REV Group(US:REVG)2025-06-04 11:00Financial Performance - Consolidated net sales for Q2 2025 were $629.1 million, a 2.0% increase from $616.9 million in Q2 2024, with a 7.7% increase excluding the impact of Bus Manufacturing Businesses[2][5] - Net income for Q2 2025 was $19.0 million, or $0.38 per diluted share, compared to $15.2 million, or $0.28 per diluted share, in Q2 2024[3][5] - Adjusted EBITDA for Q2 2025 was $58.9 million, a 56.8% increase from $37.5 million in Q2 2024, with a 63.6% increase excluding the impact of Bus Manufacturing Businesses[3][5] - Adjusted Net Income for Q2 2025 was $35.4 million, compared to $20.9 million in Q2 2024[5][3] - Operating income for the three months ended April 30, 2025, was $49.7 million, significantly up from $22.9 million in the prior year, marking a 117.0% increase[26] - The company reported a net income of $19.0 million for the three months ended April 30, 2025, compared to $15.2 million in the same period of 2024, representing a 25.0% increase[26] - Adjusted EBITDA for the three months ended April 30, 2025, was $58.9 million, up from $37.5 million in the same period of 2024, indicating a 56.5% increase[29] - Adjusted EBITDA for the six months ended April 30, 2025, was $95.7 million, compared to $68.0 million for the same period in 2024, reflecting a 40.8% increase[33] Segment Performance - Specialty Vehicles segment net sales were $453.9 million in Q2 2025, a 3.8% increase from $437.4 million in Q2 2024, with a 12.2% increase excluding Bus Manufacturing Businesses[7][5] - Recreational Vehicles segment net sales decreased by $4.4 million, or 2.4%, to $175.3 million in Q2 2025 compared to Q2 2024[9][5] - Specialty Vehicles segment backlog increased to $4,282.0 million at the end of Q2 2025, up from $4,064.4 million at the end of Q2 2024[7][5] Guidance and Projections - Updated full-year fiscal 2025 guidance includes net sales of $2.35 to $2.45 billion and Adjusted EBITDA of $200.0 to $220.0 million[5][14] - For fiscal year 2025, the company projects adjusted EBITDA to be between $200.0 million and $220.0 million[37] - The projected net income for fiscal year 2025 is expected to range from $87.8 million to $106.5 million[39] - Free cash flow for fiscal year 2025 is anticipated to be between $100.0 million and $120.0 million[41] Shareholder Actions - The company repurchased approximately 2.9 million common shares for $88.4 million during the quarter[12][5] - The company declared dividends of $0.06 per common share for the three months ended April 30, 2025, compared to $0.05 in the same period of 2024, a 20.0% increase[26] Cash and Debt Management - Cash and cash equivalents at the end of the period were $28.8 million, up from $24.6 million at the beginning of the period, showing a 9.0% increase[27] - Total current liabilities increased to $500.4 million as of April 30, 2025, compared to $469.3 million at the end of October 2024, a rise of 6.4%[26] - Long-term debt increased to $130.0 million as of April 30, 2025, compared to $85.0 million at the end of October 2024, reflecting a 52.9% increase[26] Expenses and Losses - The company incurred stock-based compensation expenses of $3.1 million for the three months ended April 30, 2025, compared to $3.0 million for the same period in 2024[35] - Interest expense for the six months ended April 30, 2025, was $12.4 million, compared to $13.4 million for the same period in 2024, indicating a decrease of 7.5%[33] - The company reported a loss on assets held for sale of $30.0 million for both the three and six months ended April 30, 2025[35] Capital Expenditures - Capital expenditures in Q2 2025 were $11.4 million, an increase from $5.9 million in Q2 2024[12][5]