NOVI, Mich. - The Shyft Group, Inc. (NASDAQ: SHYF), known for its specialty vehicle manufacturing, has achieved significant regulatory milestones for its Blue Arc Class 4 electric vehicle (EV) truck. The vehicle has been granted Zero-Emission Powertrain Certification (ZEPCert) and a Heavy-Duty Greenhouse Gas (GHG) Enhanced Electric Executive Order by the California Air Resources Board (CARB), as announced today.
These certifications mark a crucial step for the Blue Arc EV truck, enabling its sale nationwide and affirming its performance and reliability in zero-emission powertrain technology. John Dunn, President and CEO of the Shyft Group, stated, "Achieving ZEPCert and GHG certifications validates the performance and reliability of our zero-emission powertrains, boosting confidence in the durability and efficiency of our EV trucks."
The Blue Arc EV truck is now also eligible for the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP), which offers financial incentives to encourage the adoption of environmentally friendly commercial vehicles. These incentives are designed to support small fleets and disadvantaged communities, and can be combined with other state and federal programs, potentially leading to significant cost savings for fleet operators.
The Shyft Group, with a workforce of approximately 3,000, operates across multiple states and Mexico, and reported sales of $872 million in 2023. The company's portfolio includes several brands catering to a variety of sectors, from delivery services to government entities and utility infrastructure.
The recent certifications and inclusion in the HVIP program align with the company's commitment to advancing electric fleet solutions and contributing to a more sustainable future. This news is based on a press release statement and does not reflect any forward-looking statements or predictions. The Shyft Group's stock is publicly traded under the ticker symbol NASDAQ: SHYF.
In other recent news, The Shyft Group has embarked on several significant developments. The company has announced the initiation of production of the Isuzu NRR-EV, an electric commercial vehicle, in collaboration with Isuzu North America Corporation. This development signifies Builtmore's commitment to sustainable commercial transportation and adaptation to the evolving electric vehicle market. The Shyft Group has also reported strong Q2 results for 2024, with an adjusted EBITDA of $12.5 million and has declared a quarterly cash dividend of $0.05 per share, reflecting its financial stability. Furthermore, the company completed the acquisition of Independent Truck Upfitters (ITU), which is expected to contribute significantly to sales and EBITDA in 2024. Analysts at DA Davidson have upgraded The Shyft Group's rating from Neutral to Buy, citing the growth of vocational trucks and the potential success of the recent ITU acquisition. The Shyft Group has also secured an order from FedEx (NYSE:FDX) for 150 Blue Arc electric trucks, demonstrating market confidence in the company's electric vehicle initiative. These recent developments underscore The Shyft Group's focus on efficiency and margin protection, particularly within the motorhome business.
InvestingPro Insights
The Shyft Group, Inc. (NASDAQ: SHYF) has recently made headlines with its Blue Arc Class 4 electric vehicle (EV) truck, but what do the numbers say about the company's financial health and market performance? According to InvestingPro data, The Shyft Group has a market capitalization of approximately $462.84 million. Despite facing revenue challenges with a decrease of 24.82% in the last twelve months as of Q2 2024, the company has shown resilience with a gross profit margin of 17.54% in the same period. This indicates that while top-line growth has been under pressure, the company has managed to maintain a level of profitability in its operations.
InvestingPro Tips suggest that analysts are optimistic about the company's future profitability, predicting a return to profit this year. This is significant as the company has not been profitable over the last twelve months. Additionally, The Shyft Group's stock has experienced a large price uptick over the last six months, with a total return of 34.81%, highlighting investor confidence in the company's potential. Moreover, the company has a track record of maintaining dividend payments for 37 consecutive years, with a dividend yield of 1.49% as of the latest data, suggesting a commitment to returning value to shareholders.
For those interested in a deeper analysis, there are 9 additional InvestingPro Tips available for The Shyft Group, which can be found at https://www.investing.com/pro/SHYF. These tips provide a comprehensive look at the company's financial health and market performance, offering valuable insights for potential investors.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.