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Vehicles for life REV GROUP , INC . INC . REPORTS STRONG FISCAL 2021 THIRD QUARTER RESULTS Sep. 8th , 2021 Board Approves a New $ 150.0 Million Share Repurchase Authorization • Third quarter net sales of $ 593.3 million compared to $ 582.2 million in the prior year quarter , an increase of 1.9 % • Third quarter net income of $ 23.7 million compared to a net loss of $ 3.6 million in the prior year quarter • Third quarter Adjusted EBITDA¹ of $ 41.6 million compared to $ 21.4 million in the prior year quarter • Third quarter Adjusted Net Income of $ 24.5 million compared to $ 6.3 million in the prior year quarter • Year - to - date net cash provided by operating activities of $ 100.6 million compared to $ 25.0 million in the prior year period • End of third quarter $ 2.7 billion record backlog on strong order intake across all segments • Provides update to full year fiscal 2021 guidance • Board of directors approves a $ 150.0 million share repurchase authorization effective immediately BROOKFIELD , Wis .-- ( BUSINESS WIRE ) -- REV Group , Inc. ( NYSE : REVG ) , a manufacturer of industry - leading specialty vehicles , today reported results for the three months ended July 31 , 2021 ( " third quarter 2021 " ) . Consolidated net sales in the third quarter 2021 were $ 593.3 million , representing an increase of 1.9 % compared to $ 582.2 million for the three months ended July 31 , 2020 ( " third quarter 2020 " ) . The increase in consolidated net sales was primarily due to an increase in net sales in the Recreation and Commercial segments partially offset by a decrease in net sales in the Fire and Emergency ( " F & E " ) segment . The company's third quarter 2021 net income was $ 23.7 million , or $ 0.36 per diluted share . Adjusted Net Income for the third quarter 2021 was $ 24.5 million , or $ 0.37 per diluted share , compared to Adjusted Net Income of $ 6.3 million , or $ 0.10 per diluted share , in the third quarter 2020. Adjusted EBITDA in the third quarter 2021 was $ 41.6 million , compared to $ 21.4 million in the third quarter 2020. The increase in Adjusted EBITDA during the quarter was driven by increased contribution from the F & E and Recreation segments partially offset by a decrease in the Commercial segment . " We delivered another strong quarter of earnings performance and cash generation while continuing to manage through supply chain and labor challenges that impacted our top line growth . Our end markets remain strong with solid order intake in each of our segments , resulting in REV Group's seventh consecutive record backlog , " REV Group Inc. President and CEO Rod Rushing said . " Improved cash generation and resulting debt reduction has positioned us with the capacity to pursue our strategic growth agenda as well as the share repurchase authorization approved by our board of directors . " REV Group Third Quarter Segment Highlights Fire & Emergency Segment F & E segment net sales were $ 269.5 million in the third quarter 2021 , a decrease of $ 37.2 million , or 12.1 % , from $ 306.7 million in the third quarter 2020. The decrease in net sales compared to the prior year quarter was primarily due to decreased shipments of fire apparatus and ambulances units compared to the prior year quarter related to supply chain disruption and labor constraints . F & E segment backlog at the end of the third quarter 2021 was $ 1,229.5 million , an increase of $ 189.8 million compared to $ 1,039.7 million at the end of the third quarter 2020. The increase was primarily the result of continued strong demand and order intake for fire apparatus and ambulance units . F & E segment Adjusted EBITDA was $ 15.8 million in the third quarter 2021 , an increase of $ 2.9 million , or 22.5 % , from $ 12.9 million in the third quarter 2020 . Profitability within the segment benefited primarily from cost and efficiency improvements and lower selling , general and administrative ( " SG & A " ) costs , partially offset by lower sales volume and inefficiencies resulting from supply chain disruptions and labor constraints . Commercial Segment Commercial segment net sales were $ 111.3 million in the third quarter 2021 , an increase of $ 18.9 million , or 20.5 % , from $ 92.4 million in the third quarter 2020. The increase in net sales compared to the prior year quarter was primarily due to increased shipments of municipal transit buses , terminal trucks and street sweepers partially offset by decreased shipments of school buses . Commercial segment backlog at the end of the third quarter 2021 was $ 312.0 million , an increase of $ 11.5 million compared to $ 300.5 million at the end of the third quarter 2020. The increase was primarily the result of increased orders for school busses , terminal trucks and street sweepers , partially offset by a decline in orders for municipal transit buses . Commercial segment Adjusted EBITDA was $ 9.7 million in the third quarter 2021 , a decrease of $ 0.6 million , or 5.8 % , from $ 10.3 million in the third quarter 2020. Lower profitability in the quarter was primarily the result of negative mix contribution related to increased sales of terminal trucks and street sweepers and an unfavorable mix of school buses and municipal transit buses , partially offset by productivity improvements within the terminal truck and street sweeper businesses . Recreation Segment Recreation segment net sales were $ 212.5 million in the third quarter 2021 , an increase of $ 29.8 million , or 16.3 % , from $ 182.7 million in the third quarter 2020. The increase in net sales compared to the prior year quarter was primarily due to increased unit shipments and lower discounting and sales allowances partially offset by lower line rates related to supply chain disruption and labor constraints . Backlog at the end of the third quarter 2021 was $ 1,157.0 million , an increase of $ 829.2 million compared to $ 327.8 million at the end of the third quarter 2020. The increase was primarily the result of continued strong