Wabash National Hits 'Small Reset' in 2017
Lafayette-based Wabash National Corp. (NYSE: WNC) is reporting full-year net income of $111 million, down from $119 million the previous year. Chief Executive Officer Dick Giromini says, following five consecutive years of record profitability, "a small reset was seemingly inevitable at some point."
Despite the full-year drop, the company, which manufactures semi-trailers, truck bodies and liquid transportation systems, is also reporting fourth quarter net income of $49.4 million, up from $23 million during the same quarter in 2016.
Giromini says he is pleased overall at the company's performance in 2017 and it has a stronger foundation for further growth and productivity.
"The addition of the Supreme truck body business was a key accomplishment as it not only adds immediate revenue and profit opportunity, but also provides significant diversification into a high-growth segment driven by the ever-increasing adoption of e-commerce," said Giromini. "Despite a somewhat more challenging year for parts of our core businesses, we are nonetheless proud of the team’s efforts in overcoming many of the headwinds throughout the year, leading us to the strong finish in the fourth quarter that positioned us for new levels of success in 2018."
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