Spartan Motors has reported operating results for the first quarter ending March 31, showing a sales increase of $6 million, or 3.6 percent, to $173 million from $167.1 million. The gross profit margin improved 300 basis points to 12.8 percent of sales from 9.8 percent of sales, whilenet income improved $5.3 million, or 482 percent, to $4.2 million.
The previous year included $2.6 million in acquisition and restructuring related expenses.
“We really hit the ground running in 2018, as we experienced another strong, consecutive quarter of profitable growth,” said Daryl Adams, president and CEO. “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.”
Sales in the specialty chassis and vehicles segment increased 46.4 percentto $48.2 million from $33 million a year ago. Revenues were driven mainly by a $13.5 million increase in luxury motorcoach chassis sales, resulting from market share gains and continued strong industry demand.
Adjusted EBITDA increased $1.6 million to $3.1 million, or 6.5 percentof sales, from $1.5 million, or 4.7 percentof sales, a year ago, mainly due to strong momentum in motorhome chassis and operational improvements.
The segment backlog totaled $29.7 million, up 29.8 percent, compared to $22.8 million at March 31, 2017.
