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.
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