REV Group has reported results for its fiscal fourth quarter 2017, showing consolidated net sales of $683.9 million, growing 25.5 percent over last year. This increase was driven by strong growth in the fire & emergency and recreation segments. Consolidated net sales were $2.27 billion for the twelve months ended Oct. 31, which was an increase of 17.7 percent over the twelve months ended Oct. 29, 2016.
Fourth quarter net income was $22.7 million. Net income for the full year 2017 was $31.4 million.
“We are pleased to report another quarter of strong earnings and year-over-year growth,” said Tim Sullivan, REV Group president and CEO. “Our strong fourth quarter completed the first successful year for REV Group as a public company. The combination of successful commercial and product strategies, higher sales volumes and our team’s focus on operational improvement initiatives drove improved profit margins across all our businesses on a year over year basis.”
The Recreation segment grew net sales to $188.9 million in the fourth quarter, representing an increase of 56.7 percent over the prior year quarter. Recreation segment sales growth was partially driven by the acquisitions of Renegade RV and Midwest Automotive Designs.
In addition to the growth in unit sales for the segment’s Class A coaches, the segment also continues to benefit from expansion of its Class C line of products as well as overall growth in its end markets.
Recreation net sales for full year 2017 were $659.8 million, which was an increase of 38 percent over net sales of $478.1 million for full year 2016. Excluding the impact of acquired companies in 2017, full year recreation net sales increased 14.5 percent compared to 2016.