By Sam Boughedda
Investing.com — Shares of specialty vehicle manufacturer Rev Group Inc (NYSE:REVG) has seen its shares weaken 25% after its fourth-quarter earnings report.
Rev Group missed on both revenue and earnings expectations along with 2022 estimates.
The Wisconsin-based firm announced earnings per share of 27 cents on revenue of $589.8 million. Analysts polled by Investing.com anticipated EPS of 29 cents on revenue of $600.8 million.
"We exited the year with another quarter of year-over-year Adjusted EBITDA improvement, generated record full-year Free Cash Flow, and substantially improved the balance sheet. Our record $3.1 billion backlog combined with the significant progress we have made building our operational capabilities have positioned us well to continue to improve our performance and create shareholder value." REV Group's President and CEO Rod Rushing said.
The company reported fourth quarter and full-year adjusted earnings before interest, taxes, depreciation and amortization of $31.1 million and $141.5 million, while the record full-year cash came in at $158.3 million.
Looking at the group's fiscal year 2022 outlook, Rev Group expects net sales to be between $2.3 to $2.55 billion, below the consensus of $2.59 billion.