Big year for bus maker New Flyer Industries
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Hey there, time traveller!
This article was published 24/03/2016 (3634 days ago), so information in it may no longer be current.
New Flyer Industries had a big year in 2015 that culminated in the December purchase of crosstown highway bus company Motor Coach Industries.
The Winnipeg-based company — now the undisputed No. 1 bus company in North America — reported year-end revenue of US$1.54 billion, up 6.1 per cent from the year before.
While the top line grew modestly, the bottom line looked even better.
Total adjusted EBITDA for the year was up 41.1 per cent to US$151.4 million, and net earnings more than doubled to US$53.9 million.
The results include only a half-month worth of MCI results because the acquisition closed Dec. 18. That time period accounted for deliveries of only 32 buses from MCI during the period from Dec. 18 to Dec, 27.
Fourth-quarter revenue was down 0.3 per cent to US$418.9 million. That included a 14 per cent decline in aftermarket revenue because of the completion of the Chicago Transit Authority’s mid-life overhaul program revenue stream. Excluding that item, revenue from aftermarket operations was up 7.3 per cent.
Bus and coach manufacturing revenue for the fourth quarter was US$347.2 million, up 3.1 per cent.
The increase in fourth-quarter bus and coach revenue primarily resulted from a 1.8 per cent increase in total bus deliveries and a 1.4 per cent increase in average selling price. The increase in average selling price was the result of a more favourable product sales mix of bus and coach types and pricing.
Total backlog sits at 9,664 equivalent units (60-foot buses count as two equivalent units) valued at US$4.95 billion. That is an increase of 38 per cent during the fourth quarter that included the acquisition of MCI’s backlog, valued at approximately US$1.1 billion.
New Flyer shares closed up 2.77 per cent to US$31.94, just shy of the 52-week high of US$32.35.