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Jul 31, 2024
REV Group Q3 2024 Earnings Report
Reported strong third quarter results and updated fiscal 2024 outlook.
Key Takeaways
REV Group reported a net sales of $579.4 million, net income of $18.0 million, and Adjusted EBITDA of $45.2 million for the third quarter. The Specialty Vehicles segment delivered double-digit Adjusted EBITDA margin performance, while the Recreational Vehicles segment managed operating margins in line with expectations amid challenging market conditions.
Net sales for the third quarter were $579.4 million, compared to $680.0 million in the prior year quarter.
Net income for the third quarter was $18.0 million, compared to $14.9 million in the prior year quarter.
Adjusted EBITDA for the third quarter was $45.2 million, compared to $39.4 million in the prior year quarter.
The company updated its full-year fiscal 2024 outlook, projecting net sales of $2.35 to $2.45 billion, net income of $226.0 to $240.0 million, and Adjusted EBITDA of $155.0 to $165.0 million.
Revenue by Segment
Forward Guidance
The company updated its full-year fiscal 2024 outlook with net sales of $2.35 to $2.45 billion, net income of $226.0 to $240.0 million, Adjusted EBITDA of $155.0 to $165.0 million, and Adjusted Net Income of $76.0 to $89.0 million.
Positive Outlook
- Net sales of $2.35 to $2.45 billion
- Net income of $226.0 to $240.0 million
- Adjusted EBITDA of $155.0 to $165.0 million
- Adjusted Net Income of $76.0 to $89.0 million
- Net cash from operating activities of $20.0 to $36.0 million
Challenges Ahead
- Includes approximately $71.0 million of income tax and transaction costs related to divestiture activities
- Challenging market conditions in the Recreational Vehicles segment
- Lower net sales in the Recreational Vehicles segment
- Lower shipments of terminal trucks in Specialty Vehicles 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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