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REV Group Inc. (REVG+1.21%) has submitted its 10-K filing for the fiscal year ended October 31, 2024.
The filing reports net sales of $2,380.2 million, a decrease from $2,638.0 million in the previous fiscal year. The decline in sales is attributed to lower sales in the Recreational Vehicles segment, partially offset by increased sales in the Specialty Vehicles segment.
Gross profit for the year was $297.3 million, down from $316.1 million in the prior year. This decrease is primarily due to lower sales in the Recreational Vehicles segment.
Selling, general, and administrative expenses were reduced to $188.7 million from $224.0 million in the previous year, mainly due to decreased personnel and legal costs.
The company reported a net income of $257.6 million, a significant increase from $45.3 million in the previous year. This increase is largely due to gains from the sale of businesses.
The company completed the divestiture of Collins Bus Corporation, Fire Regional Technical Center, and ElDorado National (California), resulting in a gain of $289.3 million.
Adjusted EBITDA was reported at $162.8 million, an increase from $156.6 million in the previous year, driven by improved performance in the Specialty Vehicles segment.
The filing details a restructuring charge of $12.3 million related to the discontinuation of manufacturing operations at the ENC facility.
The company declared dividends of $3.20 per share during the fiscal year, including a special cash dividend of $3.00 per share.
REV Group's backlog increased slightly to $4,471.3 million, with growth in the Specialty Vehicles segment offsetting a decline in the Recreational Vehicles segment.
The company ended the fiscal year with $24.6 million in cash and cash equivalents, and $85.0 million in long-term debt.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the REV Group Inc. annual 10-K report dated December 11, 2024. To report an error, please email earnings@qz.com.