REV Group, Inc. (REVG) will reinstate its quarterly dividend of 5 cents per share. In April 2020 the company suspended its quarterly dividend because of the COVID-19 pandemic.
The company’s board of directors reinstated a quarterly cash dividend in the amount of $0.05 per share of common stock, which equates to a rate of $0.20 per share of common stock on an annualized basis and declared the initial regular dividend for our second quarter 2021, payable on July 15, 2021, to shareholders of record on June 30, 2021.
“We are pleased with our second quarter performance that exceeded expectations and resulted in record first half earnings,” REV Group Inc. President and CEO Rod Rushing said. “While we will likely continue to experience and need to actively manage through supply chain and labor constraints in the second half of the year, the progress and momentum we are making through our operational initiatives combined with a record $2.3 billion backlog has positioned us to raise our guidance for the full fiscal year 2021. In addition, our Board’s reinstatement of the quarterly cash dividend reflects their confidence in our improved financial position and performance.”
REV Group is a designer, manufacturer and distributor of specialty vehicles and related aftermarket parts and services. We serve a diversified customer base, primarily in the United States, through three segments: Fire & Emergency, Commercial and Recreation. We provide customized vehicle solutions for applications including essential needs (ambulances, fire apparatus, school buses and municipal transit buses), industrial and commercial (terminal trucks, cut-away buses and street sweepers) and consumer leisure (recreational vehicles and ‘RVs’). Our diverse portfolio is made up of well-established principal vehicle brands including many of the most recognizable names within their industry. Several of our brands pioneered their specialty vehicle product categories and date back more than 50 years.