Blue Bird Corporation (NASDAQ: BLBD) reported Q1 EPS of $0.05, $0.08 better than the analyst estimate of ($0.03). Revenue for the quarter came in at $154.9 million versus the consensus estimate of $154.15 million.

• GAAP net loss improved by $6.6 million to $1.2 million
• GAAP Diluted EPS of $0.05
• Adjusted EBITDA of $7.2 million, Adjusted Diluted EPS of $0.05
• FY2019 Guidance Reaffirmed

“We are pleased with our first quarter performance and our continued progress in key areas of the business,” said Phil Horlock, President and Chief Executive Officer of Blue Bird Corporation. “Maintaining first quarter profitability at about last year’s level, despite significantly higher steel-led commodity prices and lower volume, was a key objective, and we delivered. We achieved significant structural cost reductions from the Transformational Initiatives we started last year, and expect continued gains through FY2019 from the implementation of these plans. The pricing actions we took to offset rapidly-increasing commodity costs late in FY2018 have taken hold as expected, resulting in a 3% increase in net revenue per school bus in the first quarter, compared with last year. We are pleased to reaffirm our FY2019 full-year revenue guidance of $990 - $1,025 million and Adjusted EBITDA guidance of $80 - 85 million.

“We are focused on delivering differentiated and innovative products that customers want and value, as demonstrated by our continued growth in alternative-fuel bus sales. Our year-to-date bookings and firm order backlog in this segment are 25% above the same time last year, representing 42% of our total sales and backlog. With the broadest range of alternative-fuel school bus offerings in the market, offered at the lowest emission levels, we are the clear product and sales leader in the fastest growing segment of the business.

“Despite the significant capital investments that we are making this year in our all-new, robotic paint facility, we will continue to generate positive cash flow and are reaffirming our full year Adjusted Free Cash Flow guidance of $24 - $28 million.”

GUIDANCE:

Blue Bird Corporation sees FY2019 revenue of $99-1.025 billion, versus the consensus of $1.02 billion.

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