RV Business

AUBURN, Calif. – InterMotive Vehicle Controls announces a significant leadership change. Owners Greg and Linda Schafer have decided to step down from their President and CEO positions, respectively, passing the baton to current Senior Vice President Carl Wacker, who will assume the role of President effective Jan. 1, 2025.

The Schafers founded InterMotive 28 years ago, guiding the company through substantial growth and success. Their decision to step down from their day-to-day roles marks the end of an era, but also the beginning of a new chapter both in InterMotive’s history and their own. The Schafers will be devoting attention to their family foundation and housing project geared toward people with intellectual disabilities, Lighthouse Living Foundation.

“Our goal is to build a 40-unit apartment community for adults with developmental disabilities in Reno, Nevada,” says Linda Schafer. “There’s a great need for communities like this across the country and currently there is nothing like it in the greater Reno area.”

Greg Schafer reminisces about InterMotive’s humble beginnings. “We started the company in our garage. I’m so proud of how it has evolved. Both Linda and I have full confidence in Carl and believe he is the right person to lead InterMotive into the future.”

Carl Wacker brings a wealth of automotive experience and a proven track record of success to his new role. Only a year at InterMotive and Wacker has demonstrated his skills in driving strategic initiatives and enhancing operational efficiency. His vision for the future aligns well with InterMotive’s values and long-term goals.

“I am deeply honored to take the wheel as President of InterMotive,” says Wacker. “Building on the strong foundation laid by Greg and Linda, we will continue to innovate, grow and deliver exceptional value to our customers.”

As part of the transition, Greg Schafer will adopt the CEO position and remain involved for support and guidance as Wacker takes on his new role. Both Greg and Linda will remain on InterMotive’s Board of Directors.

InterMotive Enterprises is the parent company of InterMotive Vehicle Controls and LGS Group. InterMotive provides commercial safety and performance optimization products. Our plug and play electronic control systems leverage a vehicle’s own data networks to enhance its functions in new ways. We specialize in custom solutions for work truck, transit and paratransit, law enforcement, ambulance, fire truck, school bus, RV and personal-use mobility industries.

To learn more, call 800-969-6080 or visit www.intermotive.net.

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SAN DIEGO, – NeoVolta Inc. (Nasdaq: NEOV), a leading innovator in energy storage solutions, announces the execution of a non-binding letter of intent (LOI) with Expion360 Inc. (Nasdaq: XPON), an expert in battery design and engineering and an industry leader in lithium-ion battery power storage solutions. ​The LOI provides the framework for a potential collaboration, according to a release, that aims to leverage the parties’ shared resources to engineer a state-of-the-art battery manufacturing facility and develop innovative lithium-ion battery cell and module product designs, marking a significant milestone in the production of American-made batteries.

If the parties proceed with a formal engagement under the LOI, Expion360 intends to contribute its expertise in design and engineering, while NeoVolta plans to provide the necessary capital and manpower. ​Together, the companies expect to bring high-performance, sustainable energy storage solutions to the market to address the growing demand for efficient energy management in both residential and commercial applications.

Recently NeoVolta completed phase one of its loan application for $250 million from the U.S. Department of Energy (DOE) Title 17 Loan Program (LPO), and has been approved to proceed with phase two, consisting of technical due diligence. To meet domestic content requirements for commercial grade Battery Electric Storage Systems (BESS) and other components, NeoVolta must establish a state-of-the-art manufacturing facility that can accommodate more than 150 high-paid employees. Domestic content requirements for the entire industry were codified in the bipartisan Inflation Reduction Act (IRA) in 2022, and President-elect Trump has continued to promote American production throughout his transition announcements.

“We are thrilled to join forces with Expion360. This collaboration aligns perfectly with our mission to drive progress in renewable energy and enhance how the world stores and uses power. By taking this initial step to combine our strengths, we are confident we can deliver cutting-edge energy storage solutions that meet the highest standards of performance and reliability,” said Ardes Johnson, CEO of NeoVolta.

“Partnering with NeoVolta is a significant step forward for Expion360. We believe our expertise in battery design and engineering, coupled with NeoVolta’s resources and commitment to innovation, will enable us to create exceptional products that will set new benchmarks in the industry. ​We look forward to seeing the impact of our collaboration on the future of clean energy,” said Brian Schaffner, CEO of Expion360.

The LOI underscores the commitment of both companies to advance the future of clean energy through innovation and collaboration. ​As they work together to bring their American-made batteries to fruition, NeoVolta and Expion360 plan to make a lasting impact on the energy storage industry.

About NeoVolta

NeoVolta is dedicated to providing reliable, sustainable, and high-performance energy storage systems. With a focus on cutting-edge technology and strategic partnerships, NeoVolta is committed to driving progress in renewable energy and enhancing how the world stores and uses power.

About Expion360

Expion360 is an industry leader in premium lithium iron phosphate (LiFePO4) batteries and accessories for recreational vehicles and marine applications, with residential and industrial applications under development. On December 19, 2023, the Company announced its entrance into the home energy storage market with the introduction of two premium LiFePO4 battery storage systems that enable residential and small business customers to create their own stable micro-energy grid and lessen the impact of increasing power fluctuations and outages.

The Company’s lithium-ion batteries feature half the weight of standard lead-acid batteries while delivering three times the power and ten times the number of charging cycles. Expion360 batteries also feature better construction and reliability compared to other lithium-ion batteries on the market due to their superior design and quality materials. Specially reinforced, fiberglass-infused, premium ABS and solid mechanical connections help provide top performance and safety. With Expion360 batteries, adventurers can enjoy the most beautiful and remote places on Earth even longer.

The Company is headquartered in Redmond, Oregon. Expion360 lithium-ion batteries are available today through more than 300 dealers, wholesalers, private-label customers, and OEMs across the country. To learn more about the Company, visit Expion360.com.

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PALATINE, Ill. and LOGAN, Utah – Weber LLC and Blackstone Products recently announced that they have entered into a definitive agreement to combine their businesses. Terms of the transaction were not disclosed, according to a release from Weber.

Weber is recognized as an iconic global barbecue brand, with a 70-year-plus history of innovation and delivery of exceptional quality and consumer value, the release continued. It offers a wide portfolio of grill products and services to customers in more than 70 countries.

Blackstone, founded in 2008 by Chief Executive Officer Roger Dahle, is the U.S. pioneer in outdoor griddles, where its products are recognized as high-quality, easy-to-use, and affordable. The company has grown significantly as consumers continue to demonstrate their enthusiasm for Blackstone’s innovative griddle products and outdoor cooking accessories.

The combination will bring together two iconic brands in outdoor cooking, joining Weber’s portfolio of grilling products with Blackstone’s complementary griddle product lineup. Weber and Blackstone share strong entrepreneurial cultures and rich legacies of innovation grounded in their respective histories as a family-founded company and a founder-led business. Bringing together their robust product development engines will position the combined company to provide consumers with an expanded lineup of high-quality offerings while maintaining two distinct brands. In addition, Weber’s global customer relationships and distribution infrastructure will support international expansion opportunities for Blackstone.

“We share Blackstone’s customer-centric emphasis and deep commitment to continuous innovation, and we believe that combining will allow both brands to better serve existing and new customers with the best-in-class outdoor cooking products they seek,” said Alan Matula, Chief Executive Officer of Weber. “Roger Dahle and his team have built a dynamic brand in outdoor griddles that has demonstrated both impressive growth and enduring appeal. We are excited by the enhanced opportunities this combination will create for our customers.”

“We are thrilled to join with Weber and bring together two outdoor cooking industry innovators to create immense value for our customers and team members alike,” said Dahle. “With our complementary portfolios and similar cultures, I could not have imagined a better partner for Blackstone than Weber. We look forward to delivering an enhanced lineup of high-quality products to those with a passion for outdoor cooking, both here in the U.S. and internationally.”

Following the close of the transaction, Dahle will serve as CEO of the combined company. He will also maintain a significant equity stake in the combined company.

At that time, Matula will retire from the company after serving as CEO of Weber since 2022. Under his leadership, Weber has successfully pursued key transformation initiatives that have strengthened the company and executed against a long-term strategy of delivering high-performing, high-quality and innovative experiences to customers around the world.

The transaction is expected to close in early 2025, subject to regulatory clearance and other customary closing conditions. Until that time, Weber and Blackstone will continue to operate as separate, independent companies. Upon completion of the transaction, the combined company will maintain a presence in both Palatine, Illinois and Logan, Utah.

About Weber LLC

Weber LLC, headquartered in Palatine, IL, is an iconic global barbecue brand. The Company’s founder George Stephen, Sr., established the outdoor cooking category when he invented the original kettle charcoal grill more than 70 years ago. Weber offers a comprehensive, innovative product portfolio, including charcoal, gas, smokers, and accessories, designed to bring people together to create amazing memories and delicious food. Weber offers its products, services and experiences to a passionate community of millions across 70 countries.

About Blackstone

Blackstone Products, headquartered in Logan, UT, is fundamentally redefining how people cook outdoors. The company specializes in outdoor griddles which allow users to cook a wider variety of foods faster and more often. Blackstone’s robust product line features innovative and easy-to-use griddles, accessories, and consumables that enhance outdoor cooking and make it more enjoyable and accessible to all for every meal. Blackstone believes in helping people create an experience with food that brings family and friends together.

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INDIANAPOLIS, Ind. – The National Federation of Independent Small Business (NFIB) Small Business Optimism Index rose by eight points in November to 101.7, after 34 months of remaining below the 50-year average of 98. This is the highest reading since June 2021. Of the 10 Optimism Index components, nine increased, none decreased, and one was unchanged. Following last month’s record high of 110, the Uncertainty Index declined 12 points in November to 98.

“The election results signal a major shift in economic policy, leading to a surge in optimism among small business owners,” said NFIB Chief Economist Bill Dunkelberg. “Main Street also became more certain about future business conditions following the election, breaking a nearly three-year streak of record high uncertainty. Owners are particularly hopeful for tax and regulation policies that favor strong economic growth as well as relief from inflationary pressures. In addition, small business owners are eager to expand their operations.”

Although state-specific data is unavailable, NFIB Indiana State Director Natalie Robinson urged lawmakers to capitalize on Main Street’s improved optimism and pursue pro-growth policies.

“When the Indiana General Assembly returns to session next month, they should continue to build on small business owners’ optimism and enact policies that will further strengthen Main Street. Our members are showing signs of confidence for the first time in nearly three years, and we’re looking forward to working with new and returning legislators as well as Governor-elect Braun to continue this momentum in Indianapolis.”

Key findings include:

• The net percent of owners expecting the economy to improve rose 41 points from October to a net 36%, the highest since June 2020. This component had the greatest impact on the overall increase in the Optimism Index.
• The net percent of small business owners believing it is a good time to expand their business rose eight points to a net 14%. This is the highest reading since June 2021.
• The net percent of owners expecting higher real sales volumes rose 18 points to a net 14% (seasonally adjusted), the highest reading since February 2020.
• A net 5% of owners reported paying a higher rate on their most recent loan, unchanged from October’s lowest reading since January 2022.
• Twenty-eight percent (seasonally adjusted) plan capital outlays in the next six months, up six points from October. This is the highest reading since January 2022.
• The frequency of reports of positive profit trends was a net negative 26% (seasonally adjusted), up seven points from October and the highest reading of this year.
• Twenty percent of owners reported that inflation was their single most important problem in operating their business (higher input and labor costs), down three points from October and surpassing labor quality as the top issue by one point.
• Thirty-six percent (seasonally adjusted) of all owners reported job openings they could not fill in the current period, up one point from October.

As reported in NFIB’s monthly jobs report, a seasonally adjusted 36% of all small business owners reported job openings they could not fill in November, up one point from October. Of the 55% of owners hiring or trying to hire in November, 87% reported few or no qualified applicants for the positions they were trying to fill.

Fifty-four percent of owners reported capital outlays in the last six months, unchanged from October. Of those making expenditures, 39% reported spending on new equipment, 22% acquired vehicles, and 14% improved or expanded facilities. Twelve percent spent money on new fixtures and furniture and 7% acquired new buildings or land for expansion. Twenty-eight percent (seasonally adjusted) plan capital outlays in the next six months, up six points from October and the highest reading since January 2022.

A net negative 13% of all owners (seasonally adjusted) reported higher nominal sales in the past three months, seven points better than October’s worst reading since July 2020. The net percent of owners expecting higher real sales volumes rose 18 points to a net 14% (seasonally adjusted), the highest reading since February 2020.

The net percent of owners reporting inventory gains rose two points to a net negative 7%, seasonally adjusted. Not seasonally adjusted, 10% reported increases in stocks and 16% reported reductions.
A net negative 2% (seasonally adjusted) of owners viewed current inventory stocks as “too low” in November, unchanged from October. A net 1% (seasonally adjusted) of owners plan inventory investment in the coming months, up three points from October.

The net percent of owners raising average selling prices rose three points from October to a net 24% seasonally adjusted. Twenty percent of owners reported that inflation was their single most important problem in operating their business, down three points from October and surpassing labor quality as the top issue by one point. Unadjusted, 11% reported lower average selling prices and 32% reported higher average prices.

Price hikes were the most frequent in the wholesale (50% higher, 4% lower), finance (46% higher, 4% lower), retail (43% higher, 3% lower), and services (35% higher, 10% lower) sectors. Seasonally adjusted, a net 28% plan price hikes in November.

Seasonally adjusted, a net 32% reported raising compensation, up one point from October and a historically very strong reading. A seasonally adjusted net 28% plan to raise compensation in the next three months, up five points from October and the highest reading of the year.

Reports of labor quality as the single most important problem for business fell one point from October to 19%. Labor costs reported as the single most important problem for business owners rose three points to 11%, only two points below the highest reading of 13% reached in December 2021.

The frequency of reports of positive profit trends was a net negative 26% (seasonally adjusted), up seven points from October and the highest (least negative) reading of this year. Among owners reporting lower profits, 32% blamed weaker sales, 18% blamed the rise in the cost of materials, 13% cited labor costs, and 9% cited lower selling prices. For owners reporting higher profits, 53% credited sales volumes, 21% cited usual seasonal change, and 13% cited higher selling prices.

Four percent of owners reported that all their borrowing needs were not satisfied. Twenty-six percent reported all credit needs met and 62% said they were not interested in a loan. A net 7% reported their last loan was harder to get than in previous attempts. Five percent of owners reported that financing was their top business problem in November, up two points from October.

The NFIB Research Center has collected Small Business Economic Trends data with quarterly surveys since the fourth quarter of 1973 and monthly surveys since 1986. Survey respondents are randomly drawn from NFIB’s membership. The report is released on the second Tuesday of each month. This survey was conducted in November 2024.

For 80 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is nonprofit, nonpartisan, and member-driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses, and remains so today. For more information, please visit nfib.com.

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U.K.-based Pitchup.com – the global outdoor accommodations booking website home to 6,000 campgrounds in more than 70 countries – unveils its camping trend predictions for 2025, providing insight into today’s thriving outdoor travel industry. After seeing its five millionth booking in 2024, Pitchup.com anticipates another banner year for camping and identifies key trends defining the future of outdoor travel, from emerging destinations to unexpected experiences like farm-to-tent moments, naturist adventures and holiday celebrations, according to a release.  

“This year’s record bookings on Pitchup.com show continued interest in outdoor immersion, which offers a meaningful way for people to find balance and forge deeper connections with themselves and their surroundings,” remarks Dan Yates, the founder and managing director of Pitchup.com. “The camping and glamping experience continues to evolve and is now more accessible, catering to a wide variety of traveler needs and interests beyond the traditional tent setting.” 

Pitchup.com has conducted a thorough analysis of recent booking data and customer reviews, forecasting the following trends for outdoor travelers in 2025: 

From Farm to Tent, Culinary-Driven Camping Is Booming  

Though many associate camping with pre-packaged meals or processed snacks, a new wave of campgrounds on farms is redefining camping’s culinary experience. Pitchup.com saw an impressive 443,000 searches for farm campgrounds in 2024, where wine enthusiasts, foodies and eco-friendly travelers can explore where their food comes from, taste local produce and dishes, and reconnect with the land, while also offering farms an alternate income source. Agritourism-focused campgrounds, such as Sequoia Mountain Farms in Pinehurst, California or In Our Garden in Italy, offer a glimpse into sustainable farming, from olive groves to vineyards.  

Campers Unzip Adventure, Baring it All in the Buff 

Travelers are embracing a free-spirited approach to adventure, boldly diving into the world of naturism – centered around practicing social nudity in a non-sexualized way, often in outdoor settings, Pitchup.com saw a staggering 742% increase in searches for naturist campgrounds so far this year compared to 2023. Naturist-friendly camping sites like Broadland Sun Association Naturist Campsite in England and Wild Horse Mountain View Campsite in Colorado offer the opportunity to embrace this new sense of freedom, body positivity and community, while enjoying the beauty of nature.  

Travelers Trade Glitzy Holiday Parties for Champagne Toasts in the Woods 

Travelers are embracing the ‘Joy of Missing Out’ this holiday season. Christmas and New Year’s Eve festivities are shifting from glamorous parties to more intimate experiences in nature. Pitchup.com reported a 16% increase in bednights over Christmas Day, especially among couples seeking more low-key celebrations (nearly 80 percent of bookings). European destinations are leading the way, including the U.K., Spain, Italy, France and Portugal. Whether it’s cozying up in a yurt under the stars, or enjoying a fireside toast with close friends, this shift reflects a desire for more meaningful ways to celebrate the holidays.  

On the Road Again… Retro Caravan and RV Stays Rekindle Nostalgia 

Travelers are rediscovering the sentimental magic of road trips via caravan and RV stays that evoke a sense of nostalgia. Pitchup.com reports a year-over-year 30 percent increase in bookings for static caravans, where travelers can relive simpler times with limited screen time, childhood memories and fewer responsibilities, without needing to rent their own RV. Retro-inspired campgrounds like Vernal RV Resort in Utah and the Jetsons-style glamping pods at Let’s Glamp Retro in Wales blend timeless charm with the beauty of the great outdoors. 

Luxury Hotels Take Glamping to New Heights 

As the ‘quiet luxury’ trend gains momentum, conventional hotels are branching out into the glamping industry to meet the demand of travelers looking for both relaxing outdoorsy experiences and the perks of luxury travel. Pitchup.com recently added the renowned Dawn Ranch in Sonoma County, California to its glamping portfolio, a luxe boutique hotel with expansive glamping accommodations where travelers can indulge in the resort’s high-end amenities while experiencing the peacefulness of nature. With a 209% increase in searches using the ‘luxury’ filter on Pitchup.com this September compared to the same period last year, this surge in interest reflects how travelers are prioritizing well-being across all budget levels. 

From Coolcations to Cold Plunges, Travelers Are Embracing the Chill 

With climate change bringing extreme heat, and 2024 recorded as the hottest summer on record according to NASA, travelers are trading traditional beach vacations for ‘coolcations’ in forested or mountainous areas with lower temperatures. The ‘bush’ filter has been used on Pitchup over 200,000 times this year, as more people sought areas shaded by trees and greenery than ever before. U.S. campgrounds like Thunder Mountain Camp in Ouachita National Forest and West Beach Resort in Orcas Island offer opportunities to cool off by hiking through shaded woods or taking cold plunges in pristine lakes.  

American Travelers Look Beyond the States for their Next Camping Adventure 

Pitchup.com saw a 20 percent increase in international bookings in 2024 compared to the previous year as travelers look for new ways to explore foreign locales and combat the effects of overtourism. Travelers are increasingly seeking out less conventional camping destinations, with some surprising countries experiencing significant growth. In 2024, Portugal saw the highest surge in total transaction value with an impressive 254 percent increase, followed by Hungary (+227%), Montenegro (+217%), Belgium (+108%) and the Czech Republic (+82%). These emerging hotspots for campers reflect a growing trend towards exploring ‘detour destinations’ – alternatives to mainstream locations that offer unique and authentic experiences without the crowds. Top-rated campsites in these countries include Monte das Louzeiras in Portugal’s countryside and Camp Šćepanović within Montenegro’s mountains. 

For more information about Pitchup.com’s vast outdoor travel offerings, please visit Pitchup.com.   

About Pitchup.com  
 
Founded in 2009 by former lastminute.com man, Dan Yates, multi-award winning Pitchup.com lists 6,000 outdoor accommodation locations in 67 countries in Europe, the Americas, Africa, Asia, Australia and New Zealand, providing 34 million annual users with a simple platform where they can search for and book a holiday with ease. Since creation, the platform has handled £408 million worth of bookings and over 37 million bednights, with 5.3 million holiday nights booked via Pitchup.com in the last twelve months alone. Pitchup.com enables users to search for all types of parks and sites from more than 100 chains right through to one-off campsites and unique outdoor accommodation options, which may have previously lacked a web presence.  

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From Tiffin Motorhomes: Join us for a new series of Tiffin Talks where Bob, Leigh, Van and Trent Tiffin sit down together to discuss customer service, quality, product development, and more. In Part 1 of our series, the Tiffins are discussing customer service.

The RVBusiness Featured Video is sponsored by CURT, a Lippert Towing Brand.

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The RV Industry Association (RVIA) will hold its Annual Meeting from 20-3 p.m., today, Dec. 12. The event will be broadcast virtually and all RVIA members are encouraged to attend. The program will include reports from RVIA Chairman Kevin McArt and Treasurer Ryan Elias as well as updates on the association’s signature programs from President Craig Kirby, Go RVing Chief Marketing Officer Karen Redfern, and RV Technical Institute (RVTI) Executive Director Curt Hemmeler.

Click here to register for this members-only event.

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BROOKFIELD, Wis.- – REV Group, Inc. (NYSE: REVG) today (Dec. 12) reported results for the three months ended Oct. 31, 2024. Consolidated net sales in the fourth quarter 2024 were $597.9 million, compared to $693.3 million for the three months ended Oct. 31, 2023. Net sales for the fourth quarter 2023 included $54.2 million attributable to Collins Bus Corporation, which was divested on Jan. 26, 2024.

Excluding the impact of the Collins divestiture, net sales decreased $41.2 million, or 6.4% compared to the prior year quarter. The decrease, excluding the impact of Collins, was primarily due to lower net sales in the Recreational Vehicles segment, partially offset by higher net sales in the Specialty Vehicles segment.

Consolidated net sales were $2,380.2 million for the 1 months ended Oct. 31, 2024, compared to $2,638.0 million for the 12 months ended Oct. 31, 2023. Excluding the impact of Collins, net sales decreased $110.8 million, or 4.4% compared to the prior year. The decrease, excluding the impact of Collins, is primarily due to lower net sales in the Recreational Vehicles segment, partially offset by higher net sales in the Specialty Vehicles segment.

The company’s fourth quarter 2024 net income was $41.7 million, or $0.80 per diluted share, compared to net income of $29.7 million, or $0.50 per diluted share, in the fourth quarter 2023. Adjusted Net Income for the fourth quarter 2024 was $26.9 million, or $0.51 per diluted share, compared to Adjusted Net Income of $31.7 million, or $0.53 per diluted share, in the fourth quarter 2023. Net income for the full year 2024 was $257.6 million, or $4.72 per diluted share, compared to net income of $45.3 million, or $0.77 per diluted share in full year 2023.

Adjusted EBITDA in the fourth quarter 2024 was $49.6 million, compared to $54.0 million in the fourth quarter 2023. Adjusted EBITDA for the fourth quarter 2023 included $13.4 million attributable to Collins. Excluding the impact of the Collins divestiture, Adjusted EBITDA increased $9.0 million, or 22.2% compared to the prior year quarter. The increase was primarily due to the higher contribution from the Specialty Vehicles segment, partially offset by lower results in the Recreational Vehicles segment. Full year 2024 Adjusted EBITDA was $162.8 million, compared to $156.6 million in full year 2023. Excluding the impact of the Collins divestiture, Adjusted EBITDA increased $39.0 million, or 31.5% compared to the prior year.

“We are proud to report strong full-year earnings, driven by the exceptional efforts of our team and the strength of our diversified portfolio,” President and CEO, Mark Skonieczny, said. “Significant margin improvement in the Specialty Vehicles segment, as well as excellent cost discipline, more than offset the end market demand challenges in our cyclical businesses, demonstrating our ability to navigate a dynamic market environment while delivering value for our shareholders. In addition, within fiscal 2024, we divested non-core assets, simplified our reporting structure and returned significant cash to shareholders. We are entering the new fiscal year with robust earnings momentum, and our commitment to operational excellence and sustainable growth is underscored by the intermediate financial targets outlined in our investor day materials, positioning us for expected continued success and long-term value creation.”

REV Group Fourth Quarter Segment Highlights

Specialty Vehicles Segment Highlights

Specialty Vehicles segment net sales were $439.9 million in the fourth quarter 2024, a decrease of $38.9 million, or 8.1%, from $478.8 million in the fourth quarter 2023. Net sales for the fourth quarter 2023 included $54.2 million attributable to Collins. Excluding the impact of the Collins divestiture, net sales increased $15.3 million, or 3.6% compared to the prior year quarter. This increase in net sales was primarily due to price realization and increased shipments of fire apparatus and ambulance units, partially offset by lower shipments of terminal trucks. Specialty Vehicles segment backlog at the end of the fourth quarter 2024 was $4,179.8 million compared to $4,076.7 million at the end of the fourth quarter 2023. The backlog at the end of the fourth quarter 2023 included $220.3 million related to Collins, and $167.5 million related to ElDorado National (California) (“ENC”), which was divested in the fourth quarter of fiscal year 2024. Excluding the impact of Collins and ENC, the backlog increased $490.9 million compared to the prior year quarter. The increase was primarily the result of continued demand and order intake for fire apparatus and ambulance units, along with pricing actions, partially offset by increased unit shipments and lower order intake for terminal truck units.

Specialty Vehicles segment Adjusted EBITDA was $50.2 million in the fourth quarter 2024, an increase of $6.9 million, or 15.9%, from Adjusted EBITDA of $43.3 million in the fourth quarter 2023. Adjusted EBITDA for the fourth quarter 2023 included $13.4 million attributable to Collins. Excluding the impact of the Collins divestiture, Adjusted EBITDA increased $20.3 million, or 67.9%, compared to the prior year quarter. Profitability within the segment benefited from price realization, a favorable mix of fire apparatus and increased shipments of fire apparatus and ambulance units, partially offset by inflationary pressures and lower sales volume of terminal trucks.

Recreational Vehicles Segment Highlights

Recreational Vehicles segment net sales were $158.1 million in the fourth quarter 2024, a decrease of $57.1 million, or 26.5%, from $215.2 million in the fourth quarter 2023. The decrease in net sales compared to the prior year quarter was primarily due to decreased unit shipments and increased discounting. The Recreational Vehicles segment backlog at the end of the fourth quarter 2024 was $291.5 million, a decrease of $93.7 million compared to $385.2 million at the end of the fourth quarter 2023. The decrease was primarily the result of lower order intake in certain categories, unit shipments against backlog and order cancellations.

Recreational Vehicles segment Adjusted EBITDA was $8.1 million in the fourth quarter 2024, a decrease of $11.0 million, or 57.6%, from $19.1 million in the fourth quarter 2023. The decrease was primarily due to lower unit shipments, increased discounting and inflationary pressures, partially offset by cost reduction actions.

Working Capital, Liquidity and Capital Allocation

Cash and cash equivalents totaled $24.6 million as of October 31, 2024. Net debt³ was $60.4 million, and the company had $349.6 million available under its ABL revolving credit facility as of October 31, 2024. Adjusted Free Cash Flow⁴ for the full year 2024 was $102.2 million. Trade working capital⁵ for the company as of October 31, 2024 was $248.2 million, compared to $318.5 million as of October 31, 2023. The decrease was primarily due to the exit of bus manufacturing and a decrease in accounts receivable and inventory, partially offset by a decrease in accounts payable and customer advances. Capital expenditures in the fourth quarter 2024 were $5.3 million compared to $13.1 million in the fourth quarter 2023.

Share Repurchase Program

On December 5, 2024, the company’s board of directors authorized the Company to repurchase up to $250.0 million of the company’s outstanding common stock. This new authorization replaces the previous $175.0 million repurchase program (which was terminated by the board of directors in connection with the new authorization) under which approximately $126.1 million of the company’s common stock had been repurchased since its authorization in June 2023. The new share repurchase authorization expires in 24 months and gives management flexibility to determine the conditions under which shares may be purchased from time to time through a variety of methods, including in privately negotiated or open market transactions, such as pursuant to a trading plan in accordance with Rule 10b5-1 and Rule 10b-18 of the Exchange Act or a combination of methods.

¹ Adjusted Net Income and Adjusted EBITDA are non-GAAP measures that are reconciled to their nearest GAAP measure later in this release.
² Free Cash Flow is defined as net cash from operating activities minus capital expenditures.
³ Net Debt is defined as total debt less cash and cash equivalents.
⁴ Adjusted Free Cash Flow is calculated as net cash from operating activities of $53.4 million, excluding transaction expenses and income taxes associated with divestiture activities of $5.4 million and $71.0 million, respectively, minus capital expenditures of $27.6 million.
⁵ Trade Working Capital is defined as accounts receivable plus inventories less accounts payable and customer advances.

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STOCKHOLM – As communicated in the interim report for the third quarter 2024, Dometic is today (Dec. 12) announcing a global restructuring program to support margin expansion and release resources to invest and drive profitable growth and value creation in strategic growth areas.

The key components of the program are the following:

Portfolio changes

Dometic will explore divestment opportunities and/or will discontinue non-strategic businesses. This includes low-margin businesses and/or areas where synergies are low or non-existing with the rest of the portfolio.

• Businesses to be discontinued include large compressor refrigerators for recreational vehicles as well as hot and cooking and windows product categories in the Land Vehicles Americas segment. It also includes the generator product category in the Global Ventures segment and selected low-margin camping equipment product categories in the Land Vehicles EMEA segment.
• Divestments opportunities have been identified and are being explored. Initial discussions with potential buyers have already been initiated for some of these opportunities.

Structural cost reductions

In addition to the actions above, Dometic will continue to drive structural cost reductions, and a company-wide cost reduction program is being initiated. This program includes a planned closure of two manufacturing sites and five distribution centers as well as rightsizing of resources in manufacturing, supply and support functions. Approximately 500 employees are expected to be impacted by the program.

Investing in strategic growth areas

Focusing the portfolio on fewer businesses will enable Dometic to release resources and increase investments to drive profitable growth and value creation in strategic growth areas.

Financial implications of the program

Structural cost reductions and discontinued businesses will have an annual positive impact on EBITA estimated to be SEK 750 m when fully implemented. Implementation is expected to be completed within 24 months with a gradual effect from the first quarter of 2025. Total current annual net sales of the business to be discontinued are SEK 0.8 b.

Total current annual net sales for businesses where divestment opportunities are being explored amount to SEK 1.5 to 3.0 b. Further details will be announced as transactions are completed.

Restructuring charges are estimated to be SEK 1.2 b of which SEK 0.4 b is estimated to impact cash flow. The charges are expected to be reported in the fourth quarter of 2024 as items affecting comparability and will mainly impact the Land Vehicles Americas, Land Vehicles EMEA and Marine segments. The cash flow effect is expected during 2025.

Juan Vargues, President and CEO

“Since we announced our strategy in 2019, we have taken several major steps on our transformation journey. We have almost doubled the size of the company and have achieved a sales mix that is significantly more diversified and resilient. We have increased our investments in R&D. Our product innovation index is growing, and we have several new exciting products on the market, including a new range of active cooling boxes. At the same time our focus on efficiency improvements has remained high and today we are 3,200 fewer FTEs than three years ago.

“However, the current macroeconomic situation and market conditions, including high interest rates, lower consumer spend and customer purchasing patterns, are having a negative impact on our financial performance. To enable us to move with speed in execution, we are today outlining our path to strengthen profitability and to release resources for continued investments to drive profitable growth and value creation in our strategic growth areas.

“With the actions announced today, and assuming current market conditions, we target an EBITA margin before items affecting comparability of 14 percent for the full year 2027. I am also convinced that we will continue to improve our performance and achieve our longer-term financial target of an EBITA-margin of 18-19 percent, driven by continued operational excellence and sales growth in strategic growth areas.

“The Land Vehicles Americas segment has reported negative EBITA margins during 2023 and 2024, impacted by a weak market and by increased competition in the traditionally strong refrigerator business. During the year we have strengthened the management team and the organization in general, while also reducing costs to improve efficiency. With our global restructuring program, we are taking additional significant actions, and we expect tangible improvements to be realized in 2025. We expect the Land Vehicles Americas segment to return to profit by 2026.

“Long-term trends in Mobile Living are strong as a growing number of consumers are enjoying the outdoors globally. With these measures outlined above, we are positioning Dometic to continue to benefit from these trends and, more importantly, to deliver a return on capital employed that will create value for our shareholders.”

Invitation to webcast

Analysts, investors and media are invited to participate in a telephone conference at 09.00 (CET), December 12, 2024, during which President and CEO, Juan Vargues and CFO, Stefan Fristedt, will present the program and answer questions.

Webcast link: https://dometic.videosync.fi/2024-12-12-analyst-call

Those who wish to participate in the conference call to ask questions in connection with the webcast are welcome to register on the link below. After the registration you will be provided phone numbers and a conference ID to access the conference.
Registration link: https://service.flikmedia.se/teleconference/?id=5006527

The webcast URL and presentation are also available at https://www.dometicgroup.com/en-us/investors

The post How Much will Restructuring Impact Dometic’s RV Footprint? first appeared on RVBusiness - Breaking RV Industry News.

RVing in New England,” the weekly Facebook Live show hosted by the New England RV Dealers Association (NERVDA), this week focuses on the myriad regulations enacted by California that will have a severe impact on the RV industry.

You have probably seen articles in the media or heard stories around the campfire that say large motorhomes can not be sold in California starting next year.  Five other states, including Massachusetts, will be right behind in the next year or two.  There are new rules on motorhomes based on weight, emissions and ZEV (Zero Emission Vehicles), and other factors around The Clean Air Act.  We have asked our good friend Chris Dougherty, The RV-PhD and industry consultant to explain this issue in an understandable manner for average consumers.  This is an evolving story and there will be many changes, so don’t panic.  Chris will provide us a high-level overview of the laws and what the RV Associations are doing to delay implementations and get exemptions for chassis and RV manufacturers.  See you at 7PM ET.

Co-hosted by Bob Zagami and John DiPietro, tonight’s show airs at 7 p.m. ET.

The post ‘RVing in New England’ to Discuss California Regulations first appeared on RVBusiness - Breaking RV Industry News.