Wabash reports robust Q1 earnings
Lafayette-based trailer and truck body manufacturer Wabash (NYSE: WNC) is reporting first quarter net income of $51.3 million, compared to $12 million during the same period a year ago. The company also says it increased its backlog of orders by 31% compared to year-ago levels, measuring $3.1 billion.
Wabash President and CEO Brent Yeagy says the record backlog, combined with strong Q1 profits, gives him confidence on what could be a record year.
“With freight rates pressured and uncertainty regarding the timing of a market rebound, we expect customers to diligently manage capital spending, but remain optimistic about their prioritization of van trailers and we continue to be excited about the strength in our tank trailer, truck body and parts & services businesses,” said Yeagy. “We expect the power of our first to final mile portfolio to allow us to continue posting financial performance that exceeds results from prior cycles.”
Net sales for the first quarter came in at $621 million, which represents a 13.6% increase compared to the prior year quarter.
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