REV Group reported third-quarter fiscal 2025 results showing strong gains in sales and earnings, with growth driven by its specialty vehicles and recreational vehicles segments. The company also updated its full-year guidance as demand continues across key markets.
For the quarter ending July 31, consolidated net sales reached $644.9 million, up from $579.4 million in the same period last year. The prior year included $44.2 million from the company’s bus manufacturing businesses, which have since been divested. Excluding that impact, sales rose $109.7 million, or 20.5%
Net income for the quarter was $29.1 million, or $0.59 per diluted share, compared to $18.0 million, or $0.35 per diluted share, a year earlier.
Adjusted net income was $38.6 million, or $0.79 per diluted share, up from $24.8 million, or $0.48 per diluted share, in the prior year.
Adjusted EBITDA also came in at $64.1 million, compared to $45.2 million last year, which included $6.6 million from the bus manufacturing businesses. Excluding that, adjusted EBITDA rose $25.5 million, or 66.1 percent, primarily from higher contributions in specialty vehicles.
For the full year, REV Group now expects net sales between $2.4 billion and $2.45 billion, net income of $95 million to $108 million, and adjusted EBITDA in the range of $220 million to $230 million. The company projected adjusted net income between $127 million and $138 million, along with free cash flow of $140 million to $150 million.
According to a press release, President and CEO Mark Skonieczny said the results reflect improved operations and sustained demand.
“We are pleased with our continued momentum this quarter, highlighted by robust growth in shipments and earnings across the Specialty Vehicles segment,” he said. “Third quarter performance reflects the continued improvement of our manufacturing capabilities, the strength of our customer relationships, and operational resilience in a dynamic market.”
Skonieczny added that the company delivered strong cash flow, strengthening liquidity and enabling investment in future capacity. “This financial strength gives us the flexibility to continue investing in our business and expanding production capacity while advancing our strategic agenda aimed at creating value for both customers and shareholders,” he said.
The specialty vehicles segment posted net sales of $483.3 million, up 11.8% rom last year’s $432.1 million.
Recreational vehicles segment net sales were $161.7 million, up 9.7% from $147.4 million last year, supported by motorized unit shipments and pricing actions. The backlog decreased to $224.3 million from $240.3 million.
Recreational vehicles adjusted EBITDA was $8.1 million, down from $9.4 million last year. The decline was attributed to tariffs on imported luxury vans and higher dealer assistance, partly offset by cost reductions and stronger motorized unit shipments.