REV Group, Inc. reported developments tied to its specialty vehicle and recreational vehicle manufacturing businesses, including operating results, segment performance, product demand, capital investment and brand activity. Its Specialty Vehicles segment provided customized vehicle solutions for public-service and commercial-infrastructure applications, including ambulances, fire apparatus, terminal trucks and industrial sweepers. Its Recreational Vehicles segment manufactured Class B vans, Class C/Super C motorhomes and Class A gas and diesel motor coaches through brands such as Fleetwood RV, Holiday Rambler, American Coach, Renegade RV and Midwest Automotive Designs.
Company updates also covered shareholder voting matters, governance, capital-structure actions, debt reduction, share repurchases, regular cash dividends and capacity investments such as Horton Emergency Vehicles manufacturing expansion. Later corporate-status disclosures addressed the removal and termination of registration of REV Group common stock.
Four-time Indy 500 winner Hélio Castroneves aims for his fifth victory this year. He utilizes a customized American Coach luxury motorhome, manufactured by REV Group, to prepare for races. The motorhome features a sleek black exterior and a luxurious interior tailored to his needs, including modern amenities like massaging chairs, heated flooring, and a fully outfitted kitchen. American Coach recently debuted the 45E floorplan for $940,000, boasting innovative designs and luxurious features to enhance the RV experience.
REV Group, Inc. reported first-quarter 2022 net sales of $537.0 million, down 3.1% from $554.0 million in Q1 2021. The company incurred a net loss of $0.7 million compared to breakeven last year. Adjusted EBITDA fell to $18.3 million from $23.2 million.
Despite challenges, the company maintains a record backlog of $3.4 billion and reaffirms its full-year outlook with net sales between $2.3 billion to $2.55 billion.
REV Group (NYSE: REVG) has delivered an all-electric ambulance to DocGo, a leader in last-mile medical services, marking a significant step towards sustainable healthcare solutions. Manufactured at Leader Emergency Vehicles in South El Monte, CA, this zero-emission ambulance promises to reduce transportation costs and environmental impact. The vehicle features advanced battery capacity, supporting various charging methods. This initiative aligns with DocGo's ambition to establish an all-electric fleet by 2032, with collaboration from Lightning eMotors to electrify the ambulance chassis.
REV Group (NYSE: REVG) will disclose its first quarter fiscal 2022 results on March 9, 2022, before market opening. Following this, a live webcast will occur at 10:00 a.m. ET. Investors can access the webcast via www.revgroup.com, with presentation slides available beforehand. A telephonic replay will be accessible three hours post-call, remaining available until March 23, 2022, at 11:59 p.m. ET.
Actor Ian Somerhalder has selected Fleetwood RV as his family's mobile home, traveling across the nation in a luxury Discovery LXE 40M model during 2022. As he promotes the recently launched Brother's Bond bourbon, he enjoys the flexibility of traveling in an RV. Fleetwood RV, a brand under REV Group (NYSE: REVG), is noted for its quality and family-friendly designs, essential for Somerhalder’s travels. The Discovery LXE model features numerous luxurious amenities, reinforcing Fleetwood's reputation in the RV market.
REV Group's subsidiary, ElDorado National (ENC), has secured its inaugural order of six Axess Battery Electric Buses (BEB) from First Transit for Emory University in Atlanta. This order marks an expansion of their partnership, enhancing the university's existing fleet of 36 low-floor shuttle buses. Incorporating Cummins' battery-electric system, the ENC Axess BEB aims to support Emory's sustainability goals as part of the Race to Zero initiative for carbon neutrality. The Axess BEB is designed for various transit applications, featuring flexible charging options and customizable configurations.
REV Recreation Group reported record sales at the 2022 Florida RV SuperShow held from January 19 to 23. The company showcased over 70 models across various brands including American Coach®, Fleetwood RV®, and Holiday Rambler®. Notably, Renegade RV achieved record sales with its luxury models. Fleetwood RV, Holiday Rambler, and American Coach sold over 100 units, marking a historic performance. Attendance surpassed 20,000 on opening day, highlighting strong consumer interest. This success may positively impact REV Group's stock performance.
REV Recreation Group, a leader in luxury RV manufacturing, has announced advancements in its 2022 models across brands like Fleetwood RV, American Coach, and Renegade RV. Notable features include a patent-pending dinette design, lithium battery technology, and innovative living areas tailored to customer needs. The company aims to enhance user experiences through cutting-edge technology while expanding its customer base in the recreational vehicle sector.
REV Group, Inc. (NYSE: REVG) reported fourth quarter net sales of $589.9 million, a 4.3% decline year-over-year. However, full year sales rose 4.5% to $2.38 billion. The fourth quarter net income stood at $0.0 million but adjusted net income increased to $17.9 million. Adjusted EBITDA also improved to $31.1 million for the quarter. The company declared a quarterly dividend of $0.05 per share and reported a record backlog of $3.1 billion.
Outlook for fiscal 2022 anticipates net sales between $2.3 and $2.55 billion.
REV Group, Inc. (NYSE: REVG) has announced key agreements to advance alternative fuel-powered ambulances in the U.S. and internationally. Major contracts include sales to American Medical Response (AMR), Qatar's Hamad Medical Corporation (HMC), and a modification of the U.S. General Services Administration (GSA) contract for electric ambulances. AMR has purchased five electric ambulances, with an option for 25 more, while HMC is testing a zero-emission ambulance. These initiatives align with REV's commitment to lead in electric ambulance technology.