The Shyft Group, Inc. Stock Price: Quote, Forecast, Splits & News (SHYF)

Perplexity Finance

SHYF

The Shyft Group, Inc.

SHYF

NASDAQ

Market Closed

Friday, May 23, 2025

$9.66

+$0.29

3.09%

At close: May 22, 4:00:00 PM EDT

$9.66

$0.00

After hours: 4:04:13 PM EDT

Change

+$0.29

3.09%

Financial Profile

Prev Close

$9.37

Market Cap

$338.19M

Day Range

$9.33 - $9.70

Open

$9.58

P/E Ratio

483.0

52W Range

$6.82 - $17.56

24H Volume

$1.93M

Dividend Yield

2.07%

EPS

0.02

Earnings

Report Date

Apr 24, 2025

Reported Revenue

204.6M

Miss -6.21%

Avg 1d Change

11.2%

Report Period

Q1 2025

Reported EPS

0.07

Beat +170%

Implied Move 1d

25.13%

Transcript

11m 48s

We'll begin with a business overview from John, followed by Scott's review of first quarter financial results our 2025 outlook. John will then provide an update on our proposed merger with Abbe Schmidt. We'll then open the line for Q and A. Please turn to Slide four and I'll turn it over to John who will begin today's prepared remarks. Thank you, Randy and good morning. Welcome to our Q1 twenty twenty five earnings call. We appreciate your interest in The Shift Group and this opportunity to share our progress and outlook with you today. We had a strong start to the year delivering improved financial performance while continuing to execute our strategy and growth initiatives. We delivered meaningful adjusted EBITDA growth for the company with margins of 6% which doubled year over year. I would like to personally thank Schiff's team members for these results which exceeded expectations. We are very excited to update you on BlueArc where we have completed a majority of our first contract for FedEx in the quarter and feedback has been positive with trucks actively deployed on the road. We are working to secure several opportunities for BlueArk trucks across end markets geographies. BlueArc is an important part of our product portfolio as customers continue to adopt EVs.

13m 23s

Fleet vehicles and services expanded margins up two ninety basis points year over year by improving operational efficiency. The FES team's dedication to quality, product innovation and customer centricity positions us well to gain market share as demand increases. We have seen increased walk in van quoting activity which is consistent with our expectations for recovery in the second half of the year. Specialty Vehicles continued to perform well, another solid quarter that resulted in high teens margin. Service truck order intake in the quarter was robust and the sales team is aggressively pursuing new leads to solidify our leading industry position. At the recent NTA Work Truck Show our service truck portfolio displayed the full range of offerings and capabilities across our leading brands. Our sales team demonstrated our bodybuilding capabilities from Duramax and Royal to our upfit capabilities with ITU highlighting our position as a vertically integrated partner capable of meeting diverse and evolving industry needs. We are excited about our future growth opportunities with the service truck business as we continue to expand our portfolio of offerings. Finally, we continue to maintain a solid balance sheet with a net leverage ratio less than two times allowing us the flexibility to invest in strategic initiatives that support our growth and drive long term success.

15m 15s

Overall, we remain confident in our team's ability to execute in these dynamic times deliver for our customers and achieve our financial targets. Turning to Slide five, our operating framework is designed to drive sustainable financial growth deliver long term shareholder value. A key element to that framework is our customer centric approach innovating with purpose to solve real world challenges and help our customers succeed. That approach has brought to life at NTA Work Truck Week where we saw increased customer engagement unveiled new product innovations and marked a major milestone. The fiftieth anniversary of the Shift Group. Since 1975, we have evolved alongside our customers delivering purpose built solutions that perform in the most demanding environments and reinforcing the trust that drives our business forward. Our booth saw record engagement and we received strong customer feedback. At the show, we unveiled two new purpose built vehicles shaped by our work, driven design approach developing close partnership with fleet operators. The Utilimaster Trademaster, service body a reimagined version of a trusted platform which delivers enhanced durability smart storage and integrated safety features. Designed to enhance productivity in the field it offers reinforced construction for long term strength spacious cargo areas and easily accessible exterior compartments for efficient tool equipment storage.

17m 16s

A wide rear door improves material handling while integrated lighting supports visibility across varied working conditions. Production is scheduled to begin later this year with multiple configurations tailored to meet the needs of today's diversified fleet operations. The marketplace drive freight truck a brand new addition to our lineup was engineered to maximize payload capacity It weighs 900 pounds less than comparable models improving efficiency without sacrificing durability or functionality. Features include a seamless roll up rear door for streamlined loading and unloading. And optimized cargo layout and a heavy duty liftgate designed for last mile and logistics It is a strong offering for both ICE and electrified fleets. Both products reinforce our commitment to customer led innovation. Ensuring our solutions are designed to solve real world challenges across service, and delivery applications. These launches combined with the momentum we saw at NTA highlight how we are executing our strategy strengthening customer relationships, expanding our portfolio and reinforcing our position in the market. We are building on fifty years of engineering excellence with a clear focus on where our customers are headed we are delivering the solutions to help them get there. With that, I'll turn it over to Scott for a detailed review of our financial results and 2025 outlook.

19m 4s

Thank you, John. Please turn to Slide seven and I will start with an overview of our first quarter financial results. Overall, we delivered financial results for the quarter that exceeded our prior expectations. We saw sustained operational improvements, benefits from overall cost management incremental sales that were originally planned for the second quarter. Sales for the quarter were $204,600,000 up 3% from 197,900,000.0 in the prior year. BlueArc delivered $26,300,000 of sales in the quarter as we executed on the FedEx order for 150 vehicles. Our GAAP net loss was $1,400,000 or negative $04 per share compared to a net loss of 4,700,000.0 or negative $0.14 per share in the previous year. Our Q1 twenty twenty five results include $2,200,000 of transact costs related to the proposed merger with Abby Schmidt. On an adjusted basis, EBITDA was $12,300,000 for the quarter or 6% of sales, up from $6,100,000 or 3.1% of sales in the first quarter of twenty four. Adjusted net income for the quarter was $2,400,000 and adjusted EPS increased to $0.7 per share compared to a loss of $1,400,000 or negative $0.04 per share in the first quarter of twenty twenty four. Please turn to Slide eight and I will walk you through our results by segment.

20m 32s

In the first quarter, our Fleet Vehicles and Services segment achieved sales of $96,100,000 down 11% compared to $107,800,000 a year ago. Reflecting continued softness in parcel end markets partially offset by growth in our upfit and aftermarket businesses. Adjusted EBITDA for the quarter improved to $3,600,000 or 3.8% of sales compared to $900,000 or 9.9% a year ago. As sustained higher productivity and favorable mix more than offset the lower sales volume. FES backlog was 2 and $45,300,000 at quarter end, down 31% versus prior year and flat versus year end 2024. Turning to Specialty Vehicles segment, The business delivered another solid quarter with adjusted EBITDA margins remaining in the high teens. First quarter sales were $82,200,000 9% decrease from $90,100,000 in the prior year. Our motorhome sales were down year over year, while our infrastructure focused service truck body business continued to deliver solid results. Adjusted EBITDA was $14,300,000 or 17.3% of sales compared to 17,000,000 or 18.8% of sales in the same period last year. SV backlog was $90,000,000 at quarter end. Up 8% versus the prior year and up 31% versus year end. Driven primarily by high content service truck bodies. Please turn to Slide nine for a discussion on our 2025 outlook.

22m 15s

Macroeconomic uncertainty and the ever changing landscape of tariffs continue to challenge our business. We have been evaluating various scenarios relating to the tariffs that have been put into place and those that have been proposed. We implemented a supply chain strategy over the last couple of years to help mitigate risk including U. S.-based supply alternatives. Have plans in place to help mitigate the impact through partnerships with our suppliers and we have and will continue to adjust prices where appropriate. While we will continue to monitor the macroeconomic environment and potential impact to demand, are affirming our 2025 outlook with sales of $870 to $970,000,000 adjusted EBITDA of $62,000,000 to $72,000,000 We delivered first quarter profitability ahead of our initial expectations However, we remain cautious on the timing of the recovery of the parcel and motorhome markets. Consistent with our messaging in February, we continue to expect approximately 70% of our full year adjusted EBITDA to be delivered in the second half of the year. We remain on track to deliver our free cash flow guidance of 25,000,000 to $30,000,000 as we expect improvement as the year progresses. In closing, we are pleased with our start to the year We remain committed to delivering our financial outlook for the year and making further improvements in our financial performance as our end markets recover.

23m 43s

With that, I will turn it back over to John to provide an update the proposed merger with Abby Schmidt. Thanks, Scott. Turning to Slide 11. I would like to reiterate why this proposed merger is such a compelling opportunity for our organization, and shareholders. By combining our businesses we will become a leading global force in the specialty vehicles industry. The strategic move will help us drive outsized growth in high margin markets like commercial infrastructure. Our customers will benefit from a wider range of new and innovative technologies and a broader geographical footprint for the deployment of products, and services Our highly experienced and talented management team is working together to deliver the strategic vision and create long term value for our shareholders. Please turn to Slide 12 where I will provide an update on the integration activities underway. The combined company will be named Abby Schmidt Group and will trade on the NASDAQ under the new ticker [indiscernible] We have successfully syndicated a $600,000,000 credit facility with strong support from a global group of banks which reinforces the strategic rationale of this transaction On 04/04/2025, Abby Schmidt Group filed the preliminary S-four filing with the SEC for review marking a significant milestone for the proposed merger.

25m 27s

We anticipate a special meeting of The Ship Group shareholders in mid-twenty twenty five to approve the merger. In conclusion, we remain confident in the value this combination will deliver. By aligning complementary capabilities expanding our global footprint and bringing together deep expertise across platforms The Shift Group and Abby Schmidt Group are positioned to lead the specialty vehicle market forward. We are not only building a stronger and more innovative organization we are becoming stronger together and better equipped than ever to deliver long term success for our customers employees and shareholders. We are now ready to take your questions. Operator, please open the line.

26m 21s

Thank you. We will now begin the question and answer session. Our first question comes from Matt Koranda from ROTH Capital. Please go ahead.

26m 59s

Just to start off on the BlueArc side of things, I guess it was a bit of a surprise to see you guys deliver and book all 150 vehicles in the first quarter. So maybe just talk about the dynamic that's at play there. What that means for BlueArc revenue for the remainder of the year. And then just could you clarify, it looks like the gross profit dollars from BlueArc probably offset some of the corporate expense that you have terms of the eliminations, but maybe just put a finer point on that one for us, please. Sure. Thanks for the question, Matt. This is John. And to start off with on the BlueArc, we're not completely done with that order. We're in process of building those 150. So as you can see from the revenue there, we're well on our way to deliver all of them. But there will be some carryover in the second quarter of revenue coming in. Yes, Matt, this is Scott. From profitability perspective on that question, yes, we we incurred $5,500,000 in expenses and Q1 of twenty twenty four, and we have completely offset that. [indiscernible] BlueArc is contributing here in the first quarter.

28m 11s

Okay, got it. And then maybe just wanted to get a better understanding if you could unpack the guide and how any incremental tariffs have been incorporated into the guidance for this year? I noticed really there's no change to the outlook for you guys, but maybe just you talk about how you thought about any incremental tariffs that might be impacting the year? And how those have been incorporated into the guidance? And then on top of that, maybe just if you could take a crack at what are the implications when you're combined with A. B. Schmitt Are there any incremental tariffs that we should be kind of taking into account here?

28m 54s

Matt, this is Scott. Yes. So from a tariff perspective, so obviously this is ever changing every day something new is coming up. So we're monitoring it very closely. For what has been put into place, we have taken some action already from a pricing perspective, and we continue to have and see flexibility as we move forward. But certainly, we're also working very closely with our supply base, partnering with them, looking for opportunities and certainly like I said, over the past couple of years, we've been identifying suppliers in The U. S. That will additionally help us. So when you think about our guidance and why we haven't come off from a tariff perspective, it's really twofold. One, we are taking actions to help mitigate it. And two, we're still just monitoring and watching where things will fall out here.

29m 51s

Okay. And if I could ask one on the ABC Schmidt merger and maybe specifically on A. B. Schmidt. Any update on the trends in their business year to date, especially interested in first quarter how they tracked relative to your expectations? Any update on sort of some of the pro form a metrics that were given out around the merger in terms of A. B. Schmidt 2025 revenues, EBITDA, any incremental data points there would be appreciated. Yes, Matt.

30m 26s

S-four was just recently filed with the Eby Schmidt U. S. GAAP financial statements, that's still with the SEC. So we don't really want to comment on anything as it relates to Abby Schmidt within this call, given that that's outstanding.

30m 47s

Okay, fair enough. I'll leave it there guys.

30m 50s

Thanks, Matt.

30m 53s

Thank you. Next question comes from Mike Slischke from D. A. Davidson. Please go ahead.

31m 1s

Good morning. Thanks for taking my questions here.

31m 5s

First, I wanted to kind of say on the tariff theme Did concerns on tariffs at the customer level, did they affect anyone's order or delivery timing in the quarter? And where has anyone pulled forward their plans or their deliveries try to get ahead of the quarter Was there any kind of driver of EBITDA strength here? This is John. From a order standpoint or pulling ahead orders, we didn't see a lot of activity around that specifically cited around tariffs. [indiscernible] We're very close with the customers, understanding their needs. But we haven't seen a strong reaction one way or another in the ordering. From the customers primarily due to tariffs that they've highlighted to us.

32m 4s

Got it. Thanks. And then the follow-up question would be on parcel and final mile vehicles. You had commented that you're still looking at a potentially better second half year. Could you maybe just share with us some of the details Is that based on, just the fact that comps were so easy given the past couple of years post pandemic Or are you having conversations with customers that have been very promising that do suggest some deliveries happening in the half of the year.

32m 36s

From that standpoint, we are seeing a pickup in general quoting activity. From the parcel customers. Over the last couple of months. That's giving us an indication that the second half of the year could come in much better. And the quotes include timing from the customers too, not just price But you're asking about when do you want them?

33m 2s

They are including the timing as well. Great. Outstanding. I'll pass it along. Thank you.

33m 11s

Thank you.

33m 14s

Your next question comes from Tyler DiMatteo from BTIG. Please go ahead. Good morning. Thanks for taking the question.

33m 23s

I wanted to follow-up on Blue Arc here. I guess, John, do you expect the incremental orders here? Do you expect for the one and do you expect that to be fully realized by 2Q? And then beyond that, I guess, do you think about the pipeline of potential customer orders here and kind of getting incremental orders through the remainder of the year?

33m 44s

We will finish up. Thanks, Tyler, for the question. We will finish up in Q2 that 150 unit order for FedEx. And then wrap that up We have a number of additional orders in the pipeline that we're working to close. In addition to that, we have trials with a number of key customers where they're using the vehicles giving us some positive feedback often that leads into orders as well. So we're still optimistic but cautious on additional orders.

34m 16s

Okay. And then my follow-up here, wanted to ask about maybe battery supply and kind of just get a general update in terms of how you guys are thinking about the battery supply chain? Know we had the agreement with R and X Energy before. Just kind of any broad updates on battery supply, how you're thinking about it capacity, etcetera?

34m 39s

We continue to be very pleased with the performance of the one battery. We're having regular meetings with their leadership to stay very close because that is a dynamic field. But right now, we're feeling very confident on the continued delivery of those batteries. So we don't foresee an issue there. And again, the performance is meeting all expectations. Not having issues in the field.

35m 4s

Okay.

35m 5s

Got it. Sounds good. Thank you, guys. I appreciate it. I'll turn it back to the queue.

35m 9s

Thank you.

35m 12s

Thank you. This concludes our question and answer session. I would like to turn the conference back over to Randy Wilson for closing remarks.

35m 23s

Thank you, operator. Like to thank everyone for joining today's call. Your interest in The Ship Group And as always, please reach out to me have any follow-up questions. With that, operator, please disconnect the call.

35m 36s

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

Key Insights

SHYF delivered Q1 2025 results that exceeded expectations, with sales of $204.6M (up 3% YoY) and adjusted EBITDA of $12.3M (6% margin, doubled YoY); adjusted EPS was $0.07 versus a loss last year.
BlueArc contributed $26.3M in Q1 sales as the company executed a 150-vehicle FedEx order, with some revenue carryover into Q2; additional orders and customer trials are in the pipeline, supporting optimism for further growth.
The company reaffirmed its 2025 outlook: sales of $870M–$970M, adjusted EBITDA of $62M–$72M, and free cash flow of $25M–$30M, expecting ~70% of full-year adjusted EBITDA in the second half due to anticipated market recovery.
Segment performance: Fleet Vehicles and Services sales declined 11% YoY but improved margins to 3.8%; Specialty Vehicles sales fell 9% YoY but maintained high-teen EBITDA margins, with backlog up 8% YoY.
The proposed merger with Abby Schmidt is progressing, with a $600M credit facility syndicated and a preliminary S-4 filed; the combined company will be named Abby Schmidt Group and is expected to drive growth in high-margin markets and expand global reach.

Recent Transcripts

Q1 EBITDA margin doubled YoY; merger with Abbe Schmidt progresses, 2025 outlook affirmed.

Shift Group delivered margin expansion and EBITDA growth, advancing merger with Abby Schmidt.

Income Statement

Revenue

	2020	2021	2022	2023	2024
Revenue	$676M	$992M	$1B	$872M	$786M
Cost of Revenue	$530M	$793M	$847M	$722M	$629M
Gross Profit	$146M	$199M	$180M	$150M	$157M
Gross Profit %	22%	20%	18%	17%	20%
R&D Expenses	$4.4M	$8.5M	$25M	$25M	$16M

2020

2021

2022

2023

2024

Revenue

$676M

$992M

$1B

$872M

$786M

Cost of Revenue

$530M

$793M

$847M

$722M

$629M

Gross Profit

$146M

$199M

$180M

$150M

$157M

Gross Profit %

22%

20%

18%

17%

20%

R&D Expenses

$4.4M

$8.5M

$25M

$16M

Cash Flow

Net Income

	2020	2021	2022	2023	2024
Net Income	$33M	$70M	$37M	$6.5M	-$2.8M
Dep. & Amort.	$14M	$11M	$15M	$17M	$20M
Def. Tax	$20M	$880K	-$5.5M	-$6.9M	-$6.2M
Stock Comp.	$7.8M	$8.7M	$7.6M	$7.8M	$10M
Chg. in WC	-$16M	-$17M	-$73M	$32M	$7.9M

2020

2021

2022

2023

2024

Net Income

$33M

$70M

$37M

$6.5M

-$2.8M

Dep. & Amort.

$14M

$11M

$15M

$17M

$20M

Def. Tax

$20M

$880K

-$5.5M

-$6.9M

-$6.2M

Stock Comp.

$7.8M

$8.7M

$7.6M

$7.8M

$10M

Chg. in WC

-$16M

-$17M

-$73M

$32M

$7.9M

Balance Sheet

Cash

	2020	2021	2022	2023	2024
Cash	$21M	$37M	$12M	$10M	$16M
ST Investments	$0	$0	$0	$0	$0
Cash & ST Inv.	$21M	$37M	$12M	$10M	$16M
Receivables	$81M	$119M	$222M	$164M	$165M
Inventory	$46M	$67M	$100M	$105M	$110M

2020

2021

2022

2023

2024

Cash

$21M

$37M

$12M

$10M

$16M

ST Investments

Cash & ST Inv.

$21M

$37M

$12M

$10M

$16M

Receivables

$81M

$119M

$222M

$164M

$165M

Inventory

$46M

$67M

$100M

$105M

$110M

Go Deeper

Financial information provided by Financial Modeling Prep. Options data provided by Unusual Whales. Live transcripts provided by Quartr. Reported revenue and EPS data from Earnings powered by FinChat.io. All data is provided for informational purposes only, and is not intended for trading purposes or financial, investment, tax, legal, accounting or other advice.

Market Cap: $338M
IPO Date: 6/19/84
CEO: Mr. John A. Dunn
Fulltime Employees: 2.9K
Sector: Industrials
Industry: Agricultural - Machinery
Country: US
Exchange: NASDAQ Global Select

Peers

Astec Industries, Inc.

$39.21

ASTE

2.2%

Hyster-Yale Materials Handling, Inc.

$40.54

0.07%

Manitex International, Inc.

Columbus McKinnon Corporation

Titan International, Inc.

$7.04

TWI

0.56%

The Manitowoc Company, Inc.

Watchlist

Earnings

Report Date

Apr 24, 2025

Reported Revenue

204.6M

Miss -6.21%

Avg 1d Change

11.2%

Report Period

Q1 2025

Reported EPS

0.07

Beat +170%

Implied Move 1d

25.13%

Transcript

11m 48s

13m 23s

15m 15s

17m 16s

19m 4s

20m 32s

22m 15s

23m 43s

25m 27s

26m 21s

Thank you. We will now begin the question and answer session. Our first question comes from Matt Koranda from ROTH Capital. Please go ahead.

26m 59s

28m 11s

28m 54s

29m 51s

30m 26s

30m 47s

Okay, fair enough. I'll leave it there guys.

30m 50s

Thanks, Matt.

30m 53s

Thank you. Next question comes from Mike Slischke from D. A. Davidson. Please go ahead.

31m 1s

Good morning. Thanks for taking my questions here.

31m 5s

32m 4s

32m 36s

33m 2s

They are including the timing as well. Great. Outstanding. I'll pass it along. Thank you.

33m 11s

Thank you.

33m 14s

Your next question comes from Tyler DiMatteo from BTIG. Please go ahead. Good morning. Thanks for taking the question.

33m 23s

33m 44s

34m 16s

34m 39s

35m 4s

Okay.

35m 5s

Got it. Sounds good. Thank you, guys. I appreciate it. I'll turn it back to the queue.

35m 9s

Thank you.

35m 12s

Thank you. This concludes our question and answer session. I would like to turn the conference back over to Randy Wilson for closing remarks.

35m 23s

35m 36s

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

Key Insights

SHYF delivered Q1 2025 results that exceeded expectations, with sales of $204.6M (up 3% YoY) and adjusted EBITDA of $12.3M (6% margin, doubled YoY); adjusted EPS was $0.07 versus a loss last year.
BlueArc contributed $26.3M in Q1 sales as the company executed a 150-vehicle FedEx order, with some revenue carryover into Q2; additional orders and customer trials are in the pipeline, supporting optimism for further growth.
The company reaffirmed its 2025 outlook: sales of $870M–$970M, adjusted EBITDA of $62M–$72M, and free cash flow of $25M–$30M, expecting ~70% of full-year adjusted EBITDA in the second half due to anticipated market recovery.
Segment performance: Fleet Vehicles and Services sales declined 11% YoY but improved margins to 3.8%; Specialty Vehicles sales fell 9% YoY but maintained high-teen EBITDA margins, with backlog up 8% YoY.
The proposed merger with Abby Schmidt is progressing, with a $600M credit facility syndicated and a preliminary S-4 filed; the combined company will be named Abby Schmidt Group and is expected to drive growth in high-margin markets and expand global reach.

Earnings

Report Date

Reported Revenue

Avg 1d Change

Report Period

Reported EPS

Implied Move 1d

Transcript

Key Insights

Recent Transcripts

Income Statement

Cash Flow

Balance Sheet

Go Deeper

Related

Go Deeper

Recent Transcripts

Earnings

Report Date

Reported Revenue

Avg 1d Change

Report Period

Reported EPS

Implied Move 1d

Transcript

Key Insights