REV Group Inc · Q1 2023 earnings

Briefing

REV Group reported first quarter results and updated fiscal year 2023 outlook.

REV Group's first quarter net sales increased by 8.7% to $583.5 million compared to the prior year, driven by higher sales in the Commercial and Recreation segments, while net loss was $13.5 million, impacted by legal and restructuring charges. The company reaffirms its full-year fiscal 2023 outlook for net sales and Adjusted EBITDA, while updating the outlook for net income.

• First quarter net sales of $583.5 million compared to $537.0 million in the prior year quarter
• First quarter net loss of $13.5 million compared to a net loss of $0.7 million in the prior year quarter
• First quarter Adjusted EBITDA of $21.3 million compared to $18.3 million in the prior year quarter
• Reaffirms full-year fiscal 2023 outlook for net sales of $2.3 to $2.5 billion, Adjusted EBITDA of $110 to $130 million, and Adjusted Net Income of $42 to $60 million; Updates outlook for net income to $13 to $32 million

Headline financials

Revenue & EPS history

Full Fiscal Year 2023 Updated Guidance. Net Sales $2.3 to $2.5 billion, Net Income $13 to $32 million, Adjusted EBITDA $110 to $130 million, Adjusted Net Income $42 to $60 million, Free Cash Flow $39 to $55 million.