The Shyft Group reported Specialty Vehicle segment sales down slightly from a year ago. Earnings for the segment increased from 2023 levels.
In the second quarter of 2024, Shyft Group reported $82.86 million in Specialty Vehicle segment sales. Sales were down about 5.4% from the second quarter of 2023.
Adjusted earnings in the second quarter of 2024 totaled $17.55 million, up 1% from the second quarter of 2023.
Shyft Group President and CEO John Dunn said the company’s motorhome business would remain slow the rest of the year.
“We did have a very strong first quarter that showed growth,” he said. “I think at the time we pointed to that as maybe a bit of an anomaly. I think the second quarter was soft (and the) second half of the year will be soft.”
The Specialty Vehicle segment’s backlog is down 29% compared with the end of 2023, at $59.9 million. Chief Financial Officer Jon Douyard attributed the decrease to low motorhome demand.
