Sales climb, profits return at Wabash

April 30, 2003
Wabash National Corp is back in the black, according to a company announcement issued April 29. The Lafayette IN-based trailer manufacturer’s net sales

Wabash National Corp is back in the black, according to a company announcement issued April 29. The Lafayette IN-based trailer manufacturer’s net sales for the first quarter of 2003 were $223 million, compared with $162 million for the same period in 2002. Net income for the period was $1.4 million, compared with a net loss of $14.6 million for the same period last year, the company said.

“We are very pleased to be able to report the first profitable quarter in over two years,” said William P Greubel, president and chief executive officer. “New trailer demand and production in the first quarter, while nearly double that of depressed levels of the same period last year, increased approximately 10% on a sequential basis. The improvements are consistent with our view that industry demand continues to grow albeit at a slow pace. We continue to be pleased with the progress our associates are making in improving operating effectiveness and efficiency.”

Wabash has been able to reduce annual costs by more than $50 million. In addition, the company completed the amendment of its credit facilities in April 2003. The amendment revises certain of the company’s financial covenants and adjusts downward the required monthly principal payments during 2003. The amendment provides greater flexibility from both a financial covenant standpoint and from a debt repayment standpoint.

About the Author

from staff and wire reports

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!

Sponsored Recommendations

The Road Ahead: 2025 Trucking and Fleet Insights

Discover how fleet operators are impacted by challenges like driver onboarding delays and complex compliance, and the critical need for technology to boost efficiency and cut ...

Driving Growth: How to Manage More Freight

Ready to grow your trucking business? Whether you have 25 or 200 trucks, this guide offers practical tips and success stories to help you expand with confidence. Discover how ...

How to Maximize Fleet Management with Vehicle Bypass

Join us on February 18th to learn how truck weigh station bypass systems boost fleet performance and driver satisfaction.

Optimizing your fleet safety program using AI

Learn how AI supports fleet safety programs with tools for compliance monitoring, driver coaching and incident analysis to reduce risks and improve efficiency.