Spartan Motors

Automotive Manufacturing & Industrial auto parts vehicles

Spartan Motors designs, engineers and manufactures specialty chassis, specialty vehicles, truck bodies and aftermarket parts for the recreational vehicle (RV), emergency response (ER), government services, defense, and delivery and service markets. The Company employs a customer-centric methodology that fosters innovation, speed and agility.

Revenue(FY, 2017)

$707.1 M

Market capitalization(2018-06-14)

$517.1 M

Type

Public

Charlotte, US

Founded

1975

Size (employees)

2,340 (est)

Website

spartanmotors.com

Spartan Motors was founded in 1975 and is headquartered in Charlotte, US

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Spartan Motors Office Locations

Spartan Motors has an office in Charlotte

Charlotte, US (HQ)

1541 Reynolds Rd

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Spartan Motors Financials and Metrics

Spartan Motors Financials

Spartan Motors's revenue was reported to be $707.10 m in FY, 2017

Summary

USD
Revenue (Q1, 2018)	173 m
Gross profit (Q1, 2018)	22.2 m
Gross profit margin (Q1, 2018), %	12.8%
Net income (Q1, 2018)	4.2 m
EBIT (Q1, 2018)	2.9 m
Market capitalization (14-Jun-2018)	517.1 m
Closing share price (14-Jun-2018)	14.7
Cash (31-Mar-2018)	29.4 m
EV	487.7 m

Spartan Motors's current market capitalization is $517.1 m.

Source: SEC Filings

Income Statement

Annual

USD	FY, 2013	FY, 2014	FY, 2015	FY, 2016	FY, 2017
Revenue	469.5 m	506.8 m	550.4 m	590.8 m	707.1 m
Revenue growth, %		8%	9%	7%
Cost of goods sold		442.9 m	502.8 b	518.1 m	617.7 m
Gross profit		63.9 m	(502.2 b)	72.7 m	89.4 m

Quarterly

USD	Q3, 2013	Q1, 2014	Q2, 2014	Q3, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q3, 2017	Q1, 2018
Revenue	126.1 m	128 m	115.8 m	144.2 m	128.4 m	144.8 m	136.6 m	133.7 m	162.5 m	148.7 m	167.1 m	169.7 m	189.2 m	173 m
Cost of goods sold	109.9 m	115.2 m	101.1 m	124.1 m	114.3 m	127.3 m	123.8 m	117.9 m	141.7 m	130.6 m	150.5 m	150.2 m	160.6 m	150.9 m
Gross profit	16.1 m	12.7 m	14.7 m	20.2 m	14 m	17.6 m	12.8 m	15.8 m	20.8 m	18.1 m	16.5 m	19.5 m	28.7 m	22.2 m
Gross profit Margin, %	13%	10%	13%	14%	11%	12%	9%	12%	13%	12%	10%	11%	15%	13%

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Source: SEC Filings

Balance Sheet

Annual

USD	FY, 2013	FY, 2014	FY, 2015	FY, 2016	FY, 2017
Cash	30.7 m	28.6 m	32.7 m	32 m	33.5 m
Accounts Receivable
Inventories	81.4 m	71.2 m	60.6 m	58.9 m	77.7 m
Current Assets	170.7 m	161.3 m	158.3 m	162.2 m	198.8 m

Quarterly

USD	Q3, 2013	Q1, 2014	Q2, 2014	Q3, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q3, 2017	Q1, 2018
Cash	20 m	27.2 m	29.7 m	28.5 m	12 m	20.6 m	20.9 m	36.8 m	39.8 m	40 m	35.4 m	21.2 m	21.9 m	29.4 m
Inventories	82.4 m	75.4 m	84.4 m	73.7 m	85.1 m	69.9 m	78.5 m	71.2 m	59.8 m	68 m	109.2 m	88.4 m	95.1 m	48.5 m
Current Assets	166.9 m	171.2 m	176.5 m	172.5 m	181.8 m	166.5 m	175.5 m	175.2 m	174.4 m	182.2 m	214.1 m	197.6 m	215.1 m	207.2 m
PP&E	55.9 m	53.2 m	52.2 m	51.1 m	50.2 m	49.5 m	47.8 m	47.4 m	49.9 m	51 m	58.1 m	57.1 m	56 m	55 m

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Cash Flow

Annual

USD	FY, 2013	FY, 2014	FY, 2015	FY, 2016	FY, 2017
Net Income	(6 m)	1 m	(17.5 m)	8.6 m	15.9 m
Depreciation and Amortization	9.2 m	8.4 m	7.4 m	7.9 m	9.9 m
Inventories	(14 m)	10.3 m	10.6 m	1.7 m	42.9 m
Accounts Payable	7.5 m	(7.8 m)	4.6 m	4 m	5.4 m

Quarterly

USD	Q3, 2013	Q1, 2014	Q2, 2014	Q3, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q1, 2018
Net Income	(3 m)	(2.1 m)	230 k	3.2 m	(2.9 m)	1.2 m	(5.8 m)	543 k	4.4 m	2.7 m	(1.1 m)	4.2 m
Depreciation and Amortization	6.9 m											2.5 m
Inventories	(14.8 m)		84.4 m	73.7 m	85.1 m	69.9 m	78.5 m	71.2 m			109.2 m	(3.9 m)
Accounts Payable	9.9 m		35.2 m	29.2 m	46.3 m	30.5 m	38.9 m	41.3 m	38.7 m	44.1 m	35.9 m	9.3 m

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Ratios

USD	Y, 2018
EV/EBIT	169.6 x
EV/CFO	1.1 k x
Financial Leverage	1.8 x

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Spartan Motors Operating Metrics

	FY, 2014	FY, 2015	FY, 2016
Backlog (Delivery and Service Vehicles)	$60.63 m	$96.12 m	$89.55 m
Backlog (Emergency Response Vehicles)	$160.74 m	$156.27 m	$139.87 m
Trademarks (US)	26	25	31
Warehouses, sq. feet	225.50 k	165.70 k	160.70 k

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Spartan Motors Revenue Breakdown

Business Segment

Embed Graph

Spartan Motors revenue breakdown by business segment: 21.9% from Specialty Chassis and Vehicles, 47.1% from Fleet Vehicles and Services and 31.0% from Emergency Response Vehicles

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