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.
REV Group Inc. President and CEO Mark Skonieczny
“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.
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
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.
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
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.
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.
ANTIOCH, Tenn. – LKQ Corporation (Nasdaq: LKQ), the oparent company of Keystone Automotive and its NTP-STAG RV aftermarket distribution business, announced that it has appointed James S. Metcalf to its Board of Directors as a new independent director effective December 11, 2024, as part of the Board’s ongoing refreshment process.
The company also announced that Dominick Zarcone has decided not to stand for re-election and will retire from the Board when his term expires in connection with the company’s 2025 Annual Meeting. Following the 2025 Annual Meeting, the Board will consist of ten directors, nine of whom are independent.
“Our Board is committed to active and ongoing refreshment to ensure it has the right mix of skills and experiences to provide effective oversight and guidance of the Company’s strategy, with the goal of producing long-term value for its shareholders,” said Guhan Subramanian, Chairman of LKQ. “To this end, we are excited to welcome Jim to LKQ’s Board as a proven leader who brings significant experience as both a public company chief executive officer and board member. Jim’s leadership experience in business strategy and operational excellence will further enhance the depth, knowledge and skill sets represented on our Board.”
“Finally, on behalf of the Board, I would also like to thank Nick for his leadership and invaluable contributions as an executive and director of LKQ, and we wish him the very best in his retirement from LKQ,” Subramanian concluded.
About James Metcalf
Metcalf previously served as chairman and chief executive officer of Cornerstone Building Brands, Inc., a North American building products manufacturer, from 2018 until his retirement as CEO in September 2021 and as chairman in March 2022. He joined Cornerstone in 2017 as a non-employee director when it was known as NCI Building Systems, Inc. Prior to joining Cornerstone, he held various roles at USG Corporation, a leading manufacturer of wallboard and building products, including serving as its president and chief executive officer from January 2011 and its chairman from December 2011 until his retirement from USG in November 2016.
He is currently serving as a board member of both Ferguson Enterprises Inc. (NYSE: FERG), a value-added distributor serving the specialized professional in the North American construction market, and Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and provider of products and services for the residential, renewable energy, agtech and infrastructure markets. He previously served on the boards of the following formerly public companies: Cornerstone Building Brands, Inc., NCI Building Systems, Inc., Tenneco Inc., USG Corporation, and Molex Inc. He earned a Master of Business Administration from Pepperdine University and a BA in Criminal Justice and Pre-Law from The Ohio State University.
About LKQ Corporation
LKQ Corporation (www.lkqcorp.com) is a leading provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles. LKQ has operations in North America, Europe and Taiwan. LKQ offers its customers a broad range of OEM recycled and aftermarket parts, replacement systems, components, equipment, and services to repair and accessorize automobiles, trucks, and recreational and performance vehicles.
BAL RV Products, by Norco Industries, in partnership with RVDA of Canada, was scheduled an exclusive two-part webinar series designed to make you a master of BAL Accu-Slide and Exact-Slide systems. Whether you’re fine-tuning your skills or starting your RV maintenance journey, this training is your ticket to unparalleled knowledge and hands-on confidence, according to a release.
What you will gain:
A deep dive into design and prototype overviews
Step-by-step installation processes
Complete system breakdowns
Mastering 12v operations
Real-world troubleshooting scenarios
Insights on root causes and corrections
Guidance on essential tools and instruments
A solid grasp of industry terminology
Each session is two hours of comprehensive, actionable insights. Plus, participants will earn a formal certificate of training to showcase your expertise.
CINCINNATI, Ohio – Remote Vans, the innovative manufacturer known for cutting-edge Class B Adventure Vans, announces its new partnership with Happy Daze RV. This expansion into California – Happy Daze has locations in Sacramento, Gilroy, Bakersfield and Ripon – marks the van manufacturer’s official entry into the Golden State, the largest RV market in the country.
Based in Cincinnati, Remote Vans has quickly established itself as a van manufacturer that prioritizes exceptional build quality, followed closely by superb customer service, according to a company release. With a track record of bringing fresh, forward-thinking offerings to a somewhat stagnant Class B market, their line-up of Adventure Vans includes the Friday, Oasis and Aegis Series Adventure Vans.
A family-owned business since 1974, Happy Daze RV has a reputation for exceptional customer service and expertise in the RV industry. With multiple locations across California, Happy Daze RV serves customers throughout Northern and Southern California, Nevada, and beyond. The California-based dealer is an ideal partner to showcase the Friday, award winning Oasis, and Aegis Series Adventure Vans.
“We are thrilled to announce our partnership with Happy Daze RV,” said Daryn Hillhouse, co-founder of Remote Vans. “With their long-standing commitment to excellent customer service and deep understanding of the RV market, Happy Daze RV is the perfect partner to introduce Remote Vans to California. We are excited to work with them to offer Californians an exceptionally well-built, technology-focused Adventure Van.”
Remote Vans is known for pushing the boundaries of innovation in each of its Series, incorporating advanced technologies – such as the Vanhalla seat, superior craftsmanship, and high attention to detail throughout the vans. With this partnership, van enthusiasts in California will be able to experience Remote Vans’ epic builds firsthand, with the support of Happy Daze RV’s knowledgeable sales and service teams.
“We’re beyond excited to partner with Remote Vans and introduce their incredible lineup to Happy Daze RV customers! These adventure-ready vans are packed with innovation and features that truly elevate the travel experience. Together, we’re continuing to bring the next exciting chapter in RVing to life. With nearly 50 years in the business, Happy Daze has always been about finding the most exciting products to help adventurers hit the road—and this partnership is no exception,” said RJ Lemke, general manager, Happy Daze RV.
Remote Vans offers see-through pricing, and one of the most generous warranties available. Their community, fondly referred to as the Rolling Nomads, continues to grow, offering a space for like-minded folks to connect, share stories and offer up tips for newcomers to the vanlife movement.
To view a Remote Vans Series in person, call your nearest Happy Daze RV dealer. To watch a guided walkthrough of our Oasis Series, check out our Youtube channel here.
About Remote Vans
Remote Vans is a Cincinnati, Ohio-based, RVIA Accredited, Class B RV manufacturer renowned for advanced technologies, superior build quality, and innovative design.
Established in 2021 by founders with vast experience in the overlanding and expedition market in Africa, and well-versed in the demands of remote work, the company is making the dream of an uncompromised “Work, Play, Travel … Anywhere” lifestyle a reality for Americans across the country with adventure vans that deliver superior Power, Comfort, and Connectivity.
Remote Vans has an exceptional line-up that includes the flagship Aegis Series, the Oasis Series and the Friday Series. The company offers see-through pricing, believes in a, “Go Above and Beyond,” approach to customer service, and offers one of the most generous warranties available. With a range of stellar vans, a nationwide dealer network and a growing community of Rolling Nomads, Remote Vans seeks to support van-lifers, dealer partners, suppliers, and employees with great products and strong service.
CINCINNATI, Ohio – Remote Vans, the innovative manufacturer known for cutting-edge Class B Adventure Vans, announces its new partnership with Happy Daze RV. This expansion into California – Happy Daze has locations in Sacramento, Gilroy, Bakersfield and Ripon – marks the van manufacturer’s official entry into the Golden State, the largest RV market in the country.
Based in Cincinnati, Remote Vans has quickly established itself as a van manufacturer that prioritizes exceptional build quality, followed closely by superb customer service, according to a company release. With a track record of bringing fresh, forward-thinking offerings to a somewhat stagnant Class B market, their line-up of Adventure Vans includes the Friday, Oasis and Aegis Series Adventure Vans.
A family-owned business since 1974, Happy Daze RV has a reputation for exceptional customer service and expertise in the RV industry. With multiple locations across California, Happy Daze RV serves customers throughout Northern and Southern California, Nevada, and beyond. The California-based dealer is an ideal partner to showcase the Friday, award winning Oasis, and Aegis Series Adventure Vans.
“We are thrilled to announce our partnership with Happy Daze RV,” said Daryn Hillhouse, co-founder of Remote Vans. “With their long-standing commitment to excellent customer service and deep understanding of the RV market, Happy Daze RV is the perfect partner to introduce Remote Vans to California. We are excited to work with them to offer Californians an exceptionally well-built, technology-focused Adventure Van.”
Remote Vans is known for pushing the boundaries of innovation in each of its Series, incorporating advanced technologies – such as the Vanhalla seat, superior craftsmanship, and high attention to detail throughout the vans. With this partnership, van enthusiasts in California will be able to experience Remote Vans’ epic builds firsthand, with the support of Happy Daze RV’s knowledgeable sales and service teams.
“We’re beyond excited to partner with Remote Vans and introduce their incredible lineup to Happy Daze RV customers! These adventure-ready vans are packed with innovation and features that truly elevate the travel experience. Together, we’re continuing to bring the next exciting chapter in RVing to life. With nearly 50 years in the business, Happy Daze has always been about finding the most exciting products to help adventurers hit the road—and this partnership is no exception,” said RJ Lemke, general manager, Happy Daze RV.
Remote Vans offers see-through pricing, and one of the most generous warranties available. Their community, fondly referred to as the Rolling Nomads, continues to grow, offering a space for like-minded folks to connect, share stories and offer up tips for newcomers to the vanlife movement.
To view a Remote Vans Series in person, call your nearest Happy Daze RV dealer. To watch a guided walkthrough of our Oasis Series, check out our Youtube channel here.
About Remote Vans
Remote Vans is a Cincinnati, Ohio-based, RVIA Accredited, Class B RV manufacturer renowned for advanced technologies, superior build quality, and innovative design.
Established in 2021 by founders with vast experience in the overlanding and expedition market in Africa, and well-versed in the demands of remote work, the company is making the dream of an uncompromised “Work, Play, Travel … Anywhere” lifestyle a reality for Americans across the country with adventure vans that deliver superior Power, Comfort, and Connectivity.
Remote Vans has an exceptional line-up that includes the flagship Aegis Series, the Oasis Series and the Friday Series. The company offers see-through pricing, believes in a, “Go Above and Beyond,” approach to customer service, and offers one of the most generous warranties available. With a range of stellar vans, a nationwide dealer network and a growing community of Rolling Nomads, Remote Vans seeks to support van-lifers, dealer partners, suppliers, and employees with great products and strong service.
This Friday IDS will be hosting another installment of its Dealership Insights Forum. This month’s discussion, which will be at 11:30 a.m., EST, Friday, Dec. 20, will focus on: “RECT Recap: let’s take a look at Repair Event Cycle Times over the past year. What have been the biggest factors impacting RECT? What can we learn from this as we head into 2025?”
The IDS Dealership Insights Forum is a monthly meeting of minds with fellow dealers to discuss market trends, share best practices, and gain insight into how other dealers are running their day-to-day operations. In each session, officials will dive into topics like market trends and data, including RECT, sales and warranty, technology innovations, customer engagement strategies, and more.
The hosts are Don Miller, a senior data consultant at Constellation Dealer Group, and Sarah Baptiste of Arrkann RV. With more than 30 years of experience in the industry, Miller provides training, consulting and analytical services to dealerships. He specializes in data analysis and works extensively to educate dealerships on adopting a data-driven decision model. Miller created the IDS RECT report, an RVDA Chairman’s Service Award-winning report. The report is used globally by dealerships to deliver better customer experiences.
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