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, Inc. (NASDAQ: SHYF) is a leader in specialty vehicle manufacturing and upfit solutions for commercial and service markets. This page provides investors and industry professionals with direct access to the company's official news updates, including press releases, strategic initiatives, and operational developments.
Discover timely updates on product innovations, partnership announcements, and financial performance, including quarterly earnings and sustainability efforts. Our curated collection ensures you stay informed about SHYF's advancements in electric vehicle platforms, last-mile delivery solutions, and custom chassis engineering.
Bookmark this page for streamlined access to verified information directly impacting Shyft Group's market position. Check back regularly for real-time updates on their work-driven design philosophy and commercial vehicle upfit expertise.
The Shyft Group (NASDAQ: SHYF), a leading North American specialty vehicle manufacturer, has announced a quarterly cash dividend of $0.05 per share of common stock. This dividend will be paid on September 16, 2024, to shareholders of record at the close of business on August 16, 2024. The Shyft Group specializes in manufacturing, assembly, and upfit for commercial, retail, and service specialty vehicle markets. This announcement demonstrates the company's commitment to providing regular returns to its shareholders.
The Shyft Group reported Q2 2024 results with sales of $192.8 million, down 14.4% year-over-year. Net income was $2.2 million or $0.06 per share, compared to $4.7 million or $0.13 per share in Q2 2023. Adjusted EBITDA was $12.5 million or 6.5% of sales, down from $15.9 million or 7.0% of sales last year.
Key highlights include:
- Received order for 150 Blue Arc EV Trucks from FedEx
- Acquired Independent Truck Upfitters (ITU) to accelerate Specialty Vehicles growth
- Updated 2024 outlook with adjusted EBITDA of $45-$50 million
- Consolidated backlog of $354.4 million, down 30.5% year-over-year
The company expects full-year 2024 sales of $800-$850 million and adjusted EPS of $0.35-$0.50.
The Shyft Group (NASDAQ: SHYF) has acquired Independent Truck Upfitters (ITU), a leading service body and work truck upfitter in the Midwest. This acquisition aligns with Shyft's Specialty Vehicles infrastructure growth strategy, enhancing its capabilities across its specialty vehicle product portfolio. ITU specializes in larger vehicles and complex service body upfitting, serving utility, construction, and fleet management companies with custom solutions.
The acquisition enables Shyft to enter new markets and capture a greater share of higher class-sized products. John Dunn, President and CEO of Shyft Group, expressed enthusiasm about the complementary nature of ITU's products and capabilities to their existing portfolio. Tim Craft, CEO of ITU, highlighted the alignment of Shyft's commitment to operational excellence and customer focus with ITU's values.
The Shyft Group (NASDAQ: SHYF), a leader in specialty vehicle manufacturing for e-commerce parcel delivery and other commercial markets, has announced its second quarter 2024 financial results conference call. The results will be released before market opening on Thursday, July 25, 2024, followed by a conference call and webcast at 8:30 A.M. Eastern Time.
Investors can access the presentation, supporting materials, and replay at www.theshyftgroup.com/investor-relations/webcasts. For those joining by phone, the dial-in numbers are 1-844-868-8845 (Domestic) or 1-412-317-6591 (International).
The Shyft Group (NASDAQ: SHYF), a leader in specialty vehicle manufacturing and assembly, announced its participation in two upcoming investor conferences in June 2024. Management will represent the company at the Stifel 2024 Cross Sector Insight Conference in Boston on June 4, 2024, and the Wells Fargo Industrials Conference in Chicago on June 11, 2024. These conferences will provide opportunities for analysts and investors to engage with the company's leadership and gain insights into Shyft's business strategies and market positioning.
The Shyft Group (NASDAQ: SHYF) has entered into an agreement with Amerit Fleet Solutions to offer 24/7 maintenance and support for Blue Arc™ EV trucks across the U.S. This partnership aims to facilitate a seamless transition to EV technology for last-mile customers, enhancing service with mobile and on-site support. Shyft will provide trained technicians, a dedicated in-house tech support team, and an efficient parts ordering system. The Blue Arc platform features a commercial-grade EV chassis, with support from Tier 1 suppliers like Akebono and Bosch. Shyft's Blue Arc trucks have secured an initial order of 150 units from FedEx.
The Shyft Group, Inc. (NASDAQ: SHYF) announced a quarterly cash dividend of $0.05 per share of common stock, payable on June 17, 2024. The Michigan-based company is a leader in specialty vehicle manufacturing, assembly, and upfit for commercial, retail, and service markets.
The Shyft Group, Inc. (NASDAQ: SHYF) announced a purchase order with FedEx for 150 Blue Arc™ EV Trucks to be integrated into the FedEx pickup and delivery fleet in the U.S. The vehicles have been tested in real-life conditions and are expected to be delivered starting late 2024. This partnership reflects a shared commitment to reducing carbon emissions and air pollution through the adoption of commercial-grade electric vehicles.
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