Blue Bird Corporation (Nasdaq: BLBD), a leader in electric and low-emission school buses, has released its fiscal 2024 fourth-quarter and full-year financial results, showcasing exceptional performance and record-breaking profitability.
Key Financial Highlights (Fiscal 2024)
- Unit Sales:
- Q4: 2,466 units, up 16.5% from the prior year.
- FY: 9,000 units, a 5.7% increase year-over-year.
- Revenue:
- Q4: $350.2M, a 15.6% increase from last year.
- FY: $1.35B, up 18.9% year-over-year.
- Net Income:
- Q4: $24.7M, a $6M increase year-over-year.
- FY: $105.5M, up $81.7M from fiscal 2023.
- Adjusted EBITDA:
- Q4: $41.3M, a slight increase year-over-year.
- FY: $182.9M, a record high, up $95M from fiscal 2023, with a 13.6% margin (up 6 percentage points).
- Electric Vehicle (EV) Milestones:
- Delivered over 700 electric-powered buses, a 30% year-over-year increase.
- Ended fiscal 2024 with 630 EV orders, representing 13% of the total order backlog.
CEO Statement
Phil Horlock, President & CEO, expressed pride in Blue Bird’s performance:
“Fiscal 2024 was a transformative year, achieving record profits and demonstrating strong market demand. With our continued focus on alternative-powered buses, we have solidified our leadership in the EV market while driving operational excellence and expanding market share.”
Key Achievements in 2024
- Growth in EV Market:
- Increased EV orders, supported by the EPA’s Clean School Bus Program.
- Anticipated further growth with nearly $2 billion in funding from future program rounds.
- Operational Excellence:
- Productivity improvements and strategic pricing actions to mitigate inflationary pressures.
- Supply chain advancements enhancing production capabilities.
- Market Dynamics:
- Order backlog reached over 4,800 units, with a 16% growth in bookings compared to 2023.
FY2025 Outlook
Blue Bird has raised its guidance for fiscal 2025:
- Revenue: $1.4B–$1.5B.
- Adjusted EBITDA: $190M–$210M (margin 13.6%–14%).
- Free Cash Flow: $40M–$60M, inclusive of $50M in capital expenditures for manufacturing expansion.
- Long-Term Profit Target: Adjusted EBITDA margin exceeding 15% with ~$2B in revenue.
Fourth-Quarter Insights
- Revenue Growth: A 15.6% increase in Q4 revenue driven by higher unit bookings and favorable customer/product mix.
- Gross Profit: Reached $59.6M, an increase of $9.6M year-over-year, offset by higher costs due to inflation and supply chain constraints.
About Blue Bird Corporation
Founded in 1927, Blue Bird Corporation is a trusted leader in designing and manufacturing safe, durable, and innovative school buses. Serving over 25 million children daily, Blue Bird is at the forefront of the transition to cleaner energy solutions, with more than 20,000 low- and zero-emission buses in operation globally.
For more information, visit Blue Bird’s website.
Investor Call Details
Blue Bird will host a conference call to discuss its fiscal 2024 results on [DATE & TIME]. Access the webcast and presentation on Blue Bird’s Investor Relations page.
Non-GAAP Metrics
The company uses adjusted financial metrics such as Adjusted EBITDA and Free Cash Flow to evaluate performance, emphasizing operational efficiency and long-term profitability.
Looking Ahead
With record-breaking performance in fiscal 2024 and an optimistic outlook for 2025, Blue Bird is poised for continued growth, driven by innovation in alternative-powered vehicles and strategic operational enhancements.
