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.
On April 12, 2023, REV Recreation Group, a subsidiary of REV Group, announced enhancements to its line of American Coach recreational vehicles, targeting full-time RVers. The new floor plans, including the American Dream® 39RK, 45D, and American Eagle® 45E, showcase a luxurious kitchen island design tailored for extended stays. These innovative layouts provide ample storage and facilitate access to essential amenities while the vehicle is in motion. The announcement highlights the growing trend of permanent RV living as a cost-effective alternative to traditional housing and emphasizes community and outdoor exploration benefits. For those interested in RV life, REV Recreation Group encourages visiting their website for more details on their product offerings.
ElDorado National, a REV Group subsidiary, has received an order for three Axess EVO-FC hydrogen fuel cell buses from the Rochester-Genesee Regional Transportation Authority (RGRTA). This order supports RGRTA's goal of achieving a zero-emissions fleet by 2035. The Axess EVO-FC buses have an industry-leading range of 400 miles and feature rapid refueling of 12-20 minutes, emitting only water as a byproduct. This initiative is backed by funding from the Federal Transit Administration to promote low and no-emission technology. Delivery of the buses is expected in 2024.
Modine Manufacturing Company (NYSE: MOD) has expanded its partnership with REV Group (NYSE: REVG) to provide advanced thermal management systems for the Vector, North America’s first all-electric fire truck. The EVantage suite includes a Battery Thermal Management System, Electronics Cooling Package, and cabin heating/cooling circuits. This collaboration aims to minimize environmental impacts in the firefighting industry by enhancing the use of alternative energy solutions. The Vector features 327 kWh of automotive-grade batteries, ensuring efficient operation and sustainability in emergency services.
Horton Emergency Vehicles, a subsidiary of REV Group, announced the launch of the Horton Occupant Protection System™ (HOPS) featuring MBrace™, an advanced airbag safety system for ambulance first responders. MBrace, which protects against frontal impact and rollover incidents, will be standard on all Horton vehicle orders from April 1, 2023. Independent data shows that nearly 80% of fatal ambulance accidents involve frontal impacts. Developed in partnership with IMMI, MBrace ensures both safety and mobility for emergency care providers. The system will be showcased at FDIC International in Indianapolis from April 27-29, 2023.
REV Group, Inc. (NYSE: REVG) reported first quarter 2023 net sales of $583.5 million, an increase of 8.7% from $537.0 million in the same quarter last year. However, the company faced a net loss of $13.5 million, compared to a loss of $0.7 million in Q1 2022. Adjusted EBITDA rose to $21.3 million from $18.3 million. The company affirms its full-year FY 2023 outlook, projecting net sales between $2.3 billion and $2.5 billion and adjusted EBITDA of $110 million to $130 million. The Fire and Emergency segment saw a 3.4% sales drop, largely due to supply chain issues and legal challenges.
REV Fire Group announces a $1.5 million expansion and renovation of its
REV Group (NYSE: REVG) plans to release its first quarter fiscal 2023 results before market open on March 8, 2023. A live webcast will be hosted that same day at 10:00 a.m. ET to discuss the results. Interested investors can access the webcast through www.revgroup.com and should log in at least 15 minutes early. A telephonic replay will be available approximately three hours post-call until 11:59 p.m. ET on March 22, 2023. REV Group specializes in manufacturing specialty vehicles and aftermarket services across various sectors, notably in the Fire & Emergency, Commercial, and Recreation segments.
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