REV Group, Inc. Announces $175 Million Stock Buyback Program

REV Group, Inc.'s board of directors has approved a new stock buyback program


REV Group, Inc., a manufacturer of specialty vehicles, recently released its financial results for the second quarter of 2023, showing a increase in net sales and earnings. In addition to the positive performance, the company's board of directors has approved a new stock buyback program.

Strong Second Quarter Performance

REV Group reported consolidated net sales of $681.2 million for the three months ended April 30, 2023, representing an 18.2% increase compared to the same period last year. The growth in net sales was primarily driven by higher sales across all segments, including price realization. The company's net income for the second quarter was $14.2 million, or $0.24 per diluted share. Adjusted net income and adjusted EBITDA also showed significant improvement, reaching $20.8 million and $41.9 million, respectively.

Positive Outlook and Increased Confidence

Mark Skonieczny, President and CEO of REV Group, expressed satisfaction with the company's performance, highlighting the continued momentum and improved operational consistency achieved during the second quarter. Despite a challenging industry environment, the Recreation segment delivered revenue and earnings growth both sequentially and year-over-year. As a result, REV Group has raised its full-year outlook for consolidated revenue and EBITDA, demonstrating confidence in future growth prospects.

Share Repurchase Program

To further reinforce investor confidence and demonstrate the company's commitment to enhancing shareholder value, REV Group's board of directors approved a new share repurchase program. The program allows for the repurchase of up to $175.0 million of the company's outstanding common stock. This authorization replaces the previous $150.0 million repurchase program, which has been terminated. Under the previous program, approximately $73.7 million of REV Group's common stock had already been repurchased since its authorization in September 2021.

Join LevelFields now to be the first to know about events that affect stock prices and uncover unique investment opportunities. Choose from events, view price reactions, and set event alerts with our AI-powered platform. Don't miss out on daily opportunities from 6,300 companies monitored 24/7. Act on facts, not opinions, and let LevelFields help you become a better trader.

Free Trial: Signup for 1 Free Alert Per Week

Add your email to get alerts & the report.

Get 1 free alert per week via email

Upgrade if you want more or platform access

We'll also send you a free report

or Click Here to get full access now

By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. View our Privacy Policy for more information.