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.
Capacity Trucks, a subsidiary of REV Group (NYSE: REVG), will introduce its new Zero Emissions Hydrogen Fuel Cell Electric (H2) terminal truck at the Technology & Maintenance Council (TMC) Annual Meeting from Feb 27 to March 1 in Orlando, Florida. This initiative marks a significant step in Capacity's decade-long journey toward zero emissions, leveraging partnerships with alternative fuel powertrain suppliers. The truck is designed for a maximum GCVWR of 180,000 pounds, can operate for a full shift before refueling, and takes just 15 minutes to refuel. Its unveiling reflects REV Group's commitment to low emissions solutions for the heavy-duty trucking industry.
REV Group, Inc. (NYSE: REVG) has announced the return of Mark Van Arnam as President of REV Ambulance Group, effective February 1, 2023, replacing Anoop Prakash. With over 35 years of experience in the ambulance sector, Van Arnam will manage brands such as Horton®, AEV®, and Wheeled Coach®. Additionally, Randy Hanson will rejoin as COO and VP/GM of AEV, leveraging his extensive experience to enhance the brand's leadership in the market. This management transition aims to strengthen operational performance and leadership within REV's ambulance division.
REV Group Appoints Interim CEO Amid Leadership Change
REV Group, Inc. (NYSE:REVG) has appointed Mark Skonieczny as Interim CEO following the departure of Rod Rushing, effective January 27, 2023. Rod has served as President and CEO for three years, guiding the company through challenges including COVID-19, inflation, and supply chain issues. Skonieczny, who is also the CFO, will lead during the transition to a permanent CEO. His extensive experience includes positions at Adient PLC and Johnson Controls. The Board expresses confidence in Skonieczny's capabilities to drive operational improvements and financial results for REV Group.
American Coach, part of REV Group, has launched its Unleash the Luxury program, running from January 1 to April 30, 2023, offering substantial rebates on 2022 and 2023 motorhomes. This initiative includes special savings for military members and first responders. The initiative is aimed at attracting new customers by showcasing the luxury features of American Coach's motorhomes built on exclusive Liberty Bridge chassis. The program is designed to enhance customer experience while expressing gratitude to those who serve the country.
REV Group announced that its all-electric Vector fire truck will join three other REV Fire pumpers at Daytona International Speedway in 2023. This partnership, now in its second year, aligns with the speedway's sustainability efforts, as the Vector is zero-emission and contributes to reducing carbon footprints. The Vector features advanced technology with 327 kWh of automotive-grade batteries, providing the longest electric pumping duration in the industry. It will be utilized during major events like the Daytona 500 and Rolex 24, reinforcing REV's commitment to innovation in emergency response vehicles.
REV Group's subsidiary, ElDorado National (California), has begun delivering nine hybrid-electric E-Z Rider II buses to Georgia Tech, aligning with the university's goal of achieving carbon neutrality by 2050. The buses will operate on the Atlanta campus, featuring innovative GPS technology that enables automatic switching to 100% battery power in designated 'green zones', effectively eliminating emissions and noise. This initiative underscores REV Group's commitment to alternative fuel solutions in the transit sector.
Spartan Emergency Response, a subsidiary of REV Group, has secured an order from the Charlotte Fire Department for an all-electric Vector fire truck, the first of its kind in North Carolina and the Southeast. This vehicle, equipped with 327 kWh batteries, will facilitate extended electric pumping capabilities. It is set to be housed in the city’s inaugural all-electric firehouse, which will open in 2024, highlighting REV Group's commitment to sustainable firefighting solutions.
REV Group, Inc. (NYSE: REVG) reported Q4 2022 net sales of $623.6 million, a 5.7% increase year-over-year, and full-year sales of $2.3 billion, down 2.1% from the previous year. Q4 net income was $8.7 million, up from $0 million, while full-year net income dropped to $15.2 million from $44.4 million. Adjusted EBITDA for Q4 was $33.5 million, a rise from $31.1 million, but full-year Adjusted EBITDA decreased to $105.1 million from $141.5 million. The company declared a quarterly dividend of $0.05 per share and expects 2023 sales between $2.3 billion and $2.5 billion.
The Fleetwood RV® Frontier GTX has gained industry recognition, including being awarded Best New Model for 2023 by RV PRO and being named a finalist for RV of the Year by RVBusiness. This model features an innovative corner office design in the 37RT, catering to the needs of remote workers. The Frontier GTX was showcased at the 2022 Open House in Elkhart and will be featured at the Florida RV Super Show from January 18-22, 2023. REV Group, Inc. manufactures this model, reinforcing its commitment to innovation in the recreational vehicle sector.
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