New Flyer Industries lowers projected 2012 manufacturing output
New Flyer Industries' Xcelsior XDE40 bus. (NewFlyer.com)
Published Tuesday, September 18, 2012 10:41AM EDT
WINNIPEG -- New Flyer Industries (TSX:NFI) says a large U.S. customer has delayed placing its order for 90 Xcelsior buses while the purchase undergoes an independent review.
As a result, the Winnipeg-based bus manufacturer has lowered its projected 2012 output rate to the equivalent of 34 units per week -- down from the 36 EUs per week included in a projection issued March 21.
New Flyer says its customer has financing in place for the purchase but is awaiting a review required by the state for all sole-sourced orders.
New Flyer said it expects to get the go-ahead from the unidentified customer in early October.
It also expects adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) will be flat compared with the first half of 2012.