Wabash National Continues Record Profit
Wabash National is headquartered in Lafayette
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowLafayette-based Wabash National Corp. (NYSE: WNC) is reporting full-year net income of $119 million in 2016, up from $104 million the previous year. The earnings represent the fifth consecutive year the company has hit a record.
The semi-trailer and liquid transportation system manufacturer is also reporting fourth quarter net income of $23 million, down from $33 million during the same period in 2015. Despite the quarterly decrease, Chief Executive Officer Dick Giromini says he is pleased with the 2016 results.
"The overall strength in the Company’s operating performance highlights the significant progress made through our growth and diversification initiatives driven by our long-term strategic plan to transform the Company into a diversified industrial manufacturer with a higher growth and margin profile, while leveraging our expertise in lean and six sigma optimization initiatives," said Giromini. "New trailer shipments of 60,950 for the year exceeded our previous guidance, driven by strong customer pick-up. We enter 2017 with a strong backlog of orders totaling $802 million, an increase of 25 percent compared to the previous quarter."
Giromini says the company set new records in gross profit, gross profit margin, operating income and operating margin. He says he believes demand for trailers will remain healthy in 2017 and the company will remain "laser-focused" on driving further productivity improvements.