Spartan Motors Inc. (NASDAQ:SPAR) had a loss and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 0.74%.
Spartan Motors Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.13 in the quarter versus EPS of $0.04 in the year-earlier quarter.
Revenue: Decreased 19.11% to $96.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Spartan Motors Inc. reported adjusted EPS loss of $0.13 per share. By that measure, the company missed the mean analyst estimate of $-0.05. It missed the average revenue estimate of $108.2 million.
Quoting Management: John Sztykiel, President and CEO of Spartan Motors, Inc., stated, “As we indicated in our fourth quarter 2012 press release and conference call, we expected an operating loss in the first quarter of 2013. Most of the loss during the quarter was due to lower DSV revenue and expenses incurred to move and start walk-in van production at Bristol. During the first quarter, we moved the bulk of our Utilimaster business 22 miles to a much more efficient plant and began ramping up production. Our relocation plan was aggressive and complex, so it is not surprising that we encountered some growing pains during the launch phase at Bristol.”
Key Stats (on next page)…