Rev Group reported increased first-quarter sales in its Recreation segment. The manufacturer cited strong price realization as a key factor in growing sales and earnings in the segment.
Rev Group President and CEO Rod Rushing said the manufacturer overall expects supply-chain improvements as 2022 continues.
“We anticipate the external headwinds will continue in the near term and believe the actions we have taken, and an improved supply chain, will improve performance in the second half of the fiscal year,” he said.
Net sales in the Recreation segment rose 6.5% in the first quarter from the first quarter of 2021. Net sales totaled $202.6 million in the first quarter of 2022. The manufacturer said a favorable product mix also contributed to higher sales.
The company’s backlog rose in the first quarter to $1.28 billion, up 70% from the first quarter of 2021. Rev Group stated strong demand and order intake across all categories drove backlog increases.
Adjusted earnings for the segment rose 13.2% in the first quarter of 2022, totaling $17.1 million.
Overall, Rev Group reported net sales falling 3.1% in the first quarter of 2022 from the previous year. The company recorded a net loss of $700,000, including restructuring and other one-time charges.
