Spartan 2Q: More ‘Solid’ RV Chassis Sales
Spartan Motors, Inc. today (July 28) announced its highest ever second quarter sales and a 12.8% improvement in net earnings for its second quarter, ended June 30, compared to the same period last year.
The Charlotte, Mich.-based manufacturer of custom motorhome chassis, fire truck chassis and emergency-rescue vehicles reported net earnings of $2.6 million on net sales of $89.3 million for Q2 vs. net earnings of $2.3 million on net sales of $78.2 million for the same quarter of 2004.
The company’s Spartan Chassis unit reported increased sales and profitability for the second quarter, with sales up 10.1%, including a 12.2% increase in RV chassis sales. Profitability for the unit increased by 7.1%. “This was another solid quarter for RV chassis sales at Spartan Chassis,” said John Sztykiel, president and CEO of Spartan Motors. “While there is some uncertainty in the market, we are picking up profitable market share and are on track to build more RV chassis in 2005 versus last year. The Spartan brand continues to grow in strength.”
Sales for fire truck chassis were slightly better than in the second quarter of last year, and Spartan continues to project, based on current order activity, a record year of sales for its fire truck chassis. And its Emergency Vehicle Team (EVTeam), consisting of its Crimson Fire, Crimson Fire Aerials and Road Rescue subsidiaries, reported higher sales and a reduction in its loss compared to the first quarter of 2005. Spartan also reported a record backlog of $156.3 million driven by continued order growth, “as its focus on becoming the most-desired brand continues to produce results.”
“The results of the quarter are another step in the right direction, and we are focused on continuing our operational improvements,” reports Sztykiel. “We are optimistic about the second half of 2005 based on our projected sales growth for RV and fire truck chassis, military orders, lower steel costs, added revenue from our price increases and the expected operational improvements from the EVTeam.”
For the six months ended June 30, 2005, Spartan reported net earnings grew 28.1% to $4.6 million compared to net earnings of $3.6 million for the same period of last year. Net sales grew 27% to a record $178.2 million, compared to net sales of $140.3 million for the first six months of 2004.
Nasdaq-listed Spartan ( SPAR) employes approximately 900 at facilities in Michigan, Alabama, Pennsylvania, South Carolina, and South Dakota.