The Shyft Group (SHYF) Misses Q2 EPS by 2c

The Shyft Group (NASDAQ: SHYF) reported Q2 EPS of $0.13, $0.02 worse than the analyst estimate of $0.15. Revenue for the quarter came in at $123.97 million versus the consensus estimate of $141.39 million.

2020 Outlook:

With noted improvement in production throughout the quarter, The Shyft Group is currently manufacturing in 95% of its facilities at full or modified production levels and has also observed improvement in OEM chassis and component supply in recent weeks. In light of its strong backlog position and the improving conditions in the short term, notwithstanding further pandemic related issues, the Company expects to deliver third quarter revenues in the range of $180.0 to $200.0 million, adjusted EBITDA of $20.0 to $23.0 million, and adjusted EPS of $0.36 to $0.42. Given the longer-term uncertainty, the Company is not in a position to reinstate full year 2020 guidance at this time. The Shyft Group expects to provide an updated outlook once it has sufficient clarity regarding the implications of COVID-19 on its business.

"We believe the worst is behind us and remain optimistic about the underlying strength of our end markets. Throughout the second quarter, we saw production and output ramp up significantly. Our current backlog position remains robust and we continue to see strong demand for our products, including additional vehicles to support ecommerce growth, as well as chassis for luxury motor coaches. We see growth in our end markets acc

For earnings history and earnings-related data on The Shyft Group (SHYF) click here.

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