Shyft Group falls on disappointing 2023 outlook, lower Q2 results

Shyft

27/07/2023 13:27

** Shares of specialty vehicle manufacturer Shyft Group Inc
 SHYF.O  down 12.5% at $18.49 before the bell
    ** Sees 2023 sales to be in the range of $850 mln-$950 mln
vs previous outlook of $1.0 bln-$1.2 bln
    ** Expects 2023 EPS of $0.03 to $0.46 vs $0.77 to $1.39
expected previously; sees 2023 adj EPS of $0.33 to $0.76
compared to the previous outlook of $0.98 to $1.60
    ** Posts Q2 profit of $0.13 per share vs $0.15 per share
reported a year ago
    ** Q2 Sales of $225.1 mln, down 3.1% from a year earlier
    ** "We experienced challenges in Fleet Vehicles and Services
business as market conditions deteriorated and operational
inefficiencies remain. We continue to flex our operations while
implementing additional cost reductions to reflect lower
short-term demand," says Daryl Adams CEO
    ** Up to last close, shares down 15% YTD

 (Reporting by Rupali Chaudhary in Bengaluru)
 ((Rupali.chaudhary@thomsonreuters.com))