Business
Blue Bird Reports Fiscal Year 2023 First Quarter Results; Record First Quarter Revenues & EV Sales; Raises Guidance for the Year
Robust Backlog of $675M+ and 5,300+ Units 950+ EVs on the Road Net Sales of $236M and GAAP Net Loss of $11M Adjusted EBITDA of $(4)M with 1,957 Buses Sold
About this update from Blue Bird Corporation
[{"type":"text","content":"\nRobust Backlog of $675M+ and 5,300+ Units\n\n950+ EVs on the Road\n\nNet Sales of $236M and GAAP Net Loss of $11M\n\nAdjusted EBITDA of $(4)M with 1,957 Buses Sold\n\nFY2023 Guidance Increased to Adj. EBITDA of ~$43M\n\n MACON, Ga.--(BUSINESS WIRE)--\nBlue Bird Corporation (“Blue Bird”) (Nasdaq: BLBD), the leader in electric and low-emission school buses, announced today its fiscal 2023 first quarter results.\n\nHighlights\n\n\n\n(in millions except Unit Sales and EPS data)\n\n\n\nThree Months Ended\nDecember 31, 2022\n\n\n\n \n\n\n\nB/(W) 2022\n\n\n\n \n\n\n\n\n\nUnit Sales\n\n\n\n \n\n\n\n1,957\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n808\n\n\n\n \n\n\n\n \n\n\n\n\n\nGAAP Measures:\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nRevenue\n\n\n\n$\n\n\n\n235.7\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n106.5\n\n\n\n \n\n\n\n \n\n\n\n\n\nNet Loss\n\n\n\n$\n\n\n\n(11.3\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n(7.2\n\n\n\n)\n\n\n\n \n\n\n\n\n\nDiluted Loss per Share\n\n\n\n$\n\n\n\n(0.35\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n(0.20\n\n\n\n)\n\n\n\n \n\n\n\n\n\nNon-GAAP Measures1:\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nAdjusted EBITDA\n\n\n\n$\n\n\n\n(4.2\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n(7.8\n\n\n\n)\n\n\n\n \n\n\n\n\n\nAdjusted Net Loss\n\n\n\n$\n\n\n\n(9.8\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n(7.8\n\n\n\n)\n\n\n\n \n\n\n\n\n\nAdjusted Diluted Loss per Share\n\n\n\n$\n\n\n\n(0.30\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n(0.23\n\n\n\n)\n\n\n\n \n\n\n\n\n\n\n1 Reconciliation to relevant GAAP metrics shown below\n\n\n\n\n“We made remarkable progress in the first quarter, as the overall operating environment continued to improve in line with our plan. During the quarter we worked through the majority of the legacy-priced units in the backlog that have caused margin compression over the past several quarters. The Blue Bird team continued executing a rigorous plan to improve operations, reduce fixed costs, and recover economics through pricing. Therefore, we are well positioned for a significant recovery over the next several quarters,\" said Matthew Stevenson, President and CEO of Blue Bird Corporation. “Demand for Blue Bird’s best-in-class school buses remains strong and we have expanded our leadership position in zero-emission school buses, realizing exceptional growth in both electric school bus bookings, up 130%, and firm order backlog, at more than 385 elect...