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 appointed Dan DesRochers as the new President of REV Fire Group. He will oversee brands such as E-ONE®, Ferrara™, and KME™, reporting directly to CEO Rod Rushing. DesRochers brings over 30 years of experience, having previously served as President and COO at Morgan Truck Body, leading 2,500 employees across 14 plants. His track record includes successful business turnarounds and expertise in manufacturing operations. Rushing expressed confidence in DesRochers' ability to enhance customer service and shareholder value.
REV Group Inc., through its subsidiary ElDorado National, has secured an order from Dallas Fort Worth International Airport for 22 Axess CNG buses and 4 Axess EVO-BE Battery Electric buses. This acquisition aims to enhance DFW's sustainability efforts, as it is the first carbon-neutral airport in North America. The buses are expected to be delivered by Summer 2023. Jason Moore, VP of ENC, emphasized the commitment to low-emission technologies, while DFW aims for net-zero carbon emissions by 2030.
REV Group, Inc. has promoted Brian Stout to Vice President and General Manager of Midwest Automotive Designs, effective immediately. Stout, who has been with the company for ten years, previously served as Director of Operations, where he successfully increased production from five to 40 vans per week. His leadership is expected to further enhance operational efficiency. Mike Lanciotti, the President of the REV Recreation Segment, commended Stout for his significant contributions to the company’s growth and success.
REV Group reported third quarter 2022 net sales of $594.8 million, a slight increase from $593.3 million in the same period last year. However, net income fell to $9.5 million from $23.7 million, and Adjusted EBITDA decreased to $29.5 million compared to $41.6 million year-over-year. The company updated its fiscal 2022 outlook to net sales between $2.25 billion and $2.35 billion. Despite strong demand, challenges such as supply chain disruptions impacted performance in the Fire & Emergency segment, with a backlog of $3.9 billion reported.
ElDorado National, a subsidiary of REV Group, has announced the development of next-generation zero-emission buses: the Axess Battery Electric Bus (EVO-BE) and Axess Hydrogen Fuel Cell Electric Bus (EVO-FC). The EVO-BE features a market-leading 738 kWh battery and the EVO-FC is designed for a range of up to 400 miles. Both models utilize the proven Axess platform, ensuring over 90% commonality for easier maintenance. Orders are now being accepted, with deliveries expected in 2023, highlighting the company's commitment to revolutionizing the transit bus industry with innovative emission-free technology.
REV Group has unveiled the Eclipse, a new Class A Gas motorhome by Holiday Rambler, showcasing various luxury features. It offers three floorplans ranging from 32’ to 35’ to cater to diverse owner preferences. Notable standard features include a full-sized stainless-steel refrigerator, Serenity king bed, and a Hide-A-Loft™ electric drop-down bed for extra guests. The motorhome is built on a robust 22,000-pound chassis with a Ford® 7.3L V8 engine providing 350 horsepower. The Eclipse starts at an MSRP of $199,888.
REV Group's Spartan Emergency Response has secured an order from Toronto Fire Services for two all-electric Vector™ fire trucks, marking a significant step in sustainable firefighting. This makes Toronto one of the first Canadian fire departments to adopt fully electric pumper trucks. The Vector trucks feature 327 kWh batteries, enabling long-lasting electric operations, aligning with Toronto's TransformTO Net Zero Strategy aiming for community-wide net zero emissions by 2040. This historic purchase supports both operational efficiency and climate action efforts.
REV Group, Inc. (NYSE: REVG) will participate in the DA Davidson Diversified Industrial & Services Conference on September 22 in Nashville, Tennessee. Mark Skonieczny, CFO, and Drew Konop, VP of Investor Relations, will represent the company, holding one-on-one meetings with institutional investors throughout the event. REV Group is known for its specialty vehicles and aftermarket services, providing solutions across three main segments: Fire & Emergency, Commercial, and Recreation.
REV Group (NYSE: REVG) will announce its third quarter fiscal 2022 results before the market opens on September 7, 2022. A live webcast discussing the results will start at 10:00 a.m. ET on the same day. Investors should log on to www.revgroup.com at least 15 minutes prior to the event. The call can also be accessed by phone, with a replay available for three hours post-call until 11:59 p.m. ET on September 21, 2022.
Fleetwood RV has unveiled the Frontier GTX, a luxury Class A Diesel motorhome designed for remote work. The 37RT floorplan features a dedicated office space, addressing the growing trend of remote working and distance learning. The Frontier GTX boasts advanced specifications, including a Cummins 360HP engine, ample storage, and high-end amenities. Starting at approximately $400,000, the model offers two layouts and emphasizes privacy and functionality for families on the go. REV Group, which owns Fleetwood RV, continues to innovate in the RV market.
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