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Apr 30, 2022
REV Group Q2 2022 Earnings Report
Reported a net loss for the second quarter of 2022, impacted by supply chain challenges and restructuring charges, while backlog remained strong.
Key Takeaways
REV Group reported a decrease in net sales and a net loss for the second quarter of 2022, primarily due to supply chain disruptions and lower sales in the Fire and Emergency and Commercial segments. However, the company's backlog reached a record $3.6 billion, driven by strong order intake. The company updated its full-year fiscal 2022 outlook, reflecting ongoing supply chain challenges.
Net sales decreased to $576.3 million compared to $643.6 million in the prior year quarter.
Net loss was $2.3 million, compared to net income of $20.6 million in the prior year quarter.
Adjusted EBITDA was $23.8 million, compared to $45.5 million in the prior year quarter.
Record backlog of $3.6 billion driven by strong order intake.
Revenue by Segment
Forward Guidance
The company updated its full-year fiscal 2022 outlook to net sales of $2.25 to $2.4 billion, net income of $14 to $35 million, Adjusted Net Income of $43 to $62 million, Free Cash Flow of $58 to $70 million, and Adjusted EBITDA of $100 to $120 million.
Positive Outlook
- Net Sales: $2.25 to $2.4 billion
- Net Income: $14 to $35 million
- Adjusted Net Income: $43 to $62 million
- Free Cash Flow: $58 to $70 million
- Adjusted EBITDA: $100 to $120 million
Challenges Ahead
- Supply chain challenges are expected to continue into calendar year 2023.
- Shortages of critical parts and chassis have negatively impacted performance.
- Lower net sales in the Fire and Emergency segment.
- Lower net sales in the Commercial segment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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