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REV Clocks 6% Revenue Growth In Q4 Amid Macro Headwinds

Benzinga
2022-12-14
  • REV Group Inc (NYSE:REVG) reported a fourth-quarter FY22 sales growth of 5.7% year-over-year to $623.6 million, beating the consensus of $595 million.
  • The increase in consolidated net sales was primarily due to the rise in net sales in the Commercial and Recreation segments.
  • The gross margin declined by 36 bps to 10.7%, and the operating margin improved by 102 bps to 2.9%.
  • Adjusted EPS of $0.28 beat the consensus of $0.25.
  • Adjusted EBITDA margin was flattish Y/Y at 5.4%.
  • The company's backlog increased 35% Y/Y to $4.23 billion at the end of the quarter. It held cash and equivalents of $20.4 million.
  • Net debt was $209.6 million, and the company had $307.7 million available under its ABL revolving credit facility as of October 31.
  • Dividend: REV Group declared a quarterly cash dividend of $0.05 per share, payable on January 13, 2023, to shareholders of record on December 30, 2022.
  • "Throughout fiscal 2022, we managed macro headwinds that impacted our ability to achieve consistent production flow and staffing levels within our manufacturing facilities," REV Group President and CEO Rod Rushing said. 
  • FY23 Outlook: REV Group expects net sales of $2.30 billion - $2.50 billion versus the consensus of $2.34 billion.
  • Price Action: REVG shares closed higher by 0.99% at $13.28 on Tuesday.

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