The Shyft Group, a North American specialty vehicle manufacturer, reported its financial results for the first quarter of 2025 on April 24, citing improved profitability and progress on its planned merger with Aebi Schmidt.
The company, based in Novi, Michigan, saw its sales rise 3.4% year-over-year to $204.6 million.
Net loss for the quarter narrowed to $1.4 million, or 4 cents per share, compared with a loss of $4.7 million, or 14 cents per share, in the same period last year.
Adjusted net income reached $2.4 million, or 7 cents per share, reversing a loss of $1.4 million, or 4 cents per share, reported in the first quarter of 2024.
Adjusted EBITDA for the quarter totaled $12.3 million, representing 6.0% of sales. This marks an increase of $6.2 million from the previous year’s $6.1 million, which represented 3.1% of sales.
Shyft’s consolidated backlog stood at $335.3 million as of March 31, down 23.7% from $439.4 million a year earlier.
However, backlog improved by $22.1 million, or 7.1%, compared to year-end levels. The company’s Blue Arc division contributed $26.3 million in sales during the quarter.
“We are pleased with our start to the year and the team’s ability to deliver better than expected financial results,” John Dunn, president and CEO, said in a press release.
“The team is focused on driving operational efficiency and commercial growth initiatives, positioning us well to continue to capture market share,” Dunn noted.
Interim Chief Financial Officer Scott Ocholik highlighted operational improvements and balance sheet strength, stating, “Disciplined execution drove meaningful year-over-year margin improvement. As we continue to focus on improved cash generation, we expect to maintain a strong balance sheet.”
The company reaffirmed its full-year 2025 financial outlook, projecting sales between $870 million and $970 million. It expects adjusted EBITDA of $62 million to $72 million, adjusted earnings per share between 69 cents and 92 cents, and free cash flow of $25 million to $30 million.
Shyft also provided an update on its pending merger with Aebi Schmidt, a transaction expected to close by mid-2025.
“Looking ahead, we are excited about our pending merger with Aebi Schmidt as it creates a premier global specialty vehicles leader with increased scale, broader product and service offerings, and strong industry expertise, all of which will allow us to better serve our customers,” Dunn said.
“There are clear opportunities for the combined company to grow and deliver additional value to our shareholders,” Dunn added.