8-K: Blue Bird Corporation Announces Record Revenue and Increased EV Sales for Fiscal Year 2024

Blue Bird Corporation reports a 6% increase in unit sales, a 19% jump in net revenue to $1.35 billion, and a 29% surge in electric vehicle sales for fiscal year 2024.

Summary

• Blue Bird Corporation has released preliminary unaudited results for fiscal year 2024.
• The company sold 9,000 buses, a 6% increase compared to the previous year, which was at the top end of their guidance.
• Net sales revenue reached a record $1.35 billion, a 19% increase year-over-year and exceeding guidance.
• Electric vehicle sales also hit a record of 704 buses, a 29% increase from the prior year.
• The company's backlog at the end of the fiscal year is over 4,800 units, valued at approximately $735 million, a 10% increase from last year.
• The electric vehicle backlog grew to nearly 630 buses, worth about $200 million, largely due to orders from the EPA's Clean School Bus program.

Sentiment

Score: 9

Explanation: The document presents very positive results with record revenue, strong sales growth, and a significant increase in EV sales, indicating a strong financial position and positive market reception.

Positives

• The company exceeded its sales guidance for the year.
• Blue Bird experienced significant growth in electric vehicle sales.
• The company's backlog has increased, indicating strong future demand.
• The increase in EV backlog is driven by the EPA's Clean School Bus program.

Future Outlook

The company is looking forward to discussing full year 2024 results and fiscal 2025 outlook in their next earnings call on November 25, 2024.

Management Comments

• We are very pleased with our strong year-end performance resulting from the hard work by our team, said Blue Birds President and CEO, Phil Horlock.
• We are looking forward to discussing our full year 2024 results and fiscal 2025 outlook in our next earnings call on November 25, 2024.

Industry Context

The announcement highlights Blue Bird's position as a leader in the electric and low-emission school bus market, aligning with the broader industry trend towards cleaner transportation solutions.

Comparison to Industry Standards

• Blue Bird's 29% increase in EV sales demonstrates a strong performance in the rapidly growing electric school bus market, outpacing many traditional bus manufacturers.
• The company's record revenue of $1.35 billion and 19% year-over-year growth indicates a strong market position compared to competitors like Thomas Built Buses and IC Bus.
• The backlog of over 4,800 units and $735 million in value suggests a robust demand for Blue Bird's products, which is a positive sign compared to industry averages.

Stakeholder Impact

• Shareholders will likely view the results positively due to the strong financial performance and growth.
• Employees may be encouraged by the company's success and growth prospects.
• Customers will benefit from the company's focus on safety, reliability, and cleaner energy solutions.
• Suppliers may see increased demand for their products and services due to the company's growth.

Next Steps

• The company will present its fiscal 2024 fourth quarter and full year financial results on a webcast on November 25, 2024.
• The company will discuss its fiscal 2025 outlook during the earnings call.

Key Dates

Keywords

electric vehicles, school buses, net revenue, unit sales, backlog, EV sales, Blue Bird, transportation