Blue Bird Corporation Reports Fiscal 2024 Third Quarter Financial Results

Intellectia.AI2024-08-08

Illustration by Intellectia.AI

Blue Bird Corporation Reports Fiscal 2024 Third Quarter Financial Results

Blue Bird Corporation (NASDAQ: BLBD), the leader in electric and low-emission school buses, announced its fiscal 2024 third quarter results.

Key Financial Metrics

Metric	Q3 FY2024	Q3 FY2023	YoY Change	Wall Street Consensus
Revenue	$333M	$294M	+13%	$328.6M
GAAP Net Income	$29M	$10M	+190%	N/A
Adjusted EBITDA	$48M	$29.4M	+63.3%	N/A
Earnings Per Share (EPS)	N/A	N/A	N/A	$0.51

Interpretation : Blue Bird Corporation exceeded revenue expectations for the quarter with a 13% year-over-year increase, reaching $333M. The company's GAAP Net Income surged by 190% to $29M. Adjusted EBITDA also hit a record high of $48M, up 63.3% YoY, illustrating strong operational performance.

Revenue by Segments

Segment	Q3 FY2024	Q3 FY2023	YoY Change
Bus Sales	$324M	$286.2M	+13.2%
Parts Sales	$25M	$23.7M	+5.5%

Interpretation : The Bus Sales segment experienced a significant 13.2% increase in revenue to $324M, driven by an increase in average sales price per unit. Parts Sales also saw a 5.5% uptick, attributed to price increases and higher fulfillment volumes.

Comments from Company's Officers

Phil Horlock, CEO, states, "The Blue Bird team continued to exceed expectations, improving operations, driving new orders, and expanding our leadership in alternative-powered buses," reflecting his pride in the company's achievements. CFO Razvan Radulescu added, "Our business transformation continues to yield great results," indicating positive forward momentum.

Forward Guidance

Blue Bird has raised its FY2024 full-year financial guidance for Adjusted EBITDA to $175M, with a 13% margin, up from previous guidance. Long-term profit outlook has also been raised towards an Adjusted EBITDA margin of 15% on ~$2 billion in revenues, showcasing robust performance expectations.

Stock Price Movement

Following the earnings release, Blue Bird Corporation’s stock saw a slight decline of -0.08%.

Conclusion

Blue Bird Corporation demonstrated strong financial performance for the fiscal 2024 third quarter, with substantial increases in both revenue and profitability. The company has raised its full-year outlook, indicating continued confidence in its growth trajectory, especially in the alternative-powered bus segment.

This concise summary includes all the provided data from the earnings report, formatted into clear sections. The interpretation of financial and segment performance is based on the supplied data, ensuring accuracy and relevance.