REV Group Q2 Net Income Rises; Updates FY24 Outlook

(RTTNews) - REV Group (REVG) reported second quarter net income of $15.2 million, or $0.28 per share, compared to $14.2 million, or $0.24 per share, a year ago. Adjusted net income was $20.9 million, or $0.39 per share, compared to $20.8 million, or $0.35 per share, last year. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.26, for the quarter. Analysts' estimates typically exclude special items.

Consolidated net sales were $616.9 million, compared to $681.2 million, previous year. Excluding the impact of the Collins divestiture, net sales decreased 2.7% compared to the prior year quarter. Analysts on average had estimated $601.46 million in revenue.

For 2024, the company expects adjusted net income in a range of $76 million to $90 million, revised from prior guidance range of $72 million to $90 million. Net sales are now projected in a range of $2.40 billion to $2.50 billion, revised from $2.45 billion to $2.55 billion.

The company's board declared a regular quarterly cash dividend of $0.05 per share of common stock, payable on July 12, 2024, to shareholders of record on June 28, 2024.

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