SHYF - Why Shyft Group Stock Is Down Big Today
2023-07-27 13:30:31 ET
Specialty vehicle manufacturer Shyft Group (NASDAQ: SHYF) reported better-than-expected earnings, but drastically cut its guidance for the full year. Investors are swerving toward the exit ramp, sending Shyft shares down more than 30%.
Shyft, which was once known as Spartan Motors, is a designer and manufacturer of commercial, retail, and other specialty vehicles. The company earned $0.25 per share in the second quarter, $0.04 better than what analysts expected, but its $256.6 million in revenue missed consensus by about $31 million.
Sales were down 3.1% year over year, and the company's backlog of future business as of June 30 was $510.2 million, down 55% from a year ago. Operating cash flow came in at $29.7 million, a significant improvement over the $8.9 million cash outflow in the prior year.
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Why Shyft Group Stock Is Down Big Today