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THE SHYFT GROUP, INC.

(SHYF)
  Report
Delayed Nasdaq  -  04:00 2022-12-06 pm EST
24.29 USD   -1.26%
12/05Insider Sell: Shyft Group
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11/30The Shyft Seeks Mergers and Acquisitions
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11/30Transcript : The Shyft Group, Inc. Presents at Barclay Global Automotive and Mobility Tech Conference, Nov-30-2022 08:40 AM
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The Shyft Group Secures Initial Pre-Order for Blue Arc™ All-Electric Delivery Walk-In Vans

09/13/2022 | 07:31am EST

Strong fleet customer response to Blue Arc design prompts Randy Marion Dealer Group
to place initial 2,000-unit pre-order

Advance order registration through Randy Marion to begin in September

Delivery expected to start mid-2023

NOVI, Mich., Sept. 13, 2022 (GLOBE NEWSWIRE) -- Blue Arc™ EV Solutions, a new go-to-market brand of The Shyft Group (NASDAQ: SHYF), made its debut in March with the industry-first commercial grade purpose-built EV chassis; a fully reimagined from the ground up all-electric Class 3 delivery walk-in van; and a fully portable, remote-controlled charging station, the Power Cube™. Today, Shyft announced the first pre-order for its all-electric Class 3, 4 and 5 walk-in delivery vans from Randy Marion Automotive Group, one of the largest dealer groups in the Carolinas.

“I am extremely proud of the work the Shyft team has done positioning Blue Arc EV Solutions to meet customer needs,” said Shyft CEO Daryl Adams. “From the beginning just 14 short months ago, we’ve been confident in our EV commercial vehicle design because we have served last-mile delivery customers for nearly 50 years. We’ve hit all of our critical development milestones and most recently we’ve validated that our range will meet our customers’ expectations and this shows not only do we know what they need, we are delivering it.”

With Shyft’s existing coast-to-coast manufacturing and service infrastructure, it is primed to deliver EV solutions at scale. Following receipt of government approvals by this winter, Shyft expects to finalize a multi-year purchase order with Randy Marion for the pre-ordered walk-in vans, begin production in the Midwest and start delivery to Randy Marion in mid-2023. Fleet customers will be able to pre-order online or at the dealerships starting in September.

“Our long history working with Shyft through its Utilimaster brand and the overwhelmingly positive response to the Blue Arc Class 3 all-electric delivery walk-in van give us great confidence in the entire Blue Arc line-up, the Class 3 and 4, as well as the Class 5 that is in development now,” said Brad Sigmon, VP of Sales at Randy Marion Automotive Group. “The commercial grade features from Shyft, engineered with first-hand knowledge of last mile delivery, are a true differentiator versus the other EV options.”

Leveraging a scalable design, the full Blue Arc EV portfolio is available in Class 3 – 5 walk-in van configurations with body length options from 12 to 22 feet. Designed for high-frequency, last-mile delivery fleets, these vehicles are powered by lithium-ion battery packs that can deliver 150-mile range at 50% payload in parcel mode with optional extended range packs available. In addition, multiple chassis wheelbase options at 178”, 190”, 208”, and 230” will support different applications. With these options, Shyft customers can maximize productivity and minimize cost of ownership, including fuel and maintenance costs.

Using insights from Shyft’s Work-Driven Design™ process, these electric vans feature a spacious cargo area and offer a choice of vocational packages specifically designed for functionality. The use of lightweight aluminum and composite body design provide higher durability against scratches and dents while supporting modular repair. The delivery van also features an integrated solar roof package for power of auxiliary systems like heating and air conditioning, which make it a viable option for extreme weather locations.

With a strong focus on the end user, Blue Arc integrates the latest in proven vehicle and driver safety technology such as 360°cameras, large in-dash HD camera displays, and proximity sensors as well as keyless and automated entry. Designed with the driver’s comfort and productivity in mind, the delivery van is easy to drive and offers ease of entry/exit for last-mile deliveries with multi-stop routes.

“It’s incredible, but not a surprise with our team, that one year ago we were just opening our new Innovation Center in Plymouth to work on our EV solutions, and now we are making that vision a reality for our customers with pre-orders for not only the Class 3 and 4, but also the Class 5 electric vehicle,” said Eric Fisher, senior vice president and general manager, Shyft Innovations. “I am very pleased to work with such an outstanding dealer group like Randy Marion. They know the market well and quickly saw our EV designs will deliver the speed, efficiency, and positive impact to our customers’ bottom line needed to make this a success for all.”

The Shyft Group
The Shyft Group is the North American leader in specialty vehicle manufacturing, assembly, and upfit for the commercial, retail, and service specialty vehicle markets. Our customers include first-to-last mile delivery companies across vocations, federal, state, and local government entities; the trades; and utility and infrastructure segments. The Shyft Group is organized into two core business units: Shyft Fleet Vehicles & Services™ and Shyft Specialty Vehicles™. Today, its family of brands include Blue Arc™ EV Solutions, Utilimaster®, Royal Truck Body™, DuraMag® and Magnum®, Strobes-R-Us™, Spartan RV Chassis™, Builtmore Contract Manufacturing™, and corresponding aftermarket provisions. The Shyft Group and its go-to-market brands are well known in their respective industries for quality, durability, and first-to-market innovation. The Company employs approximately 3,800 employees and contractors across campuses, and operates facilities in Michigan, Indiana, Maine, Pennsylvania, South Carolina, Florida, Missouri, California, Arizona, Texas, and Saltillo, Mexico. The Company reported sales of $992 million in 2021. Learn more about The Shyft Group at TheShyftGroup.com.

CONTACTS

Media:
Carrie Wright
Chief Marketing & Communications Officer
Carrie.Wright@theshyftgroup.com
313.495.2904

Scott Worden
Senior Director
Lambert & Co.
sworden@lambert.com
248.825.9343

Investors:
Randy Wilson
Vice President, Investor Relations and Treasury
The Shyft Group
Randy.Wilson@theshyftgroup.com
248-727-3755

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2629322b-66d9-4e8a-bb8f-4a05743e8c1c


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Financials (USD)
Sales 2022 1 037 M - -
Net income 2022 32,6 M - -
Net Debt 2022 - - -
P/E ratio 2022 26,5x
Yield 2022 -
Capitalization 863 M 863 M -
Capi. / Sales 2022 0,83x
Capi. / Sales 2023 0,73x
Nbr of Employees 3 306
Free-Float 91,6%
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Technical analysis trends THE SHYFT GROUP, INC.
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 4
Last Close Price 24,60 $
Average target price 33,75 $
Spread / Average Target 37,2%
EPS Revisions
Managers and Directors
Daryl M. Adams President, Chief Executive Officer & Director
Jonathan C. Douyard Chief Financial Officer
James A. Sharman Chairman
Andrew Anderson Chief Information Officer
Todd A. Heavin Chief Operating Officer
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