Blue Bird’s first quarter results for 2025 reflected ongoing momentum as the company reported higher sales volumes and revenue growth, with results modestly ahead of Wall Street’s expectations. Management attributed the performance to continued robust demand for school buses, strong pricing discipline for combustion engine models, and increased adoption of alternative power vehicles such as electric and propane buses. CEO John Wyskiel emphasized that the company’s backlog, representing over six months of production, provides operational stability, while recent pricing actions and a higher mix of alternative fuel vehicles supported profitability. Wyskiel stated, “Bus prices were again higher in Q1 compared to a year ago on every combustion engine model and we are still priced competitively as we can see from our bid results and our overall win rate.” Margin pressures were noted, with operating margin declining year over year, partially due to increased investments in headcount and plant upgrades.

Is now the time to buy BLBD? Find out in our full research report (it’s free).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions Blue Bird’s Q1 Earnings Call

• Mike Shlisky (D.A. Davidson) asked if margin targets might be raised under new CEO John Wyskiel. Wyskiel said it was too early to speculate but pointed to his operational background as a potential advantage long-term.
• Mike Shlisky (D.A. Davidson) questioned the ability to lower EV prices amid new tariffs. CFO Razvan Radulescu replied that tariff uncertainty had paused price reduction efforts on EVs, but the company hopes for clarity in coming months.
• Eric Stine (Craig-Hallum) inquired about dealer and customer reactions to price increases. Radulescu said dealers were aligned with the company, and industry-wide tariff exposure meant competitors were also raising prices.
• Tyler DiMatteo (BTIG) asked about substituting EV production with ICE or propane models due to tariffs. Management confirmed that lower EV output would be offset by increased builds of other models.
• Craig Irwin (ROTH Capital Partners) sought updates on the commercial chassis product and customer interest by fuel type. Wyskiel noted strong early interest in propane, especially given the current tariff environment for EVs.

Catalysts in Upcoming Quarters

In the coming quarters, our team will be watching (1) how quickly Blue Bird adapts its supply chain and pricing to ongoing tariff changes, (2) whether EPA Clean School Bus Program funding continues to support robust order intake for electric and alternative power buses, and (3) initial customer response and order activity for the new Blue Bird commercial chassis platform. Execution on facility upgrades and product launches will also be important indicators of longer-term growth.

Blue Bird currently trades at $45.90, up from $37.70 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it’s free).

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