MACON, Ga. - Blue Bird (NASDAQ:BLBD) Corporation (NASDAQ:BLBD), known for its electric and low-emission school buses, announced today that Edward T. Hightower has been appointed to its Board of Directors as a Class I Director. Hightower's extensive experience in the electric vehicle (EV) and automotive sectors is expected to contribute to the company's growth strategies, particularly in the electric school bus market.
Edward T. Hightower brings over three decades of leadership in the automotive industry, including a pivotal role as CEO and President of Lordstown Motors (OTC:NRDE) Corp., where he oversaw the launch of the Endurance electric pickup truck. His background also includes senior positions at Ford (NYSE:F), BMW (ETR:BMWG), and General Motors (NYSE:GM), as well as a consulting tenure at AlixPartners, LLP. Hightower is also the founder and managing director of Motoring Ventures LLC, focusing on value creation in the global automotive industry.
Phil Horlock, President and CEO of Blue Bird Corporation, expressed confidence in the value Hightower will add to the Board, citing the company's leadership in alternative-powered school buses and the ongoing shift towards electric, zero-emission, and ultra-low emission vehicles.
Blue Bird, a U.S.-owned and operated manufacturer, touts a record of over 2,000 electric-powered buses currently in service, collectively covering more than five million miles. The company's commitment to clean student transportation aligns with its production of over 20,000 propane, natural gas, and electric powered buses, bolstering its position as a leader in low- and zero-emission school buses.
The information in this article is based on a press release statement from Blue Bird Corporation.
In other recent news, Blue Bird Corporation declared record net sales revenue and electric vehicle (EV) sales growth. The company's net sales revenue reached a new high of $1.35 billion, a 19% rise from the prior fiscal year. Blue Bird sold 9,000 buses during the year, marking a 6% increase from the previous year. The firm's EV sales saw a significant increase of 29%, selling 704 buses.
Blue Bird also reported a robust order intake, ending the fiscal year with a backlog of over 4,800 units, estimated to be worth around $735 million in revenue. The EV backlog alone has reached nearly 630 buses, valued at approximately $200 million.
However, Roth/MKM recently downgraded Blue Bird's stock from Buy to Neutral due to concerns over delays in the Environmental Protection Agency's funding distribution process. This decision was also influenced by leadership changes at Blue Bird, with CEO Phil Horlock assuming the additional role of President following the resignation of Britton Smith. Despite these challenges, BTIG maintains a positive outlook for Blue Bird's shares.
In related developments, Amentum announced its future board of directors following the impending merger with Jacobs™ Critical Mission Solutions and Cyber and Intelligence businesses. These recent developments highlight the dynamic landscape in which Blue Bird operates.
InvestingPro Insights
Blue Bird Corporation's (NASDAQ:BLBD) appointment of Edward T. Hightower to its Board of Directors comes at a time when the company is experiencing significant financial growth and market recognition. According to InvestingPro data, Blue Bird has seen an impressive revenue growth of 19.53% in the last twelve months as of Q3 2024, with revenues reaching $1.3 billion. This growth aligns well with the company's expansion in the electric school bus market, which Hightower's expertise is expected to further accelerate.
The company's focus on alternative-powered school buses appears to be paying off, as reflected in its strong financial performance. Blue Bird's operating income margin stands at a healthy 10.97%, indicating efficient operations and cost management. Moreover, the company's stock has shown remarkable performance, with a one-year price total return of 127.63%, significantly outperforming the broader market.
InvestingPro Tips highlight that Blue Bird operates with a moderate level of debt, which could provide financial flexibility as it continues to invest in electric and low-emission technologies. Additionally, analysts predict the company will be profitable this year, suggesting confidence in Blue Bird's business model and growth trajectory.
For investors seeking more comprehensive insights, InvestingPro offers 11 additional tips for Blue Bird Corporation, providing a deeper understanding of the company's financial health and market position.
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