REV Group Q4 Results Top Estimates, Declares Dividend; Stock Up In Pre-market

(RTTNews) - REV Group, Inc. (REVG), a manufacturer of specialty vehicles, on Wednesday reported that its fourth-quarter net income was $8.7 million or $0.15 per share, compared to breakeven last year.

Adjusted net income was $16.2 million or $0.28 per share, compared to $17.9 million or $0.27 per share a year ago.

On average, seven analysts polled by Thomson Reuters expected earnings of $0.25 per share for the quarter. Analysts' estimates typically exclude special items.

Consolidated net sales in the fourth quarter were $623.6 million, an increase of 5.7 percent from $589.9 million in the prior year. Analysts estimated sales of $595.02 million for the quarter.

Further, the company's board of directors declared a quarterly cash dividend of $0.05 per share, payable on January 13, to shareholders of record on December 30.

Looking ahead, REV Group President and CEO Rod Rushing said, "We have made progress against supply chain headwinds with an expectation to benefit from multi-sourcing initiatives within the first half of fiscal 2023."

In pre-market activity on the NYSE, REV Group shares were gaining around 5 percent to trade at $13.94.

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