Net sales, income up at Wabash

Nov. 15, 2006
Wabash National Corporation announced that net sales for the third quarter were $362 million, compared to $294 million for the same period last year

Wabash National Corporation announced that net sales for the third quarter were $362 million, compared to $294 million for the same period last year, and net income for the quarter was $5 million or $0.15 per diluted share, compared to $24 million or $0.66 per diluted share for the year ago period.

For the nine months ended September 30, 2006, net sales were $958 million, compared to $873 million for 2005. Net income for the nine months of 2006 totaled $14 million or $0.44 per diluted share, compared to $91 million or $2.50 per diluted share for 2005. Results in the 2005 quarter and year-to-date periods included reversals of a valuation allowance for deferred tax assets amounting to $6 million or $0.17 per diluted share and $36 million or $0.94 per diluted share, respectively.

Commenting on the quarter, Bill Greubel, Chairman and Chief Executive Officer, stated, "Van trailer shipments of 15,200 units were right in line with our expectations. However, as anticipated, results were adversely affected by the tailing effect of bringing our ERP system on-line. The majority of trailers shipped in the quarter were manufactured in June, July and August while we were combating the worst of the material shortages and consequent line outages. Operationally, we have made significant progress as process yield, hours per start, schedule attainment, and other key measures of performance have all exceeded pre-implementation levels. The number of trailers that had been built, but due to parts shortages, could not be completed and shipped was reduced from approximately 1,200 units as of June 30, 2006, to approximately 400 units as of September 30, 2006."