Lafayette-based Wabash National Corp. (NYSE: WNC) is reporting a first quarter net loss of $107 million, compared to net income of $14.8 million during the same period last year. Chief Executive Officer Brent Yeagy says despite the drop, the manufacturer is well positioned to navigate the economic downturn caused by the COVID-19 pandemic.
Yeagy says while the quarter began as expected for the company, the end of the quarter, in which the pandemic began to take effect, did not align to anyone’s plans.
“Our primary objective has been the safety and well-being of our employees. Thanks to their dedication and rapid adaptation to working under social distancing protocols, we have continued to support our customers’ equipment needs as they facilitate the movement of essential goods throughout our nation’s economy,” said Yeagy. “The COVID-19 pandemic is sure to have a significant impact on the economy in 2020, though we have been encouraged by the relative stability of our backlog through this time.”
Yeagy says the company has spent the last several years preparing for an eventual downturn and taken steps to fortify its financial position, including building cash, repaying debt and ensuring credit availability.
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