Wabash National Swings to Quarterly Loss
Lafayette-based Wabash National Corp. (NYSE: WNC) is reporting a second quarter net loss of $146,000, compared to net income of $31 million during the same period last year. The manufacturer says, despite the drop, it was able to maintain productivity levels as the COVID-19 pandemic continued its impact on the industry.
Chief Executive Officer Brent Yeagy says the second quarter was the “most uniquely challenging time” in his career.
“Balancing continued operations to support our customers during a global pandemic while implementing meaningful short-term cost control measures as well as longer-term initiatives to optimize our organizational structure took a remarkable level of dedication from every level of our organization,” said Yeagy. “The cost reductions we’ve made allow us to control expense in the short-term while preserving the business’ ability to quickly accelerate when market conditions invariably improve.”
Yeagy says the company’s goal for the remainder of the year is to continue positive free cash flow generation. He says the second quarter results strengthened the company’s expectations of achieving that goal.
You can view the full earnings report by clicking here.