REV Group Inc. reported results for the three months ended Jan. 31. Consolidated net sales in the first quarter 2025 were $525.1 million, compared to $586 million for the three months ended Jan. 31, 2024. Net sales for the first quarter 2024 included $76.6 million attributable to the Bus Manufacturing Businesses. Excluding the impact of the Bus Manufacturing Businesses, net sales increased $15.7 million, or 3.1% compared to the prior year quarter. The increase, excluding the impact of the Bus Manufacturing Businesses, was primarily due to higher net sales in the Specialty Vehicles segment, partially offset by lower net sales in the Recreational Vehicles segment.
The company’s first quarter 2025 net income was $18.2 million, or $0.35 per diluted share, compared to net income of $182.7 million, or $3.06 per diluted share, in the first quarter 2024, which included a $257.5 million gain on the sale of Collins. Adjusted Net Income for the first quarter 2025 was $20.9 million, or $0.40 per diluted share, compared to Adjusted Net Income of $14.7 million, or $0.25 per diluted share, in the first quarter 2024. Adjusted EBITDA in the first quarter 2025 was $36.8 million, compared to $30.5 million in the first quarter 2024. Adjusted EBITDA for the first quarter 2024 included $9.9 million attributable to Bus Manufacturing Businesses. Excluding the impact of the Bus Manufacturing Businesses, Adjusted EBITDA increased $16.2 million, or 78.6% compared to the prior year quarter. The increase, excluding the impact of the Bus Manufacturing Businesses, was primarily due to the higher contribution from the Specialty Vehicles segment and lower contribution from the Recreational Vehicles segment.
“We are pleased to have delivered record first quarter results, demonstrating the strength of our operational execution and disciplined approach. This performance reinforces our confidence in the momentum we are building and positions us well for the year ahead. As a result, we are reaffirming our fiscal 2025 guidance provided in December,” said Mark Skonieczny, REV Group Inc. president and CEO. “Within the quarter we utilized our strong balance sheet and financial position to recommence share repurchases, which we view as an attractive use of capital at the current valuation. With a solid foundation of execution and momentum in place, we remain focused on driving continued growth and creating long-term value for our shareholders.”
Recreational Vehicles Segment
Recreational Vehicles segment net sales were $155.0 million in the first quarter 2025, a decrease of $14.4 million, or 8.5%, from $169.4 million in the first quarter 2024. The decrease in net sales compared to the prior year quarter was primarily due to decreased unit shipments and increased dealer assistance, partially offset by pricing actions. Recreational Vehicles segment backlog at the end of the first quarter 2025 was $264.5 million, a decrease of $112.2 million compared to $376.7 million at the end of the first quarter 2024. The decrease was primarily the result of lower order intake in certain categories, unit shipments against backlog, and order cancellations.
Recreational Vehicles segment Adjusted EBITDA was $9.2 million in the first quarter 2025, a decrease of $2.4 million, or 20.7%, from $11.6 million in the first quarter 2024. The decrease was primarily due to lower unit shipments, increased dealer assistance, and inflationary pressures, partially offset by productivity and cost reduction initiatives.
See REV Group’s full financial report and management commentary here.
