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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.
REV Group reported second quarter 2024 net sales of $616.9 million, a decrease from $681.2 million in the same period in 2023. Despite the sales drop, net income increased to $15.2 million from $14.2 million. Adjusted EBITDA was $37.5 million, down from $41.9 million, reflecting the impact of the Collins Bus divestiture. The company updated its fiscal 2024 outlook, projecting net sales of $2.4-$2.5 billion and net income of $230-$245 million. Specialty Vehicles segment saw a 2.9% sales increase, while Recreational Vehicles segment experienced a 30% decline. The company completed several strategic actions, including the sale of Collins and a public offering, to streamline operations and return cash to shareholders.
REV Group (NYSE: REVG), a specialty vehicle manufacturer, has appointed Cynthia Augustine to its Board of Directors, effective immediately. Augustine is the global chief talent officer at McCann Worldgroup, with previous roles at FCB Global, Scholastic, Time Warner, and The New York Times Company. She brings extensive experience in human capital management and executive leadership.
Jean Marie Canan, Board Chair, praised her expertise in organizational and operational imperatives. Augustine holds a juris doctorate from Rutgers University School of Law and a bachelor's degree from Sarah Lawrence College. She is also a Board of Trustees member for the Innocence Project and has received numerous accolades for her influence in corporate America.
REV Group (NYSE: REVG) announced plans to release its second quarter fiscal 2024 financial results on June 5, 2024, before market opening.
The company will host a live webcast to discuss the results at 10:00 a.m. ET on the same day.
Investors can access the webcast by visiting www.revgroup.com at least 15 minutes before the event.
Conference call access is available via 1-877-407-9208 (domestic) or 1-201-493-6784 (international).
A telephonic replay will be accessible approximately three hours post-call until June 19, 2024, by dialing 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and using passcode 13746745.
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