Lafayette-based Wabash National Corp. (NYSE: WNC) is reporting first quarter net income of $20.2 million, down from $27.5 million during the same period the previous year. Chief Executive Officer Dick Giromini says, despite the drop, the earnings represent the second-strongest first quarter in company history.
Wabash National says the successful execution of its growth and diversification strategies, strong pricing environment in its Commercial Trailer Products segment, as well as operational improvement among the company’s manufacturing facilities contributed to the strong quarter.
"Performance targets in cost management and execution were achieved within both Commercial Trailer Products and Diversified Products, as gross margins delivered were consistent with expectations previously communicated, despite trailer shipments slightly below prior guidance due strictly to timing of customer pick-up," said Giromini. "Additionally, we remain focused on driving further productivity improvements throughout the business, optimizing the cost structure and performance of our Diversified Products segment, and developing growth opportunities through new product and market expansion efforts."
The earnings report follows another record year for Wabash National in 2016.