Blue Bird Corporation Announces Fourth Quarter and Full-Year Fiscal 2024 Financial Results
Blue Bird Corporation (NASDAQ: BLBD), a leader in electric and low-emission school buses, reported its financial results for the fourth quarter and full year of fiscal 2024, ended September 28, 2024.
Key Financial Metrics
| Metric | Q4 FY2024 | Q4 FY2023 | YoY Change | FY2024 | FY2023 | YoY Change | Consensus Estimate |
|---|---|---|---|---|---|---|---|
| Net Sales (Million USD) | $350.2 | $303.0 | +15.6% | $1,347.2 | $1,132.8 | +18.9% | $1.34B (Current Year Est.) |
| Net Income (Million USD) | $24.7 | $18.7 | +32.1% | $105.5 | $23.8 | +343.7% | - |
| Adjusted EBITDA (Million USD) | $41.3 | $40.7 | +1.5% | $182.9 | $87.9 | +108.1% | - |
Interpretation : Blue Bird Corporation delivered strong financial performance with a significant year-over-year increase in both revenue and EBITDA for fiscal 2024. The company's net income surged due to improved profit margins and strategic pricing, surpassing analysts' expectations on both revenue and earnings per share fronts.
Revenue Performance by Segment
| Segment | Revenue (Million USD) | YoY Change | Compared with Guidance |
|---|---|---|---|
| Bus Sales | $332.3 | +16.0% | Aligned |
| Parts Sales | $17.9 | +5.6% | Aligned |
Interpretation : The bus sales segment showed robust growth driven by a 16.5% increase in units booked, reflecting market demand and effective supply chain improvements. Parts sales also experienced growth due to higher pricing and fulfillment volumes.
Key Developments and Operational Highlights
- Record Adjusted EBITDA of $183 million achieved in fiscal 2024.
- Approximately 9,000 buses sold during the fiscal year.
- 16% increase in orders compared to the previous year.
- Over 700 electric-powered buses delivered, a nearly 30% increase over the prior year.
Comments from Company Leadership
Phil Horlock, President & CEO, emphasized the team’s success in achieving record profits and exceeding expectations, driven by increased productivity, robust order growth, and a strong push towards alternative-powered buses. He highlighted the market's strong demand, with an impressive 4,800-unit backlog.
Razvan Radulescu, CFO, shared insights on the company's business transformation efforts leading to improved financial results and raised guidance. He outlined increased expectations for fiscal 2025, with anticipated revenues between $1.4 billion and $1.5 billion.
Forward Guidance
- Blue Bird has increased its FY2025 guidance, anticipating an Adjusted EBITDA of $190-210 million with a margin of 13.6% - 14.0%. The company is optimistic about sustained profitability and growth.
Stock Price Movement
- Following the earnings announcement, Blue Bird Corporation’s stock saw a 4.4% increase, reflecting investor confidence and positive market response to the company's performance and future outlook.
This comprehensive earnings report encapsulates Blue Bird Corporation's financial accomplishments in fiscal 2024, driven by strategic initiatives and strong market demand. The company plans to leverage its momentum to further strengthen its market position and drive profitable growth in future periods.
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