Trailer manufacturer Wabash National Corp. sharply reduced its financial losses in the third quarter, though it is still struggling to return to profitability.
Lafayette, IN-based Wabash said it lost $8.3 million on net sales of $241.5 million in the third quarter, compared to losses of $61.4 million on net sales of $242 million in the same quarter last year.
For the first nine months of 2002, the company lost $44.6 million on net sales of $613.7, compared to a loss of $97.2 million on net sales of $696.7 million.
President & CEO William Greubel noted that Wabash took $4.1 million worth of charges in the third quarter to cover expenses associated with debt reduction and, efficiency improvements. The company is also investing $2 million in new assembly line technology to produce its aluminum and DuraPlate trailers at its Lafayette factory.