Shyft Group Stock Price, News & Analysis

The Shyft Group (NASDAQ: SHYF) announced over 3,000 orders for its new Velocity-F2 delivery vehicle, responding to increased demand in ecommerce. Production will begin in February 2021, with deliveries starting in March. The Velocity-F2 was designed for fuel efficiency and payload capacity, meeting last-mile delivery needs. The company has manufacturing facilities across the U.S. and Mexico, enhancing its market reach. This order reflects a strong current demand in the parcel delivery sector, as consumer interest in ecommerce continues to rise.

The Shyft Group (NASDAQ: SHYF) has donated $125,000 to the Eaton Community Health Collaborative, completing a $1 million pledge over a decade. This initiative aims to support community health in Charlotte, Michigan, where the company was founded. CEO Daryl Adams emphasized the importance of promoting health and wellness during challenging times. The Shyft Group, known for specialty vehicle manufacturing, divested its fire truck business and now focuses on e-commerce-driven delivery vehicles and other specialty markets.

The Shyft Group (NASDAQ: SHYF) announced the appointment of Terri Pizzuto and Mark Rourke to its Board of Directors, effective January 4, 2021. Pizzuto, with nearly 40 years in finance, previously served as CFO of Hub Group, while Rourke is the current CEO of Schneider National (NYSE: SNDR). Their expertise in transportation and logistics is expected to drive growth and enhance shareholder value. The company reported sales of $757 million in 2019 and aims to leverage the new board members' insights for strategic innovations in specialty vehicle manufacturing.

Spartan RV Chassis, a division of The Shyft Group (NASDAQ: SHYF), has launched the Spartan RV Dealer Connect™ app, enhancing access for Class A diesel RV salespeople to essential chassis information. The app offers features like chassis specifications, training courses, and a Spartan Rewards system. Additionally, the existing Connected Care™ app was updated to improve user experience for RV owners, now including a maintenance schedule and service center locator. The efforts aim to support dealers and customers, facilitating better service during the ongoing pandemic.

The Shyft Group (NASDAQ: SHYF) has appointed Michael Dinkins to its Board of Directors, effective December 1, 2020. Dinkins brings nearly 30 years of executive financial experience, previously serving as CEO and CFO for several publicly traded companies. He currently leads Dinkins Financial, aiding private equity firms in acquisitions. Chairman James Sharman welcomed Dinkins, highlighting his financial expertise as a valuable asset for the company's growth strategy. The Board now includes other notable directors and reflects a commitment to enhance shareholder value.

Strobes-R-Us, part of The Shyft Group (NASDAQ: SHYF), is hosting a fleet seminar at its new West Palm Beach facility on Nov. 16, 2020. The event aims to educate attendees on fleet management best practices and showcase new upfit innovations. Participants will have the chance to view a service body upfit from DuraMag, Shyft's recent acquisition. This seminar comes alongside the launch of Strobes-R-Us' redesigned e-commerce website, enhancing service and product accessibility. The move signifies Strobes-R-Us' ongoing commitment to growth in the specialty vehicle market.

The Shyft Group, Inc. (NASDAQ: SHYF) has declared a cash dividend of $0.025 per share of common stock, payable on or before December 18, 2020. Shareholders on record by the close of business on November 18, 2020 will receive this dividend. President and CEO Daryl Adams emphasized the Board's confidence in the company's strong financial status and commitment to returning cash to shareholders. The Shyft Group reported $757 million in sales from continuing operations in 2019, positioning it as a leader in specialty vehicle manufacturing.

The Shyft Group (NASDAQ: SHYF) reported third quarter 2020 results, revealing sales of $203.5 million, a 9.4% decline from $224.7 million in Q3 2019. Gross profit margin improved to 24.9%, up 800 basis points, while income from continuing operations rose to $19.4 million, or $0.54 per share. Adjusted EBITDA increased by 46% to $32.6 million, and adjusted net income was $22.1 million, a 39.7% rise. The company reinstated its 2020 guidance, forecasting revenue between $660 million and $680 million. Consolidated backlog reached $280.6 million, reflecting strong demand for parcel delivery vehicles.

The Shyft Group has launched the Velocity F2, a new Class 2 walk-in van designed to meet the rising demand for e-commerce and delivery services. Built on a Ford Transit chassis with a sub-10,000 lb. GVWR, it offers improved fuel efficiency and cargo capacity comparable to traditional delivery vans. The vehicle is production-ready, with orders now being accepted. Key benefits include lower total cost of ownership, no need for a commercial driver's license, and compliance ease with DOT regulations. This move aims to support growing delivery fleet requirements across the industry.