Wabash National’s 2Q Loss Narrows
Trailer manufacturer Wabash National Corp.’s second-quarter loss narrowed to $5.6 million or 72 cents per share, from a loss of $17.9 million, or 59 cents, a year ago.
Sales improved to $150 million from $86 million, as did new trailer sales, which totaled 5,400 units for the quarter, up from 3,200 a year ago.
Operating results showed sequential improvement across most areas and reached levels not experienced since 2008, Wabash said late Tuesday.
The company updated its projection of new trailer shipments for the year to 23,000 to 25,000 units, up from a previous estimate of 18,000 to 22,000 units.
Third-quarter shipments will be in the range of 7,000 to 8,000 units, which should help boost its financial performance, Chief Executive Officer Dick Giromini said in a statement.
As a follow up to a deal Wabash set last August with Lincolnshire Management, Wabash said that it completed a public offering of its common stock in late May, selling 11.75 million shares.
Trailer Investments LLC, a wholly owned entity of Lincolnshire Equity Fund III L.P. — a private equity investment fund managed by Lincolnshire Management — sold 16.14 million shares at a purchase price per share of $6.50 per share.
Wabash said it used the proceeds of the sale to redeem its outstanding preferred stock and repay a portion of its outstanding debt.
