TSX:NFI - Post Discussion
Post by
Betteryear2 on May 05, 2022 6:14am
NFI Announces First Quarter 2022 Results
All figures quoted in U.S. dollars unless otherwise noted:
Summary Highlights:
- 2022 Q1 revenue of $459 million; 660 equivalent units ("EUs") delivered, including 202 EUs of battery- and fuel cell-electric vehicles ("ZEBs"), which equates to 31% of total deliveries.
- 2022 Q1 Adjusted EBITDA(2) of ($17) million; Net Loss per Share of $0.36 and Adjusted Net Loss per Share(2) of $0.53.
- Ending liquidity(2) position of $649 million. Quarterly dividends per share of C$0.05.
- Ending total backlog position (both firm and options) of 8,908 EUs (valued at $4.9 billion(2)); ZEB backlog now 1,496 EUs, or 17%, of total backlog. Active public bid universe up 21% year-over-year; ZEBs now represent 43% of the Total Bid Universe.
- In 2022 Q1, "NFI Forward", the Company's strategic cost reduction and sourcing initiative, realized Adjusted EBITDA savings of $16 million (equating to a $63 million annualized run rate), and a further $4 million of Free Cash Flow(2) savings.
- Reaffirmed Fiscal 2022 financial guidance expectations, as updated on April 29, 2022, for revenue, Adjusted EBITDA and cash capital expenditures. Reaffirmed Fiscal 2025 financial targets.
- President and CEO, Paul Soubry, taking temporary medical leave of absence. Brian Dewsnup, currently President NFI Parts, will become acting NFI Group President and CEO.
WINNIPEG, Manitoba, May 05, 2022 (GLOBE NEWSWIRE) -- (TSX: NFI, OTC: NFYEF, TSX: NFI.DB) NFI Group Inc. ("NFI" or the "Company"), a leader in zero-emission electric mobility solutions, today announced its unaudited consolidated financial results for the first quarter of 2022 and that Paul Soubry, its President and Chief Executive Officer, will be taking an immediate temporary medical leave of absence after being diagnosed with an aortic aneurysm that requires treatment. NFI’s Board of Directors (the “Board”) has appointed Brian Dewsnup, President of NFI Parts, to be acting President and CEO of NFI Group during Paul’s absence. Paul will remain a member of the Board during his leave.
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