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Shyft Group reports strong performance in Q3 results

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By Bradley Osborne - 8th November 2021

USA – The Shyft Group, a manufacturer of specialty truck chassis and truck bodies based in Novi, Michigan, released financial results for the third quarter of 2021, in which it achieved sales of USD272.6m – a 34% increase over the same period of the previous year (USD203.5m) – and reported strong performance across all its segments.

The company achieved an adjusted net income of USD22.9m, an increase of 3.2% over Q3 2020 (USD22.1m) and recorded a gross profit margin of 20.6% compared to 24.9% of sales; Shyft states this discrepancy reflects an “unfavourable product mix” combined with higher material and labour costs.

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