Rev Group Stock Price, News & Analysis

ElDorado National, a REV Group subsidiary, has received an order for three Axess EVO-FC hydrogen fuel cell buses from the Rochester-Genesee Regional Transportation Authority (RGRTA). This order supports RGRTA's goal of achieving a zero-emissions fleet by 2035. The Axess EVO-FC buses have an industry-leading range of 400 miles and feature rapid refueling of 12-20 minutes, emitting only water as a byproduct. This initiative is backed by funding from the Federal Transit Administration to promote low and no-emission technology. Delivery of the buses is expected in 2024.

Modine Manufacturing Company (NYSE: MOD) has expanded its partnership with REV Group (NYSE: REVG) to provide advanced thermal management systems for the Vector, North America’s first all-electric fire truck. The EVantage suite includes a Battery Thermal Management System, Electronics Cooling Package, and cabin heating/cooling circuits. This collaboration aims to minimize environmental impacts in the firefighting industry by enhancing the use of alternative energy solutions. The Vector features 327 kWh of automotive-grade batteries, ensuring efficient operation and sustainability in emergency services.

Horton Emergency Vehicles, a subsidiary of REV Group, announced the launch of the Horton Occupant Protection System™ (HOPS) featuring MBrace™, an advanced airbag safety system for ambulance first responders. MBrace, which protects against frontal impact and rollover incidents, will be standard on all Horton vehicle orders from April 1, 2023. Independent data shows that nearly 80% of fatal ambulance accidents involve frontal impacts. Developed in partnership with IMMI, MBrace ensures both safety and mobility for emergency care providers. The system will be showcased at FDIC International in Indianapolis from April 27-29, 2023.

REV Group, Inc. (NYSE: REVG) reported first quarter 2023 net sales of $583.5 million, an increase of 8.7% from $537.0 million in the same quarter last year. However, the company faced a net loss of $13.5 million, compared to a loss of $0.7 million in Q1 2022. Adjusted EBITDA rose to $21.3 million from $18.3 million. The company affirms its full-year FY 2023 outlook, projecting net sales between $2.3 billion and $2.5 billion and adjusted EBITDA of $110 million to $130 million. The Fire and Emergency segment saw a 3.4% sales drop, largely due to supply chain issues and legal challenges.

REV Fire Group announces a $1.5 million expansion and renovation of its Ephrata, PA facility aimed at increasing the manufacturing capacity for aerial apparatus, specifically tractor drawn aerials (TDAs). This project is set to more than triple the production of TDAs and nearly double the workforce. With the leasing of two additional buildings, total space will increase to 123,000 square feet. The enhancements will streamline operations, including a new 20,000 square foot final inspection center. Job fairs will be held to recruit additional employees, reflecting the company's commitment to operational efficiency and customer satisfaction.

REV Group (NYSE: REVG) plans to release its first quarter fiscal 2023 results before market open on March 8, 2023. A live webcast will be hosted that same day at 10:00 a.m. ET to discuss the results. Interested investors can access the webcast through www.revgroup.com and should log in at least 15 minutes early. A telephonic replay will be available approximately three hours post-call until 11:59 p.m. ET on March 22, 2023. REV Group specializes in manufacturing specialty vehicles and aftermarket services across various sectors, notably in the Fire & Emergency, Commercial, and Recreation segments.

Capacity Trucks, a subsidiary of REV Group (NYSE: REVG), will introduce its new Zero Emissions Hydrogen Fuel Cell Electric (H2) terminal truck at the Technology & Maintenance Council (TMC) Annual Meeting from Feb 27 to March 1 in Orlando, Florida. This initiative marks a significant step in Capacity's decade-long journey toward zero emissions, leveraging partnerships with alternative fuel powertrain suppliers. The truck is designed for a maximum GCVWR of 180,000 pounds, can operate for a full shift before refueling, and takes just 15 minutes to refuel. Its unveiling reflects REV Group's commitment to low emissions solutions for the heavy-duty trucking industry.

REV Group, Inc. (NYSE: REVG) has announced the return of Mark Van Arnam as President of REV Ambulance Group, effective February 1, 2023, replacing Anoop Prakash. With over 35 years of experience in the ambulance sector, Van Arnam will manage brands such as Horton®, AEV®, and Wheeled Coach®. Additionally, Randy Hanson will rejoin as COO and VP/GM of AEV, leveraging his extensive experience to enhance the brand's leadership in the market. This management transition aims to strengthen operational performance and leadership within REV's ambulance division.

REV Group Appoints Interim CEO Amid Leadership Change

REV Group, Inc. (NYSE:REVG) has appointed Mark Skonieczny as Interim CEO following the departure of Rod Rushing, effective January 27, 2023. Rod has served as President and CEO for three years, guiding the company through challenges including COVID-19, inflation, and supply chain issues. Skonieczny, who is also the CFO, will lead during the transition to a permanent CEO. His extensive experience includes positions at Adient PLC and Johnson Controls. The Board expresses confidence in Skonieczny's capabilities to drive operational improvements and financial results for REV Group.