06 May 2021 07:54 ET
07:54 AM EDT, 05/06/2021 (MT Newswires) -- Bus and coach manufacturer NFI Group Inc. (NFI.TO) swung to black in the first quarter with net earnings of US$7.0 million, compared with a net loss of $67.2 million in the year-ago period, mainly due to the absence of impairment charges this year. The company's adjusted net earnings reached nearly $6.1 million, compared with a loss of about $480,000 in the first quarter of 2020. The adjusted earnings per share came in at $0.09, swinging from a loss per share of $0.01 a year ago. Revenue dropped to $574.1 million from $710.4 million, but gross profit rose to $85.8 million from $83.7 million. NFI did not record an impairment loss on goodwill in the first quarter, compared with a nearly $50.8 million charge a year ago. NFI delivered 955 equivalent units in the first quarter, of which 94 were zero-emission battery- and cell-electric vehicles. Such vehicles now make up 18% of the company's backlog, up from 6% as of 2020-end. The company reaffirmed its adjusted EBITDA guidance for full year 2021 of $220 million to $240 million, as well as its revenue of $2.8 billion to $2.9 billion. |