REV Group, Inc. (NYSE: REVG) reported Q2 EPS of ($0.09), $0.05 better than the analyst estimate of ($0.14). Revenue for the quarter came in at $547 million versus the consensus estimate of $549.06 million.

• Second quarter net sales of $547.0 million compared to $615.0 million in the prior year quarter
• Second quarter net loss of $7.6 million compared to net income of $5.6 million in the prior year quarter
• Second quarter Adjusted EBITDA1 of $7.6 million compared to $36.1 million in the prior year quarter
• Second quarter Adjusted Net Loss1 of $5.8 million compared to Adjusted Net Income of $15.2 million in the prior year quarter
• Year-to-date net cash provided by operating activities of $22.0 million, compared to net cash used of $39.2 million in the prior year period
• Completed the sale of shuttle bus businesses for approximately $49.0 million in cash effective May 8, 2020

The Company’s second quarter 2020 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.

“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,” REV Group Inc. President and CEO Rod Rushing said. “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. We have established near-term actions and enabled operational excellence capabilities to address performance and complexity, while looking at our operating model and structure to take better advantage of our scale.”

“The potential within this business is significant, and I am encouraged and excited about the opportunity to lead this team with these iconic brands.” concluded Rushing.

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