Rev Group reported a profitable fiscal third quarter of 2024, saying the company’s profits rose 21% from the fiscal third quarter of 2023.
The sale of the company’s Collins bus business affected sales and profits in the quarter. A strong quarter from the company’s Specialty Vehicle segment helped increase sales.
The Recreational Vehicle segment did not meet fiscal 2023 third-quarter levels.
REV Group President and CEO Mark Skonieczny said, “Within the Recreational Vehicles segment, market conditions remain challenged. However, we continue to be proactive in managing our cost structure to align with end-market demand and deliver operating margins in line with our expectations.”
In 2024’s fiscal third quarter, the Recreational Vehicle segment posted $147.4 million in sales, down 31% from the fiscal third quarter of 2023. Adjusted earnings totaled $9.4 million, down 49% from the fiscal third quarter of 2023.
Rev Group said the declines were due to fewer shipments and increased discounts. Rev Group also cited inflationary pressures as a reason for declining earnings, saying cost reduction actions partially offset the declines.
The RV segment backlog fell 41% from the fiscal third quarter of 2023, partly because of fewer orders but also because of order cancellations.
Through the first nine months of fiscal 2024, RV segment sales are down 29% from fiscal 2023. Adjusted earnings for the first nine months of fiscal 2024 are down 54% from fiscal 2023.
