11/03/2022

11 March 2022
11 March 2022, Comments Comments Off on REV Group reports net sales of $202.6 million in its RV segment in the first quarter 2022 (+6.5%)
REV Group reports net sales of $202.6 million in its RV segment in the first quarter 2022 (+6.5%)

The results for the first quarter of 2022 (the three months ended 31 January, 2022) for REV Group, Inc. show net sales of its RV segment were $202.6 million in the first quarter 2022, an increase of $12.4 million, or 6.5%, from $190.2 million in the first quarter 2021.

The increase in net sales for its RV segment compared to the prior year quarter was primarily due to strong price realization, and favorable mix, partially offset by lower line rates and unit shipments related to supply chain disruption and labor constraints in certain businesses. Backlog at the end of the first quarter 2022 was $1,282.6 million, an increase of $528.3 million compared to $754.3 million at the end of the first quarter 2021. The increase was primarily the result of strong demand and order intake across all product categories. the manufacturer of specialty vehicles in the RV, commercial vehicle and fire and emergency vehicles segments, has reported its results for the first quarter of 2022 (for the three months ended January 31, 2022) with total consolidated net sales of $537.0 million, a decrease of 3.1% compared to $554.0 million for the three months ended January 31, 2021 (“first quarter 2021”). This decrease was primarily due to lower net sales in the Fire and Emergency (“F&E”) segment partially offset by an increase in net sales in the Commercial and Recreation segments.

The REV Group Inc. is a manufacturer of industry-leading specialty vehicles in the RV, commercial vehicle and fire and emergency segments. Its total consolidated net sales in the first quarter 2022 were $537.0 million, representing a decrease of 3.1% compared to $554.0 million for the three months ended January 31, 2021 (“first quarter 2021”). The decrease in consolidated net sales was primarily due to lower net sales in the Fire and Emergency (“F&E”) segment partially offset by an increase in net sales in the Commercial and Recreation segments.

The company’s first quarter 2022 net loss was $0.7 million, which included $4.4 million of restructuring and restructuring related charges, and $1.4 million of accelerated depreciation on buildings and equipment related to restructuring within the F&E segment.

Adjusted Net Income for the first quarter 2022 was $8.0 million, compared to Adjusted Net Income of $8.8 million in the first quarter 2021. Adjusted EBITDA in the first quarter 2022 was $18.3 million, compared to $23.2 million in the first quarter 2021. The decrease in Adjusted EBITDA during the quarter was primarily due to lower contribution from the F&E segment, partially offset by increased Commercial and Recreation segment Adjusted EBITDA.

“We began fiscal 2022 with strong demand, which combined with the execution of our Commercial Excellence program has led to a record backlog in each of our segments and positions us to continue to benefit from strong municipal budgets,” REV Group Inc. President and CEO Rod Rushing said. “Despite having to navigate several external headwinds within the quarter, our consolidated results were largely in line with our expectations. We anticipate the external headwinds will continue in the near term and believe the actions we have taken, and an improved supply chain will improve performance in the second half of the fiscal year.”