REV Group(US:REVG)2025-09-03 11:00Financial Performance - Consolidated net sales for Q3 2025 were $644.9 million, a 20.5% increase from $579.4 million in Q3 2024, excluding $44.2 million from Bus Manufacturing Businesses[2][5] - Net income for Q3 2025 was $29.1 million, or $0.59 per diluted share, compared to $18.0 million, or $0.35 per diluted share in Q3 2024[3][5] - Adjusted EBITDA for Q3 2025 was $64.1 million, a 66.1% increase from $45.2 million in Q3 2024, excluding $6.6 million from Bus Manufacturing Businesses[3][5] - Gross profit for Q3 2025 was $101.7 million, up 29.9% from $78.3 million in Q3 2024[26] - Operating income increased to $57.0 million in Q3 2025, compared to $28.6 million in Q3 2024, representing a 99.3% growth[26] - For the three months ended July 31, 2025, the total net income was $29.1 million, an increase from $18.0 million in the same period of 2024, representing a 61.1% year-over-year growth[31] - Adjusted EBITDA for the three months ended July 31, 2025, was $64.1 million, compared to $45.2 million for the same period in 2024, reflecting a 42.0% increase[31] - For the nine months ended July 31, 2025, the total net income was $66.3 million, down from $215.9 million in the same period of 2024, indicating a decline of 69.4%[33] - The adjusted EBITDA for the nine months ended July 31, 2025, was $159.8 million, compared to $113.2 million for the same period in 2024, showing an increase of 41.2%[33] Segment Performance - Specialty Vehicles segment net sales were $483.3 million in Q3 2025, an 11.8% increase from $432.1 million in Q3 2024, with a backlog of $4,275.5 million[7][8] - Recreational Vehicles segment net sales were $161.7 million in Q3 2025, a 9.7% increase from $147.4 million in Q3 2024, with a backlog of $224.3 million[9][10] - Specialty Vehicles segment net sales rose to $483.3 million in Q3 2025, up from $432.1 million in Q3 2024, reflecting a 11.9% growth[29] - Period-end backlog for Specialty Vehicles was $4,275.5 million as of July 31, 2025, slightly down from $4,282.0 million as of April 30, 2025[29] Guidance and Projections - Updated full-year fiscal 2025 guidance includes net sales of $2.4 to $2.45 billion and adjusted EBITDA of $220.0 to $230.0 million[5][14] - The company projects adjusted EBITDA for fiscal year 2025 to be between $220.0 million and $230.0 million[37] - The outlook for net income in fiscal year 2025 is estimated to be between $95.4 million and $107.6 million[39] - Free cash flow for fiscal year 2025 is expected to range from $140.0 million to $150.0 million[41] Capital and Debt Management - Capital expenditures in Q3 2025 were $11.6 million, up from $5.9 million in Q3 2024[11] - The company has $54.0 million in net debt and $247.2 million available under its ABL revolving credit facility as of July 31, 2025[11] Dividends and Shareholder Returns - A quarterly cash dividend of $0.06 per share was declared, equating to an annualized rate of $0.24 per share[15] Other Financial Metrics - Total assets increased to $1,219.0 million as of July 31, 2025, compared to $1,213.0 million as of October 31, 2024[25] - Total liabilities rose to $831.7 million as of July 31, 2025, compared to $777.9 million as of October 31, 2024[25] - Cash and cash equivalents at the end of Q3 2025 were $36.0 million, up from $24.6 million at the beginning of the period[27] - The company reported a net loss on the sale of business and assets of $36.7 million for the nine months ended July 31, 2025[33] - Stock-based compensation expense for the three months ended July 31, 2025, was $3.3 million, up from $1.9 million in the same period of 2024[35] - The provision for income taxes for the three months ended July 31, 2025, was $11.9 million, compared to $4.4 million in the same period of 2024[31] Expansion Plans - The company is expanding its Spartan Emergency Response facility to increase production capacity[6]