Q1 2025 Blue Bird Corp Earnings Call Transcript
Key Points
- Blue Bird Corp (BLBD) achieved near-record quarterly profits in the first quarter of fiscal 2025, with an adjusted EBITDA of $46 million and a margin of 15%.
- The company maintained a strong backlog of 4,400 school buses, representing almost six months of production, which supports pricing, production stability, and profit margins.
- EV orders saw a significant increase, with a backlog of 765 EVs, marking a 22% increase from the end of fiscal 2024 and an 82% increase from the same time a year ago.
- Blue Bird Corp (BLBD) continues to lead in the alternative-powered vehicle segment, with a 51% mix of unit sales in Q1, compared to less than 10% to 15% for major competitors.
- The company reported a record adjusted free cash flow of $22 million for the first quarter, an increase of $23 million over the previous year.
- The President's executive orders, including the pausing of federal funding and new tariffs, pose potential risks to Blue Bird Corp (BLBD)'s business operations.
- The lower EV mix in fiscal 2025 Q1, at 6% compared to 10% last year, resulted in the average vehicle selling price being close to last year at $135,000 per unit.
- The uncertainty regarding the timing of the EPA Clean School Bus program funding disbursements has led to a reduction in the upside for EV volumes for the second half of the fiscal year.
- The newly proposed tariffs on imports from Canada, Mexico, and China could impact Blue Bird Corp (BLBD)'s cost of goods sold, although the company plans to pass these costs to customers.
- Increased labor costs due to the USW Labor Agreement are now in full effect, impacting the company's gross margin, which was 80 basis points lower than last year.
Hello, everyone. Thank you for attending today's Blue Bird fiscal 2025 first quarter earnings conference call. My name is Sierra, and I will be your moderator for today. (Operator Instructions) I would like to pass the conference over to our host, Mark Benfield, Head of Investor Relations with Blue Bird. Please proceed.
Thank you and welcome to Blue Bird's fiscal 2025 first quarter earnings conference call. The audio for our call is webcast live on blue-bird.com under the Investor Relations tab. You can access the supporting slides on our website by clicking on the presentations box on the IR landing page. Our comments today include forward-looking statements that are subject to risks that could cause actual results to be materially different.
Those risks include among others, matters we have noted on the following two slides and in our filings with the SEC. Blue Bird disclaims any obligation to update the information in this call.
This afternoon, you will hear from Blue Bird's President and
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