REV Group, Inc. (NYSE:REVG) Q1 2024 Earnings Conference Call March 6, 2024 10:00 AM ET
Company Participants
Drew Konop - Vice President, Investor Relations
Mark Skonieczny - President & Chief Executive Officer
Conference Call Participants
Joe Grabowski - Baird
Jerry Revich - Goldman Sachs
Mike Shlisky - D.A. Davidson
Operator
Greetings. Welcome to the REV Group's First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, this conference is being recorded.
At this time, I'll turn the conference over to Drew Konop, Vice President, Investor Relations. Drew, you may now begin.
Drew Konop
All right. Good morning, and thanks for joining us.
Earlier today, we issued our first quarter fiscal 2024 results. A copy of the release is available on our website at investors.revgroup.com. Today's call is being webcast, and a slide presentation, which includes a reconciliation of non-GAAP to GAAP financial measures, is also available on our website.
Please refer now to Slide 2 of that presentation. Our remarks and answers will include forward-looking statements, which are subject to risks that could cause actual results to differ from those expressed or implied by such forward-looking statements. These risks include, among others, matters that we've described in our Form-8K filed with the SEC earlier today and other filings we make with the SEC. We disclaim any obligation to update these forward-looking statements, which may not be updated until our next quarterly earnings conference call, if at all.
All references on the call today are to a quarter or a year or to our fiscal quarter or fiscal year, unless otherwise stated.
Joining me on the call today is our President and CEO, Mark Skonieczny.
Please turn now to Slide 3, and I'll turn the call over to Mark.
Mark Skonieczny
Thank you, Drew, and good morning to everyone joining us on today's call.
Shortly, I will provide an overview of our consolidated first quarter performance as well as detailed segment financials. Before I comment on the quarterly results, I would like to review the strategic initiatives, including capital allocation activities that have been recently executed. These actions were aimed at optimizing our portfolio products, creating a more focused operating structure and unlocking shareholder value.
As we have previously announced, REV Group will be exiting bus manufacturing through the recent sale of Collins Bus and the winding down of manufacturing operations at our ElDorado National-California, or ENC, transit bus business. The sale of the Collins school bus business to Forest River closed on January 26th with an all-cash deal price of $308 million inclusive of certain preliminary working capital adjustments. The wind-down of the operations of ENC is expected to be completed before the end of fiscal 2024.