The Shyft Group, Inc. SHYF shares are rising on Thursday.
The company reported fourth-quarter adjusted earnings per share of $(0.03) loss, narrower than the analyst consensus of $(0.04) loss.
Quarterly sales of $202.333 million beat the Wall Street view of $191.55 million. Sales slumped 33% year over year.
The company registered consolidated backlog of $409.3 million as of December 31, 2023, down 50.9% year over year.
Fleet Vehicles and Services sales were $119.0 million for the fourth quarter, down 44.1% year over year.
Specialty Vehicles (SV) sales were $83.4 million for the fourth quarter, a decrease of 10.6% from the year-ago period.
“Looking ahead, the challenging demand environment for parcel and motorhome is expected to continue in the first half of 2024,” said Jon Douyard, Chief Financial Officer.
The company exited the quarter with cash and equivalents worth $9.957 million.
Outlook: The company expects FY24 sales to be $850 million to $900 million versus the $890.42 million estimate.
The company projects adjusted earnings per share of $0.28 to $0.51 versus the $0.50 estimate.
Price Action: SHYF shares are trading higher by 4.14% to $11.46 on Thursday.
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