By Will Feuer
REV Group Inc. posted higher sales for the fiscal fourth quarter, as it raised prices to help offset supply-chain challenges and shipped more school buses, terminal trucks and street sweepers.
The Brookfield, Wis., company, which makes specialty vehicles and related aftermarket parts, posted a profit of $8.7 million for the three months ended Oct. 31, compared with no income in the same period a year earlier. Earnings for the recently ended quarter were 15 cents a share.
Stripping out one-time items, adjusted earnings came to 28 cents a share. Analysts surveyed by FactSet expected adjusted earnings of 25 cents a share.
Revenue rose 5.7% to $623.6 million, topping Wall Street estimates for $595 million.
The company's Fire & Emergency segment posted sales of $253 million, down from $277.3 million a year earlier. The commercial segment saw sales rise to $110.9 million from $94.5 million. Sales in the recreation segment rose to $260.1 million from $217.9 million.
The company said it raised prices across all of its segments, boosting sales, though supply-chain challenges weighed on the Fire & Emergency business. Increased shipments of school buses, terminal trucks and street sweepers helped offset lower shipments of municipal transit buses in the commercial business.
The company ended the quarter with a backlog of $4.2 billion.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
December 14, 2022 07:15 ET (12:15 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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