Top RV News: JULY 25, 2024

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NTP-STAG Parent LKQ Announces Results for Q2 2024

LKQ Corporation (Nasdaq: LKQ), the parent company of Keystone Automotive and its NTP-STAG RV distribution division, today (July 25) reported second quarter 2024 financial results.

“Our second quarter performance did not meet expectations as lower repairable claims in North America and difficult macroeconomic conditions in Europe led to declines in overall volumes. In light of soft demand, our teams acted with agility and decisiveness to address our cost structure and protect our margins,” noted Justin Jude, president and chief executive officer.

“We believe current market headwinds are temporary in nature but expect them to persist for the balance of the year,” Jude further stated. “As we look ahead, we will continue to prioritize our strategic pillars of profitable revenue growth, margin enhancement and cash flow generation, while enhancing our operational excellence focus to maximize our performance. Guided by our strategic pillars, we will continue to evaluate our portfolio to determine if we are the right owners of our various businesses, and we have placed a pause on any large-scale acquisitions and have raised the bar for approving tuck-in acquisitions. I am confident that these actions, combined with a capital allocation policy that will prioritize returning value to shareholders while maintaining our investment grade status, will enhance shareholder value to reflect LKQ’s unique strengths and market leading positions in our core segments.”

Shyft Group Q2 2024 Results Reflect ‘Market Softness’

The Shyft Group, Inc. (NASDAQ: SHYF) (“Shyft” or the “Company”), the North American leader in specialty vehicle manufacturing, assembly and upfit for the commercial, retail and service specialty vehicle markets, today reported operating results for the second quarter ending June 30, 2024.

Second quarter 2024 financial highlights include:                                                                   

• For the second quarter of 2024 compared to the second quarter of 2023:
• Sales of $192.8 million, a decrease of $32.3 million, or 14.4%, from $225.1 million
• Net income of $2.2 million, or $0.06 per share, compared to $4.7 million, or $0.13 per share
• Adjusted EBITDA of $12.5 million, or 6.5% of sales, a decrease of $3.4 million, from $15.9 million, or 7.0% of sales; Results include $5.9 million of EV program related costs versus $7.4 million in the prior year
• Adjusted net income of $5.3 million, or $0.16 per share, compared to $8.7 million, or $0.25 per share in the second quarter of 2023
• Consolidated backlog1 of $354.4 million as of June 30, 2024, down $155.8 million, or 30.5%, compared to $510.2 million as of June 30, 2023.

“We continued to drive our Shyft operating strategy and saw progress in the quarter despite ongoing market softness.  The SV team delivered another strong financial quarter, FVS generated sequential margin improvement, and Blue Arc achieved milestones that position us for vehicle delivery later this year,” said John Dunn, President and CEO.

Cleer Vision Adds New High-Capacity Digital Printer

Cleer Vision Tempered Glass, an Airxcel brand, announced the installation of a new high-capacity digital printer at its Elkhart, Ind., facility. Set to commence production this month, this technological advancement significantly enhances operational capabilities, enabling Cleer Vision Tempered Glass to increase output and more efficiently meet the evolving demands of customers, according to a release.

Jimmy Harlow, general manager at Cleer Vision, shared, “Our commitment to innovation and quality drives us to continuously evolve our production methods. This investment not only increases our production capacity but also enhances our flexibility in design and reduces lead times, allowing us to better serve our existing clients and expand into new markets without the burden of additional tooling costs.”

By incorporating this advanced digital printing technology, Cleer Vision reinforces its dedication to delivering top-tier products and service, ensuring they continue to be leaders in the glass manufacturing industry.

Cleer Vision Adds New High-Capacity Digital Printer - RVBusiness - Breaking RV Industry News

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