Wabash National Profit Dips

Posted: Updated:
The company says earnings were impacted in part by the acquisition of Goshen-based Supreme Industries. The company says earnings were impacted in part by the acquisition of Goshen-based Supreme Industries.
LAFAYETTE -

Lafayette-based Wabash National Corp. (NYSE: WNC) is reporting third quarter net income of $18.9 million, compared to $33.4 million during the same quarter the previous year. Chief Executive Officer Dick Giromini says, while the earnings are not up to "the lofty standards that we have become accustomed to in the past couple years," he is encouraged by recent market trends.

The company says earnings were impacted in part by the acquisition of Goshen-based Supreme Industries Inc., which had a $364 million equity value. That deal was completed last month. When the acquisition was announced, Wabash National said the deal would create an annual savings of $20 million by 2021.

Wabash National reported third quarter net sales of $425 million, which is an 8 percent decrease compared to the third quarter of 2016. Despite the dip, Giromini says the company delivered a "historically solid performance" in the third quarter, and the company remains "excited about what next year will bring."

Giromini says pick-up delays because of hurricanes, a tighter labor market and ongoing investment in the company's molded structural composites startup also weighed on third quarter performance. He says the company has a backlog totaling $670 million, so "we believe we are in a solid position as the 2018 order season enters its strongest period."

  • Perspectives

    • How Managers Can Keep Millennials Happy

      There are more than 56 million Millennials either actively participating in the workforce, or searching for a job. With a number like this, it’s no surprise that Millennials have taken the workplace by storm. But what is surprising is how different this generation is from their predecessors. They rely heavily on technology and prefer to communicate via text or email rather than a traditional phone call. Managing millennial employees can be a challenge — how can executives...

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • $25M Behavioral Hospital Coming to Central Indiana

      Danville-based Hendricks Regional Health is partnering with US HealthVest to develop a stand-alone behavioral center on the Hendricks campus in Plainfield. Known as the Indianapolis Behavioral Hospital, the facility will provide specialized inpatient and outpatient mental health care to patients of all ages.

    • How Managers Can Keep Millennials Happy

      There are more than 56 million Millennials either actively participating in the workforce, or searching for a job. With a number like this, it’s no surprise that Millennials have taken the workplace by storm. But what is surprising is how different this generation is from their predecessors. They rely heavily on technology and prefer to communicate via text or email rather than a traditional phone call. Managing millennial employees can be a challenge — how can executives...

    • 'Heartbreaking' End For Nashville House

      The 91-year-old Nashville House restaurant is closing. The Brown County family dining staple will serve its last meal at the end of the month. In a post on Facebook, Gina Sarah Rogers, daughter of late-owners Andy and Fran Rogers, said it is "the end of an era and very heartbreaking." The restaurant is known for its country-style fried chicken and ham meals. Business on the property dates back to the late-1860s when an inn opened. It was acquired in...

    • Christel DeHaan to Retire as Christel House CEO

      One of the biggest names in philanthropy in Indiana is announcing her retirement. Christel House International Chief Executive Officer Christel DeHaan will remain board chair, but leave as CEO of the nonprofit she founded 20 years ago. The organization has named former Indianapolis Mayor Bart Peterson to be her successor. CHI's mission is to lift children out of poverty, and it has established learning centers at home in Indianapolis and abroad in Mexico, India, South Africa and...

    • Sturges, CBRE Splitting Up

      A long-time commercial real estate firm in Fort Wayne is going independent. CBRE | Sturges, which became affiliated with the global brand more than 20 years ago, will become Sturges Property Group at the end of this month. The firm was founded in 1975 and bills itself as largest full-service commercial and industrial real estate firm in the region. The shift, Sturges says, will...