Spartan Motors, Inc. (NASDAQ: SPAR) announced preliminary financial results for the fourth quarter of 2015, saying it expects fourth-quarter revenue of approximately $140 million, higher than previous guidance of $130-$135 million.
Management also projects a fourth-quarter 2015 operating loss of approximately $10 million versus prior guidance of an operating loss of approximately $3.0 million. Expected results for the fourth quarter of 2015 include incremental, non-recurring, pre-tax charges of $6.3 million for certain warranty accruals and an additional $0.5 million pertaining to the wind down of our joint venture with Gimaex. Spartan is increasing warranty accruals for service campaigns on certain legacy product designs, as well as general warranty reserves based on a comprehensive review of claims history.
Management intends to provide further detail on the fourth quarter and full year 2015, as well as its outlook on 2016, when it reports financial results on February 25 prior to the market open.