REV Group, a manufacturer of industry-leading specialty vehicles including RVs, has reported net sales of $554 million for the first quarter, a 4 percent increase over the first quarter of a year ago. The company credits the jump to an increase in net sales in an uptick in sales in its Fire and Emergency and Recreation segments, the latter of which is RVs.
Recreation segment net sales were $190.2 million in the first quarter, an increase of $23.4 million, or 14 percent, from $166.8 million in the first quarter 2020. The company said increase in net sales was primarily due to increased shipments of Class B and Class C units and a favorable mix of Class A units, partially offset by a decrease in shipments of Class A and non-motorized units due to lingering disruptions related to COVID-19. Backlog at the end of the first quarter 2021 was $754.3 million, an increase of $596.0 million compared to the end of the first quarter 2020. The increase was primarily the result of strong order intake across all product categories, it said.
The company’s first quarter 2021 adjusted net income was $8.8 million, or $0.14 per diluted share.
“We are pleased with our fiscal first quarter results which reflect year-over-year operating improvements in our business,” said REV Group President and CEO Rod Rushing. “Backlog and order intake have been strong in fire, emergency, recreation and specialty markets and we expect our transportation service markets to respond to greater availability and adoption of COVID-19 vaccinations throughout the year.”
