Spartan Motors Reports Second Quarter 2017 Results

Specialty Chassis & Vehicles (SCV)
SCV segment sales decreased 5.3% to $35.8 million from $37.8 million.  Revenues in the second quarter of 2016 included a $4.4 million defense order that did not reoccur in 2017.

Adjusted EBITDA decreased $0.6 million to $2.8 million, or 7.7% of sales, from $3.4 million, or 9.0% of sales, a year ago, primarily due to the defense order that did not reoccur in 2017.

The Segment backlog at June 30, 2017 totaled $26.7 million, up 17.1%, compared to $22.8 million at March 31, 2017 and up 118.9% year-over-year.

Emergency Response (ER)
ER segment sales increased $28.4 million to $80.8 million, or 54.2%, from $52.4 million.  Revenues from the Smeal acquisition contributed to the increase, which were offset by fewer shipments of complete fire apparatus and custom cab and chassis compared to a year ago, as the Company continues to focus on profitable sales. 

Adjusted EBITDA loss was $0.7 million compared to a loss of $0.3 million a year ago.  The decline was primarily the result of increased health care costs of approximately $1.0 million, or $0.03 per share, offset by improvements in quality, increased labor efficiencies and manufacturing productivity.  Adjusted EBITDA loss in the 2016 second quarter included an adjustment of $1.7 million relating to a legacy product recall. 

The Segment backlog at June 30, 2017 totaled $214.8 million, up 0.1%, compared to $214.5 million at March 31, 2017. 

Acquisition Update
Smeal Fire Apparatus Co. ("Smeal"), which was acquired effective January 1, 2017, is expected to generate approximately $105 million in sales during 2017.  The consolidated Company results for the 2017 second quarter include approximately $0.9 million, or $0.03 per share, of acquisition and restructuring related adjustments and expenses. 

"We are pleased with the progress we have made to date with our integration efforts, which continue to run ahead of schedule," said Adams.  "The first half of 2017 was focused on integrating and identifying synergistic opportunities.  Because of these efforts, the entire Emergency Response business unit will deliver strong year-over-year growth in profitability in the second half of 2017 and it remains on track to return to profitability on an adjusted basis for full year 2017."  

Raising 2017 Guidance
"Looking ahead to the remainder of the year, we expect to see stronger year-over-year revenue growth, primarily driven by last-mile delivery vehicle orders, including Reach and walk-in vans, motorhomes and production ramp-up from the new Isuzu F-Series," said Rick Sohm, Chief Financial Officer of Spartan Motors.  "This revenue growth, together with strong first-half and year-over-year operational improvements, as well as continued synergies from the Smeal acquisition, give us comfort in significantly raising our 2017 financial guidance."   

Outlook for the full year 2017 is now expected to be as follows: 

• Revenue of $680.0 - $720.0 million, up from previous guidance of $650.0 - $700.0 million
• Adjusted EBITDA of $28.3 - $31.3 million, up from previous guidance of $26.5 - $29.0 million
• Restructuring, acquisition costs and inter-company chassis impact of approximately $3.7 million, up from previous guidance of $3.2 million
• Income tax expense of $0.7 - $2.2 million, down from previous guidance of $1.5 - $2.3 million
• Interest expense of $0.6 million, down from previous guidance of $0.8 million
• Adjusted earnings per share of $0.48 - $0.52, up 28% from previous guidance of $0.36 - $0.41, based on 35.0 million shares outstanding, unchanged from previous guidance

"With our continued market share gains and growing backlog, together with our earnings momentum evidenced by the increased guidance, we are confident about our projected 2017 second half performance," concluded Adams. 

Conference Call, Webcast, Investor Presentation and Investor Information
Spartan Motors will host a conference call for analysts and portfolio managers at 10 a.m. EDT today to discuss these results and current business trends.  The conference call and webcast will be available via:
Webcast: www.spartanmotors.com (Click on "Investor Relations" then "Webcasts")
Conference Call: 1-844-868-8845 (domestic) or 412-317-6591 (international); passcode: 10110533

For more information about Spartan, please visit www.spartanmotors.com. 

About Spartan Motors
Spartan Motors, Inc. is a leading designer, engineer, manufacturer and marketer of a broad range of specialty vehicles, specialty chassis, vehicle bodies and parts for the fleet and delivery, recreational vehicle (RV), emergency response, defense forces and contract assembly (light/medium duty truck) markets. The Company's brand names — Spartan Motors, Spartan Specialty Vehicles, Spartan Emergency Response, Spartan Parts and Accessories, Smeal and its family of brands, including Ladder Tower™ and UST®; and Utilimaster®, a Spartan Motors Company — are known for quality, durability, performance, customer service and first-to-market innovation. The Company employs approximately 2,200 associates, and operates facilities in Michigan, Indiana, Pennsylvania, Missouri, Wisconsin, Nebraska, South Dakota; Saltillo, Mexico; and Lima, Peru. Spartan reported sales of $591 million in 2016. Visit Spartan Motors at www.spartanmotors.com.

This release contains several forward-looking statements that are not historical facts, including statements concerning our business, strategic position, financial projections, financial strength, future plans, objectives, and the performance of our products and operations.  These statements can be identified by words such as "believe," "expect," "intend," "potential," "future," "may," "will," "should," and similar expressions regarding future expectations.  These forward-looking statements involve various known and unknown risks, uncertainties, and assumptions that are difficult to predict with regard to timing, extent, and likelihood.  Therefore, actual performance and results may materially differ from what may be expressed or forecasted in such forward-looking statements. Factors that could contribute to these differences include operational and other complications that may arise affecting the implementation of our plans and business objectives; continued pressures caused by economic conditions and the pace and extent of the economic recovery; challenges that may arise in connection with the integration of new businesses or assets we acquire or the disposition of assets; restructuring of our operations, and/or our expansion into new geographic markets; issues unique to government contracting, such as competitive bidding processes, qualification requirements, and delays or changes in funding; disruptions within our dealer network; changes in our relationships with major customers, suppliers, or other business partners, including Isuzu; changes in the demand or supply of products within our markets or raw materials needed to manufacture those products; and changes in laws and regulations affecting our business.  Other factors that could affect outcomes are set forth in our Annual Report on Form 10-K and other filings we make with the Securities and Exchange Commission (SEC), which are available at www.sec.gov or our website.  All forward-looking statements in this release are qualified by this paragraph.  Investors should not place undue reliance on forward-looking statements as a prediction of actual results.  We undertake no obligation to publicly update or revise any forward-looking statements in this release, whether as a result of new information, future events, or otherwise.

Spartan Motors, Inc. and Subsidiaries Consolidated Balance Sheets (In thousands, except per share data)
	June 30, 2017		December 31,
	(Unaudited)		2016
ASSETS
Current assets:
Cash and cash equivalents	$           21,240		$         32,041
Accounts receivable, less allowance of $176 and $487	81,951		65,441
Inventories	88,444		58,896
Income taxes receivable	669		1,287
Other current assets	5,283		4,526
Total current assets	197,587		162,191
Property, plant and equipment, net	57,078		53,116
Goodwill	25,823		15,961
Intangible assets, net	9,856		6,385
Other assets	2,788		2,331
Net deferred tax assets	3,212		3,310
TOTAL ASSETS	$         296,344		$       243,294
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$           41,991		$         31,336
Accrued warranty	19,084		19,334
Accrued compensation and related taxes	9,862		13,188
Deposits from customers	33,661		16,142
Other current liabilities and accrued expenses	11,654		7,659
Current portion of long-term debt	58		65
Total current liabilities	116,310		87,724
Other non-current liabilities	4,877		2,544
Long-term debt, less current portion	22,849		74 Werbung Mehr Nachrichten zur The Shyft Group Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 12:07 - PR Newswire Fidelity China Special Situations Plc - Transaction in Own Shares 09:37 - PR Newswire Cohen & Steers Capital Management - Form 8.3 - Tritax Big Box REIT plc 08:56 - PR Newswire Datang Intnl Pwr Gen - Notice of Board of Directors Meeting Gefragter denn je...:    Explosive Nachfrage und Schockierendes Defizit! Auf den Schwingen des Silbers jetzt abheben! weiterlesen» Anzeige wo-site-teaser-box-16670_site-teaser-box_2024-04-16_08%253A00%253A00_2024-04-17_09%253A00%253A59