Wabash Q2 profit drops by more than half
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Lafayette-based Wabash is reporting second-quarter net income of $29 million, down from $74.3 million during the same period last year.
The trailer and truck body manufacturer attributes the drop to a decline in new order activity and continued weakness in the freight market.
The company’s net sales totaled $550.6 million, a nearly 20% decrease compared to the second quarter of 2023. CEO Brent Yeagy said while the demand environment has incrementally weakened in the first half of the year, his team has performed well.
“We are in the process of demonstrating a new level of stability within our through-the-cycle financial performance thanks to the enhanced diversity of our first-to-final mile portfolio of transportation solutions and our complementary parts and services business,” Yeagy said in a news release.
Wabash has reduced its full-year earnings guidance to between $2 billion and $2.2 billion, which Yeagy said was appropriate given the information the company has on its customers’ capital expenditure plans.
Yeagy noted that despite the earnings decline to date, Wabash is still on track to achieve its best financial performance on record.
“Wabash has never been better positioned to capitalize on the next period of freight expansion,” he said. “We are focused on continuing our progress toward achieving outsized strategic growth that is both more resilient and more profitable.”
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