Blue Bird Corporation Announces Unaudited Consolidated Earnings for the Second Quarter Six Months Ended March 31, 2018; Re-Affirms Earnings Guidance for the Year 2018; Provides Tax Rate Guidance for the Year 2019 Tax Rate
May 11, 2018 at 01:47 am IST
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Blue Bird Corporation announced unaudited consolidated earnings and operating results for the second quarter six months ended March 31, 2018. For the quarter, the company reported net sales were $216.628 million against $208.651 million a year ago. Operating profit was $2.927 million against $5.390 million a year ago. Income before income taxes was $2.123 million against $3.644 million a year ago. Net income was $1.836 million against $2.748 million a year ago. Net income available to common stockholders was $1.073 million against $1.731 million a year ago. Diluted earnings per share were $0.04 against $0.07 a year ago. Adjusted Net Income was $4.6 million, representing an increase of $1.4 million compared with the same period last year. Adjusted EBITDA was $10.0 million, or 4.6% of net sales, representing an increase of $1.6 million compared with the second quarter of the prior year. Adjusted net income available to common stockholders was $3.835 million against $2.213 million a year ago. Adjusted diluted earnings per share were $0.15 against $0.09 a year ago. Net cash provided by operating activities was $0.751 million against $22.881 million a year ago. Adjusted free cash flow was $3.289 million against $23.960 million a year ago.
For the six months, the company reported net sales were $379.177 million against $345.311 million a year ago. Operating loss was $2.343 million against operating income of $5.396 million a year ago. Net loss before taxes was $4.414 million against $9.3 million a year ago. Net loss was $6.003 million against $5.775 million a year ago. Net loss available to common stockholders was $7.536 million against $7.745 million a year ago. Diluted loss per share was $0.32 against $0.34 a year ago. Total cash used in operating activities was $33.057 million against $9.325 million a year ago. Cash paid for fixed assets were $7.021 million against $5.159 million a year ago. Adjusted Net Income was $2.9 million, representing an increase of $1.8 million compared with the prior year. Adjusted EBITDA was $15.3 million, or 4.0% of net sales, for the six months ended March 31, 2018, an increase of $4.3 million from the prior year. Adjusted net income available to common stockholders was $1.4 million against adjusted net loss available to common stockholders of $0.802 million a year ago. Adjusted diluted earnings per share were $0.06 against adjusted net loss of $0.04 a year ago. Adjusted free cash flow negative was $28.554 million against $10.889 million a year ago. Net debt was $137.3 million.
For the year, the company maintaining full year guidance of $40 to $45 million for Adjusted Free Cash Flow for the fiscal year. Re-affirm full year guidance for both net revenue of $1,010 million to $1,040 million and Adjusted EBITDA guidance of $80 to $85 million. Adjusted free cash flow is between $40 million to $45 million, which does reflect the new combined federal and state tax rate of 28% to 29%.
For fiscal 2019 and beyond, the tax rate should normalize at around about the 25% level.
Blue Bird Corporation is an independent designer and manufacturer of school buses. The Company is focused on designing, engineering and manufacturing electric and low-emission school buses with more than 20,000 propane, natural gas, and electric-powered buses in operation. The Company operates through two segments: Bus segment and Parts segment. The Bus segment includes the manufacturing and assembly of buses to be sold to a variety of customers across the United States, Canada and in certain limited international markets. The Parts segment consists of the purchase of parts from third parties to be sold to dealers within the Companyâs network and certain large fleet customers. It also provides alternative powered product offerings with its propane-powered, gasoline-powered, compressed natural gas (CNG)-powered, and all-electric-powered school buses. It sells its buses and parts through a network of United States and Canadian dealers.
Blue Bird Corporation Announces Unaudited Consolidated Earnings for the Second Quarter Six Months Ended March 31, 2018; Re-Affirms Earnings Guidance for the Year 2018; Provides Tax Rate Guidance for the Year 2019 Tax Rate