Blue Bird reports Q4 adjusted EPS (66c), consensus 4c

Reports Q4 revenue $257.7M, consensus $221.7M. "During a challenging 2022, the Blue Bird team developed and began execution of a rigorous plan to improve operations, reduce fixed costs, and recover economics through pricing. I am confident that this plan positions the company for a significant recovery over the next several years," said Matthew Stevenson, President and CEO of Blue Bird Corporation. "In light of significant inflationary pressures experienced over the last 18 months, we were able to implement a total of 25% in price increases. In addition, we partnered with our valued dealer network and customer base to recover substantial pricing on backlog units. Demand for Blue Bird’s best-in-class school buses remains strong and we have expanded our leadership position in zero-emission school buses, seeing significant growth in both electric school bus bookings, up 85%, and firm order backlog, at more than 310 electric school buses as we ended the fiscal year. Our order backlog will grow significantly over the next several months as orders are placed with the EPA’s 2022 Clean School Bus Rebate Program, which will accelerate adoption of zero-emission student transportation across the United States."