Blue Bird Corporation (BLBD) has reported 97.13 percent jump in profit for the quarter ended Apr. 01, 2017. The company has earned $2.75 million, or $0.07 a share in the quarter, compared with $1.39 million, or $0.02 a share for the same period last year. On an adjusted basis, earnings per share were at $0.08 for the quarter compared with $0.06 in the same period last year. Revenue during the quarter grew 9.12 percent to $208.65 million from $191.21 million in the previous year period. Gross margin for the quarter contracted 132 basis points over the previous year period to 11.81 percent. Total expenses were 97.42 percent of quarterly revenues, up from 96.67 percent for the same period last year. That has resulted in a contraction of 75 basis points in operating margin to 2.58 percent.
Operating income for the quarter was $5.39 million, compared with $6.37 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $8.07 million compared with $10.09 million in the prior year period. At the same time, adjusted EBITDA margin contracted 141 basis points in the quarter to 3.87 percent from 5.28 percent in the last year period.
"Our second quarter sales were strong with double-digit growth in unit volume and we secured a number of first-time accounts,” said Phil Horlock, president and chief executive officer of Blue Bird Corporation. "We maintained our strong leadership position in alternative-fuel-powered buses, with year-to-date orders 43% higher than at the same time last year.
Blue Bird Corporation forecasts revenue to be in the range of $980 million to $1,010 million for fiscal year 2017.
Operating cash flow remains negative
Blue Bird Corporation has spent $9.32 million cash to meet operating activities during the first half as against cash outgo of $13.37 million in the last year period. The company has spent $5.11 million cash to meet investing activities during the first six months as against cash outgo of $3.94 million in the last year period.
Cash flow from financing activities was $0.56 million for the first six months as against cash outgo of $6.94 million in the last year period.
Cash and cash equivalents stood at $38.43 million as on Apr. 01, 2017, up 34.31 percent or $9.82 million from $28.62 million on Apr. 02, 2016.
Working capital turns positive
Working capital of Blue Bird Corporation has turned positive to $8.92 million on Apr. 01, 2017 from negative $10.17 million on Apr. 02, 2016. Current ratio was at 1.06 as on Apr. 01, 2017, up from 0.93 on Apr. 02, 2016.
Cash conversion cycle (CCC) has increased to 12 days for the quarter from 5 days for the last year period. Days sales outstanding were almost stable at 4 days for the quarter, when compared with the last year period.
Days inventory outstanding has decreased to 27 days for the quarter compared with 45 days for the previous year period. At the same time, days payable outstanding went down to 43 days for the quarter from 45 for the same period last year.
Debt comes down
Blue Bird Corporation has recorded a decline in total debt over the last one year. It stood at $154.86 million as on Apr. 01, 2017, down 15.22 percent or $27.79 million from $182.65 million on Apr. 02, 2016. Total debt was 50.06 percent of total assets as on Apr. 01, 2017, compared with 65.38 percent on Apr. 02, 2016. Interest coverage ratio improved to 3.14 for the quarter from 1.43 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
