REV Group has reported consolidated net sales of $616.3 million in the fourth quarter of 2020,representing a decrease of 5.6 percent compared to $652.9 million in the same quarter in 2019.
The company said the decrease in net sales was primarily the result of the sale of the shuttle bus businesses, and a decrease in commercial segment net sales, partially offset by the acquisition of Spartan Emergency Response and an increase in net sales in the recreation segment. Consolidated net sales were $2.3 billion for the twelve months ended Oct. 31, 2020, which was a decrease of 5.2 percent over the previous full year’s sales.
The company’s fourth quarter 2020 net loss was $10.2 million, which included $8.4 million of impairment charges for the write-down of certain assets as well as $10.5 million of expenses related to restructuring activities. The net loss for the full year was $30.5 million.
“I continue to be impressed by how our employees are navigating the challenges presented by these unprecedented times,” said REV Group President and CEO Rod Rushing. “Our operational initiatives have begun to have an impact and we have put in place the foundation to continue sustained improvement. Looking ahead, we will remain focused on what we can control and continue to build disciplines aimed at further strengthening the company’s financial position and driving shareholder value.”
The company’s RV division had net sales of $194.2 million in the fourth quarter 2020, an increase of $20.5 million, or 11.8 percent, from $173.7 million in the fourth quarter of 2019. The increase in net sales was primarily due to increased sales of motorized and non-motorized units, the company said. Recreation net sales for the full year 2020 were $657.8 million, an 8.2 percent decrease from $716.3 million in full year 2019. Segment backlog at the end of the fourth quarter 2020 was $538.9 million, an increase of 223 percent from $167.0 million in the fourth quarter 2019, reflecting strong order intake in all categories.