REV Group (NYSE:REVG) shot up in nearly trading on Wednesday after topping consensus estimates with its Q4 earnings report.
Revenue was up 11.2% year-over-year to $693.3M during the quarter. The company noted that the increase in revenue was primarily due to an increase in net sales in the Fire & Emergency and Commercial segments, partially offset by a decrease in net sales in the Recreation segment. Adjusted EBITDA was $54.0M vs. $33.5M a year ago as increased contributions from the F&E and Commercial segments partially offset by a decrease in the Recreation segment.
“We exited our 2023 fiscal year with a strong balance sheet, solid municipal end markets, and a record Fire & Emergency backlog which we believe positions us well for fiscal 2024,” noted CEO Mark Skonieczny.
Looking ahead, REV GRoup (REVG) sees FY24 revenue of $2.60B to $2.70B vs. $2.63B consensus and adjusted EBITDA of $165M to $185M. The guidance for full-year net income was for $71M to $90M.
Shares of REV Group (REVG) rallied 3.88% in premarket action on Wednesday to a new 52-week high. The stock is up more than 34% on a year-to-date basis.