Blue Bird Corporation (NASDAQ:BLBD) was the biggest gainer in the automobile sector after a strong earnings report and outlook for 2023.
The school bus maker said overall, industry demand continues to be robust and the backlog for Blue Bird school buses is “incredibly strong.”
During the last quarter, BLDB built the last major tranche of legacy price buses in its backlog, which is expected to drive a significant inflection in the company’s financials.
Blue Bird’s (BLBD) backlog tally now includes $120M in firm orders for electric buses and management noted it is starting to receive orders from the EPA’s Clean School Bus Program.
Looking ahead, BLBD sees revenue above $1B vs. prior guidance of $900M to $1.0B. Full-year adjusted EBITDA of $40M to $46M is anticipated vs. $35M to $45M prior view.
Shares of Blue Bird (BLBD) soared 36.88% to trade at their highest level since last April.