J B Poindexter & Co, which owns and operates Morgan Truck Body, LLC, Morgan Olson, LLC, Truck Accessories Group, LLC, and the Specialty Manufacturing Division, posted greater profits in the third quarter, according to its most recent earnings statement.
The company attributed the improved operating results for the third quarter to the reversal of the deficiencies at Morgan Olson and at two of Truck Accessories’ business units.
In spite of an 8% decline in sales during the third quarter, Morgan Truck Bodies generated a 25% increase in operating income. The division had had $2,587,000 in operating income from sales of $57,727,000 during the third quarter. Morgan Olson’s sales of $21,491,000 in the third quarter produced $1,443 in operating revenue.
Poindexter says that the current economic downturn has reduced demand for transportation-related products but that the company is reacting to these conditions by reducing both direct and indirect costs through improved manufacturing and administrative processes.
Poindexter reported having approximately $30 million of cash on hand and no borrowings under its revolving credit facility.
J B Poindexter & Co manufactures Class 5-7 truck bodies and step vans through its Morgan and Morgan Olson businesses. The Truck Accessories Group produces pickup truck accessories, principally caps and tonneaus. Through its Specialty Manufacturing Division, the company manufactures funeral coaches, limousines, buses, and plastics-based packaging materials and provides precision machining services.