Blue Bird Corporation Reports Record Financial Results for Fiscal Year 2023\n\nBlue Bird Corporation (Nasdaq:BLBD), the leader in electric and low-emission school buses, announced its fiscal 2023 fourth quarter and full year results on December 11, 2023. The company reported net sales of $1,132.8 million, a 41% increase from the previous year, and GAAP net income of $23.8 million, up $69.6 million. Adjusted EBITDA also saw a significant increase of $102.7 million, reaching a record high of $87.9 million. The company sold 8,514 buses in the fiscal year, a 25% increase from the previous year.\n\nBlue Bird Corporation, a leader in the electric and low-emission school bus industry, has reported record financial results for fiscal year 2023. The company’s net sales increased by 41%, reaching $1,132.8 million, while GAAP net income saw a significant increase of $69.6 million. Adjusted EBITDA also reached a record high of $87.9 million, with the company selling 8,514 buses in the fiscal year.\n\n”I am incredibly proud of our team’s progress in transforming our business in 2023, and the outcome of all the hard work is evident in our record financial results”, said Phil Horlock, CEO of Blue Bird Corporation. The company executed a rigorous transformational plan over the past two years, resulting in improved operations and throughput, controlled fixed costs, and expanded leadership in alternative-powered buses. The market demand for Blue Bird’s school buses remains strong, with approximately 4,600 units in the order backlog.\n\nBlue Bird Corporation’s CEO, Phil Horlock, expressed his pride in the company’s progress and transformation in 2023, which has led to record financial results. The company’s transformational plan has resulted in improved operations, controlled costs, and a strong market demand for its school buses.\n\nBlue Bird also saw outstanding growth in zero-emission EV unit sales, which more than doubled from the previous year. The company currently has almost 600 electric school bus orders in its backlog, representing a 12% mix. This growth can be attributed to the EPA’s Clean School Bus Program, which awarded nearly $1 billion in funding in 2023. Phase 2 of the program, offering a combined $900 million in grant and rebate funding for electric school buses, is expected to further drive growth for Blue Bird.\n\nBlue Bird Corporation has experienced significant growth in zero-emission EV unit sales, with a 12% mix in its backlog. This growth can be attributed to the EPA’s Clean School Bus Program, which awarded nearly $1 billion in funding in 2023. Phase 2 of the program is expected to drive further growth for the company.\n\nBased on the company’s progress in 2023 and additional visibility into the 2024 operating environment, Blue Bird has increased its full year financial guidance for next year to 10% Adjusted EBITDA. The company looks forward to sustained profitable growth in the coming years as the global supply chain recovery progresses.\n\nBlue Bird Corporation has increased its full year financial guidance for fiscal year 2024 to 10% Adjusted EBITDA, based on its progress in 2023 and visibility into the 2024 operating environment. The company is confident in its ability to sustain profitable growth in the future.\n\n”We are very pleased with the FY2023 results, with record revenues and adjusted EBITDA coming in above guidance, said Razvan Radulescu, CFO of Blue Bird Corporation. Our business transformation is already generating record levels of profitability compared with historical levels, and more improvements are still to come”. The company has raised its fiscal 2024 guidance to net revenue of $1.15-1.25 billion, adjusted EBITDA of $105-125 million, and adjusted free cash flow of $50-60 million. Blue Bird has also reconfirmed its long-term adjusted EBITDA margin target of 10%.\n\nBlue Bird Corporation’s CFO, Razvan Radulescu, expressed satisfaction with the company’s record financial results for fiscal year 2023. The company has raised its fiscal 2024 guidance and reconfirmed its long-term adjusted EBITDA margin target of 10%.\n\n Blue Bird Corporation has reported record financial results for fiscal year 2023, with significant increases in net sales, GAAP net income, and adjusted EBITDA.