Shares of the manufacturer of specialty vehicles, REV Group (NYSE: REVG) jumped in morning trading on Thursday after the company’s adjusted earnings in the fiscal second quarter more than doubled to $0.35 per share, exceeding consensus estimates of $0.20 per share.
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REVG posted revenues of $681.2 million in Q2, up by 18.2% year-over-year, beating analysts’ estimates of $580.5 million.
More encouragingly, the company raised its FY23 outlook for net sales from $2.45 to $2.55 billion and adjusted EBITDA to $135 million from $120 million while adjusted net income is expected to be $62 million from a prior forecast of $48 million.
The company’s Board of Directors approved the repurchase of up to $175 million of the company’s outstanding shares.
Analysts are sidelined about REVG stock with a Hold consensus rating based on one Buy, two Holds, and one Sell.