Shyft Group reports USD1bn sales and income drop
By Bradley Osborne - 30th March 2023
USA – The Shyft Group Inc, a parent of several truck and van brands1 based in Novi, Michigan, announced sales revenues totalling USD1bn in 2022, a 3.6% increase on the year before (USD992m).
Although it made more in sales, Shyft took less income in 2022: its adjusted net income for the year was USD44.5m. This represents a 40% drop when compared to its income of USD75m the year before. The group’s adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) were 6.9% of total sales in 2022, at USD70.8m; again, this is worse than the previous year’s results, where adjusted EBITDA stood at USD108.1m, or 10.9% of total sales.
