Blue Bird reports Q1 EPS (30c), two estimates (29c)

Reports Q1 revenue $235.7M, consensus $211.2M. "We made remarkable progress in the first quarter, as the overall operating environment continued to improve in line with our plan. During the quarter we worked through the majority of the legacy-priced units in the backlog that have caused margin compression over the past several quarters. The Blue Bird team continued executing a rigorous plan to improve operations, reduce fixed costs, and recover economics through pricing. Therefore, we are well positioned for a significant recovery over the next several quarters," said Matthew Stevenson, CEO. "Demand for Blue Bird’s best-in-class school buses remains strong and we have expanded our leadership position in zero-emission school buses, realizing exceptional growth in both electric school bus bookings, up 130%, and firm order backlog, at more than 385 electric school buses as we ended the first quarter. Our order backlog will grow considerably over the next several months as orders are placed tied to the EPA’s 2022 Clean School Bus Rebate Program, which will greatly accelerate the adoption of zero-emission student transportation across all 50 U.S. states. The EPA awarded nearly $1 billion in funding to almost 400 school districts in the first year of the Clean School Bus Rebate Program. This funding alone will generate additional orders for an estimated 500-700 Blue Bird electric buses translating into a minimum of $200 million of additional revenue."