Welcome to our dedicated page for REV Group news (Ticker: REVG), a resource for investors and traders seeking the latest updates and insights on REV Group stock.
REV Group, Inc. (symbol: REVG) is a prominent United States-based designer, manufacturer, and distributor of specialty vehicles and related aftermarket parts and services. The company is renowned for its role in providing customized vehicle solutions across various applications, including essential services, industrial and commercial needs, and consumer leisure.
Core Business and Operations:
REV Group is structured into three primary operating segments:
- Fire & Emergency: The largest revenue-generating segment, encompassing the manufacturing of fire apparatus and ambulance products that are critical for municipal and government emergency services.
- Commercial: This segment focuses on producing vehicles used for industrial and commercial purposes, such as small buses, terminal trucks, and street sweepers.
- Recreation: Known for its leading position in the recreational vehicle market, REV Group caters to consumers seeking leisure and travel solutions.
The company's products are marketed to a wide array of clients, including municipalities, government agencies, private contractors, consumers, and industrial and commercial end-users. With a robust manufacturing footprint, REV Group operates 14 world-class facilities in North America and boasts a workforce of over 4,500 dedicated associates.
Recent Achievements and Current Projects:
REV Group manufactures more than 16,000 specialty vehicles annually, and its portfolio includes brands with over 60 years of proven history. The company is committed to supporting over 300,000 of its vehicles that are in daily use, ensuring they deliver performance, durability, and innovation. Partnerships with industry-leading dealers help REV Group provide an unparalleled ownership experience to its customers.
Financial Condition and Market Presence:
REV Group's financial health is bolstered by a diversified revenue stream, with significant income derived from the Fire & Emergency segment. The company operates not only in the United States but also in Canada and various international markets, emphasizing its global reach and impact.
Partnerships and Products:
REV Group's partnerships with top dealers and the continuous drive for innovation make it a formidable player in the specialty vehicle market. The company's range of products is extensive, catering to essential services, industrial needs, and consumer leisure, highlighting its versatility and commitment to meeting diverse market demands.
REV Group, Inc. (NYSE: REVG), a manufacturer of specialty vehicle brands, has completed the sale of ElDorado National (California), Inc. (ENC), its transit bus business, to Rivaz, Inc. for approximately $52 million. This move aligns with REV Group's earlier announced plans to exit the bus manufacturing business.
The company intends to use the net proceeds from the sale to pay down outstanding borrowings under its ABL credit facility. Mark Skonieczny, President and CEO of REV Group, expressed gratitude to ENC's customers, employees, and dealers for their support during the transition period, noting ENC's five-decade-long history in the mass transit industry.
REV Group, Inc. (NYSE: REVG), a leading designer and manufacturer of specialty vehicles, has announced the election of David C. Dauch as an independent member of its Board of Directors, effective October 11. Dauch, who serves as Chairman of the Board & CEO of American Axle & Manufacturing Holdings, Inc. (AAM), brings nearly four decades of automotive industry expertise to REV Group.
Board Chair Jean Marie (John) Canan expressed delight in welcoming Dauch, stating that his significant experience and insights will further REV Group's strategic and operational imperatives. Dauch's responsibilities at AAM include developing and implementing strategic objectives and overseeing operations across nearly 80 facilities in 18 countries. He also serves on several other boards and holds degrees from Miami University and Michigan State University.
REV Group (NYSE: REVG) has announced its participation in the Morgan Stanley 12th Annual Laguna Conference. The company's CFO, Amy Campbell, will take part in a fireside chat on Thursday, September 12, 2024, starting at 12:15 pm PDT. Investors and interested parties can access a live audio webcast of the event through the investor relations section of REV Group's official website at www.revgroup.com.
This conference participation provides an opportunity for REV Group to engage with investors and share insights about the company's performance and future prospects. The Morgan Stanley Laguna Conference is a significant event in the financial calendar, attracting various industry leaders and investors.
REV Group (NYSE: REVG) reported third quarter 2024 results with net sales of $579.4 million, a decrease from $680 million in the prior year. However, net income rose to $18 million from $14.9 million. Adjusted EBITDA increased to $45.2 million, up from $39.4 million. Excluding the divestiture of Collins Bus , Adjusted EBITDA jumped 49.7%. Adjusted Net Income also rose to $24.8 million from $20.9 million.
REV Group updated its fiscal 2024 outlook with expected net sales between $2.35-$2.45 billion and net income of $226-$240 million. Adjusted EBITDA is expected to be $155-$165 million with Adjusted Net Income of $76-$89 million.
In the Specialty Vehicles segment, net sales were $432.1 million and Adjusted EBITDA was $44.3 million, benefiting from higher fire apparatus and ambulance sales. The Recreational Vehicles segment saw a 31.3% decrease in net sales to $147.4 million, with Adjusted EBITDA at $9.4 million.
REV Group (NYSE: REVG) has announced the release date for its third quarter fiscal 2024 earnings. The company plans to disclose the results before the market opens on Wednesday, September 4, 2024. Following the release, REV Group will host a live webcast at 10:00 a.m. ET to discuss the results. Investors can access the webcast through the company's website, www.revgroup.com, with slides available prior to the call. For those unable to attend the webcast, a conference call option is available by dialing 1-877-407-9208 (domestic) or 1-201-493-6784 (international). A telephonic replay will be accessible until September 18, 2024.
REV Group (NYSE: REVG) announced that President and CEO Mark Skonieczny, along with CFO Amy Campbell, will present at the 14th Annual East Coast IDEAS Investor Conference in New York on June 12, 2024.
The presentation is scheduled for 11:30 am ET and will be available via webcast. It can be accessed through the conference host's website and the company's investor relations page.
REV Group reported second quarter 2024 net sales of $616.9 million, a decrease from $681.2 million in the same period in 2023. Despite the sales drop, net income increased to $15.2 million from $14.2 million. Adjusted EBITDA was $37.5 million, down from $41.9 million, reflecting the impact of the Collins Bus divestiture. The company updated its fiscal 2024 outlook, projecting net sales of $2.4-$2.5 billion and net income of $230-$245 million. Specialty Vehicles segment saw a 2.9% sales increase, while Recreational Vehicles segment experienced a 30% decline. The company completed several strategic actions, including the sale of Collins and a public offering, to streamline operations and return cash to shareholders.
REV Group (NYSE: REVG), a specialty vehicle manufacturer, has appointed Cynthia Augustine to its Board of Directors, effective immediately. Augustine is the global chief talent officer at McCann Worldgroup, with previous roles at FCB Global, Scholastic, Time Warner, and The New York Times Company. She brings extensive experience in human capital management and executive leadership.
Jean Marie Canan, Board Chair, praised her expertise in organizational and operational imperatives. Augustine holds a juris doctorate from Rutgers University School of Law and a bachelor's degree from Sarah Lawrence College. She is also a Board of Trustees member for the Innocence Project and has received numerous accolades for her influence in corporate America.
REV Group (NYSE: REVG) announced plans to release its second quarter fiscal 2024 financial results on June 5, 2024, before market opening.
The company will host a live webcast to discuss the results at 10:00 a.m. ET on the same day.
Investors can access the webcast by visiting www.revgroup.com at least 15 minutes before the event.
Conference call access is available via 1-877-407-9208 (domestic) or 1-201-493-6784 (international).
A telephonic replay will be accessible approximately three hours post-call until June 19, 2024, by dialing 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and using passcode 13746745.
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