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Diesel-pusher motorhome chassis, fire-truck chassis and emergency-vehicle manufacturer Spartan Motors Inc. believes its earnings for this year will be “slightly higher” than what Wall Street investment analysts had been anticipating.
The Nasdaq Stock Market-traded company now believes it will earn $11.4 million to $11.8 million for the full year 2002. Spartan has a little more than 12 million shares outstanding, so it is forecasting net earnings of 95 cents to 98 cents a share this year.
During the first nine months of this year, Spartan earned $9.6 million, or 80 cents a share, on sales revenue of $196.1 million. In comparison, during the first nine months of 2001, Spartan earned $4.9 million, or 41 cents a share, on sales of $173 million.
For 2003, Spartan believes it will earn $12.7 million to $13.2 million, or $1.06 to $1.10 a share, on sales ranging from $290 million to $300 million.
“In 2003, we will focus on winning market share – not buying it – but earning it with great products, great service and a desire to make the Spartan experience a great one for customers,” CEO John Sztykiel said. “Spartan Motors will work hard to become the most desired brand and lowest total cost producer in the market niches we serve.”