Spartan Motors Inc. today reported its best-ever third quarter performance, marked by a 50.7% increase in net income and a 21.9% increase in sales.
The Charlotte, Mich., company noted that the Class A motorhome market remained soft, but that the RV division of its Spartan Chassis Inc. subsidiary “outperformed” the industry, posting a slight decline in sales while gaining market share.
“Though conditions in the RV market remain difficult, we continue to gain market share, and I am more optimistic than I was three months ago,” said John Sztykiel, president and CEO of Spartan Motors. “Consumer confidence has improved two months in a row, fuel costs have dropped and our RV backlog is moving in the right direction.”
Sztykiel also said that a shift from gas to diesel motorhomes at the retail level “bodes well for Spartan Chassis.”
Spartan Motors, a manufacturer of custom motorhome, fire truck and specialty vehicle chassis and emergency-rescue vehicles, reported third-quarter net earnings of $4.1 million compared with $2.7 million a year ago while revenues rose to $108.9 million from $89.3 million.
For the nine months, ended Sept. 30, net income increased 85.4% to $13.5 million on 20.3% sales growth to $321.8 million.
The company attributed its improved quarterly results to record-level fire truck chassis sales, increased military vehicle chassis sales and improved performance at Spartan’s EVTeam operating group.