Charlotte, Mich.-based Spartan Motors, Inc. reports that 2008 was its best year in the company's history, marked by a 23.8 percent year-over-year increase in revenues and a 74.3 percent increase in net earnings. The company reported a profit of $42.7 million, compared to earnings of $24.5 million in 2007.
“Despite the economic recession and other challenges, we maintained our focus and created the best performance in the history of the company,” says John Sztykiel, president.
The fourth quarter, however, was a challenge. Sztykiel expects 2009 results will not match the 2008 performance, but intends to introduce new unspecified products into specialty vehicle markets where the company does not now compete.
“Recession causes society and business to restructure, which in turn causes vehicles to change,” he says.
Spartan produces a number of chassis and vehicles, including recreational vehicles, fire trucks, ambulances, emergency-rescue and specialty vehicles.
Military orders have declined, but emergency-rescue remains Spartan’s largest, most stable market.
“For all our emergency-rescue products, we expect to see growth in 2009. We have already built a strong order pipeline for our fire truck chassis and fire trucks in the first half of the year, due in part to increased demand from changes to industry safety regulations,” he says.
Source: John Sztykiel, Spartan Motors
Gretchen Cochran, Innovation & Jobs editor, may be contacted here.
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