MACON, Ga. - Blue Bird (NASDAQ:BLBD) Corporation (NASDAQ:BLBD), a manufacturer of electric and low-emission school buses, disclosed its preliminary full-year financial results for fiscal 2024, showcasing a continued upward trajectory in sales and revenue. The company sold 9,000 buses during the year, marking a 6% increase from the previous year. This growth aligns with the upper range of the company's guidance.
The firm's net sales revenue reached a new high of $1.35 billion, representing a 19% rise compared to the fiscal year prior, surpassing their own projections. Notably, Blue Bird's electric vehicle (EV) sales soared by 29%, with 704 buses sold, underscoring significant progress in their low-emission offerings.
Blue Bird also reported a robust order intake, concluding the fiscal year with a backlog of over 4,800 units, estimated to be worth around $735 million in revenue, a 10% increase from last year. The EV backlog alone has reached nearly 630 buses, valued at approximately $200 million, largely fueled by the EPA's Clean School Bus program's subsequent rounds of orders.
Phil Horlock, President and CEO of Blue Bird, expressed satisfaction with the company's performance, attributing the success to the team's efforts. The full year 2024 results and fiscal 2025 outlook are set to be discussed in the upcoming earnings call on November 25, 2024.
Blue Bird has been a recognized leader in school bus innovation since 1927, focusing on safety, reliability, and durability. With over 20,000 propane, natural gas, and electric buses currently in operation, the company is at the forefront of the industry's shift towards cleaner energy solutions. This report is based on a press release statement from Blue Bird Corporation.
In other recent news, Blue Bird Corporation reported record-setting fiscal 2024 third-quarter earnings, indicating a substantial increase in profitability. The company also saw robust growth in net orders for buses, including a surge in electric bus sales, equating to approximately $775 million in potential revenue. Additionally, Blue Bird is investing in capacity expansion, supported by an $80 million grant from the Department of Energy, which will enable the production of up to 14,000 buses annually and create about 400 new jobs.
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, highlighting the company's strong presence in the alternative fuel school bus market.
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 and the factors that could influence its future performance.
InvestingPro Insights
Blue Bird Corporation's (NASDAQ:BLBD) preliminary financial results for fiscal 2024 are further supported by data from InvestingPro. The company's strong performance is reflected in its impressive revenue growth of 19.53% over the last twelve months, aligning closely with the 19% increase reported in the preliminary results.
InvestingPro data shows that Blue Bird's market capitalization stands at $1.33 billion, indicating a substantial market presence. The company's P/E ratio of 13.38 suggests that investors are willing to pay a premium for its shares, possibly due to its growth prospects in the electric and low-emission school bus market.
An InvestingPro Tip highlights that Blue Bird's net income is expected to grow this year, which is consistent with the company's positive financial outlook. This expectation of profitability is reinforced by another tip stating that analysts predict the company will be profitable this year.
It's worth noting that while Blue Bird has shown strong performance, the stock has experienced some recent volatility. InvestingPro data indicates a 21.9% price decline over the past month, which could present a potential entry point for investors bullish on the company's long-term prospects in the evolving school bus market.
For readers interested in a more comprehensive analysis, InvestingPro offers 12 additional tips for Blue Bird Corporation, providing a deeper insight into the company's financial health and market position.
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