Stock Track | REV Group Plunges as Q3 Earnings Disappoint and Outlook Cut

Stock Track09-05

Shares of Rev Group Inc. (REVG), a leading manufacturer of specialty and recreational vehicles, plummeted over 27% on Wednesday, September 4th, 2024, after the company reported disappointing fiscal third-quarter 2024 results and lowered its revenue outlook for the full year.

For the quarter ended July 31st, REV Group's net sales declined 14.8% year-over-year to $579.4 million, missing analysts' expectations of $618.7 million. The lower sales were primarily driven by decreased unit shipments and increased discounting in the Recreational Vehicles segment.

While net income increased to $18.0 million, or $0.35 per diluted share, it fell short of analysts' earnings per share estimate of $0.37. However, the company's adjusted EBITDA, a non-GAAP measure, rose 14.7% year-over-year to $45.2 million, supported by higher profitability in the Specialty Vehicles segment.

The biggest setback for REV Group was the revised full-year fiscal 2024 outlook, with the company now expecting net sales in the range of $2.35 billion to $2.45 billion, down from its previous guidance of $2.40 billion to $2.50 billion. This lower revenue outlook, coupled with the weaker-than-expected third-quarter sales, led to investor concerns and a significant selloff in the stock.

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(REVG), a leading manufacturer of specialty and recreational vehicles, plummeted over 27% on Wednesday, September 4th, 2024, after the company reported disappointing fiscal ...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"REVG","symbol_name":"Rev Group Inc.","start_time":0,"source_url":"","article_id":"1138861309","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1138861309","pubTimestamp":1725551415,"sourceInfo":null,"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of Rev Group Inc. , a leading manufacturer of specialty and recreational vehicles, plummeted over 27% on Wednesday, September 4th, 2024, after the company reported disappointing fiscal third-quarter 2024 results and lowered its revenue outlook for the full year.For the quarter ended July 31st, REV Group's net sales declined 14.8% year-over-year to $579.4 million, missing analysts' expectations of $618.7 million. 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