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.
The Shyft Group (NASDAQ: SHYF) is highlighting key fleet and work truck offerings at the General Motors Virtual Solutions Summit starting August 25. Notably, the launch of Royal Truck Body's Severe Duty service body features durable construction aimed at enhancing performance for contractors. Additionally, Utilimaster showcases its versatile Utilivan targeted at the growing parcel delivery market. Following its rebranding from Spartan Motors, the company emphasizes its commitment to specialty vehicle markets, reporting $757 million in sales for 2019.
The Shyft Group (NASDAQ: SHYF) has announced the production of its first electric vehicles (EVs) for parcel delivery customers. This marks a significant step for its Utilimaster brand, which will use a new flexible body assembly line to manufacture these EV walk-in vans. The vehicles will undergo testing for route performance and customer feedback will be utilized to enhance their features. Production is slated for 2021, aiming for a capacity of up to 5,000 units per year. These EVs will provide a range of up to 150 miles, contributing to Shyft's expansion in the electric delivery vehicle market.
The Shyft Group, Inc. (NASDAQ: SHYF) announced a change in its dividend payment frequency from semi-annual to quarterly. A quarterly cash dividend of $0.025 per share has been declared, payable on September 18, 2020, to shareholders on record by August 18, 2020. This move reflects the company's strong capital position and commitment to enhancing shareholder value. This marks the first quarterly dividend in the company's history, aiming to provide more consistent cash returns to investors.
The Shyft Group (NASDAQ: SHYF) reported second quarter 2020 results, revealing a 31% decline in sales to $124.0 million due to COVID-19-related production challenges. Gross profit margin improved to 19.4%, while income from continuing operations dropped to ($1.1 million) or ($0.03 per share). Adjusted EBITDA was $9.4 million, slightly down from the previous year. However, backlog increased 22.2% to $337.5 million, indicating strong future demand. The company expects third quarter revenues between $180 million and $200 million.
Utilimaster, a brand of The Shyft Group (NASDAQ: SHYF), is hosting its third drive-thru job fair on August 5 from 10 a.m. to 6 p.m. in Bristol, Indiana, to fill positions due to rising demand for specialty delivery vehicles. Applicants will be interviewed in car-side and open-air formats to ensure social distancing. Competitive wages start at $15.50 for day shifts and $17.25 for night shifts, with comprehensive benefits available from the first day. The fair is part of an effort to meet the increasing needs of delivery services.
Utilimaster, part of The Shyft Group (NASDAQ: SHYF), is hosting a drive-thru hiring event on July 28 from 10 a.m. to 6 p.m. in Ephrata, Pennsylvania. The company aims to fill 50-60 positions at its truck body facility due to rising demand. Interviews will follow social distancing measures, with options for car-side and open-air formats. Positions available include general assembly starting at $15.00 per hour and material handling at $16.00, both with immediate benefits. This event follows another successful hiring event last month.
The Shyft Group, a leader in specialty vehicle manufacturing, will release its second quarter 2020 results on August 6, 2020, before markets open. A conference call and webcast for analysts and investors will follow at 10 a.m. EDT. The call can be accessed via telephone or through a webcast available on the company’s investor relations page.
Shyft serves several sectors including delivery, government, and utility services, operating multiple facilities across the U.S. and Mexico. The company's 2019 sales from continuing operations were $757 million.
The Shyft Group (NASDAQ: SHYF), a leader in specialty vehicle manufacturing, announced the appointment of Colin Hindman as Chief Human Resources Officer on June 22, 2020. Hindman will oversee HR strategy aligned with the company's goals, focusing on talent management, organizational supervision, and employee development. With over 20 years of experience, including roles at Dayco and TriMas Corporation, he brings a proven track record in global manufacturing environments. In 2019, Shyft reported sales of $757 million and operates multiple facilities across the U.S. and Mexico.