Blue Bird Corporation (BLBD) Misses Q1 EPS by 11c; Beats on Revenues; Boosts FY18 Revenue Guidance Above Consensus

Note: EPS may not be comparable

Blue Bird Corporation (NASDAQ: BLBD) reported Q1 EPS of ($0.10), $0.11 worse than the analyst estimate of $0.01. Revenue for the quarter came in at $162.5 million versus the consensus estimate of $139.85 million.

First Quarter Highlights

• Bus sales for the quarter totaled 1,705 buses, 212 units (or 14%) higher than the same period last year.
• Net sales for the first quarter of $162.5 million, $25.9 million (or 19%) higher than the same period last year.
• First quarter net loss was $(7.8) million, an improvement of $0.7 million compared with the same period last year.
• First quarter GAAP diluted earnings per share of $(0.36), was an improvement of $0.06 compared with the same period last year. Adjusted Diluted Earnings per Share was $(0.10) for the first quarter, an improvement of $0.03.
• First quarter Adjusted EBITDA1 of $5.3 million was up $2.7 million compared with the same period last year.
• First quarter net cash provided by operating activities was $(33.8) million, $1.6 million better than the same period last year. Adjusted Free Cash Flow1 for first quarter was $31.8 million, an improvement of $3.0 million compared with the first quarter of last year.
• Net debt as of December 30, 2017 was $126.2 million, $17.5 million (or 12.2%) lower than the same time last year.
• Gross margin in the quarter was 12.7%, down 60 bps. from last year.
• Increasing full-year fiscal 2018 net sales guidance to $1,010 million - $1,040 million, Adjusted EBITDA guidance to $80 - $85 million and Adjusted Free Cash Flow guidance to $40 - $45 million.

GUIDANCE:

Blue Bird Corporation sees FY2018 revenue of $1010-1040 million, versus the consensus of $962.5 million.

For earnings history and earnings-related data on Blue Bird Corporation (BLBD) click here.

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