Wed, Sep 4, 11:16 AM (132 days ago)
For the quarter ended July 31, 2024, REV Group, Inc. reported net sales of $579.4 million, a decrease of 14.8% from the previous year, primarily due to lower sales in the Recreational Vehicles segment. The Specialty Vehicles segment saw a slight increase in sales, attributed to improved price realization and higher shipments of fire apparatus and ambulances. Gross profit was $78.3 million, representing a gross margin of 13.5%. Operating expenses decreased significantly, leading to an operating income of $28.6 million. Net income for the quarter was $18.0 million, or $0.35 per share, up from $14.9 million in the prior year. Adjusted EBITDA increased to $45.2 million, reflecting strong performance in the Specialty Vehicles segment. Cash flow from operations resulted in a net outflow of $15.2 million, influenced by tax payments related to asset sales. The company’s liquidity remains solid, with $261.8 million available under its ABL facility. The divestiture of Collins earlier in the year positively impacted earnings, with a gain of $260.4 million recorded. Future operations may be affected by economic conditions and supply chain challenges, but the backlog increased to $4.35 billion, indicating strong demand.