Rev Group, Inc. (REVG) 10-Q Quarterly Report March 2019

Announced a new $106 million five-year contract with the City of Chicago to provide multiple E-ONE fire apparatus including pumpers, aerials and platforms

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Company reaffirms full year expectation for net sales of $2.4 to $2.6 billion, net income of $43 to $63 million, Adjusted Net Income of $66 to $84 million, Adjusted EBITDAof $150 to $170 million, and net cash provided by operating activities of $110 to $130 million

Milwaukee, Wis. — (BUSINESS WIRE) — REV Group, Inc. (NYSE: REVG) today reported results for the three months ended January 31, 2019 (“first quarter 2019”). Consolidated net sales in the first quarter 2019 were $518.7 million, representing growth of 0.7 percent over the three months ended January 31, 2018 (“first quarter 2018”). The increase in consolidated net sales was driven by continued sales growth in both the Commercial and Recreation segments, which was partially offset by lower net sales in the Fire & Emergency segment.

“Results for the first quarter of fiscal 2019 came in generally as expected. As we mentioned last quarter, the beginning of fiscal year 2019 would include a reset of our operations and production cadence as a result of the many supply headwinds we faced in fiscal 2018. In addition, we experienced order growth across most of our product categories during the first quarter translating into sequentially higher backlog levels and setting us up well for the remainder of the year,” said Tim Sullivan, CEO REV Group, Inc. “As a result of our focus on net working capital management we drove stronger year-over-year cash flow results. I am proud of our team’s ability to effectively manage through several short-term issues and I believe that most of those are now behind us. We continue to expect a successful return to organic top-line growth and improved profitability in fiscal 2019 and we remain on track to meet our full year objectives.”

The Company’s first quarter 2019 net loss was $14.6 million, or $0.23 per diluted share, compared to net income of $9.4 million, or $0.14 per diluted share, in the first quarter of 2018. Adjusted Net Loss for the first quarter 2019 was $2.9 million, or $0.05 per diluted share, compared to Adjusted Net Income of $9.8 million, or $0.15 per diluted share, in the first quarter 2018. Adjusted EBITDA in the first quarter 2019 was $12.3 million, compared to $21.3 million in the first quarter 2018. The decline in Net Income, Adjusted Net Income and Adjusted EBITDA during the quarter was driven by lower sales within the normally higher margin Fire & Emergency segment partially offset by growth in both the Commercial and Recreation segments.

¹	REV Group, Inc. Adjusted Net Income and Adjusted EBITDA are non-GAAP measures that are reconciled to their nearest GAAP measure later in this release.

The following information was filed by Rev Group, Inc. (REVG) on Wednesday, March 6, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Rev Group, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: REVG
CIK: 1687221
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-19-006529
Submitted to the SEC: Wed Mar 06 2019 5:18:05 PM EST
Accepted by the SEC: Wed Mar 06 2019
Period: Thursday, January 31, 2019
Industry: Motor Vehicles And Passenger Car Bodies