Shyft Group cuts FY23 adjusted EPS view to 33c-76c from 98c-$1.06

FY23 EPS consensus $1.30. Cuts FY23 revenue view to $850M-$950M, consensus $1.0B-$1.2B. Jon Douyard, Chief Financial Officer, said, “Our prior concerns surrounding a tougher demand environment materialized late in the quarter. As softness in the parcel market continued and dealer inventories remained high, last-mile customers deferred and cancelled orders leading to lower OEM chassis production. In addition, consistent with broader recreational vehicle markets, we are experiencing incremental weakness in our motorhome chassis business. These headwinds have negatively impacted our full-year outlook.”