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School bus manufacturer Blue Bird tops 4Q revenue estimates despite rising steel costs

Blue Bird’s full-year revenue outlook fell below consensus estimates
Yellow school buses in a row
The Georgia-based company sold a total of 3,757 school buses in its fourth quarter

Blue Bird Corp (NASDAQ:BLBD) announced mixed fiscal fourth-quarter results, but managed to turn a profit as it combats rising steel costs.

The school bus manufacturer reported earnings of $0.70 per share, nearly double the $0.40 per share reported in the previous fourth quarter.

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Quarterly revenue totaled $331.6 million, a significant jump compared with the $18.9 million in revenue a year ago.

The Georgia-based company missed consensus estimates of $0.81 per share but topped revenue expectations of $321.08 million.

Shares slipped about 1% to $18.42 in Thursday after-hours trading.

“We are pleased with our record fourth quarter and strong full-year performance, as we were able to improve profitability over last year despite substantial steel cost headwinds,” said CEO Phil Horlock in the company’s press release.

Blue Bird sold a total of 3,757 school buses in the fourth quarter, a 4% increase compared with the 3,608 sold last year.

The company expects full-year revenue of $990 million to $1.025 billion, lower than the consensus estimate of $1.01 billion.

 

Contact Lenore Fedow at [email protected]

Follow her on Twitter@LenoreMariee

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