Wabash’s 3Q Profit Grows as Trailer Shipments Increase
Trailer maker Wabash National Corp. said third-quarter net income increased 12.8% as trailer shipments rose from year-ago levels.
The company’s net income improved to $18.3 million, or 25 cents per share, from $16.2 million, or 23 cents, a year ago. Revenue climbed 12% to a quarterly record of $492 million.
Wabash said it shipped 15,600 new trailers during the quarter.
CEO Dick Giromini said the company now expects to ship between 54,500 and 56,000 trailers this year, up from a previous estimate of 53,000 to 55,000 units. The updated projection would represent a 16% to 20% increase from 2013.
Wabash said its production backlog decreased sequentially during the quarter but remained at a “seasonally healthy” level of $794 million as of Sept. 30, up 41% from the same time last year.
“Longer term, we believe the demand environment for trailers will remain strong as customer profitability, fleet age and regulatory-compliance requirements all support continued demand for new trailers,” Giromini said.
“Additionally, current industry forecasts support strong demand levels with projections well above replacement demand and exceeding previous-year levels.”
Wabash’s commercial-trailer products segment shipped 14,700 new trailers, up from 11,700 in the same quarter last year. Trailer shipments at the diversified products segment were flat at 850.
