Welcome to our dedicated page for Shyft Group news (Ticker: SHYF), a resource for investors and traders seeking the latest updates and insights on Shyft Group stock.
The Shyft Group news covers the company's historical role as a North American specialty vehicle manufacturer, assembler, and upfitter for commercial, retail, and service markets. Company updates included brand and service-network developments such as Spartan RV Chassis support for motorhome owners.
Shyft's later news centers on the completed merger with Aebi Schmidt, the transition to Aebi Schmidt Group, and the delisting of Shyft common stock from the Nasdaq Global Select Market. These items frame SHYF as a former public-company ticker tied to specialty vehicles and a completed corporate-status change.
On August 31, 2021, The Shyft Group announced that its brand Utilimaster has received over 500 orders for refrigerated vehicles from grocery chains across North America, addressing the growing demand for home grocery delivery. These vehicles are designed for efficient delivery of fresh and frozen goods, catering to diverse customer needs in urban, suburban, and rural areas. The introduction of the Velocity™ vehicle, capable of carrying varied temperature-controlled goods, highlights Shyft's commitment to meeting market demands. The company will showcase its offerings at the Home Delivery World event in Philadelphia on September 1-2.
The Shyft Group, Inc. (NASDAQ: SHYF), a leader in specialty vehicle manufacturing, announced a quarterly cash dividend of $0.025 per share. This dividend will be payable on or before September 15, 2021, to shareholders recorded by August 18, 2021. Daryl Adams, the President and CEO, expressed the Board's commitment to returning cash to shareholders and highlighted the confidence in the company's strong financial performance. In 2020, the company reported sales from continuing operations of $676 million.
The Shyft Group reported a record second quarter for 2021, achieving sales of $244.0 million, a 96.8% increase from $124.0 million in 2020. The gross profit margin improved to 21.3%, with income from continuing operations at $17.0 million, or $0.44 per share, compared to a $1.1 million loss last year. Adjusted EBITDA soared 205.6% to $28.6 million. The backlog reached a record $751.4 million, a 122.6% increase. The company raised its full-year guidance, expecting revenue of $900 to $950 million and earnings per share between $1.52 and $1.72.
Utilimaster, a brand under The Shyft Group (NASDAQ: SHYF), continues its commitment to the community by sponsoring the World Golf Championship-FedEx St. Jude Invitational with a contribution of $46,000. This marks their fifth annual sponsorship aimed at supporting St. Jude Children's Research Hospital, which has received over $50 million since the event's inception in 1970. The tournament will take place from August 5-8, 2021, in Memphis, Tennessee, showcasing FedEx delivery vehicles that embody innovation in last-mile delivery.
The Shyft Group, through its brand Utilimaster, is showcasing its leading parcel delivery vehicles at two significant events: the GM Fleet Solutions Summit on July 27-28 and the Contractor Expo on July 30-31. The company highlights strong demand for last mile delivery vehicles, particularly the Velocity F2, showcasing its commitment to efficiency and customer support. The Contractor Expo serves as a major networking platform for FedEx Ground contractors, while the GM Summit focuses on fleet solutions, featuring a robust lineup of vehicles designed for enhanced performance and durability.
The Shyft Group (NASDAQ: SHYF), a leader in specialty vehicle manufacturing, will announce its Q2 2021 results on August 5, 2021, before market opening. A conference call and webcast are scheduled for the same day at 10 a.m. EDT to discuss the financial outcomes with analysts and investors. The company reported $676 million in sales from continuing operations for 2020, serving various markets including last-mile delivery and government entities. Shyft operates across multiple states and has a significant employee base of approximately 2,900.
The Shyft Group, a leader in specialty vehicle manufacturing, has partnered with TiiCKER to launch a dedicated retail investor site at www.tiicker.com/SHYF. This initiative aims to engage and reward retail shareholders with exclusive perks, including branded apparel and gift cards. CEO Daryl Adams emphasized the importance of showing appreciation for retail investors, while TiiCKER founder Jeff Lambert highlighted the growing trend of retail investor engagement, which surged 49% in 2020 to $13.3 trillion in assets.
The Shyft Group (NASDAQ: SHYF) announced plans for an all-electric Class 3 chassis platform aimed at various medium-duty truck markets, including delivery fleets and recreational vehicles. This EV-powered chassis, developed by Shyft Innovations™, features customizable configurations and will aid customers in meeting green mandates. Prototypes are set for testing in early 2022, with production starting mid-2023. Shyft leverages nearly a decade of EV experience and has a broad manufacturing footprint across the U.S. and Mexico, supporting diverse vehicle needs.
The Shyft Group (NASDAQ: SHYF) will host a virtual Analyst and Investor Conference on June 8, 2021, starting at 10:00 a.m. ET. During this event, senior management will present an overview of the company's business model, long-term growth strategies, and financial targets. The conference aims to provide insights into Shyft's specialty vehicle brands, targeting commercial, fleet, and recreational vehicle markets. The company's 2020 sales reached $676 million, showcasing its leading position in specialty vehicle manufacturing and assembly.
The Shyft Group (NASDAQ: SHYF) appointed Joshua Sherbin as its new Chief Legal Officer and Chief Compliance Officer effective May 17, 2021. Sherbin brings over 20 years of experience, having served at Trimas Corporation and Valeo. CEO Daryl Adams emphasized Sherbin’s expertise in law and compliance as a significant addition to their leadership team, aiming to enhance the company’s strategic growth and shareholder value. He succeeds Ryan Roney, who previously held the position.