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REV Group(REVG) - 2025 Q1 - Quarterly Results
REVGREV Group(REVG)2025-03-05 12:00

Financial Performance - First quarter 2025 consolidated net sales were 525.1million,adecreaseof10.4525.1 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 18.2million,or18.2 million, or 0.35 per diluted share, compared to 182.7million,or182.7 million, or 3.06 per diluted share, in the first quarter 2024, which included a 257.5milliongainonthesaleofCollins[3][6]−TotalnetsalesforthethreemonthsendedJanuary31,2025,were257.5 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 586.0millioninthesameperiodof2024[24]−Netincomeforthequarterwas586.0 million in the same period of 2024[24] - Net income for the quarter was 18.2 million, a significant decrease from 182.7millioninthesamequarterofthepreviousyear[24]−Theadjustednetincomeforthequarterwas182.7 million in the same quarter of the previous year[24] - The adjusted net income for the quarter was 20.9 million, compared to 14.7millioninthesameperiodof2024[31]SegmentPerformance−SpecialtyVehiclessegmentnetsaleswere14.7 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 417.2millioninthefirstquarter2024,butincreasedby8.7417.2 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 169.4millioninthefirstquarter2024,primarilyduetodecreasedunitshipments[9][10]−SpecialtyVehiclessegmentbacklogattheendofthefirstquarter2025was169.4 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 446.2millioncomparedtotheprioryearquarter,excludingBusManufacturingBusinesses[7][8]−Theperiod−endbacklogincreasedto446.2 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 4,240.8millionyear−over−year,indicatingstrongdemand[27]ProfitabilityMetrics−AdjustedEBITDAforthefirstquarter2025was4,240.8 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 30.5millioninthefirstquarter2024,witha78.630.5 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 30.5millioninthesameperiodof2024[27]−Grossprofitincreasedto30.5 million in the same period of 2024[27] - Gross profit increased to 69.8 million, representing a gross margin of 13.3%, up from 62.9millionandamarginof10.762.9 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 6.5millionintheprioryear[24]CapitalManagement−Thecompanyrepurchasedapproximately0.6millioncommonsharesfor6.5 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 108.4million,with108.4 million, with 31.6 million cash on hand, and 262.9millionavailableunderitsABLrevolvingcreditfacility[11][12]−Long−termdebtincreasedto262.9 million available under its ABL revolving credit facility[11][12] - Long-term debt increased to 140.0 million from 85.0millionyear−over−year,reflectingincreasedborrowing[25]Dividends−Aquarterlycashdividendof85.0 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 0.24pershare[14]−Thecompanydeclareddividendsof0.24 per share[14] - The company declared dividends of 0.06 per common share, down from $3.05 per share in the prior year[24]