REV Group, which includes its RV manufacturing arm, the REV Recreation Group, reported net sales in the second quarter of $643.6 million compared to $547 million in the prior year quarter, an increase of nearly 18 percent.
Second quarter net income was $20.6 million compared to a net loss of $7.6 million in the prior year quarter
“We are pleased with our second quarter performance that exceeded expectations and resulted in record first half earnings,” REV Group President and CEO Rod Rushing said. “While we will likely continue to experience and need to actively manage through supply chain and labor constraints in the second half of the year, the progress and momentum we are making through our operational initiatives combined with a record $2.3 billion backlog has positioned us to raise our guidance for the full fiscal year 2021. In addition, our board’s reinstatement of the quarterly cash dividend reflects their confidence in our improved financial position and performance.”
Net sales in the company’s recreation segment were $237.9 million in the second quarter 2021, an increase of $123.9 million, or 108.7 percent, from $114. million in the second quarter 2020. The increase in net sales compared to the prior year quarter was primarily due to increased shipments in all product categories as well as lower discounting and sales allowances versus the prior year quarter, which was impacted by COVID-19 related disruptions, including the suspension of normal production activities. Backlog at the end of the second quarter 2021 was $940.5 million, an increase of $817.6 million compared to $122.9 million at the end of the second quarter 2020. The increase was primarily the result of strong order intake across all product categories.