Wabash more than triples profit in Q2
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Lafayette-based Wabash is reporting second quarter net income of $74.3 million, up from $22.6 million during the same period last year. CEO Brent Yeagy said Wednesday the manufacturer’s efforts in the first half of the year have already positioned the company for its best year in terms of financial achievements in 2023.
Wabash manufactures a variety of trailers, truck bodies and related components. Yeagy said he expects the company’s backlog to support a strong second half of 2023.
The company also reported record quarterly earnings per share of $1.54 and record operating income of $103 million. Additionally, net sales increased 6.8% to $686.6 million.
Yeagy said the financial results further reinforce the company’s belief that its earnings power is “structurally higher than previously anticipated.”
“As we continue to track the challenging market conditions affecting our customers, we look forward to improvement in freight rates as capacity and demand align more favorably,” said Yeagy, who was also named to this year’s Indiana 250 list. “We view the return to more normal seasonality during this year’s peak season for freight as a potentially significant turning point. “
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