Milwaukee-based vehicle manufacturer REV Group has reported net sales in the third quarter of $582.2 million, a 6 percent decrease compared with the $617 million during the same period a year ago.
The company suffered a net loss in the quarter of $3.6 million, compared to net income of $5.6 million in the prior year quarter.
The company said the decrease in net sales was primarily the result of the sale of its shuttle bus businesses and lower sales in its Fire & Emergency and Commercial segments.
“Throughout the quarter we experienced lingering supply chain disruptions and employee absenteeism related to COVID-19 that impacted operations and shipments. Despite some uncertainties in incoming order rates, we have seen stabilization in many of our end markets,” said REV Group President and CEO Rod Rushing. “We have made progress on the operating model and design of our business to align our leadership and define our operating cadence. To accelerate the rate of change toward delivering sequential improvements within our most challenged businesses, we implemented change programs with weekly governance to ensure transparency to our progress.”
In its Recreation segment, the company reported net sales during the quarter of $182.7 million, an increase of $16 million, or 9.6 percent, from $166.7 million in the third quarter 2019. The increase in net sales was primarily due to increased sales of motorized units partially offset by a decrease in sales of non-motorized units. Segment backlog at the end of the third quarter 2020 was $327.8 million, an increase of 153 percent from $129.7 million at the end of the third quarter 2019, reflecting strong order intake in all categories.
