REV Group Q4 2023 Earnings Report
Key Takeaways
REV Group reported strong Q4 and full year results, driven by operational initiatives and dedicated employees. The company exited fiscal year 2023 with a strong balance sheet, solid municipal end markets, and a record Fire & Emergency backlog, positioning it for continued growth in fiscal 2024.
Net sales for the fourth quarter were $693.3 million, an 11.2% increase compared to the same period last year.
Net income for the fourth quarter was $29.7 million, or $0.50 per diluted share, compared to $8.7 million, or $0.15 per diluted share, in the fourth quarter 2022.
Adjusted EBITDA for the fourth quarter was $54.0 million, compared to $33.5 million in the fourth quarter 2022.
The company's Fire & Emergency segment backlog at the end of the fourth quarter 2023 was $3,649.8 million, an increase of $1,060.4 million compared to the end of the fourth quarter 2022.
REV Group
REV Group
REV Group Revenue by Segment
Forward Guidance
The company provided full fiscal year 2024 guidance with net sales between $2.6 billion and $2.7 billion, net income between $71 million and $90 million, Adjusted EBITDA between $165 million and $185 million, Adjusted Net Income between $82 million and $99 million, and Free Cash Flow between $70 million and $85 million.
Positive Outlook
- Net Sales: $2.6 to $2.7 billion
- Net Income: $71 to $90 million
- Adjusted EBITDA: $165 to $185 million
- Adjusted Net Income: $82 to $99 million
- Free Cash Flow: $70 to $85 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income