Grande West Transportation Group has announced financials for the third quarter ending September 30, 2017.
Q3 Highlights
• Record bus and aftermarket parts revenue of $25,864,037
• 120 percent quarter over quarter revenue increase; $25,864,037 versus $11,780,851 in Q2 2017
• Second consecutive profitable quarter, record net income of $1,088,003
• Record quarterly EBITDA of $1,324,136
• Record quarterly deliveries of seventy five Vicinity buses
Management reports Q3 2017 results of seventy five (75) Vicinity buses delivered, revenue of $25,864,037, net income of $1,088,003 and gross profit margin of 14 percent. This is Grande West’s third consecutive quarter with record deliveries and revenue, and its second consecutive profitable quarter. Third quarter deliveries included more than 50 percent of legacy, lower margin Vicinity buses which resulted in gross profit of 14 percent. During the quarter the Company continued to invest for continued growth and operational efficiencies in its facilities, operations, world-class systems and innovative new product offerings.
Backlog: Current total firm orders for Q4 2017 through 2018 delivery are for two hundred seventy nine buses valued at over $105 million CAD.
William Trainer, Grande West CEO stated, “Third quarter was a big jump for us as we made the next step in hitting new records in revenues, deliveries and profit. This quarter also was the last of our legacy deliveries with lower margin Vicinity orders and we are now able to see average future gross profit increases towards our target of 20 percent. Our R&D team was very busy over the past few months and we are very excited to have announced a new mid-size transit vehicle, the first Crossover Vehicle to soon compete in the medium-duty transit space. We are working diligently on closing out 2017 strong, and have the backlog in place to continue our momentum of deliveries and profit into 2018.”
