REV Group, Inc. (REVG), a manufacturer of specialty vehicles, on Wednesday reported that net income for the fourth quarter grew to $41.7 million or $0.80 per share from $29.7 million or $0.50 per share in the prior-year quarter.
Excluding items, adjusted net income for the quarter were $0.51 per share, compared to $0.53 per share in the prior-year quarter.
On average, four analysts polled by Thomson Reuters expected the company to report earnings of $0.49 for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter decreased to $597.9 million from $693.3 million in the same quarter last year. Analysts expected revenues of $603.33 million for the quarter.
Net sales for the fourth quarter of 2023 included $54.2 million attributable to Collins Bus Corp., which was divested on January 26, 2024. Excluding the impact of the Collins divestiture, net sales decreased $41.2 million, or 6.4% from last year.
Looking ahead to fiscal 2025, the company now projects net income in a range of $98 million to $125 million and adjusted net income in a range of $116 million to $140 million on net sales between $2.3 billion and $2.4 billion. The Street is looking for revenues of $2.46 billion for the year.
The company's board of directors also declared a 20% higher quarterly cash dividend of $0.06 per share of common stock, payable on January 10, 2025, to shareholders of record on December 26, 2024.
On Thursday, the company's board of directors authorized the Company to repurchase up to $250.0 million of the company's outstanding common stock, which expires in 24 months. This new authorization replaces the previous $175.0 million repurchase program.
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