Blue Bird Corporation (NASDAQ:BLBD) Q1 2024 Earnings Call Transcript

Craig Irwin: My last question is really one of clarification. The 180 buses from LA United, what a win, right? No EPA funding behind that and it’s really just state and local funding. So a really strong win. Are those 180 units included in the 420 that you said was in backlog at the end of December or is incremental to the EV school bus backlog?

Phil Horlock: They were not in the backlog at the end of the [indiscernible]. They’re not in that number. Correct.

Craig Irwin: Hey, congrats on the quarter.

Operator: We have no further questions in the queue. So I’ll turn the call back over to Phil Horlock for any closing remarks.

Phil Horlock: Well, thank you, Lydia. And thanks, everyone, for joining us on the call today. We do appreciate your continued interest in Blue Bird and we look forward to updating you again on our progress next quarter. Just a couple of comments, I think last year you saw the momentum increasing throughout the year, profitability improved as we moved through the quarters. And we have continued on the same path by delivering impressive all-time record quarterly profit in the first quarter of fiscal 2024. And with that solid base behind us, that’s why we raised our guidance once again, projecting a full-year adjusted EBITDA margin of 11% for fiscal 2024. As a reminder, that is a full 3 percentage points above last year’s then record profitability level.

And we’re confident in getting to a 12% margin within a couple of years as the supply chain constraints continue to ease and we could grow in our business. So with that, any further questions, please don’t hesitate to follow up with our head of investor relations, Mark Benfield. And thanks again for all of you for joining us today at Blue Bird and have a great evening. Good night.

Operator: This concludes today’s call. Thank you for joining.