Lafayette-based Wabash National Corp. (NYSE: WNC) is reporting third quarter net income of $3.9 million, down from $25.5 million during the same period last year. The manufacturer says the profitable quarter builds on the company’s financial management during the first half of the year.
Chief Executive Officer Brent Yeagy says the company executed strategic cost reductions that helped preserve its stability.
“Our increased backlog reflects strong underpinnings within the freight markets as rebounding freight activity has contributed to significant gains in spot and contract rates,” said Yeagy. “While we’re looking forward to a demand environment that looks poised to improve into 2021, we also remain focused on executing in the final quarter of 2020 completing a year that we expect will demonstrate the benefits of our Company’s diversification efforts over the last decade as well as actions over the past two years to significantly strengthen the management system of the Company.”
The company says net sales for the third quarter were steady compared with prior quarters at $351.6 million as the company continued to produce equipment to meet customer demand volumes.
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