Spartan Motors reported its fourth quarter EPS went up by 133 percent, with sales increasing $116.3 million, or 19.7 percent, to $707.1 million from $590.8 million. Net income for the full year improved $7.3 million, or 85.2 percent, to $15.9 million from $8.6 million. Sales in the fourth quarter increased $35.2 million, or 24.1 percent, to $181.1 million from $145.9 million.
“With our 2017 fourth quarter net income more than doubling, which also marks our eighth consecutive profitable quarter on an adjusted basis, Spartan has successfully completed its turnaround and is now focused on its growth strategy as we move into 2018 and beyond,” said Daryl Adams, Spartan president and CEO. “With each of our business segments now profitable, we expect our incremental investments and the new USPS order to drive additional revenues, positioning Spartan to achieve its financial objectives in 2020.”
Outlook for full year 2018 is expected to be as follows:
- Revenue to be in the range of $790 million to $815 million
- Net income of $18.8 million to $21 million
“We have a formula in place that has successfully driven operational improvements within each of our business units,” said Adams. “We will continue to apply this winning formula, as we aggressively take the turn into growth mode. We are confident that the near-term investments we’ll make, coupled with the momentum achieved over the past two years, will have a positive impact in 2018 and beyond.”