Rev Group reported fiscal fourth-quarter sales and earnings surpassing analysts’ expectations. The RV manufacturer recorded quarterly revenue of $693.3 million, topping consensus analysts’ estimates of $666.1 million. The company’s non-GAAP earnings totaled 53 cents a share, beating estimates of 34 cents a share.
REV Group President and CEO Mark Skonieczny said, “We are pleased to deliver strong fourth quarter and full-year results which are a testament to the progress of the operational initiatives we have put in place over the past few quarters, and the hard work of our dedicated employees.”
The strong quarter came as the company’s Recreation Segment posted lower revenue and earnings compared with the fiscal fourth quarter of 2022.
Recreation segment sales totaled $215.2 million in the fourth quarter of 2023, down 17.2% from a year earlier. Rev Group said the decline was primarily due to fewer RV shipments, increased discounts and an unfavorable category mix.
Adjusted earnings in the quarter totaled $19.1 million, down 45.8% from the fiscal fourth quarter of 2022. In addition to the previous factors, Rev Group said inflationary pressures weighed on the segment’s earnings.
Rev Group’s backlog totaled $385.2 million, down 65% from a year earlier.
