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    REV Group Inc (REVG)

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    REV Group, Inc. is a leading designer, manufacturer, and distributor of specialty vehicles and related aftermarket parts and services. The company operates primarily in the United States and Canada, serving a diverse customer base that includes municipalities, government agencies, private contractors, and individual consumers. REV Group's portfolio includes fire and emergency vehicles, commercial vehicles, and recreational vehicles, many of which are produced under well-established and recognizable brands.

    1. Fire & Emergency - Manufactures and markets commercial and custom fire and emergency vehicles for fire departments, airports, and other governmental units. Key brands include KME, E-One, Ferrara, Spartan ER, American Emergency Vehicles, Leader Emergency Vehicles, Horton Emergency Vehicles, and REV Ambulance Orlando.

    2. Commercial - Produces and distributes school buses, transit buses, terminal trucks, and industrial sweepers for public transportation, logistics, and industrial markets. Key brands include Collins Bus, ENC, Capacity, and LayMor.

    3. Recreation - Designs and manufactures recreational vehicles (RVs), including Class A, B, and C motorhomes, as well as truck campers and towable campers. Principal brands include American Coach, Fleetwood RV, Holiday Rambler, Renegade RV, Midwest Automotive Designs, and Lance Camper. This segment also includes Goldshield Fiberglass, which produces custom molded fiberglass products.

    NamePositionStart DateShort Bio
    Mark A. SkoniecznyPresident and Chief Executive OfficerMay 18, 2023Mark A. Skonieczny has served as President and CEO since May 18, 2023. He joined REV Group as CFO in June 2020 and served as Interim CEO from January 2023 until his permanent appointment.
    Amy CampbellChief Financial OfficerApril 15, 2024Amy Campbell will join REV Group as CFO on April 15, 2024. She previously served as CFO of ASC Engineered Solutions (2021–2024) and held leadership roles at BrandSafway and Caterpillar, Inc..
    Joseph LaDueChief Accounting Officer and Principal Accounting OfficerDecember 2022Joseph LaDue has served as Chief Accounting Officer since December 2022. He joined REV Group in December 2018 as Assistant Corporate Controller and became Corporate Controller in January 2021.
    Stephen ZamanskySenior Vice President, General Counsel, and SecretaryOctober 30, 2023Stephen Zamansky has served as SVP, General Counsel, and Secretary since October 30, 2023. He previously held similar roles at Cooper Tire & Rubber Company and other organizations.
    1. Given your substantial $4.5 billion backlog largely backed by municipal tax receipts , how are you addressing potential risks related to municipal funding fluctuations, and what measures are in place to mitigate possible delays or cancellations?

    2. Following the exits from the bus businesses, Collins and ENC , are there additional segments under consideration for divestiture, and how does this align with your overall strategic focus and portfolio optimization efforts?

    3. With the Recreational Vehicles segment experiencing a significant sales decline of $257 million in fiscal 2024 and continued challenges anticipated into the first half of fiscal 2025 , what specific strategies are you implementing to accelerate recovery, and how confident are you in the projected second-half improvement?

    4. Your fiscal 2025 adjusted EBITDA guidance ranges from $190 million to $220 million, which appears wider than usual ; can you provide more insight into the key factors contributing to this range, and what risks could lead to performance at the lower end?

    5. While you expect to generate over $350 million in free cash flow over the next three years , the projected free cash flow conversion rate seems lower than historical levels ; can you elaborate on the factors impacting this conversion and how you plan to optimize working capital to enhance cash generation?

    Program DetailsProgram 1Program 2
    Approval DateJune 1, 2023 December 5, 2024
    End Date/Duration24 months 24 months
    Total additional amount$175.0 million $250.0 million
    Remaining authorization amount$0 million $48.9 million
    DetailsReplaced 2021 Program Newly authorized, replaced 2023 Program