The Shyft Group, Inc. reported a decline in financial performance for the fiscal year ending December 31, 2024, with total sales of $786.2 million, down 9.9% from $872.2 million in 2023. The company experienced a net loss of $2.8 million, compared to a net income of $6.5 million in the previous year. This resulted in a diluted loss per share of $0.08, a decrease from earnings of $0.19 per share in 2023. The gross margin improved to 20.0%, up from 17.2% in 2023, attributed to a favorable product mix and the impact of the acquisition of Independent Truck Upfitters (ITU).
The decrease in sales was primarily driven by lower volumes in the Fleet Vehicles and Services (FVS) segment, particularly in walk-in vans and truck bodies, which were partially offset by increased sales in the Specialty Vehicles (SV) segment, bolstered by the ITU acquisition. The FVS segment reported sales of $434.2 million, down 19.8% from the previous year, while the SV segment saw a 3.9% increase in sales to $347.9 million. The overall order backlog decreased to $313.2 million at the end of 2024, down from $409.3 million in 2023.
Strategically, Shyft Group made significant moves, including the acquisition of ITU for $49.9 million, which is expected to enhance its service body product offerings and upfit capabilities. The company also launched the Blue Arc™ Electric Vehicle Solutions, targeting last-mile delivery fleets with a range of electric walk-in vans. Additionally, the company announced a merger agreement with Aebi Schmidt Holding AG, expected to close in mid-2025, which will see Shyft shareholders owning approximately 48% of the combined entity.
Operationally, Shyft Group's employee headcount remained stable, and the company continues to focus on expanding its market presence and product innovations. The company reported a decrease in operating cash flow to $30.1 million from $56.2 million in 2023, reflecting the challenges faced during the year. The company maintains a strong liquidity position, with cash and cash equivalents increasing to $15.8 million as of December 31, 2024.
Looking ahead, Shyft Group aims to leverage its recent acquisitions and product innovations to capture long-term growth opportunities. The company is focused on enhancing customer relationships and expanding its market share across various sectors, despite the current challenges in the commercial vehicle market. The management remains optimistic about the future, emphasizing the importance of strategic acquisitions and product development in driving growth.
About SHYFT GROUP, INC.
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