REV said its overall net sales in the third quarter were $594.8 million, a slight increase over the $593.3 million during the same quarter a year ago.
The company, which also makes first responders’ emergency vehicles and commercial vehicles, along with RVs, said its recreation segment was the highlight of the quarter, with net sales of $254.1 million in the third quarter, an increase of $41.6 million, or 19.6%, from the $212.5 million in Q3 2021. Backlog in the recreation segment alone at the end of the third quarter 2022 was $1.2 billion, an increase of $85.9 million compared to the $1.1 billion at the end of the third quarter 2021.
The company said its overall net income in the third quarter was $9.5 million compared to net income of $23.7 million in the prior year quarter.
“We delivered sequential margin improvement in the third quarter with demand for our vehicles remaining strong. We continue to take actions to offset inflationary pressures and remain focused on operational disciplines to drive margin expansion across our businesses,” REV Group President and CEO Rod Rushing said. “The mid-point of updated guidance anticipates continued margin momentum on revenue that remains constrained by the supply chain. I would like to thank our employees for their dedication and hard work as they continue to navigate today’s challenging environment.”
REV’s recreation segment includes Class A gas and diesel RV brands that include American Coach, Fleetwood Coach, Fleetwood RV and Holiday Rambler. The company also operates two REV Service & Repair Centers and an online parts warehouse.
