Diesel pusher chassis supplier Spartan Motors Inc. saw its stock reach a new 52-week high today (July 12) and Cummins Inc. stock also gained more than $2 a share.
Spartan’s new 52-week high is $5.02 a share. The company’s shares lost some value prior to the close of today’s trading. Spartan’s stock closed at $4.80, up 34 cents today.
Meanwhile, Cummins, which supplies diesel engines to Spartan and other motorhome chassis builders, saw its stock price climb $2.30 a share today to close at $41.75.
Cummins stock gained despite the fact it reported, earlier today, a net second quarter loss of $82 million. However, excluding a one-time-only $125 million pre-tax charge for halting the effort to develop a new heavy-duty engine platform, Cummins actually earned $2 million during the April-through-June period, which was above Wall Street analysts’ expectations.
Wall Street now believes the markets served by Cummins have already hit their cyclical bottoms.
Cummins also supplies Onan generators to the RV industry.