Business
Blue Bird Delivers Strong Fiscal 2020 First Quarter Results; Sixth Consecutive Quarter of Adjusted EBITDA Growth
GAAP net loss improved by $0.8M to $0.4M GAAP Diluted EPS improved by 3 cents to a loss of 2 cents Adjusted EBITDA of $8.0M, up $0.8M FY2020 Guidance
About this update from Blue Bird Corporation
[{"type":"text","content":"\nGAAP net loss improved by $0.8M to $0.4M\nGAAP Diluted EPS improved by 3 cents to a loss of 2 cents\nAdjusted EBITDA of $8.0M, up $0.8M\nFY2020 Guidance Reaffirmed\n\n MACON, Ga.--(BUSINESS WIRE)--\nBlue Bird Corporation (“Blue Bird”) (Nasdaq: BLBD), the leading independent designer and manufacturer of school buses, announced today its fiscal 2020 first quarter results. GAAP net loss for the first quarter was $0.4 million, an improvement of $0.8 million compared with the first quarter of FY2019. Blue Bird's Adjusted EBITDA for the quarter was $8.0 million, an increase of $0.8 million over prior year, despite higher commodity costs and lower volume. Diluted EPS and Adjusted Diluted EPS were up 3 cents and 2 cents, respectively for the quarter.\n\n\n \n\n\n\n\nHighlights\n\n\n\n\n\n(in millions except EPS data)\n\n\n\nThree Months Ended \n\n\nJanuary 4, 2020\n\n\n\n \n\n\n\nB/(W)\n2019\n\n\n\n\n\nUnit Sales\n\n\n\n1,460\n\n\n\n \n\n\n\n \n\n\n\n(140\n\n\n\n)\n\n\n\n\n\nGAAP Measures:\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nRevenue\n\n\n\n$\n\n\n\n153.2\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n(1.7\n\n\n\n)\n\n\n\n\n\nNet Loss\n\n\n\n$\n\n\n\n(0.4\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n0.8\n\n\n\n \n\n\n\n\n\nDiluted Loss per Share\n\n\n\n$\n\n\n\n(0.02\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n0.03\n\n\n\n \n\n\n\n\n\nNon-GAAP Measures1:\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nAdjusted EBITDA\n\n\n\n$\n\n\n\n8.0\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.8\n\n\n\n \n\n\n\n\n\nAdjusted Net Income\n\n\n\n$\n\n\n\n2.0\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.8\n\n\n\n \n\n\n\n\n\nAdjusted Diluted Earnings per Share\n\n\n\n$\n\n\n\n0.07\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.02\n\n\n\n \n\n\n\n\n\n1 Reconciliation to relevant GAAP metrics shown below\n\n\n\n\n\n“We are very pleased with our first quarter,\" said Phil Horlock, President and Chief Executive Officer of Blue Bird Corporation. “The combination of continued growth in alternative-fueled bus sales and our focus on driving higher revenue, contributed to an increase in average selling price per bus of more than $5,000, or 6% over last year's first quarter. We also continued to make progress with our Transformational Initiatives, resulting in our sixth consecutive quarter of year-over-year growth in Adjusted EBITDA Margin. We expect further gains through the balance of FY2020 and beyond as we continue to implement ...