Wabash income soars in first quarter
LAFAYETTE, Ind. (Inside INdiana Business) — Lafayette-based Wabash (NYSE: WNC) is reporting first quarter net income of $12 million, up from $3.2 million during the same period a year ago. The trailer manufacturer says Q1 net sales increased nearly 40% over the prior year as the company responds to strong customer demand.
Wabash, formerly known as Wabash National, says the backlog of orders is approximately $2.3 billion, an increase of $800 million compared to the same quarter last year.
“Evidenced by record first quarter backlog, demand across our portfolio of solutions remains strong,” said Brent Yeagy, president and chief executive officer. “With our customer base and supply chain both overwhelmingly levered to the United States, we are largely insulated from international volatility and fortunately situated to benefit from improving labor market trends and new and existing customers that are utilizing trailers in new and interesting ways.”
The company says it shipped 11,695 new trailers during the first quarter, compared to 9,600 during the same period the previous year. Click here to view the earnings report.