Record year for Shyft Group with sales revenues rising 46.7% to almost USD1bn
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By Bradley Osborne - 1st April 2022
USA – The Shyft Group of Novi, Michigan, a manufacturer of specialty chassis and truck bodies and parent of several brands including Utilimaster, announcing Q4 and full-year 2021 results, revealed growth of 46.7% in overall sales to USD991.8m in the full year 2021, up from USD676m the year before.
While net income grew 55.5% from USD48.2m to USD75m, the company reported a gross margin of 20.1% of sales, lower than that recorded in 2020 (21.6%). This was attributed to increased material and labour costs along with an unfavourable product mix.
