REV Group, Inc. SEC 10-Q Report

REV Group, Inc., a leading manufacturer of specialty vehicles, has released its Form 10-Q report for the third quarter of fiscal year 2025. The report highlights significant improvements in both financial and operational performance, driven by increased shipments and favorable product mix in key segments. The company continues to demonstrate robust growth and operational efficiency, positioning itself well for future success.

Financial Highlights

• Net sales: $644.9 million, increased by 11.3% compared to the prior year quarter, driven by higher shipments and favorable mix in the Specialty Vehicles and Recreational Vehicles segments.
• Gross profit: $101.7 million, representing a 29.9% increase from the prior year quarter, with a gross margin improvement to 15.8% from 13.5% due to higher net sales and improved margins in the Specialty Vehicles segment.
• Operating income: $57.0 million, reflecting a significant increase from $28.6 million in the prior year quarter, attributed to higher sales and improved operational efficiencies.
• Net income: $29.1 million, up 61.7% from $18.0 million in the prior year quarter, primarily due to increased sales and improved gross profit.
• Basic EPS: $0.60, compared to $0.35 in the prior year quarter, reflecting the increase in net income.
• Diluted EPS: $0.59, compared to $0.35 in the prior year quarter, indicating improved profitability per share.

Business Highlights

• Specialty Vehicles Segment Performance: The Specialty Vehicles segment saw an increase in net sales by 11.8% for the three months ended July 31, 2025, compared to the same period in 2024. This growth was driven by increased shipments and a favorable mix of fire apparatus and ambulance units, along with price realization.
• Recreational Vehicles Segment Performance: The Recreational Vehicles segment experienced a 9.7% increase in net sales for the three months ended July 31, 2025, compared to the prior year. This was primarily due to higher shipments of motorized units in certain categories and pricing actions, despite increased dealer assistance on certain models.
• Backlog Overview: As of July 31, 2025, the company's backlog was $4,499.8 million, reflecting an increase from $4,354.7 million as of July 31, 2024. The Specialty Vehicles segment contributed significantly to this increase, driven by continued demand and order intake for fire apparatus and ambulance units.
• Operational Efficiency: The company reported improvements in operational efficiency, particularly within the Specialty Vehicles segment, which contributed to a higher Adjusted EBITDA margin of 13.4% for the three months ended July 31, 2025, compared to 10.3% in the prior year period.
• Future Outlook: The company anticipates continued growth in the Specialty Vehicles segment, supported by strong demand for fire apparatus and ambulance units. However, the Recreational Vehicles segment may face challenges due to inflationary pressures and tariff impacts, which the company plans to mitigate through pricing actions and cost reduction initiatives.

SEC Filing: REV Group, Inc. [ REVG ] - 10-Q - Sep. 03, 2025