REV Group, Inc. (REVG), a manufacturer of specialty vehicles, on Wednesday reported that net income for the third quarter grew to $29.1 million or $0.59 per share from $18.0 million or $0.35 per share in the prior-year quarter.
Excluding items, adjusted net income for the quarter were $0.79 per share, compared to $0.48 per share in the prior-year quarter.
On average, three analysts polled expected the company to report earnings of $0.63 for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter increased to $644.9 million from $579.4 million in the same quarter last year. Analysts expected revenues of $616.20 million for the quarter.
Excluding the impact of the Bus Manufacturing Businesses, net sales increased $109.7 million, or 20.5 percent compared to the prior year quarter.
Looking ahead to fiscal 2025, the company now projects net income in a range of $95 million to $108 million and adjusted net income in a range of $127 million to $138 million on net sales between $2.40 billion and $2.45 billion. The Street is looking for revenues of $2.41 billion for the year.
Previously, the company expected 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 company's board of directors also declared a regular quarterly cash dividend of $0.06 per share of common stock, payable on October 10, 2025, to shareholders of record on September 26, 2025.
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