REV Group, Inc. Provides Outlook for Full-Year Fiscal 2018
October 10 2017 - 6:42AM
Business Wire
REV Group, Inc. (NYSE:REVG) today announced full-year fiscal
2018 guidance. REV Group, Inc. (“REV Group”) expects
full-year fiscal 2018 revenue to be in the range
of $2.4 to $2.7 billion, net income to be in the
range of $85 to $100 million and Adjusted
EBITDA to be in the range of $200 to $220 million.
REV Group is forecasting growth in all three of
its reportable segments in fiscal 2018, and it remains
comfortable with achieving the midpoint of its previously announced
net income and Adjusted EBITDA guidance ranges for full-year fiscal
2017 and the bottom end of the range of its previously announced
revenue guidance range for full-year fiscal 2017. The 2018 outlook
does not include any impact from potential additional future
acquisitions.
Note Regarding Non-GAAP Measures
REV Group reports its financial results in accordance with U.S.
generally accepted accounting principles (“GAAP”). However,
management believes that the evaluation of REV Group’s ongoing
operating results may be enhanced by a presentation of Adjusted
EBITDA, which is a non-GAAP financial measure. Adjusted EBITDA
represents net income before interest expense, income taxes,
depreciation and amortization as adjusted for certain
non-recurring, one-time and other adjustments which REV Group
believes are not indicative of its underlying operating
performance.
REV Group believes that the use of Adjusted EBITDA provides
additional meaningful methods of evaluating certain aspects of its
operating performance from period to period on a basis that may not
be otherwise apparent under GAAP when used in addition to, and not
in lieu of, GAAP measures. The following table includes a
reconciliation of Adjusted EBITDA to the most closely comparable
financial measures calculated in accordance with GAAP.
REV GROUP, INC.ADJUSTED EBITDA GUIDANCE
RECONCILIATION(In thousands) Fiscal
Year 2018 Low High Net income $ 85,000 $
100,000 Depreciation and Amortization 43,000 40,000 Interest
Expense 19,000 16,000 Income Tax Expense 49,000
61,500 EBITDA 196,000 217,500 Sponsor Expenses 1,000 500
Stock-based Compensation Expense 3,000 2,000 Adjusted
EBITDA $ 200,000 $ 220,000
Forward Looking Statements
This press release contains statements that REV Group believes
to be “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. This press
release includes statements that express its opinions,
expectations, beliefs, plans, objectives, assumptions or
projections regarding future events or future results and therefore
are, or may be deemed to be, “forward-looking statements.” These
forward-looking statements can generally be identified by the use
of forward-looking terminology, including the terms “believes,”
“estimates,” “anticipates,” “expects,” “strives,” “goal,” “seeks,”
“projects,” “intends,” “forecasts,” “plans,” “may,” “will” or
“should” or, in each case, their negative or other variations or
comparable terminology. They appear in a number of places
throughout this news release and include statements regarding our
intentions, beliefs, goals or current expectations concerning,
among other things, its results of operations, financial condition,
liquidity, prospects, growth, strategies and the industries in
which we operate, including REV Group’s outlook for fiscal 2017 and
fiscal 2018.
REV Group’s forward-looking statements are subject to risks and
uncertainties, including those highlighted under “Risk Factors” and
“Cautionary Note Regarding on Forward-Looking Statements” in REV
Group’s public filings with the SEC and the other risk factors
described from time to time in subsequent quarterly or annual
reports on Forms 10-Q or 10-K, which may cause actual results to
differ materially from those projected or implied by the
forward-looking statement. Forward-looking statements are based on
current expectations and assumptions and currently available data
and are neither predictions nor guarantees of future events or
performance. You should not place undue reliance on forward-looking
statements, which only speak as of the date hereof. REV Group does
not undertake to update or revise any forward-looking statements
after they are made, whether as a result of new information, future
events, or otherwise, expect as required by applicable law.
About Rev Group
REV Group is a leading designer, manufacturer and distributor of
specialty vehicles and related aftermarket parts and services. REV
Group serves a diversified customer base primarily in the United
States through three segments: Fire & Emergency, Commercial and
Recreation. REV Group provides customized vehicle solutions for
applications including: essential needs (ambulances, fire
apparatus, school buses, mobility vans and municipal transit
buses), industrial and commercial (terminal trucks, cut-away buses
and street sweepers) and consumer leisure (recreational vehicles
and luxury buses). REV Group’s brand portfolio consists of 29
well-established principal vehicle brands including many of the
most recognizable names within our served markets. Several of REV
Group’s brands pioneered their specialty vehicle product categories
and date back more than 50 years. Investors-REVG
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REV Group, Inc.Sandy Bugbee, 1-888-738-4037
(1-888-REVG-037)investors@revgroup.com
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