MACON, Ga. - Blue Bird (NASDAQ:BLBD) Corporation (NASDAQ: BLBD), a leading manufacturer of electric and low-emission school buses, reported a robust second quarter, surpassing analyst expectations with an adjusted EPS of $0.89, a significant leap from the estimated $0.47.
The company's revenue also exceeded forecasts, reaching $345.9 million against a consensus estimate of $298.42 million.
The impressive quarterly performance, coupled with an upbeat full-year revenue outlook, sent Blue Bird's shares soaring by 14%, signaling a strong vote of confidence from investors.
The company's financial results were driven by a 15% year-over-year (YoY) increase in net sales to $346 million and a record adjusted EBITDA of $46 million, up $25 million from the previous year.
CEO Phil Horlock attributed the success to operational improvements, robust order growth, and a commanding position in the alternative-powered bus market.
"The market demand for our school buses remains very strong with just over 5,900 units in our order backlog," Horlock said, noting that the slight dip in unit sales was offset by higher revenue and a record number of electric-powered bus deliveries.
Looking ahead, Blue Bird has raised its fiscal 2024 adjusted EBITDA guidance to $155 million, with a 12% margin, reflecting a bullish stance on its financial prospects.
The company's CFO, Razvan Radulescu, announced increased full-year guidance for net revenue to $1.275-1.325 billion, surpassing the analyst consensus of $1.252 billion. The company also anticipates an adjusted EBITDA margin of over 14% on approximately $2 billion in revenues in the long term.
The market's positive response to Blue Bird's results and guidance underscores the company's strong position in the school bus industry and its potential for sustained growth, particularly in the electric vehicle segment. Blue Bird's commitment to innovation and cleaner energy solutions continues to resonate with investors and customers alike.
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