Specialty vehicle manufacturer, REV Group, reported net sales of $583.5 million in the first quarter of 2023, an increase of 8.0% compared to the same period last year. While the Fire Group continues to face supply chain issues, commercial and recreation segments were profitable and saw increased production and unit shipments. REV Interim President and CEO, Mark Skonieczny, stated that they have confidence in their ability to improve the profitability of the Fire Group throughout the year. Adjusted Net Income for the quarter was $31.8 million, and Adjusted EBITDA was $97.5 million, both non-GAAP measures. REV Group's Free Cash Flow for the quarter was $23.0 million.
Looking forward, Skonieczny said, "We expect end markets to remain strong throughout the year, with continued order strength from municipal, commercial and recreation customers." However, he also cautioned, "While we're working to mitigate supply chain issues, we expect to continue to face these challenges throughout the year which could impact our production schedules and our ability to fulfill customer orders."
Note: All amounts are in millions. Forward-Looking statements have been made with caution with the expectation that supply chain disruptions may continue to impact production schedules.