Why Shyft Group Shares Are Rising Today
Portfolio Pulse from Nabaparna Bhattacharya
The Shyft Group, Inc. (NASDAQ:SHYF) shares rose after reporting Q4 adjusted EPS of $(0.03), beating analyst expectations of $(0.04) loss. Quarterly sales of $202.333 million also surpassed estimates, despite a 33% year-over-year decline. The company's backlog decreased by 50.9% year over year, with significant drops in Fleet Vehicles and Services and Specialty Vehicles sales. The FY24 sales outlook is set between $850 million to $900 million, with adjusted EPS projected at $0.28 to $0.51, slightly below the $0.50 estimate. SHYF shares increased by 4.14% to $11.46.
February 22, 2024 | 5:40 pm
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The Shyft Group reported better-than-expected Q4 earnings and sales, with shares rising 4.14% to $11.46. The company forecasts FY24 sales of $850M-$900M and adjusted EPS of $0.28-$0.51.
The Shyft Group's positive earnings report and sales beating Wall Street expectations have led to a short-term increase in its stock price. The company's cautious yet optimistic outlook for FY24, despite a challenging demand environment, supports potential continued investor interest. The slight underestimation in the EPS forecast compared to analyst expectations may temper some of the optimism but is unlikely to significantly impact the positive momentum in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100