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) has initiated an underwritten public offering of 7,500,000 shares of common stock by selling stockholders, with an additional option for underwriters to purchase up to 1,125,000 more shares. REV Group will not sell shares nor receive proceeds from this offering. The offering depends on market conditions. Goldman Sachs & Co. LLC and Morgan Stanley are the joint book-running managers. The SEC has declared the related registration statement effective, and details can be found in the preliminary prospectus filed with the SEC.
REV Group, Inc. (NYSE: REVG) reported second quarter 2021 net sales of $643.6 million, up 17.7% from $547.0 million in Q2 2020. Net income reached $20.6 million ($0.31 per diluted share), with adjusted net income at $25.7 million ($0.39 per diluted share), compared to a loss of $5.8 million last year. Adjusted EBITDA surged to $45.5 million from $7.6 million. The F&E segment showed a 6.3% sales rise, while recreation saw a remarkable 108.7% growth. Full-year guidance was raised, with anticipated net sales between $2.45 billion and $2.6 billion.
The Stark Area Regional Transit Authority (SARTA) has resumed its Borrow a Bus (BaB) Zero-Emissions Tour across California, starting June 4, 2021. This tour features a hydrogen fuel cell bus designed to showcase the benefits of hydrogen fuel technology. Supported by industry leaders, including ElDorado National California and Ballard Power Systems, the initiative aims to educate the public and policymakers about hydrogen's potential in transforming transportation. The tour includes multiple stops, where transit managers will gather data on the bus's performance, reliability, and environmental impact.
REV Group's subsidiary, ElDorado National California, has secured a contract with the San Francisco Municipal Transportation Agency (SFMTA) to supply 30 hybrid-electric E-Z Rider II buses for the Muni service. This partnership aims to enhance service reliability and reduce emissions in San Francisco's transit system. The buses will utilize the advanced Allison Hybrid EP™ system, significantly lowering diesel consumption and CO2 emissions. This contract marks a strategic entry for ElDorado into a crucial market, reflecting ongoing modernization efforts in public transit.
REV Group (NYSE: REVG) will release its second quarter 2021 results on June 7, 2021, after market close. A live webcast to discuss the results is scheduled for June 8, 2021, at 10:00 a.m. ET. Investors can access the webcast through www.revgroup.com. The conference call can also be accessed via phone at 1-877-407-3982 (domestic) or 1-201-493-6780 (international). A replay will be available after the call until June 22, 2021. REV Group specializes in designing and manufacturing specialty vehicles across various sectors.
Lightning eMotors and REV Group, Inc. are co-developing zero-emission, all-electric ambulances through Leader Emergency Vehicles™, a REV Group subsidiary. The electric ambulances, based on Lightning's fourth-generation Electric Transit Van, are set for delivery by the end of this year. They will feature a battery capacity of up to 105 kWh, ensuring powerful performance with no tailpipe emissions, promoting healthier air quality. Production will occur at Lightning's facility in Loveland, Colorado, and Leader's facility in California.
REV Group, a leader in specialty vehicle manufacturing, will host its 2021 Investor and Analyst Day on April 15, 2021, at 10:00 a.m. ET. Presenters include CEO Rod Rushing and CFO Mark Skonieczny, who will discuss the REV Drive Business System, aimed at enhancing operational and financial performance, alongside strategic direction and capital allocation. A live webcast will be available, with a supplemental slide deck on its investor relations website, providing further insights into REV's diversified offerings across Fire & Emergency, Commercial, and Recreation sectors.
REV Group® (NYSE: REVG) announces the promotion of Mike Lanciotti to President of the REV Recreation Segment, overseeing brands such as Fleetwood RV® and American Coach®. Lanciotti has a successful track record, having led Renegade RV to significant growth since its acquisition by REV Group in 2016. With over 20 years of experience and an Executive MBA, he aims to strengthen cross-brand strategies and respond to increased RV demand. CEO Rod Rushing expressed confidence in Lanciotti’s leadership to enhance operational and commercial performance.
American Emergency Vehicles (AEV) is consolidating operations into a new 300,000 sq. ft. facility in Jefferson, NC, enhancing production capabilities and operational efficiencies. This unified campus spans 35 acres and will increase production lines from four to five, promoting growth and improved quality. Facility refurbishments are slated for completion by summer, with equipment installation expected by February 2022. AEV’s commitment to quality and excellence is emphasized, positioning the company for future success in the emergency vehicle market.
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