Shyft Group Stock Price, News & Analysis

The Shyft Group (NASDAQ: SHYF) is showcasing its leadership in the commercial vehicle sector at Work Truck Week (WTW) 2023 in Indianapolis from March 7-10. The company is set to debut a new all-electric product from Blue Arc EV Solutions, highlighting its commitment to innovation and sustainability. With a diverse portfolio of nine brands, Shyft aims to demonstrate its cross-brand synergies, emphasizing quality and responsive customer service. The company reported sales of $1.0 billion in 2022 and employs approximately 4,200 staff across various U.S. states and Mexico, serving multiple sectors, including delivery and government markets.

The Shyft Group (NASDAQ: SHYF) reported Q4 2022 sales of $302 million, a 9% increase from Q4 2021, and full-year sales of $1.0 billion, marking a 3.6% growth year-over-year. Adjusted EBITDA for Q4 was $30.7 million, up from $26.6 million, while full-year adjusted EBITDA fell to $70.8 million from $108.1 million. The company faces a decrease in consolidated backlog, down 13.6% to $832.7 million. For 2023, Shyft projects sales between $1.0 to $1.2 billion and adjusted EBITDA of $70 to $100 million, with vehicle production for its Blue Arc Electric Vehicle line on track for the second half of the year.

The Shyft Group (NASDAQ: SHYF) announced a $16 million investment to expand its engineering and manufacturing campus in Charlotte, Michigan, aimed at producing electric vehicles (EVs) under the Blue Arc™ EV Solutions brand. This expansion will increase production capacity to 3,000 EVs per year, supporting local employment and production initiatives. The company has already secured a pre-order for 2,000 Class 3, 4, and 5 all-electric delivery vehicles. The move is backed by local economic incentives and aligns with Shyft's commitment to enhancing Michigan's manufacturing capabilities.

The Shyft Group, Inc. (NASDAQ: SHYF) announced a cash dividend of $0.05 per share, reflecting its commitment to returning value to shareholders. This quarterly dividend is set to be paid on March 17, 2023, to shareholders of record as of February 17, 2023. The company, a leader in specialty vehicle manufacturing with reported sales of $992 million in 2021, operates multiple facilities across the U.S. and Mexico. Its diverse customer base includes various government and utility entities, emphasizing its strong market presence.

Shyft Innovations will participate in the Manifest 2023 expo in Las Vegas from January 31 to February 2. Eric Fisher, senior vice president, will speak on the panel addressing emission reduction through transportation on February 2 at 10:55 a.m. PST. The Shyft Group is renowned for specialty vehicle manufacturing, showcasing its all-electric Blue Arc™ delivery van at booth #V6. This vehicle features a 100% battery-powered Class 3 design, spacious cargo area, and advanced safety technologies. The goal is to support the electrification of last-mile delivery fleets, emphasizing sustainability and efficiency while reducing operational costs.

The Shyft Group (NASDAQ: SHYF) will announce its fourth quarter and full-year 2022 financial results on February 23, 2023, prior to market opening. The announcement will be followed by a conference call at 10 a.m. ET for analysts and investors to discuss the results. The Shyft Group specializes in specialty vehicle manufacturing for ecommerce-driven parcel delivery and other commercial markets. The company reported sales of $992 million in 2021 and operates across various states and Mexico with a workforce of approximately 3,800 employees. More information can be found on the company’s website.

Red Diamond, a brand of The Shyft Group (NASDAQ: SHYF), showcased its premium aftermarket products at the 2023 Florida RV SuperShow. The highlight is the introduction of Red Diamond Shocks manufactured by KONI, known for their high-performance and comfort-enhancing features. The new shocks include the Frequency Selective Damper designed for select motorhomes, which eliminates vibrations for a smoother ride. This launch aligns with Red Diamond's aim to deliver exceptional aftermarket solutions to RV owners. The brand builds on the legacy of Spartan RV Chassis, offering products like leveling systems and tire pressure maintenance solutions.

Spartan RV Chassis, a division of The Shyft Group (NASDAQ: SHYF), unveils its enhanced Connected Coach® system at the Florida RV SuperShow from January 18-22, 2023. This suite includes advanced technologies designed to optimize driver safety and comfort, featuring a Digital Dash, Tri-Pod Steering Wheel, and the Spartan RV Chassis Advanced Protection System™. The Premier Drive suspension system ensures superior handling and ride quality. This initiative underscores Spartan's commitment to luxury motorcoach solutions. Attendees can explore these innovations at booth 560 and attend maintenance seminars during the event.

The Shyft Group (NASDAQ: SHYF) has completed the acquisition of XL Fleet, marking a strategic move towards enhancing its electric vehicle (EV) production capabilities. This acquisition includes technical talent, a facility in Wixom, Michigan, and a pilot development agreement with the Department of Defense. The company aims to leverage its 50 years of experience in fleet electrification to meet growing customer demand. Shyft anticipates that integrating XL Fleet's assets will accelerate its EV production efforts and strengthen its position in the market.