Blue Bird Corporation (BLBD) Tops Q3 EPS by 10c, Beats on Revenues; FY Net Sales Guidance Narrowed, Adj. EBITDA & Adj. FCF Lowered
Blue Bird Corporation (NASDAQ: BLBD) reported Q3 EPS of $0.69, $0.10 better than the analyst estimate of $0.59. Revenue for the quarter came in at $332.6 million versus the consensus estimate of $329.45 million.
Third Quarter Highlights
- Unit sales for the quarter totaled 3,849 buses, 81 units (or 2%) higher than the same period last year
- Net sales of $332.6 million, $9.5 million (or 3%) higher than the same period last year
- Third quarter income from continuing operations of $20.1 million, up $23.0 million compared with the same period last year. Diluted earnings-per-share was $0.68, an increase of $0.86 compared with last year
- Third quarter Adjusted EBITDA1 of $32.2 million was down $0.3 million compared with the same period last year. Higher peak production cost more than offset increased volume and lower operating expenses
- Net cash provided by continuing operations was $15.1 million, down $19.5 million compared with the same period last year. The decline was more than explained by elevated working capital in support of units that were built in June and were delivered in July. Adjusted Free Cash Flow1 was $13.1 million in the quarter
- Net debt as of July 1, 2017 was $102.7 million, $9.7 million (or 8%) lower than the same time last year
- Gross margin in the quarter was 13.5%, down 1 pt. from last year. Higher peak production cost more than offset increased volume
- Narrowing full-year fiscal 2017 net sales guidance to $980 million - $1 billion, as well as lowering Adjusted EBITDA guidance to $68 - $70 million and Adjusted Free Cash Flow guidance to $33 - $37 million. The decrease is due to specific customers taking bus deliveries in the first quarter of FY2018, shifting planned unit sales from the fourth quarter of FY2017
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