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.
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.
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.
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.
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