Charlotte, Mich.-based Spartan Motors Inc., parent to Spartan Chassis Inc. reported a 15.4% increase in revenue to $816.2 million from $707.1 million for the company’s full year, ended Dec. 31.
That total reflected a 21.7% gain in its Specialty Chassis & Vehicle segment to $193.2 million from $158.8 million a year ago, including a $24.9 million increase in luxury motorcoach chassis sales.
Other highlights for the full year included:
— Net income declined $0.9 million, or 5.8%, to $15 million, or 43 cents per share, from $15.9 million, or $0.46 per share.
— Adjusted EBITDA increased 1.4% to $31.8 million, or 3.9% of sales, from $31.3 million, or 4.4% of sales.
— Adjusted net income improved 14.2% to $17 million, or 48 cents per share, from $14.9 million, or 43 cents per share.
— Consolidated backlog, excluding the exclusive multi-year USPS truck body order at Dec. 31, totaled $359.2 million, up 11.9%, compared to $321.1 million at Dec. 31, 2017.
“The full-year performance of each of our business segments reflects the hard work and dedication of the entire team to overcome the industry-wide headwinds we faced in 2018,” said Chief Financial Officer Rick Sohm. “While we are aware a few of these industry challenges are expected to continue into 2019, we are optimistic about our ability to mitigate most of these challenges and improve the profitability of all three of our business segments.
“We remain encouraged by the strength of our backlog and the underlying business fundamentals. Liquidity at year-end was $114 million, which is sufficient to support our strategic growth initiatives and capital allocation strategy, including the recent share buy-back.”
For its fourth quarter, Spartan reported that sales increased $51.9 million, or 28.7%, to $233 million from $181.1 million.
Other fourth quarter highlights included:
— Net income declined $0.6 million, or 24.9%, to $1.8 million, or 5 cents per share, from $2.4 million, or 7 cents per share.
— Adjusted EBITDA declined 28.1%, to $6.7 million, or 2.9% of sales, compared to $9.3 million, or 5.1% of sales
— Adjusted net income declined 10.9% to $3.4 million, or 10 cents per share, from $3.9 million, or 11 cents per share.
“Spartan generated strong top-line growth in 2018, driven by the performance of our FVS and SCV segments, despite second-half industry-wide headwinds that negatively impacted our profitability,” said Daryl Adams, president and chief executive officer. “I am proud of the solid efforts from our Spartan team as we worked to mitigate the impact of these headwinds, which resulted in a better than expected fourth quarter.”
To view the full report click here.