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Spartan Motors reports a profit

Posted at 10:06 AM, Nov 01, 2018
and last updated 2018-11-01 10:06:52-04

Spartan Motors Inc. (SPAR) on Wednesday reported third-quarter profit of $5.2 million.

The Charlotte, Michigan-based company said it had net income of 15 cents per share. Earnings, adjusted for one-time gains and costs, came to 17 cents per share.

The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.

The maker of chassis for fire trucks, RVs and other vehicles posted revenue of $226.2 million in the period, which also did not meet Street forecasts. Three analysts surveyed by Zacks expected $227.3 million.

Spartan Motors expects full-year earnings in the range of 42 cents to 48 cents per share, with revenue in the range of $790 million to $815 million.

Spartan Motors shares have dropped 29 percent since the beginning of the year. The stock has dropped 32 percent in the last 12 months.