Wabash reported net sales for the second quarter of $642.8 million—a 43% increase compared to Q2 last year. The company credited a continued production ramp-up in light of strong customer demand.
Consolidated gross profit was $78 million, or 12.1% of sales. Operating income was $35.9 million, or 5.6% of sales during the quarter, according to the trailer and truck body manufacturer.
Total company backlog as of June 30 was about $2.3 billion, an increase of $1 billion compared to the same quarter last year. Wabash's backlog represents a second-quarter record and exceeds the prior Q2 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," Brent Yeagy, president and chief executive officer, said. “Yet another quarter of sequential improvement in operating margins has brought our EBITDA generation back to levels not seen since mid-2019.”
For the full-year ending Dec. 31, the company maintained its outlook for revenue of $2.5 billion and EPS of $1.90.
“Because of the heavily seasonal nature of trailer ordering, industry backlogs typically decline around 15% during the second quarter as shipments eat into the order book. Demand remains very strong as evidenced by our backlog remaining at $2.3 billion from the first quarter to the second quarter, particularly in light of record shipments during Q2," Yeagy said. "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.”
For the quarter, Wabash shipped 13,670 trailers (up 17.9% from Q2 2021) and 3,970 truck bodies (down 17.3%).
This article was originally published on Trailer/Body Builders. For additional coverage of the earnings report and investor call, see the August print issue ofTrailer/Body Builders.
