REV Clocks 18% Revenue Growth In Q2 Amid Macro Headwinds - REV Group (NYSE:REVG)
REV Group, Inc.REVG reported asecond-quarter FY23sales growth of 18.2% year-over-year to $681.2 million, beating theconsensusof $580.46 million.
Adjusted EPS of $0.35 beat the consensus of $0.18.
The gross margin expanded by 221 bps to 12.11%. Net income for Q2 was $14.2 million, compared to a net loss of $2.3 million in the prior year quarter. Adjusted EBITDA of $41.9 million jumped 76.1% Y/Y.
The company's backlog increased to $3.85 billion at the end of the quarter, compared with $3.62 billion a year ago. It held cash and equivalents of $9 million, with net debt of $221 million.
REV Group had $305.5 million available under its ABL revolving credit facility as of April 31.
Several businesses in the F&E and commercial segments "improved their operational consistency with increased starts and completions resulting in improved net sales," REV Group CEO Mark Skonieczny said.
Dividend: REV Group declared a quarterly cash dividend in the amount of $0.05 per share of common stock, payable on July 14, 2023, to shareholders of record on June 30, 2023.