REV Group(US:REVG)2025-09-03 11:15Financial Performance - Consolidated net sales increased by $65.5 million, or 11.3%, for the three months ended July 31, 2025, compared to the prior year quarter, reaching $644.9 million[96]. - Gross profit for the three months ended July 31, 2025, increased by $23.4 million, or 29.9%, to $101.7 million, with a gross margin of 15.8%[98]. - Adjusted EBITDA for the three months ended July 31, 2025, was $64.1 million, compared to $45.2 million in the prior year quarter[95]. - Net income for the three months ended July 31, 2025, was $29.1 million, an increase from $18.0 million in the prior year quarter[95]. - Consolidated net income for the three months ended July 31, 2025, was $29.1 million, a 61.7% increase from $18.0 million in the prior year quarter[108]. - Consolidated net income for the nine months ended July 31, 2025, decreased by $149.6 million compared to the prior year period[109]. - Adjusted EBITDA for the nine months ended July 31, 2025, was $159.8 million, a 41.2% increase from $113.2 million in the prior year period[110]. - Adjusted Net Income for the nine months ended July 31, 2025, was $94.9 million, compared to $60.4 million in 2024[141]. Segment Performance - The Specialty Vehicles segment saw increased shipments and a favorable mix of fire apparatus and ambulance units, contributing to higher net sales[96]. - Specialty Vehicles segment net sales for the three months ended July 31, 2025, increased by $51.2 million, or 11.8%, to $483.3 million compared to $432.1 million in the prior year quarter[116]. - Specialty Vehicles segment Adjusted EBITDA for the three months ended July 31, 2025, increased by $20.3 million, or 45.8%, to $64.6 million compared to $44.3 million in the prior year quarter[116]. - The Recreational Vehicles segment experienced higher shipments of motorized units, although it was partially offset by increased dealer assistance on certain models[96]. - Recreational Vehicles segment net sales for the three months ended July 31, 2025, increased by $14.3 million, or 9.7%, to $161.7 million compared to $147.4 million in the prior year quarter[120]. Cash Flow and Liquidity - Net cash provided by operating activities for the nine months ended July 31, 2025, was $164.2 million, compared to a net cash used of $15.2 million in the prior year[128]. - Net cash used in investing activities for the nine months ended July 31, 2025, was $25.7 million, while net cash provided was $301.8 million in 2024, primarily from the sale of Collins and Fire RTC[130]. - Net cash used in financing activities for the nine months ended July 31, 2025, was $127.1 million, down from $257.4 million in 2024, with share repurchases of $107.6 million and dividends paid of $10.0 million[131]. - The company anticipates that available sources of liquidity and capital will be sufficient to finance operations and growth strategy for at least the next twelve months[127]. - The company expects to pay a quarterly cash dividend of $0.06 per share, with cash dividends of $3.0 million paid during the third quarter of fiscal year 2025[132]. - The company repurchased 3,456,979 shares at a cost of $107.6 million during the nine months ended July 31, 2025, averaging approximately $31.10 per share[134]. Business Strategy and Operations - The company sold Collins and discontinued manufacturing operations at ENC in the first quarter of fiscal year 2024, impacting its business strategy[93]. - The company actively evaluates acquisition opportunities to improve and expand its business, with a focus on targeted acquisitions consistent with its strategy[92]. - Total backlog as of July 31, 2025, was $4,499.8 million, an increase from $4,354.7 million as of July 31, 2024[125]. Risk and Financial Condition - The company has not created any off-balance sheet arrangements that could materially affect its financial condition[142]. - There have been no material changes in the company's exposure to interest rate risk, foreign exchange risk, and commodity price risk[145]. - As of July 31, 2025, the outstanding debt under the Amended 2021 ABL Facility was $90.0 million, with availability of $247.2 million[136].