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.
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.
REV Group, Inc. (NYSE: REVG) has announced the appointment of Sagar Murthy as Senior Vice President and Chief Information Officer, succeeding Peter Panagis, who is retiring. Murthy will report to Rod Rushing, the company's President and CEO, and will be responsible for overseeing Digital Transformation and Information Technology Strategy across 20 manufacturing facilities in the U.S., employing over 7,000 people. Murthy brings extensive experience from Jason Group Inc. and Actuant Corporation, focusing on technology leadership.
Lightning eMotors (NYSE: ZEV) and Collins Bus Corporation have expanded their partnership to include GM and Ford chassis for zero-emission Type A school buses. This initiative is supported by $5 billion in funding from the EPA under the Clean School Buses program, aiming to replace aging diesel buses with electric alternatives. The new buses will feature 125 kWh batteries and approximately 130 miles of range, making them a cost-effective choice for school districts facing rising fuel and maintenance costs.
REV Group launched the all-electric Vector™ Rescue Decon truck for the City of Varennes in Quebec, marking a significant advancement in emergency vehicle technology. This truck, operating with 316 kilowatts of automotive-grade batteries, focuses on critical fire service tasks like decontaminating firefighters and air support. Scheduled for delivery in 2023, it's designed for stability with low battery cell placement. Mayor Martin Damphousse highlighted its self-sufficiency and reliability. The partnership underscores REV Group's commitment to sustainable solutions in public safety.
Chardan NexTech Acquisition 2 Corp. (CNTQ) has filed a registration statement on Form S-4 with the SEC, detailing its proposed business combination with Dragonfly Energy Corp., scheduled for H2 2022. Dragonfly reported net sales of $18.3 million for Q1 2022, a 17% increase year-over-year. The merger aims to enhance market presence in energy storage solutions, with Dragonfly's lithium-ion batteries set to replace lead-acid alternatives across multiple sectors. The transaction awaits shareholder approval and adherence to customary closing conditions.
REV Group reported second quarter 2022 net sales of $576.3 million, down 10.5% from $643.6 million in the prior year. The company incurred a net loss of $2.3 million compared to a net income of $20.6 million last year. Adjusted EBITDA was $23.8 million, a significant drop from $45.5 million. Despite these challenges, the company maintained a record backlog of $3.6 billion due to strong order intake. Full-year guidance has been revised to net sales of $2.25 to $2.4 billion, influenced by ongoing supply chain issues.
ElDorado National (California), a subsidiary of REV Group (NYSE:REVG), announced that its Axess Battery Electric Bus (BEB) passed rigorous testing at the Altoona Bus Research and Testing Center. The testing evaluated parameters like maintainability, reliability, safety, and emissions. This success positions the Axess BEB for government and alternative energy rebates, including funding programs from the Federal Transit Administration, open through May 31. The Axess BEB's unique stainless steel structure and customizable configurations make it ideal for various high-demand applications.
REV Group (NYSE: REVG) will release its second quarter fiscal 2022 results before market open on June 7, 2022. A live webcast discussing these results will occur at 10:00 a.m. ET on the same day. Investors can access the webcast via www.revgroup.com at least 15 minutes prior. Telephonic access to the conference call is available at 1-877-407-3982 (domestic) and 1-201-493-6780 (international). A replay will be accessible post-call until June 21, 2022.
Four-time Indy 500 winner Hélio Castroneves aims for his fifth victory this year. He utilizes a customized American Coach luxury motorhome, manufactured by REV Group, to prepare for races. The motorhome features a sleek black exterior and a luxurious interior tailored to his needs, including modern amenities like massaging chairs, heated flooring, and a fully outfitted kitchen. American Coach recently debuted the 45E floorplan for $940,000, boasting innovative designs and luxurious features to enhance the RV experience.
REV Group, Inc. reported first-quarter 2022 net sales of $537.0 million, down 3.1% from $554.0 million in Q1 2021. The company incurred a net loss of $0.7 million compared to breakeven last year. Adjusted EBITDA fell to $18.3 million from $23.2 million.
Despite challenges, the company maintains a record backlog of $3.4 billion and reaffirms its full-year outlook with net sales between $2.3 billion to $2.55 billion.
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