Wabash National First-Quarter Sales Grow, Earnings Surge
Booming sales of dry and refrigerated vans enabled trailer maker Wabash National Corp. to post first-quarter records for sales and operating income as well as gains in net income and earnings per share, the company said April 26.
Lafayette, Indiana-based Wabash had net income of $27.5 million, or 42 cents a share, on net sales of $447.7 million for the year’s first three months. During the same time in 2015, the company earned $10.5 million, or 15 cents, on revenue of $437.6 million.
While quarterly sales inched up 2.3%, year-over-year, net income soared nearly 163% over the same time.
“The momentum generated in 2015 has continued into the first quarter of 2016, with strong operational execution throughout the company, along with margin enhancement through improved pricing and a continued strong demand environment within our commercial trailer products segment,” Wabash CEO Richard Giromini said in the earnings statement.
Quarterly shipments of new dry and refrigerated vans and flatbeds — which make up the commercial trailer division — rose to 14,300 trailers from 13,600 in the year-ago quarter. Success there more than made up for declining profits at the diversified products division — mainly tank trailers — and a small loss at the company’s small retail division.
Wabash is the nation’s only publicly traded trailer maker and has numerous brands in several different types of trailer markets. It is one of the two largest North American trailer makers, along with privately held Great Dane Trailers.
Looking to the future, Giromini said, “A robust backlog of $1.1 billion, overall trailer market projections by ACT Research and FTR, customer commentary, and outstanding operational execution across the business, have put us on pace to deliver another record year in 2016, our fifth consecutive year of record performance.”
He said the company is increasing full-year, adjusted earnings guidance to a range of $1.65 to $1.75 per diluted share.
