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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, Inc. (NYSE: REVG) reported Q4 2022 net sales of $623.6 million, a 5.7% increase year-over-year, and full-year sales of $2.3 billion, down 2.1% from the previous year. Q4 net income was $8.7 million, up from $0 million, while full-year net income dropped to $15.2 million from $44.4 million. Adjusted EBITDA for Q4 was $33.5 million, a rise from $31.1 million, but full-year Adjusted EBITDA decreased to $105.1 million from $141.5 million. The company declared a quarterly dividend of $0.05 per share and expects 2023 sales between $2.3 billion and $2.5 billion.
The Fleetwood RV® Frontier GTX has gained industry recognition, including being awarded Best New Model for 2023 by RV PRO and being named a finalist for RV of the Year by RVBusiness. This model features an innovative corner office design in the 37RT, catering to the needs of remote workers. The Frontier GTX was showcased at the 2022 Open House in Elkhart and will be featured at the Florida RV Super Show from January 18-22, 2023. REV Group, Inc. manufactures this model, reinforcing its commitment to innovation in the recreational vehicle sector.
REV Group (NYSE: REVG) plans to release its fourth quarter fiscal 2022 results on December 14, 2022, before market open. Investors can join a live webcast at 10:00 a.m. ET that same day for discussion and insights regarding the results. The webcast will be accessible via www.revgroup.com. A telephonic replay will be available about three hours after the call, lasting until 11:59 p.m. ET on December 28, 2022.
REV Group, Inc. (NYSE: REVG) has appointed Dan DesRochers as the new President of REV Fire Group. He will oversee brands such as E-ONE®, Ferrara™, and KME™, reporting directly to CEO Rod Rushing. DesRochers brings over 30 years of experience, having previously served as President and COO at Morgan Truck Body, leading 2,500 employees across 14 plants. His track record includes successful business turnarounds and expertise in manufacturing operations. Rushing expressed confidence in DesRochers' ability to enhance customer service and shareholder value.
REV Group Inc., through its subsidiary ElDorado National, has secured an order from Dallas Fort Worth International Airport for 22 Axess CNG buses and 4 Axess EVO-BE Battery Electric buses. This acquisition aims to enhance DFW's sustainability efforts, as it is the first carbon-neutral airport in North America. The buses are expected to be delivered by Summer 2023. Jason Moore, VP of ENC, emphasized the commitment to low-emission technologies, while DFW aims for net-zero carbon emissions by 2030.
REV Group, Inc. has promoted Brian Stout to Vice President and General Manager of Midwest Automotive Designs, effective immediately. Stout, who has been with the company for ten years, previously served as Director of Operations, where he successfully increased production from five to 40 vans per week. His leadership is expected to further enhance operational efficiency. Mike Lanciotti, the President of the REV Recreation Segment, commended Stout for his significant contributions to the company’s growth and success.
REV Group reported third quarter 2022 net sales of $594.8 million, a slight increase from $593.3 million in the same period last year. However, net income fell to $9.5 million from $23.7 million, and Adjusted EBITDA decreased to $29.5 million compared to $41.6 million year-over-year. The company updated its fiscal 2022 outlook to net sales between $2.25 billion and $2.35 billion. Despite strong demand, challenges such as supply chain disruptions impacted performance in the Fire & Emergency segment, with a backlog of $3.9 billion reported.
ElDorado National, a subsidiary of REV Group, has announced the development of next-generation zero-emission buses: the Axess Battery Electric Bus (EVO-BE) and Axess Hydrogen Fuel Cell Electric Bus (EVO-FC). The EVO-BE features a market-leading 738 kWh battery and the EVO-FC is designed for a range of up to 400 miles. Both models utilize the proven Axess platform, ensuring over 90% commonality for easier maintenance. Orders are now being accepted, with deliveries expected in 2023, highlighting the company's commitment to revolutionizing the transit bus industry with innovative emission-free technology.
REV Group has unveiled the Eclipse, a new Class A Gas motorhome by Holiday Rambler, showcasing various luxury features. It offers three floorplans ranging from 32’ to 35’ to cater to diverse owner preferences. Notable standard features include a full-sized stainless-steel refrigerator, Serenity king bed, and a Hide-A-Loft™ electric drop-down bed for extra guests. The motorhome is built on a robust 22,000-pound chassis with a Ford® 7.3L V8 engine providing 350 horsepower. The Eclipse starts at an MSRP of $199,888.
REV Group's Spartan Emergency Response has secured an order from Toronto Fire Services for two all-electric Vector™ fire trucks, marking a significant step in sustainable firefighting. This makes Toronto one of the first Canadian fire departments to adopt fully electric pumper trucks. The Vector trucks feature 327 kWh batteries, enabling long-lasting electric operations, aligning with Toronto's TransformTO Net Zero Strategy aiming for community-wide net zero emissions by 2040. This historic purchase supports both operational efficiency and climate action efforts.