Rev Group reported a fiscal first-quarter profit for the three months that ended Jan. 31 after one-time charges were backed out of financial results. Rev Group attributed the positive results in part to strength from its Rev Recreation Group segment manufacturing motorhomes and towable RVs.
The manufacturer’s $13.5 million net loss in the fiscal first quarter of 2023 includes more than $19 million in legal and restructuring charges. The result left the company with adjusted profits of $6.9 million in the first quarter, down 13.8% from the fiscal first quarter of 2022.
The company also reaffirmed its expectations for the rest of the fiscal year.
“First quarter results reflect an improving operating environment as the efforts of our team to manage through an inconsistent supply chain take hold.” interim President and CEO Mark Skonieczny said.
The Rev Recreation Group posted net sales up 11.5% from the fiscal first quarter of 2022. The increase was due primarily to a favorable mix of RV sales and increased prices, offset in part by lower shipments, the company said.
Adjusted earnings totaled $24.3 million in the fiscal first quarter, up 42.1% from the fiscal first quarter of 2022.
“I am pleased with solid operational performance within our commercial and recreation segments that resulted in increased production and unit shipments surpassing our expectations,” Skonieczny said.
