- **Revenue Growth**: Q1 2025 revenue up 3% YoY to $204.6M, driven by Blue Arc's $26.3M FedEx order.\n- **Profitability**: Adjusted EBITDA doubles to $12.3M (6% of sales); FVS margin expands 290bps.\n- **Blue Arc Momentum**: 150-unit FedEx order nearing completion; trials with new customers.\n- **Merger Update**: Aebi Schmidt merger on track with $600M credit facility and Q3 shareholder vote.\n- **Tariff Resilience**: No material impact on 2025 outlook; cost mitigation strategies in place.\n

**【CEO Business Overview】**
- Q1 2025 revenue of $204.6M (+3% YoY), driven by Blue Arc's $26.3M in FedEx orders and improved operational efficiency.\n- **Blue Arc Progress**: 150-unit FedEx order nearing completion; positive feedback from deployed trucks, with trials underway for new customers.\n- **Fleet Vehicles & Services (FVS)**: 290bps margin expansion (6% YoY) via cost optimization; walk-in van quoting activity signals Q2 recovery.\n- **Specialty Vehicles (SV)**: High-teens margins sustained; service truck order intake robust, with 31% QoQ backlog growth.\n- **Balance Sheet Strength**: Net leverage <2x, enabling strategic investments.\n\n**【CFO Financial Review】**
- **Q1 2025 Results**:\n  - GAAP net loss: $1.4M (-$0.04 EPS) vs. $4.7M (-$0.14 EPS) YoY.\n  - Adjusted EBITDA: $12.3M (6% of sales) vs. $6.1M (3.1% of sales) YoY.\n  - Adjusted EPS: $0.07 vs. -$0.04 YoY.\n- **Segment Performance**:\n  - FVS: $96.1M (-11% YoY) with 3.8% EBITDA margin.\n  - SV: $82.2M (-9% YoY) with 17.3% EBITDA margin.\n- **2025 Outlook**:\n  - Sales: $870M-$970M; Adjusted EBITDA: $62M-$72M.\n  - 70% of EBITDA expected in H2, driven by parcel/motorhome recovery.\n\n**【Merger Update with Aebi Schmidt】**\n- **Transaction Details**:\n  - New entity: Aebi Schmidt Group (Ticker: AEBI).\n  - $600M credit facility secured.\n  - S-4 filed with SEC; shareholder vote expected Q3 2025.\n- **Strategic Rationale**:\n  - Combines Shyft's U.S. specialty vehicles with Aebi's European infrastructure expertise.\n  - Targets high-margin markets like commercial infrastructure and EVs.\n\n**【Key Q&A Highlights】**\n- **Tariff Mitigation**:\n  - Price adjustments and U.S.-based supply chain diversification.\n  - No material impact on 2025 guidance.\n- **Blue Arc Pipeline**:\n  - Q2 completion of FedEx order; trials with new customers likely to convert to orders.\n- **Battery Supply**:\n  - Stable ONE battery supply with no performance issues.\n- **Order Timing**:\n  - FVS quoting activity suggests Q2/Q3 parcel recovery.\n

The Shyft Group, Inc. (SHYF)-24 Apr 25-2025 Q1 Earnings call transcript

- **Strategic Merger**: Proposed merger with Aebi Schmidt to create a specialty vehicles leader, expected to close mid-2025.
- **2024 Financial Strength**: Adjusted EBITDA margin 6.2%, FVS margins 7.2%, despite market challenges.
- **Blue Arc Progress**: EV production underway for FedEx, with potential for breakeven in 2025 if additional orders materialize.
- **2025 Outlook**: Sales $870M-$970M, EBITDA $62M-$72M, EPS $0.69-$0.92. Cautious on H1 due to market softness, with recovery expected in H2.
- **Key Risks**: Tariff uncertainty, motorhome market weakness, and EV order dependency.

**【CEO Summary Section】**
- **Merger with Aebi Schmidt**: Announced in December 2024, the merger aims to create a specialty vehicles leader with enhanced scale and expertise. Expected to close by mid-2025, with integration efforts already underway.
- **2024 Financial Performance**: Adjusted EBITDA margin of 6.2% (up 160 basis points YoY), driven by operational efficiency and cost control. Fleet Vehicles & Services (FVS) margins improved to 7.2%, despite soft parcel market.
- **Blue Arc EV Milestone**: Production underway for FedEx, with vehicles performing well in field tests. Expansion into other markets (e.g., Canada) planned.

**【CFO Financial Commentary】**
- **Q4 2024 Results**: Sales $201.4M (flat YoY), GAAP net loss $3.4M. Adjusted EBITDA $15.9M (7.9% of sales), up from $2.3M (1.1% of sales) in Q4 2023. Adjusted EPS $0.15 vs. -$0.03 YoY.
- **Segment Performance**: 
  - **FVS**: Sales $110.7M (-7% YoY), EBITDA $12.1M (10.9% margin vs. -2.2% YoY). Backlog $244.8M (-24.7% YoY), with market share gains in walk-in vans.
  - **Specialty Vehicles (SV)**: Sales $87.5M (+5% YoY), EBITDA $16.6M (19% margin vs. 22.8% YoY). Backlog $68.5M (-18.8% YoY), driven by motorhome weakness.
- **2025 Outlook**: 
  - Sales $870M-$970M (includes $50M Blue Arc). 
  - Adjusted EBITDA $62M-$72M. 
  - Adjusted EPS $0.69-$0.92. 
  - Free cash flow $25M-$30M. 
  - Q1 EBITDA expected in low single digits, with 70% of annual EBITDA in H2.

**【Q&A Key Highlights】**
- **Blue Arc EV**: Production underway for FedEx (150 units), with vehicles performing well. Additional orders needed to reach breakeven; demos in Canada show cold-weather capability.
- **FVS Recovery**: Guided for parcel market recovery in H2 2025, driven by replacement cycles. FVS margins expected to sustain low double digits due to operational improvements.
- **Specialty Vehicles Trends**: Motorhome orders soft due to dealer inventory normalization, but work truck demand steady. Infrastructure spend could offset motorhome weakness.
- **Tariffs**: Implementing North American supply chain alternatives and price adjustments to mitigate aluminum tariffs. Situation remains fluid.
- **Merger Synergies**: Focus on infrastructure truck bodies and service body upfitting. Aebi Schmidt's infrastructure focus complements Shyft's portfolio.


The Shyft Group, Inc. (SHYF)-20 Feb 25-2024 Q4 Earnings call transcript

The Shyft Group, Inc. (SHYF)-24 Oct 24-2024 Q3 Earnings call transcript

Shyft Group Inc (SHYF)-25 Jul 24-2024 Q2 Earnings call transcript

Shyft Group Inc (SHYF)-25 Apr 24-2024 Q1 Earnings call transcript

Shyft Group Inc (SHYF)-22 Feb 24-2023 Q4 Earnings call transcript

Shyft Group Inc (SHYF)-26 Oct 23-2023 Q3 Earnings call transcript

Shyft Group Inc (SHYF)-28 Jul 23-2023 Q2 Earnings call transcript

Shyft Group Inc (SHYF)-27 Apr 23-2023 Q1 Earnings call transcript

Shyft Group Inc (SHYF)-28 Oct 22-2022 Q3 Earnings call transcript

Shyft Group Inc (SHYF)-28 Jul 22-2022 Q2 Earnings call transcript

Shyft Group Inc (SHYF)-30 Apr 22-2022 Q1 Earnings call transcript

Shyft Group Inc (SHYF)-26 Feb 22-2021 Q4 Earnings call transcript

Shyft Group Inc (SHYF)-6 Nov 21-2021 Q3 Earnings call transcript

Shyft Group Inc (SHYF)-8 Aug 21-2021 Q2 Earnings call transcript

Shyft Group Inc (SHYF)-8 May 21-2021 Q1 Earnings call transcript

Shyft Group Inc (SHYF)-11 Mar 21-2020 Q4 Earnings call transcript

Shyft Group Inc (SHYF)-8 Nov 20-2020 Q3 Earnings call transcript

Shyft Group Inc (SHYF)-9 Aug 20-2020 Q2 Earnings call transcript

SHYF(Delisted)

SHYF fundamentals

Earnings Call

You can ask Aime