Thu, Jul 25, 12:16 PM (44 days ago)
The Shyft Group, Inc.'s Q2 2024 report reveals a decline in quarterly sales to $192.8 million, a 14.4% decrease from Q2 2023, primarily due to lower sales volumes in both Specialty Vehicles (SV) and Fleet Vehicles and Services (FVS) segments. Gross profit also fell to $40.6 million, a 5.1% decline, influenced by higher manufacturing costs. Operating expenses slightly increased to $36.9 million, driven by higher compensation and acquisition-related costs. Consequently, net income dropped to $2.2 million from $4.7 million in Q2 2023. The company reported a backlog of $354.4 million, down 34.2% from the previous year. Adjusted EBITDA decreased to $12.5 million from $15.9 million in Q2 2023. Future operations will likely be impacted by the acquisition of Independent Truck Upfitters for $46.2 million, aimed at expanding service body product offerings and upfit capabilities.