Blue Bird Corporation reports record-breaking Q1 fiscal 2024 results
Blue Bird Corporation, a frontrunner in the production of electric and low-emission school buses, has disclosed its financial outcomes for the first quarter of fiscal year 2024, highlighting exceptional growth and operational milestones. The firm's net sales surged by 35% from the previous year, totaling $317.7 million. This remarkable upturn is primarily due to a 9% increase in unit sales and a strategic elevation in the average sales price per unit, stemming from tactical pricing actions and a favorable mix of products and customers.
This period also marked a significant improvement in GAAP net income, which soared to $26.2 million, reflecting a $37.4 million enhancement compared to the same period last year. The increase is attributed to the combined effect of higher unit sales and the strategic increase in average sales price per unit due to pricing actions and a favorable product and customer mix.
Further solidifying its market position, Blue Bird achieved a record Adjusted EBITDA of $47.6 million, a $51.1 million increase from the previous year, representing a robust 15% margin. This profitability boost signals the company's efficiency in operational improvements and cost management.
The company also celebrated a record quarter in electric vehicle (EV) bus deliveries and a backlog of over 400 electric school bus orders, reinforcing its leadership in the alternative-powered school bus market.
CEO Phil Horlock expressed pride in the team's achievements, contributing to Blue Bird's record financial outcomes in Q1. The strong demand for the company's school buses, underscored by an order backlog of approximately 4,600 units, remains robust.
CFO Razvan Radulescu shared the company's pleasure with the Q1 results, particularly the all-time high Adjusted EBITDA margin. Reflecting this success, Blue Bird has upgraded its FY2024 full-year guidance to expect net revenue in the range of $1.15 to $1.25 billion, Adjusted EBITDA between $120 to $140 million, and Adjusted Free Cash Flow from $60 to $70 million.
Despite challenges like inflationary pressures leading to increased raw material costs, Blue Bird has effectively countered these with price adjustments and optimizing product and channel mix. The company's forward-looking approach, especially in the EV market, is poised for further growth, buoyed by initiatives like the EPA's Clean School Bus Program.
With an uplifted FY2024 outlook, Blue Bird Corporation is optimistic about its strategic direction and the anticipated global supply chain recovery. Its dedication to sustainable and innovative transportation solutions secures its strong positioning for ongoing success in the evolving Vehicles & Parts industry.
Blue Bird Corporation's first-quarter fiscal 2024 achievements underscore its strong commitment to financial performance and operational excellence. With a leading role in electric and low-emission school buses and a promising financial forecast, the company is set for sustained growth in the forthcoming years.