REV Group reported its fiscal results for the three months ended April 30 (second quarter 2025).
Consolidated net sales in the second quarter 2025 were $629.1 million, compared to $616.9 million for the three months ended April 30, 2024 (second quarter 2024). Net sales for the second quarter 2024 included $32.9 million attributable to the Bus Manufacturing Businesses. Excluding the impact of the Bus Manufacturing Businesses, net sales increased $45.1 million, or 7.7% 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 second quarter 2025 net income was $19 million, or $0.38 per diluted share, which included a net $13.4 million loss on assets held for sale after considering the related income tax benefit, compared to net income of $15.2 million, or $0.28 per diluted share, in the second quarter 2024. Adjusted Net Income for the second quarter 2025 was $35.4 million, or $0.70 per diluted share, compared to Adjusted Net Income of $20.9 million, or $0.39 per diluted share, in the second quarter 2024. Adjusted EBITDA in the second quarter 2025 was $58.9 million, compared to $37.5 million in the second quarter 2024. Adjusted EBITDA for the second quarter 2024 included $1.5 million attributable to Bus Manufacturing Businesses. Excluding the impact of the Bus Manufacturing Businesses, Adjusted EBITDA increased $22.9 million, or 63.6% 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 that the second quarter’s performance continued to build upon our recent achievements. The standout this quarter was the sustained year-over-year increase in manufacturing throughput within the fire group, which played a pivotal role in driving our top-line growth,” REV Group Inc. President and CEO Mark Skonieczny said. “Within the quarter we utilized our robust cash flow and financial position to repurchase $88 million of shares, which we view as an attractive use of capital. Building on the performance demonstrated through the first half of the fiscal year, we also plan to accelerate certain capital investments to further our manufacturing throughput goals including a $20 million investment in our Brandon, South Dakota location. Today we are updating our full year fiscal guidance with an expectation that year-to-date performance and sustained operational excellence provide a foundation to offset the potential impacts from tariffs.”
Recreational Vehicles Segment
Recreational Vehicles segment net sales were $175.3 million in the second quarter 2025, a decrease of $4.4 million, or 2.4%, from $179.7 million in the second quarter 2024. The decrease in net sales compared to the prior year quarter was primarily due to lower unit shipments and increased dealer assistance, partially offset by pricing actions. Recreational Vehicles segment backlog at the end of the second quarter 2025 was $267.9 million, a decrease of $6.8 million compared to $274.7 million at the end of the second quarter 2024. The decrease was primarily the result of lower order intake in certain categories.
Recreational Vehicles segment Adjusted EBITDA was $10.9 million in the second quarter 2025, a decrease of $1.2 million, or 9.9%, from $12.1 million in the second quarter 2024. The decrease was primarily due to lower unit shipments and increased dealer assistance on certain models, partially offset by pricing actions and cost reduction initiatives.
