in Canada and the US since production restarted in 2023. NFI is a leader in zero-emission mobility, with its electric vehicles operating in over 150 cities globally and completing over 180 million EV service miles.
NFI Group has appointed John Proven as President of NFI Parts and ARBOC Specialty Vehicles effective June 3, 2024. John replaces Brian Dewsnup, who became NFI’s CFO in February 2024. John brings over 20 years of leadership experience, most recently serving as CEO of CEL Group of Companies. He has a strong track record in enhancing operational efficiency and driving growth. NFI's CEO, Paul Soubry, highlighted John's innovative mindset and ability to translate strategy into growth as key for NFI's future success. John holds a Bachelor of Commerce and a Chartered Accountant designation.
New Flyer Industries Canada, a subsidiary of NFI Group, has announced a contract with BC Transit for the purchase of 33 next-generation Xcelsior CHARGE NG™ 40-foot battery-electric buses. This contract adds to New Flyer's firm backlog in Q2 2024. BC Transit, which serves over 130 communities in British Columbia and aims for a fully electric fleet by 2040, will integrate these buses as part of its Low Carbon Fleet Program. The partnership between NFI and BC Transit spans over 45 years, with more than 600 NFI vehicles currently in BC Transit's fleet. The new buses incorporate advanced technologies, including high-energy batteries and a lightweight electric traction drive system.
NFI Group Inc.'s subsidiary, New Flyer, has been awarded a contract by the New Jersey Transit for up to 1,300 Xcelsior® 40-foot clean-diesel transit buses. The contract includes an initial firm order for 175 buses with the option to purchase up to 1,125 more. These buses offer enhanced safety, efficiency, and rider experience, replacing end-of-life vehicles in NJ TRANSIT's fleet. The Xcelsior buses are environmentally friendly, meeting stringent emission standards, and supporting sustainable mobility solutions.
NFI Group Inc. announced the election of a new director, Anne Marie O’Donovan, at the annual general meeting. She will also serve as the new chair of the Audit Committee. The other nine nominees listed in the management information circular were also elected as directors. The Board expresses confidence in NFI's management team and its position in the market.
NFI Group Inc. announced its first-quarter 2024 financial results, showcasing a revenue of $723 million, a record high backlog of 14,783 units valued at $11.7 billion, and a net loss of $9 million. Despite challenges like supply chain issues, the company remains optimistic about revenue growth and delivery improvements.
Summary not available.
Summary not available.