Exhibit 99.1

 

 

 

January 7, 2021

 

NEWS RELEASE

FOR IMMEDIATE RELEASE

 

 

REV GROUP, INC. REPORTS FISCAL 2020 FOURTH QUARTER AND FULL YEAR RESULTS

 

 

Fourth quarter and full year net sales of $616.3 million and $2,277.6 million, respectively

 

Fourth quarter and full year net loss of $10.2 million and $30.5 million, respectively

 

Fourth quarter and full year Adjusted EBITDA1 of $28.0 million and $67.5 million, respectively

 

Fourth quarter and full year Adjusted Net Income of $11.8 million and $9.5 million, respectively

 

Full year net cash provided by operating activities of $55.7 million and net debt reduction of $46.1 million

 

Milwaukee, Wis.--(BUSINESS WIRE) -- REV Group, Inc. (NYSE: REVG), a manufacturer of industry-leading specialty vehicles, today reported results for the three months ended October 31, 2020 (“fourth quarter 2020”). Consolidated net sales in the fourth quarter 2020 were $616.3 million, representing a decrease of 5.6 percent compared to $652.9 million for the three months ended October 31, 2019 (“fourth quarter 2019”). 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 (“Spartan ER”) and an increase in net sales in the Recreation segment. Consolidated net sales were $2.3 billion for the twelve months ended October 31, 2020 (“full year 2020”), which was a decrease of 5.2 percent over the twelve months ended October 31, 2019 (“full year 2019”).

 

The company’s fourth quarter 2020 net loss was $10.2 million, or $0.16 per diluted share, 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 and restructuring related activities. Adjusted Net Income for the fourth quarter 2020 was $11.8 million, or $0.19 per diluted share, compared to Adjusted Net Income of $3.3 million, or $0.05 per diluted share, in the fourth quarter 2019. Net loss for the full year 2020 was $30.5 million, or $0.48 per diluted share, compared to a net loss of $12.3 million, or $0.20 per diluted share in full year 2019. Full year 2020 Adjusted Net Income was $9.5 million, compared to $30.0 million for the full year 2019, which represents a decline of 68 percent resulting from lower earnings from operations in the Fire & Emergency (“F&E”) and Commercial segments, partially offset by higher earnings in the Recreation segment.

 

Adjusted EBITDA in the fourth quarter 2020 was $28.0 million, compared to $19.3 million in the fourth quarter 2019. The increase in Adjusted EBITDA during the quarter was driven by increased contribution from the F&E and Recreation segments partially offset by lower contribution from the Commercial segment. Full year 2020 Adjusted EBITDA was $67.5 million, compared to $102.1 million in full year 2019.

 

During the quarter, the company made several leadership changes aimed at further accelerating the pace of the company’s REV Business System progress. Announced changes include the expansion of Commercial segment President, Brian Perry’s, role to Senior VP of Operations, responsible for manufacturing strategy, operational excellence, and procurement. In addition, the company appointed Rob Vislosky as Chief Supply Officer. Mr. Vislosky most recently served as Vice President & Chief Procurement Officer at Honeywell International, managing an $18 billion global spend portfolio.

 

“I continue to be impressed by how our employees are navigating the challenges presented by these unprecedented times,” REV Group Inc. President and CEO Rod Rushing said. “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.”

 

 

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.  

 

1


The following information was filed by Rev Group, Inc. (REVG) on Thursday, January 7, 2021 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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