Blue Bird (NASDAQ:BLBD) stock is rising higher on Thursday after the electric vehicle (EV) company announced positive results in its latest earnings report.
That earnings release saw Blue Bird report revenue of $235.7 million. That’s a massive jump from the $106.5 million reported in the same period of the year prior. It also comes in above Wall Street’s estimate of $211.17 million for the quarter.
Adding to that is the company’s adjusted earnings per share loss of 30 cents. That’s wider than the loss of 23 cents reported during the same time last year. Even so, it’s still better than the loss of 32 cents per share analysts were expecting.
Matthew Stevenson, President and CEO of Blue Bird, said the following in the earnings report:
“Demand for Blue Bird’s best-in-class school buses remains strong and we have expanded our leadership position in zero-emission school buses, realizing exceptional growth in both electric school bus bookings, up 130%, and firm order backlog, at more than 385 electric school buses as we ended the first quarter.”
BLBD Guidance Boosts Stock
That positive earnings report also sees Blue Bird increasing its outlook for fiscal 2023. It now expects revenue for the year to come in just above $1 billion. That’s looking good compared to Wall Street’s 2023 revenue estimate of $959.8 million.
Today’s earnings are also a positive catalyst for heavy trading of BLBD stock. That has some 675,000 shares trading as of this writing. For the record, the company’s daily average trading volume is about 162,000 shares.
BLBD stock is up 36% as of Thursday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
