Financial Performance - Consolidated net sales decreased by $60.9 million, or 10.4%, to $525.1 million for the three months ended January 31, 2025, compared to $586.0 million in the prior year quarter[92][93]. - Gross profit increased by $6.9 million, or 11.0%, to $69.8 million, with a gross margin of 13.3% compared to 10.7% in the prior year quarter[94]. - Net income decreased by $164.5 million, or 90.0%, to $18.2 million for the three months ended January 31, 2025, compared to $182.7 million in the prior year quarter[100]. - Adjusted EBITDA increased by $6.3 million, or 20.7%, to $36.8 million, with a significant increase of 78.6% when excluding the impact of the Bus Manufacturing Businesses[101]. - Adjusted Net Income increased by $6.2 million, or 42.2%, to $20.9 million, driven by higher contributions from the Specialty Vehicles segment[102]. Segment Performance - The Specialty Vehicles segment saw increased shipments of fire apparatus and a favorable mix of ambulance units, contributing to higher net sales[93]. - Specialty Vehicles segment net sales decreased by $47.0 million, or 11.3%, to $370.2 million for the three months ended January 31, 2025, compared to $417.2 million in the prior year quarter[104]. - Adjusted EBITDA for the Specialty Vehicles segment increased by $9.0 million, or 34.4%, to $35.2 million for the three months ended January 31, 2025, compared to $26.2 million in the prior year quarter[105]. - The Recreational Vehicles segment experienced a decrease in unit shipments, impacting overall sales negatively[93]. - Recreational Vehicles segment net sales decreased by $14.4 million, or 8.5%, to $155.0 million for the three months ended January 31, 2025, compared to $169.4 million in the prior year quarter[106]. Operational Changes - The company announced the discontinuation of manufacturing operations at ENC and sold Collins and ENC, which were part of the Bus Manufacturing Businesses[91]. - The company incurred transaction expenses of $5.0 million in the three months ended January 31, 2024, primarily related to the sale of Collins[128]. - Restructuring related charges for the three months ended January 31, 2024, included write-offs of inventory associated with next-generation propulsion technology[128]. - The company reported impairment charges of $12.6 million primarily associated with the discontinuation of manufacturing operations at the ENC facility[128]. Cash Flow and Financing - Net cash used in operating activities was $13.1 million for the three months ended January 31, 2025, an improvement from $69.7 million in the prior year[112]. - Net cash provided by financing activities was $24.9 million for the three months ended January 31, 2025, primarily from net proceeds of $55.0 million from the revolving credit facility[115]. - The company repurchased 579,165 shares at a cost of $19.2 million during the three months ended January 31, 2025, at an average price of approximately $33.09 per share[118]. - The company expects to pay a quarterly cash dividend of $0.06 per share, with cash dividends of $3.9 million paid during the first quarter of fiscal year 2025[116]. - As of January 31, 2025, the company's outstanding debt under the 2021 ABL Facility was $140.0 million, with availability of $262.9 million[121]. - The company amended the 2021 ABL Agreement to decrease the aggregate commitments for revolving loans and letters of credit from $550.0 million to $450.0 million[122]. Tax and Accounting - The provision for income taxes decreased significantly to $3.8 million, or 17.3% of pre-tax income, compared to $61.5 million, or 25.2% of pre-tax income, in the prior year quarter[99]. - There were no off-balance sheet arrangements or special-purpose entities created for raising capital or incurring debt[129]. - The company has not experienced any material changes in exposure to interest rate risk, foreign exchange risk, or commodity price risk[132]. - The preparation of financial statements requires estimates and assumptions that affect reported amounts, as detailed in the Annual Report on Form 10-K for the fiscal year ended October 31, 2024[130]. - Recent accounting pronouncements and their impacts on financial statements are discussed in Note 1 of the Notes to Condensed Unaudited Consolidated Financial Statements[131].

Financial Performance - First quarter 2025 consolidated net sales were $525.1 million, a decrease of 10.4% from $586.0 million in the first quarter 2024, with a 3.1% increase excluding the impact of Bus Manufacturing Businesses[2][6] - First quarter 2025 net income was $18.2 million, or $0.35 per diluted share, compared to $182.7 million, or $3.06 per diluted share, in the first quarter 2024, which included a $257.5 million gain on the sale of Collins[3][6] - Total net sales for the three months ended January 31, 2025, were $525.1 million, a decrease of 10.4% compared to $586.0 million in the same period of 2024[24] - Net income for the quarter was $18.2 million, a significant decrease from $182.7 million in the same quarter of the previous year[24] - The adjusted net income for the quarter was $20.9 million, compared to $14.7 million in the same period of 2024[31] Segment Performance - Specialty Vehicles segment net sales were $370.2 million, a decrease of 11.3% from $417.2 million in the first quarter 2024, but increased by 8.7% when excluding Bus Manufacturing Businesses[7][9] - Recreational Vehicles segment net sales were $155.0 million, a decrease of 8.5% from $169.4 million in the first quarter 2024, primarily due to decreased unit shipments[9][10] - Specialty Vehicles segment backlog at the end of the first quarter 2025 was $4,226.1 million, an increase of $446.2 million compared to the prior year quarter, excluding Bus Manufacturing Businesses[7][8] - The period-end backlog increased to $4,490.6 million, up from $4,240.8 million year-over-year, indicating strong demand[27] Profitability Metrics - Adjusted EBITDA for the first quarter 2025 was $36.8 million, an increase of 20.9% from $30.5 million in the first quarter 2024, with a 78.6% increase when excluding the impact of Bus Manufacturing Businesses[3][6] - Adjusted EBITDA for the three months ended January 31, 2025, was $36.8 million, an increase of 20.9% from $30.5 million in the same period of 2024[27] - Gross profit increased to $69.8 million, representing a gross margin of 13.3%, up from $62.9 million and a margin of 10.7% year-over-year[24] - Operating income for the quarter was $28.0 million, compared to an operating loss of $6.5 million in the prior year[24] Capital Management - The company repurchased approximately 0.6 million common shares for $19.2 million during the quarter, reflecting a strategic use of capital[4][12] - The company reaffirmed its Fiscal 2025 guidance, indicating confidence in operational momentum and growth prospects[4][6] - As of January 31, 2025, net debt totaled $108.4 million, with $31.6 million cash on hand, and $262.9 million available under its ABL revolving credit facility[11][12] - Long-term debt increased to $140.0 million from $85.0 million year-over-year, reflecting increased borrowing[25] Dividends - A quarterly cash dividend of $0.06 per share was declared, equating to an annualized rate of $0.24 per share[14] - The company declared dividends of $0.06 per common share, down from $3.05 per share in the prior year[24]

Core Insights - REV Exploration Corp. has appointed Mr. Jeremy Polmear to its Board of Directors, bringing extensive financial management experience across various industries [1][2] - The company is focusing on the natural hydrogen sector in Saskatchewan, with Mr. Polmear expected to contribute significantly to its strategic direction and financial success [2][6] Company Overview - REV Exploration is a mineral exploration company with a portfolio of gold and battery metal properties located in Quebec, specifically in the Sept-Iles region (nickel, niobium, and tantalum) and the Chapais-Chibougamau area (gold) [6] - The company owns 100% of its properties in Quebec and is actively pursuing exploration opportunities in the natural hydrogen sector [6] Leadership and Expertise - Mr. Polmear has over a decade of experience in accounting and financial management, having held pivotal roles in various industries including construction, property development, technology, and junior mining [2][4] - As the current Chief Financial Officer for F4 Uranium, he has overseen complex financial operations and has been involved in nearly $50 million in public financings [3][4] - His skills include financial reporting, budgeting, forecasting, and improving operational efficiency, which are expected to drive profitability and long-term growth for REV [4][5]

Company Overview - REV Group (NYSE: REVG) is a leading manufacturer of RVs and specialty vehicles, playing a crucial role in emergency response, transportation, and recreation, impacting millions of people [1] Investment Philosophy - Mountain Valley Value Investments focuses on identifying undervalued companies with strong growth potential across various sectors, emphasizing long-term value and disciplined research [1]

Group 1 - REV Group, Inc. has successfully grown its specialty vehicles business despite challenges in the recreational vehicle markets, leading to strong and profitable earnings [1] - Investors have responded positively to the company's performance, resulting in an increase in stock prices [1]

Core Viewpoint - REV Exploration Corp. has appointed Shayne Neigum as Chief Operating Officer to enhance its focus on natural hydrogen opportunities in Saskatchewan, aiming to drive shareholder value through exploration and potential commercialization [1][6]. Company Overview - REV Exploration Corp. is a mineral exploration company with a portfolio of gold and battery metal properties in Quebec, including regions rich in nickel, niobium, tantalum, and gold [7]. - The company is also actively pursuing exploration opportunities in the natural hydrogen sector in Saskatchewan, positioning itself in a rapidly growing market [1][7]. Leadership and Expertise - Shayne Neigum brings extensive experience in the resource sector, particularly in the Western Canada Sedimentary Basin, with skills in geological mapping, reserves analysis, and regulatory compliance [4][5]. - Neigum's leadership is expected to bridge technical insights with business strategy, enhancing operational efficiency and long-term value creation for the company [5]. Strategic Goals - The company aims to transition from exploration to discovery and commercialization in the natural hydrogen sector, leveraging Saskatchewan's geological advantages and government support [3][6]. - The interim CEO, Jordan Potts, expressed confidence that Neigum's leadership will expand opportunities for shareholders beyond the existing gold and battery metal portfolio [6].

Company Overview - REV Group (REVG) is currently a member of the Transportation sector, which includes 131 individual stocks and holds a Zacks Sector Rank of 16 [2] - REV Group has a Zacks Rank of 1 (Strong Buy), indicating a favorable outlook based on earnings estimate revisions [3] Performance Metrics - Over the past 90 days, the Zacks Consensus Estimate for REVG's full-year earnings has increased by 7.5%, reflecting improved analyst sentiment [4] - Since the beginning of the calendar year, REVG has returned approximately 11.1%, outperforming the average return of 2.8% for Transportation companies [4] Industry Comparison - REV Group is part of the Transportation - Services industry, which consists of 25 companies and currently ranks 155 in the Zacks Industry Rank; this industry has seen an average loss of 10.4% this year, indicating that REVG is performing better [6] - In contrast, Alaska Air Group (ALK), another stock in the Transportation sector, belongs to the Transportation - Airline industry, which has returned +47.4% this year and ranks 42 [6] Investment Outlook - Both REV Group and Alaska Air Group are noted for their solid performance, suggesting that investors interested in Transportation stocks should monitor these companies closely [7]

Group 1 - REV Group (REVG) is a notable stock in the Transportation sector, currently outperforming its peers with a year-to-date gain of 5.8% compared to the sector average return of -3% [4] - The Zacks Rank for REV Group is 1 (Strong Buy), indicating strong analyst sentiment and an improving earnings outlook, with a 7.5% increase in the consensus estimate for full-year earnings over the past quarter [3] - The Transportation sector consists of 131 individual stocks, with REV Group contributing to the sector's overall performance [2] Group 2 - REV Group belongs to the Transportation - Services industry, which includes 25 companies and currently ranks 175 in the Zacks Industry Rank, with an average loss of 12.3% year-to-date [5] - Another outperforming stock in the Transportation sector is Sun Country Airlines Holdings, Inc. (SNCY), which has returned 3.2% year-to-date and has a Zacks Rank of 2 (Buy) [4][5] - The Transportation - Airline industry, to which Sun Country Airlines belongs, has performed well with a 33.4% increase so far this year, ranking 38 among 28 stocks [6]

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Group 1: Thor Industries - Thor Industries is the largest RV manufacturer, offering a range of vehicles including campers, RVs, and trailers under various brands [2][6] - The company reported a fiscal first-quarter 2025 EPS loss of $0.03, missing consensus estimates by $0.74, with revenues falling 14.3% YoY to $2.14 billion [13] - Thor expects a market recovery in the second half of fiscal 2025, reaffirming its full-year EPS guidance of $4.00 to $5.00 and revenue expectations between $9 billion to $9.8 billion [6][4] Group 2: Winnebago Industries - Winnebago reported a fiscal first-quarter EPS loss of $0.03, missing estimates by $0.22, with revenues down 18% YoY to $625.6 million [8][27] - The company has a diversified product line, with marine revenue growing 3.6% YoY, while RV revenues fell significantly [9][8] - Winnebago anticipates a market recovery in the second half of fiscal 2025, with full-year EPS guidance between $3.10 to $4.50 [17][27] Group 3: REV Group - REV Group manufactures specialty vehicles, including RVs, and reported a fourth-quarter 2024 EPS of $0.51, beating estimates by $0.02, but revenues fell 13.8% YoY to $597.9 million [22][29] - The RV division experienced a 26.5% YoY revenue drop due to lower shipments and increased discounting, with a backlog of $291.5 million [23][29] - The Specialty Vehicles division saw a 3.6% YoY revenue increase, driven by fire apparatus and ambulance unit shipments [31]