Blue Bird achieves record fiscal 2024 results with $1.35B revenue and $106M net income
Blue Bird has announced record financial results for fiscal 2024, reflecting significant growth in revenue, profitability, and sales volume.
The company also raised its fiscal 2025 guidance, highlighting strong momentum and increased demand for its low- and zero-emission school buses.
Fiscal 2024 performance highlights
Blue Bird’s fiscal 2024 results showcased notable growth across key financial metrics:
Revenue: $1.35 billion, an increase of 19% compared to fiscal 2023.
Net Income: $105.5 million, up $81.7 million year-on-year.
Adjusted EBITDA: $182.9 million, an increase of $95 million.
Unit Sales: 9,000 buses sold, a 6% increase from the prior year.
Phil Horlock, Blue Bird’s President and CEO, emphasized the company’s continued operational improvements: “I am incredibly proud of our team’s outstanding achievement in delivering a record profit in fiscal 2024, more than double last year’s then-record result.
“The Blue Bird team continues to exceed expectations, by improving productivity and throughout, driving new orders, and expanding our leadership in alternative-powered buses.”
Expansion in alternative-powered buses
Blue Bird’s focus on low- and zero-emission buses resulted in a 30% increase in electric-powered bus deliveries, totaling over 700 units. The company ended the fiscal year with 630 electric vehicle (EV) orders in its backlog, representing 13% of total orders.
The expansion was supported by the EPA’s Clean School Bus Program, which provided nearly $1 billion in funding through Round 1 and is expected to drive additional EV orders in the coming quarters. Blue Bird is preparing for further growth as Rounds 2 and 3 of the program make nearly $2 billion in additional funding available.
Fiscal 2025 Guidance and long-term outlook
Building on its fiscal 2024 success, Blue Bird raised its fiscal 2025 guidance:
Revenue: $1.4 to $1.5 billion.
Adjusted EBITDA: $190 to $210 million (13.6% to 14% margin).
Free Cash Flow: $40 to $60 million, inclusive of $50 million in capital expenditures for manufacturing expansion.
Razvan Radulescu, CFO of Blue Bird Corporation, commented:
“We are very pleased with the fiscal 2024 results, with the highest ever Revenue, Adj. EBITDA and Net Income. Our business transformation continues to yield great results, and ahead of the plan we have been messaging.”
Key drivers of growth
Blue Bird attributed its strong performance to several factors:
Increased unit sales driven by customer and product mix changes.
Strategic pricing actions to offset inflationary pressures.
Enhanced manufacturing efficiencies as supply chain constraints eased.
In fiscal 2024, Blue Bird also expanded its leadership in alternative-powered buses, leveraging its partnerships and innovation to support its sustainability goals.
Financial Metrics for Q4 2024
Revenue: $350.2 million, up 15.6% from the same period last year.
Net Income: $24.7 million, a $6 million increase.
Adjusted EBITDA: $41.3 million, up $0.6 million.
The company cited improved supply chain conditions and strategic pricing as contributing factors to its quarterly growth.
Future outlook
Blue Bird’s focus remains on leveraging its leadership in the low- and zero-emission school bus market while continuing operational improvements to drive profitability.
Horlock noted:
“Following the nearly $1 billion funding from Round 1 of the $5 billion Clean School Bus Program, we’re excited for new EV orders over the next few quarters from Rounds 2 and 3, which provide almost $2 billion in new funding. These buses need to be delivered by mid-2026 calendar year, and we’re working aggressively with our dealers, school districts and fleets to support deliveries.
With an all-time record performance in fiscal 2024, substantially above last year, we have significant momentum and look forward to sustained profitable growth in the coming years.”
