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Blue Bird Corporation (BLBD-3.47%) has submitted its 10-K filing for the fiscal year ended September 28, 2024.
The filing includes financial statements for the year, showing an increase in net sales to $1,347,154,000 from $1,132,793,000 in the previous year. The increase is attributed to higher unit bookings and pricing actions in response to increased inventory costs.
Cost of goods sold for the year was $1,090,998,000, representing 81% of sales, compared to 87.7% in the previous year. This decrease in cost ratio is due to pricing actions taken by management.
The company reported a gross profit of $256,156,000 for the year, compared to $138,850,000 in the previous year, with the improvement attributed to increased sales and effective cost management.
Selling, general, and administrative expenses increased to $116,825,000 from $87,193,000, primarily due to an increase in labor costs.
Net income for the year was $105,547,000, up from $23,812,000 in the previous year. The effective tax rate for the year was 26.2%, compared to 34.7% in the previous year.
Cash provided by operating activities was $111,112,000, while cash used in investing and financing activities was $15,815,000 and $46,598,000, respectively.
Blue Bird had a working capital of $87,406,000 as of September 28, 2024. The company continues to focus on maintaining liquidity and managing its capital structure effectively.
The filing also details various financial agreements, including a new credit agreement with Bank of Montreal (BMO-0.16%), which provides a term loan facility and a revolving credit facility.
Blue Bird does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on expanding its alternative powered bus offerings and maintaining its leadership position in the school bus industry.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Blue Bird Corporation annual 10-K report dated November 25, 2024. To report an error, please email earnings@qz.com.