Wed Oct 11, 2017
MILWAUKEE – REV Group, Inc. has announced the full-year fiscal 2018 guidance for the company. REV Group, Inc. says that it expects full-year fiscal 2018 revenue to be in the range of $2.4 to $2.7 billion, net income to be in the range of $85 to $100 million and Adjusted EBITDA to be in the range of $200 to $220 million.
The company’s third quarter net sales, which ended July 29, increased 12.8 percent over the three months that ended July 30, 2016. Those sales garnered $595.6 million, while the year-to-date net sales were at $1.6 billion for the nine months ending July 29, an increase of 14.7 percent.
With the recent acquisitions of both Renegade RV and Midwest Automotive Designs, REV Group’s growth in its net revenue was expected to be higher than other years by a significant margin.
REV Group President and CEO Tim Sullivan said, when releasing the third quarter reports, that the 2017 guidance is on track with projections made this time last year.
“The quarter was one of significant progress where we both delivered significant growth in net sales and EBITDA as well as made anticipated progress on many of our longer-term growth strategies in parts and service, operational and commercial excellence, new product introduction and value creating capital allocation,” Sullivan says. “We are encouraged by growth in our backlog over last quarter. We are reaffirming previous guidance for the full year.”
REV Group is forecasting growth in all three of its reportable segments in fiscal 2018, and it remains comfortable with achieving the midpoint of its previously announced net income and Adjusted EBITDA guidance ranges for full-year fiscal 2017 and the bottom end of the range of its previously announced revenue guidance range for full-year fiscal 2017, according to a press release. The 2018 outlook does not include any impact from potential additional future acquisitions.