REV Group(US:REVG)2025-03-05 12:00Financial 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]