REV Group Q3 Results Top Estimates; Boosts FY23 Outlook
(RTTNews) - REV Group, Inc. (REVG), a manufacturer of specialty vehicles, on Wednesday reported that net income for the third quarter plunged to $14.9 million or $0.25 per share from $9.5 million or $0.16 per share in the prior-year quarter.
Excluding items, adjusted net income for the quarter were $0.35 per share, compared to $0.24 per share in the prior-year quarter.
On average, four analysts polled by Thomson Reuters expected the company to report earnings of $0.23 for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter increased to $680.0 million from $594.8 million in the same quarter last year. Analysts expected revenues of $627.16 million for the quarter.
Looking ahead to fiscal 2023, the company now projects net income in a range of $27 million to $37 million and adjusted net income in a range of $63 million to $73 million on net sales between $2.55 billion and $2.60 billion. The Street is looking for revenues of $2.53 billion for the year.
Previously, the company expected net income in the range of $15 million to $30 million and adjusted net income in the range of $48 million to $62 million on net sales between $2.45 billion and $2.55 billion.
The company's board of directors also declared a quarterly cash dividend of $0.05 per share of common stock, payable on October 13, 2023, to shareholders of record on September 29, 2023.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
REV Group Q3 Net Profit More Plunges; Trims FY22 Sales Outlook
TSX Continues To Climb Higher, Extends Winning Streak To 9th Straight Day
Dollar Loses Ground Against Major Counterparts
Swiss Market Ends Marginally Up
European Stocks Fail To Hold Early Gains, Close Flat
Pound Higher After Strong U.K. PMI Data
U.S. Consumer Sentiment Deteriorates More Than Previously Estimated In January
