Spartan Motors Reports Strong First Quarter 2018 Results

Spartan Motors, a global leader in specialty chassis and vehicle design, manufacturing and assembly, reported strong operating results for the first quarter ending March 31, 2018.   

First Quarter 2018 Highlights

For the first quarter of 2018 compared to the first quarter of 2017:

• Sales increased $6.0 million, or 3.6%, to $173.0 million from $167.1 million
• Gross profit margin improved 300 basis points to 12.8% of sales from 9.8% of sales
• Net income improved $5.3 million, or 482.0%, to $4.2 million, or $0.12 per share, from a loss of $1.1 million, or $0.03 per share. The previous year included $2.6 million of acquisition and restructuring related expenses.
• Adjusted EBITDA increased 33.8% to $5.6 million, or 3.2% of sales, from $4.2 million, or 2.5% of sales
• Adjusted net income improved $2.0 million, or 158.3% to $3.3 million, or $0.09 per share, from $1.3 million, or $0.04 per share
• Backlog increased $203.3 million to $554.6 million at March 31, 2018 from $351.3 million at March 31, 2017

“We really hit the ground running in 2018, as we experienced another strong, consecutive quarter of profitable growth,” said Daryl Adams, President and Chief Executive Officer.  “The robust start to the year was driven by the ongoing efforts of our entire team to generate continued operational improvement as well as strong growth in our core markets.”