Rev Group Inc (NYSE:REVG) today reported results for the three months ended April 30, 2020.
The Milwaukee-based Rev, a manufacturer of industry-leading specialty vehicles, told investors consolidated net sales in the second quarter 2020 of $547.0 million, representing a decrease of 11.1% from the $615.0 million for the three months ended April 30, 2019.
Q2 net loss was $7.6 million, or $0.12 per diluted share, compared to net income of $5.6 million, or $0.09 per diluted share, in the second quarter 2019.
Adjusted Net Loss for the second quarter 2020 was $5.8 million, or $0.09 per diluted share, compared to Adjusted Net Income of $15.2 million, or $0.24 per diluted share, in the second quarter 2019.
Adjusted EBITDA in the second quarter 2020 was $7.6 million, compared to $36.1 million in the second quarter 2019. The decrease in Adjusted EBITDA during the quarter was driven by lower profitability in all segments partially offset by lower corporate expense.
CEO Rod Rushing said, "Our fiscal quarter results reflect operational challenges, including production suspensions and slowdowns caused by COVID-19. However, the pandemic impacts are not unique to us and our execution did not meet our expectations.
“We will increase our sense of urgency and improve accountability to drive better performance in this organization. Our immediate priorities are to take action to build positive operating momentum within our businesses."
Shares gained 38 cents, or 4.8%, to $8.35.
