Spartan Motors down post Q2 results, reaffirmed FY2018 guidance

|About: Spartan Motors, Inc. (SPAR)|By:, SA News Editor

Spartan Motors (NASDAQ:SPAR) reports  Fleet vehicles & services sales increased 46.5% to $78.4M in Q2, primarily due to higher truck body, Reach vehicle, and upfit center volumes.

Emergency response sales fell 26.2% to $80.8M

Specialty chassis & vehicles sales up 32.7% to $47.5M.

Gross margin rate improved 280 bps to 14.3%.

SG&A expense rate deleveraged 60 bps to 10.3%.

Adjusted EBITDA margin rate expanded 190 bps to 4.8%.

FY2018 Guidance: Revenue: $790M to $815M; Adjusted EBITDA: $39M to $42M; Net income: $20.2M to $22.4M; Effective tax rate: ~23%; Diluted EPS: $0.58 to $0.64; Adjusted EPS: $0.60 to $0.66; Shares outstanding: ~35.3M.

SPAR -1.05% premarket.

Previously: Spartan Motors EPS in-line, misses on revenue (Aug. 2)

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