REVG - Why Shares of Rev Group Are Soaring Today
While the S&P 500 and Dow Jones Industrial Average are driving slightly higher today, shares of Rev Group (NYSE: REVG) are outpacing the market's gains and racing considerably higher. As of 12:10 p.m. ET, shares of Rev Group are up 16.6%, having retreated slightly from their earlier rise of 23.3%.
What's fueling investors' excitement for the specialty vehicle manufacturer? The company reported fiscal fourth-quarter 2022 earnings this morning before the markets opened, providing top- and bottom-line figures that surpassed analysts' expectations. In addition, the company's auspicious 2023 forecast also is motivating investors to click the buy button.
Booking Q4 2022 sales of $623.6 million for the period ended Oct. 31, Rev Group blew past analysts' sales estimate of $595 million. In addition to the surprise at the top of the income statement, investors found a shock on the bottom line. Rev Group reported adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ) of $0.28, whereas analysts had estimated the company would report $0.25.
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Why Shares of Rev Group Are Soaring Today