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REV Group Q3 Net Profit More Plunges; Trims FY22 Sales Outlook
(RTTNews) - REV Group, Inc. (REVG), a manufacturer of specialty vehicles, on Wednesday reported that net income for the third quarter plunged to $9.5 million or $0.16 per share from $23.7 million or $0.36 per share in the prior-year quarter.
Excluding items, adjusted net income for the quarter were $0.24 per share, compared to $0.37 per share in the prior-year quarter.
Net sales for the quarter edged up to $594.8 million from $593.3 million in the same quarter last year. The Street was looking for revenues of $592.62 million for the quarter.
Looking ahead to fiscal 2022, the company now projects net income in a range of $14 million to $25 million and adjusted net income in a range of $44 million to $54 million on net sales between $2.25 billion and $2.35 billion. The Street is looking for revenues of $2.34 billion for the quarter.
Previously, the company expected net income in the range of $14 million to $35 million and adjusted net income in the range of $43 million to $62 million on net sales between $2.25 billion and $2.40 billion.
The company's board of directors also declared a quarterly cash dividend of $0.05 per share of common stock, payable on October 14, 2022, to shareholders of record on September 30, 2022.
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