The Shyft Group, Inc. (NASDAQ: SHYF) today published its 2023
sustainability report, Charging Towards a Sustainable Future,
highlighting the company's sustainability activities, performance
and results from calendar year 2022. The Shyft 2023 sustainability
report can be read
here: https://theshyftgroup.com/corporate-responsibility/sustainability-report/
The Shyft Group advances sustainability through three key
dimensions: environmental stewardship, social responsibility and
governance excellence. These pillars are integral to the company’s
long-term growth strategy and value creation for stakeholders. This
year’s report includes Scope 1 and Scope 2 greenhouse gas
emissions, calculated in accordance with the Greenhouse Gas
Protocol Corporate Accounting and Reporting Standard. Shyft will
look to this information as a baseline for future emissions
assessment and to guide reduction strategies.
"In collaboration with our Board of Directors, the dedicated
team spearheading our sustainability efforts, and each individual
within the Shyft community, we are forging ahead with a unified
purpose and unwavering commitment," said Josh Sherbin, Chief Legal
and Compliance Officer. "Our accomplishments in 2022 reflect our
continued commitment to a future that's brighter and more
sustainable for all."
The Shyft Group’s sustainability highlights from calendar year
2022 include:
- 73% of waste recycled
- 6% decrease in year-over-year grid electricity use
- More than $350 million in revenue from products designed to
increase fuel efficiency and reduce emissions
- 59% of products included input materials from recycled or
remanufactured content
- 28% reduction in the Total Recordable Incident Rate from 2021
to 2022
- The kick-off of Shyft for Good which includes Shyft’s quarterly
contribution of $25,000 to a non-profit across areas such as
health, education, the environment and communities in need – this
program expands Shyft’s support in 2022 of The Heat and Warmth Fund
(THAW) in Detroit
- 40% of the Board of Directors is comprised of women and people
from underrepresented communities
About The Shyft GroupThe Shyft Group is the
North American leader in specialty vehicle manufacturing, assembly,
and upfit for the commercial, retail, and service specialty vehicle
markets. Our customers include first-to-last mile delivery
companies across vocations, federal, state, and local government
entities; the trades; and utility and infrastructure segments. The
Shyft Group is organized into two core business units: Shyft Fleet
Vehicles and Services™ and Shyft Specialty Vehicles™. Today, its
family of brands include Utilimaster®, Blue Arc™ EV Solutions,
Royal® Truck Body, DuraMag® and Magnum®, Strobes-R-Us, Spartan® RV
Chassis, Red Diamond™ Aftermarket Solutions, and Builtmore Contract
Manufacturing™. The Shyft Group and its go-to-market brands are
well known in their respective industries for quality, durability,
and first-to-market innovation. The Company employs approximately
4,200 employees and contractors across campuses, and operates
facilities in Arizona, California, Florida, Indiana, Maine,
Michigan, Missouri, Pennsylvania, Tennessee, Texas, and Saltillo,
Mexico. The Company reported sales of $1.0 billion in 2022. Learn
more at TheShyftGroup.com.
Forward Looking StatementThis release contains
information, including our sales and earnings guidance, all other
information provided with respect to our outlook for 2023 and
future periods, and other statements concerning our business,
strategic position, financial projections, financial strength,
future plans, objectives, and the performance of our products and
operations that may constitute “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. We intend the forward-looking statements to be covered by
the safe harbor provisions for forward-looking statements in those
sections. Generally, we have identified such forward-looking
statements by using words such as “believe,” “expect,” “intend,”
“potential,” “future,” “may,” “will,” “should,” and similar
expressions or by using future dates in connection with any
discussion of, among other things, the construction or operation of
new or existing facilities, operating performance, trends, events
or developments that we expect or anticipate will occur in the
future, statements relating to volume changes, share of sales and
earnings per share changes, anticipated cost savings, potential
capital and operational cash improvements, anticipated disruptions
to our operations and industry due to the COVID-19 pandemic,
changes in supply and demand conditions and prices for our
products, trade duties and other aspects of trade policy,
statements regarding our future strategies, products and
innovations, and statements expressing general views about future
operating results. However, the absence of these words or similar
expressions does not mean that a statement is not forward-looking.
Forward-looking statements are not historical facts, but instead
represent only the Company’s beliefs regarding future events, many
of which, by their nature, are inherently uncertain and outside of
the Company’s control. It is possible that the Company’s actual
results and financial condition may differ, possibly materially,
from the anticipated results and financial condition indicated in
these forward-looking statements. Management believes that these
forward-looking statements are reasonable as of the time made.
However, caution should be taken not to place undue reliance on any
such forward-looking statements because such statements speak only
as of the date when made. We undertake no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law. In addition, forward-looking statements are
subject to certain risks and uncertainties that could cause actual
results to differ materially from the Company’s historical
experience and our present expectations or projections. In
addition, forward-looking statements are subject to certain risks
and uncertainties that could cause actual results to differ
materially from the Company’s historical experience and our present
expectations or projections. These risks and uncertainties include,
but are not limited to the risks and uncertainties described in
“Item 1A. Risk Factors” in our Annual Report on Form 10-K for the
year ended December 31, 2022, and those described from time to time
in our future reports filed with the Securities and Exchange
Commission (SEC), which are available at www.sec.gov or our
website. All forward-looking statements in this release are
qualified by this paragraph. Investors should not place undue
reliance on forward-looking statements as a prediction of actual
results. We undertake no obligation to publicly update or revise
any forward-looking statements in this release, whether as a result
of new information, future events, or otherwise.
CONTACTS
Media:Carrie WrightChief Marketing &
Communications OfficerThe Shyft
GroupCarrie.Wright@theshyftgroup.com 313.495.2904
Scott WordenSenior DirectorLambert &
Co.sworden@lambert.com 248.825.9343
Investors:Randy WilsonVP, Investor Relations
and TreasuryThe Shyft
GroupRandy.Wilson@theshyftgroup.com 248.727.3755
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/49a162cd-228b-44f5-ac54-88d637cdb2d6
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