NFI Group officials recently released the company’s first quarter financial statements. Company officials focused on demand for its buses as the company’s first quarter balance sheet showed a $9 million loss, an improvement from the $46 million loss posted in the first quarter of 2023.

Paul Soubry, NFI Group president and CEO, told investor analysts in a recent conference call the company’s finances should continue to improve throughout the rest of the year. “Our financial results show continued positive improvement in our seasonally slowest quarter with double-digit growth in vehicle deliveries and revenue, significant improvement in margin performance and a record total backlog of value now at nearly $12 billion,” Soubry said. “While as expected, legacy inflation-impacted deliveries had a negative impact on our quarterly risks, we knew this would happen. We have completed the majority of all those remaining contracts, which will help drive further margin improvement in growth as we move through the year and into 2025.”

Soubry said the NFI Group secured the most quarterly contract awards in the company’s history during the first quarter of 2024 with 5,400 additions to the company’s backlog. The company is also seeing growth in its aftermarket parts business. The company has also hired 210 employees, largely in manufacturing roles, during the first quarter.

Manufacturing revenue for the first quarter of 2024 increased by $176.7 million, or 45.8%, compared to the first quarter of 2023, with the increase largely driven by higher new vehicle deliveries and higher average sales prices per unit. Quarterly deliveries saw improvement both year-over-year and sequentially for the fifth consecutive quarter, according to company officials, while the company has also seen improvement in supplier performance, which is helping boost production rates. Manufacturing deliveries increased by 335 units, or 42.3%, during the first quarter. Transit buses saw the largest increase in deliveries of 66.5%, leading to a 47% increase in new vehicle revenue.

The Excelsior Charge bus made by the NFI Group is one of the company’s products that is generating interest in New York City and Boston.

Overall zero-emission bus and coach deliveries for the first quarter of 2021 increased by 21.1%.

New Flyer of America Inc., one of New Flyer’s subsidiary businesses, was awarded two new contracts from the New York City Transit Authority, including firm orders for 429 Xcelsior buses (671 equivalent units or EUs) with options to purchase up to 1,661 additional buses over the next five years. In late April, the company announced that the Massachusetts Bay Transportation Authority awarded New Flyer of America Inc. a contract for up to 460 next-generation Xcelsior CHARGE NG(tm) 40-foot battery-electric transit buses. The Massachusetts purchase will be supported by money awarded through the Federal Transit Administration Low or No Emission grant program.

Such new contracts are one reason NFI Group management anticipates continued improvements to revenue, gross profit and a shift to net earnings from net loss over the next 12 to 24 months, as the company further increases production.

“With four months of the year behind us, we are clear in our ability to execute to our plan and we again reaffirm our 2024 expectations for double-digit growth in revenues, deliveries, triple-digit growth in adjusted EBITDA and positive free cash flow generation in the second half of the year,” Soubry said.