Blue Bird Corporation( “ Blue Bird ”)( Nasdaq BLBD), the leader in electric and low- emigration academy motorcars, blazoned moment its financial 2023 fourth quarter and full time results.
Highlights
Three Months Ended
Twelve Months Ended
in millions except Unit Deals and EPS data)
September 30, 2023
B/( W) 2022
September 30, 2023
B/( W) 2022
Unit Deals
100
GAAP Measures
profit
Net Income
Adulterated EPS
Non-GAAP Measures1
Acclimated EBITDA
Acclimated Net Income
Acclimated Adulterated EPS
1 Reconciliation to applicable GAAP criteria shown below
“ I’m incredibly proud of our platoon’s progress in transubstantiating our business in 2023, and the outgrowth of all the hard work is apparent in our record fiscal results, ” said Phil Horlock, CEO of Blue Bird Corporation. “ The Blue Bird platoon executed a rigorous transformational plan over the once two times to ameliorate operations and outturn, control fixed costs, recover economics through pricing and expand our leadership position in indispensable- powered motorcars. The request demand for Blue Bird’s academy motorcars remains veritably strong with roughly 4,600 units in our order backlog. Unit deals in the time were over 25 from a time ago and we grew profit by an exceptional 41, to a record$1.13 billion. Acclimated EBITDA was a record$ 88 million, which is an outstanding increase of$ 103 million compared with last time, while our Acclimated Free Cash Flow in 2023 was another record high and$ 144 million better than last time.
In expanding our leadership position in indispensable- powered academy motorcars, we achieved outstanding growth in zero- emigration EV unit deals, which further than doubled from last time. also, at financial- time end, we had nearly 600 electric academy machine orders in our backlog, representing a 12 blend. We’ve seen strong growth in EV orders from the EPA’s Clean School Bus Program, which awarded nearly$ 1 billion in backing from Phase 1 of the program in 2023. We’re agitated to see the launch of Phase 2( A and B) of the 5- time program, offering a combined$ 900M in entitlement and rebate backing for electric academy motorcars. We ’ve been working aggressively with our dealers and academy sections in submitting operations and we’re confident that instigative growth is ahead for Blue Bird on the EV front!
Grounded on our substantial progress this time and fresh visibility into the 2024 operating terrain, we increased our full time fiscal guidance for coming time to 10 Acclimated EBITDA and look forward to sustained profitable growth in the coming times, particularly as the global force chain recovery progresses. ”
FY2024 Guidance Increased
“ We’re veritably pleased with the FY2023 results, with record Earnings andAdj. EBITDA coming in above guidance, ” said Razvan Radulescu, CFO of Blue Bird Corporation. “ Our business metamorphosis is formerly generating record situations of profitability compared with literal situations, and more advancements are still to come. With the strong finish to 2023 and better line- of- sight into 2024, we’re raising our financial 2024 guidance to Net profit to$1.15-1.25 Billion,Adj. EBITDA of$ 105- 125 million andAdj. Free Cash Flow of$ 50- 60 million. also, we’re reconfirming our long- term outlook of profitable growth towards
2 billion in earnings and Acclimated EBITDA perimeters of 12. ”
financial 2023 Fourth Quarter Results
Net Deals
Net deals were$303.0 million for the fourth quarter of financial 2023, an increase of$45.3 million, or17.6, from previous time period. Bus deals increased$41.7 million, reflecting a12.1 increase in average deals price per unit, performing from product and blend changes, as well as pricing conduct taken by operation in response to increased force purchase costs, and a5.0 increase in units reserved. In the fourth quarter of financial 2023, 2,116 units were reserved compared with 2,016 units reserved for the same period in financial 2022. also, corridor deals increased$3.6 million, or16.7, for the fourth quarter of financial 2023 compared with the fourth quarter of financial 2022. This increase is primarily attributed to pricing conduct taken by operation to neutralize increases in bought corridor costs, increased demand due to the aging academy machine line, as well as product blend.
Gross Profit
Fourth quarter gross profit of$50.0 million represented an increase of$54.4 million from the fourth quarter of last time. The increase was primarily driven by the$45.3 million increase in net deals, bandied over, as well as a drop of$9.1 million in cost of goods vended, primarily due to certain Bus member force that had an approximate$8.8 million accretive cost in excess of net doable value that was honored as a loss in financial 2022 with no analogous exertion in financial 2023.
Net Income
Net income was$18.6 million for the fourth quarter of financial 2023, which was a$41.7 million increase compared with the same period last time. The increase was primarily driven by the$54.4 million increase in gross profit, bandied over. incompletely negativing this was the corresponding$13.8 million increase in income duty expenditure.
Acclimated Net Income
Acclimated net income was$21.3 million, representing an increase of$42.7 million compared with the same period last time, primarily due to the$41.7 million increase in net income, bandied over.
Acclimated EBITDA
Acclimated EBITDA was$40.7 million, which was an increase of$57.0 million compared with the fourth quarter last time. This increase primarily results from the$41.7 million increase in net income as a result of the factors bandied above as well as the corresponding$13.8 million increase in income duty .
Blue Bird Reports Fiscal 2023 Fourth Quarter and Full Time Record Results; Beats 2023 Guidance and Raises 2024 Guidance
Blue Bird Corporation( “ Blue Bird ”)( Nasdaq BLBD), the leader in electric and low- emigration academy motorcars, blazoned moment its financial 2023 fourth quarter and full time results.
Highlights
Three Months Ended
Twelve Months Ended
in millions except Unit Deals and EPS data)
September 30, 2023
B/( W) 2022
September 30, 2023
B/( W) 2022
Unit Deals
100
GAAP Measures
profit
Net Income
Adulterated EPS
Non-GAAP Measures1
Acclimated EBITDA
Acclimated Net Income
Acclimated Adulterated EPS
1 Reconciliation to applicable GAAP criteria shown below
“ I’m incredibly proud of our platoon’s progress in transubstantiating our business in 2023, and the outgrowth of all the hard work is apparent in our record fiscal results, ” said Phil Horlock, CEO of Blue Bird Corporation. “ The Blue Bird platoon executed a rigorous transformational plan over the once two times to ameliorate operations and outturn, control fixed costs, recover economics through pricing and expand our leadership position in indispensable- powered motorcars. The request demand for Blue Bird’s academy motorcars remains veritably strong with roughly 4,600 units in our order backlog. Unit deals in the time were over 25 from a time ago and we grew profit by an exceptional 41, to a record$1.13 billion. Acclimated EBITDA was a record$ 88 million, which is an outstanding increase of$ 103 million compared with last time, while our Acclimated Free Cash Flow in 2023 was another record high and$ 144 million better than last time.
In expanding our leadership position in indispensable- powered academy motorcars, we achieved outstanding growth in zero- emigration EV unit deals, which further than doubled from last time. also, at financial- time end, we had nearly 600 electric academy machine orders in our backlog, representing a 12 blend. We’ve seen strong growth in EV orders from the EPA’s Clean School Bus Program, which awarded nearly$ 1 billion in backing from Phase 1 of the program in 2023. We’re agitated to see the launch of Phase 2( A and B) of the 5- time program, offering a combined$ 900M in entitlement and rebate backing for electric academy motorcars. We ’ve been working aggressively with our dealers and academy sections in submitting operations and we’re confident that instigative growth is ahead for Blue Bird on the EV front!
Grounded on our substantial progress this time and fresh visibility into the 2024 operating terrain, we increased our full time fiscal guidance for coming time to 10 Acclimated EBITDA and look forward to sustained profitable growth in the coming times, particularly as the global force chain recovery progresses. ”
FY2024 Guidance Increased
“ We’re veritably pleased with the FY2023 results, with record Earnings andAdj. EBITDA coming in above guidance, ” said Razvan Radulescu, CFO of Blue Bird Corporation. “ Our business metamorphosis is formerly generating record situations of profitability compared with literal situations, and more advancements are still to come. With the strong finish to 2023 and better line- of- sight into 2024, we’re raising our financial 2024 guidance to Net profit to$1.15-1.25 Billion,Adj. EBITDA of$ 105- 125 million andAdj. Free Cash Flow of$ 50- 60 million. also, we’re reconfirming our long- term outlook of profitable growth towards
2 billion in earnings and Acclimated EBITDA perimeters of 12. ”
financial 2023 Fourth Quarter Results
Net Deals
Net deals were$303.0 million for the fourth quarter of financial 2023, an increase of$45.3 million, or17.6, from previous time period. Bus deals increased$41.7 million, reflecting a12.1 increase in average deals price per unit, performing from product and blend changes, as well as pricing conduct taken by operation in response to increased force purchase costs, and a5.0 increase in units reserved. In the fourth quarter of financial 2023, 2,116 units were reserved compared with 2,016 units reserved for the same period in financial 2022. also, corridor deals increased$3.6 million, or16.7, for the fourth quarter of financial 2023 compared with the fourth quarter of financial 2022. This increase is primarily attributed to pricing conduct taken by operation to neutralize increases in bought corridor costs, increased demand due to the aging academy machine line, as well as product blend.
Gross Profit
Fourth quarter gross profit of$50.0 million represented an increase of$54.4 million from the fourth quarter of last time. The increase was primarily driven by the$45.3 million increase in net deals, bandied over, as well as a drop of$9.1 million in cost of goods vended, primarily due to certain Bus member force that had an approximate$8.8 million accretive cost in excess of net doable value that was honored as a loss in financial 2022 with no analogous exertion in financial 2023.
Net Income
Net income was$18.6 million for the fourth quarter of financial 2023, which was a$41.7 million increase compared with the same period last time. The increase was primarily driven by the$54.4 million increase in gross profit, bandied over. incompletely negativing this was the corresponding$13.8 million increase in income duty expenditure.
Acclimated Net Income
Acclimated net income was$21.3 million, representing an increase of$42.7 million compared with the same period last time, primarily due to the$41.7 million increase in net income, bandied over.
Acclimated EBITDA
Acclimated EBITDA was$40.7 million, which was an increase of$57.0 million compared with the fourth quarter last time. This increase primarily results from the$41.7 million increase in net income as a result of the factors bandied above as well as the corresponding$13.8 million increase in income duty expenditure.
