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 announces the construction of an all-electric E-ONE Vector fire truck for the Mesa Fire and Medical Department in Mesa, AZ. The Vector features the longest electric pumping duration, enabling the use of four hose lines for four hours on a single charge. This initiative aligns with Mesa's Climate Action Plan aimed at achieving carbon neutrality by 2050, showcasing REV's commitment to innovative, environmentally friendly solutions. The delivery of this electric fire truck is expected in 2022, marking a significant step in the company's product offerings.
ElDorado National (California), a subsidiary of REV Group, announced the launch of its fully electric Axess bus at the APTA Expo from November 8-10, 2021. This bus is a remarkable achievement in zero-emissions technology, featuring a zero-corrosion 304-grade stainless steel structure and multiple configurations in lengths of 40’, 35’, and 32’. Safety features include 3-point passenger seat belts and enhanced driver visibility. The Axess is designed for various high-demand applications, marking a significant advancement in emission-free public transportation solutions.
REV Group reported third-quarter 2021 net sales of $593.3 million, a 1.9% increase from the prior year. Net income stood at $23.7 million, reversing a net loss of $3.6 million in Q3 2020. Adjusted EBITDA rose to $41.6 million, compared to $21.4 million in the same quarter last year. The company announced a $150 million share repurchase program and reported a record backlog of $2.7 billion due to strong order intake across all segments. Additionally, REV updated its fiscal year 2021 guidance, projecting net sales between $2.3 billion and $2.45 billion.
REV Group, Inc. (NYSE: REVG) announced that its President and CEO Rod Rushing, CFO Mark Skonieczny, and VP of Investor Relations Drew Konop will present at the Morgan Stanley Virtual Laguna Conference. The presentation is scheduled for 12:45 p.m. Eastern Time on September 13, 2021. Interested parties can access the live webcast through the investor relations section of the company’s website. An online replay will be available for 90 days after the presentation, with materials posted on their investor relations page.
REV Group (NYSE: REVG) and Lightning eMotors (NYSE: ZEV) have partnered to manufacture and deploy over 100 all-electric Type A school buses across the U.S. and Canada. This collaboration includes an initial order worth approximately $11 million over the next two years, with Lightning providing electric powertrains and charging infrastructure. The buses will feature advanced battery technology and V2G capabilities. Demand for zero-emission school buses is rising significantly, aided by upcoming infrastructure funding that includes $7.5 billion for electric vehicle charging.
REV Fire Group, part of REV Group (NYSE:REVG), announces the launch of the first fully electric North American-style fire apparatus. Developed with Emergency One Group LTD, this innovative truck features a 316 kW battery system, enabling prolonged electric operation for fire departments. It is designed to enhance sustainability while maintaining performance, including a backup diesel engine for extended operations. Customizable and built with locally sourced components, the new apparatus will be available for delivery in 2022 and is currently open for preorders.
Lightning eMotors (NYSE: ZEV) and Collins Bus, a subsidiary of REV Group (NYSE: REVG), have announced a partnership to manufacture over 100 all-electric Type A school buses for deployment across the U.S. and Canada. The deal includes an initial firm order worth approximately $11 million over the next two years, with Lightning providing powertrains and charging infrastructure. The school buses will feature advanced battery technology and capabilities, supporting both Level 2 AC and Level 3 DC Fast Charging. Production is underway, with deliveries expected this fall.
REV Group (NYSE: REVG) is set to release its third quarter 2021 financial results on September 8, 2021, before the market opens. The results will be presented in a live webcast starting at 10:00 a.m. ET on the same day. Investors can access the webcast at www.revgroup.com. Additionally, a telephonic replay will be available three hours post-call until September 22, 2021. REV Group specializes in designing and manufacturing specialty vehicles across various sectors, including emergency services, commercial needs, and recreational vehicles.
REV Group, a leader in specialty vehicle manufacturing, announced that its President and CEO, Rod Rushing, along with CFO Mark Skonieczny and VP Drew Konop, will present at the Jefferies 2021 Virtual Industrials Conference on August 3, 2021, at 9:30 a.m. ET. The presentation will be available for live streaming on the company's investor relations website. A replay will be accessible for 90 days following the event. REV Group operates in three segments: Fire & Emergency, Commercial, and Recreation, serving a diversified customer base with a robust portfolio of established vehicle brands.
REV Group (NYSE:REVG) announced the pricing of a public offering of 5,500,000 shares of common stock by certain selling stockholders at $15.50 per share. Additionally, underwriters have an option to purchase 825,000 more shares. REV Group will not issue any shares or receive proceeds from this offering. The offering is expected to close around June 15, 2021. Goldman Sachs, Morgan Stanley, and other financial institutions are leading the offering, with a registration statement filed with the SEC.
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