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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, Inc. (NASDAQ: SHYF) reported positive Q1 2023 results, achieving sales of $243 million, an 18% increase compared to the previous year, along with a turnaround to net income of $1.7 million versus a net loss of $3.9 million last year. Adjusted EBITDA rose to $10.8 million, representing 4.4% of sales. The company also invested $15 million in share repurchases, capital expenditures, and dividends. However, its consolidated backlog has decreased by 47.6% year-over-year, now totaling $667.4 million. Shyft remains optimistic, reaffirming its 2023 sales outlook of $1.0 billion to $1.2 billion with expected adjusted EBITDA of $70 million to $100 million.
The Shyft Group, a leader in specialty vehicle manufacturing, will announce its Q1 2023 results on April 27, 2023, before market opening. The announcement will be followed by a conference call and webcast at 10 a.m. ET to discuss the financial outcomes. The company operates major brands, including Blue Arc EV Solutions and Utilimaster, and reported sales of $1 billion in 2022. With approximately 4,200 employees across various locations, Shyft serves delivery companies and government entities in North America.
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