Business
Blue Bird Fiscal 2020 Third Quarter Results Significantly Impacted by COVID-19; Focused on Margin Growth
Net Sales of $189.2M, down 39% from prior year Bus average selling price up 9% GAAP net income of $1.3M, down $13.3M GAAP Diluted EPS of 5 cents, down 50
About this update from Blue Bird Corporation
[{"type":"text","content":"\nNet Sales of $189.2M, down 39% from prior year\n\n\nBus average selling price up 9%\n\n\nGAAP net income of $1.3M, down $13.3M\n\n\nGAAP Diluted EPS of 5 cents, down 50 cents\n\n\nAdjusted EBITDA of $12.5M, down $16.6M\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 third quarter results. GAAP net income for the third quarter was $1.3 million, down $13.3 million from the third quarter of FY2019. Adjusted EBITDA for the quarter was $12.5 million, a decrease of $16.6 million from prior year. Diluted EPS and Adjusted Diluted EPS were down 50 cents and 53 cents, respectively, from prior year.\n\n\nHighlights\n\n\n\n\n(in millions except Unit Sales and EPS data)\n\n\n\n\nThree Months Ended\nJuly 4, 2020\n\n\n\n \n\n\n\nB/(W)\n2019\n\n\n\n \n\n\n\nNine Months Ended\nJuly 4, 2020\n\n\n\n \n\n\n\nB/(W)\n2019\n\n\n\n\n\nUnit Sales\n\n\n\n\n1,948\n\n\n\n \n\n\n\n(1,472\n\n\n\n)\n\n\n\n \n\n\n\n6,002\n\n\n\n \n\n\n\n(1,289\n\n\n\n)\n\n\n\n\n\nGAAP Measures:\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nRevenue\n\n\n\n\n$\n\n\n\n189.2\n\n\n\n \n\n\n\n$\n\n\n\n(119.6\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n597.8\n\n\n\n \n\n\n\n$\n\n\n\n(77.5\n\n\n\n)\n\n\n\n\n\nNet Income\n\n\n\n\n$\n\n\n\n1.3\n\n\n\n \n\n\n\n$\n\n\n\n(13.3\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n0.2\n\n\n\n \n\n\n\n$\n\n\n\n(12.5\n\n\n\n)\n\n\n\n\n\nDiluted Loss per Share\n\n\n\n\n$\n\n\n\n0.05\n\n\n\n \n\n\n\n$\n\n\n\n(0.50\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n0.01\n\n\n\n \n\n\n\n$\n\n\n\n(0.46\n\n\n\n)\n\n\n\n\n\nNon-GAAP Measures1:\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nAdjusted EBITDA\n\n\n\n\n$\n\n\n\n12.5\n\n\n\n \n\n\n\n$\n\n\n\n(16.6\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n32.8\n\n\n\n \n\n\n\n$\n\n\n\n(15.7\n\n\n\n)\n\n\n\n\n\nAdjusted Net Income\n\n\n\n\n$\n\n\n\n4.4\n\n\n\n \n\n\n\n$\n\n\n\n(14.0\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n8.9\n\n\n\n \n\n\n\n$\n\n\n\n(14.6\n\n\n\n)\n\n\n\n\n\nAdjusted Diluted Earnings per Share\n\n\n\n\n$\n\n\n\n0.16\n\n\n\n \n\n\n\n$\n\n\n\n(0.53\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n0.33\n\n\n\n \n\n\n\n$\n\n\n\n(0.54\n\n\n\n)\n\n\n\n\n\n1 Reconciliation to relevant GAAP metrics shown below\n\n\n\n\n\n“The third quarter was a challenge as operations were s...