Oct. 10th, 2017
MILWAUKEE--(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
View source version on businesswire.com: http://www.businesswire.com/news/home/20171010005932/en/
REV Group, Inc.
Sandy Bugbee, 1-888-738-4037 (1-888-REVG-037)
[email protected]
Source: REV Group, Inc.
