Wabash sees Q2 profit
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Lafayette-based Wabash (NYSE: WNC) is reporting second quarter net income of $22.7 million, compared to $12.3 million during the same period last year. The trailer maker says demand remains strong as evidenced by a backlog remaining at $2.3 billion from the first quarter to the second.
The company’s total backlog increased by about $1 billion compared to the same quarter last year. Wabash says its backlog represents a second quarter record and exceeds the prior second quarter high by about 71%.
“During the second quarter, Wabash generated an all-time quarterly sales record of $643 million as demand for our portfolio of connected solutions remained robust,” said Brent Yeagy, president and chief executive officer. “Yet another quarter of sequential improvement in operating margins has brought our EBITDA generation back to levels not seen since mid-2019.”
The company also reported net sales of nearly $643 million, an increase of 43% compared to the prior year quarter in light of strong customer demand.
“Because of the heavily seasonal nature of trailer ordering, industry backlogs typically decline around 15 percent during the second quarter as shipments eat into the order book,” said Yeagy. “Beyond our productive conversations regarding 2023 build slots, I am particularly pleased by customers’ willingness to think beyond next year’s order cycle to engage in planning a shared vision for the longer term.”
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