Wabash National Corporation today announced that net sales for the first quarter were $256.1 million, compared to $221.6 million for the same period last year. Net income for the quarter was $18.5 million or $0.52 per diluted share, compared to $6.9 million or $0.23 per diluted share for the same period last year. Gross margin was 13.4% up from 10.4%.
"Gross margins surged past the 2004 highs as we benefited from the effects of favorable customer and product mix and raw materials price increases in line with expectations,” said William P. Greubel, President and Chief Executive Officer. “In the quarter, sales to core customers represented less than 20% of the total bearing out both the importance and success of our efforts to expand Wabash's presence in the 'mid- market.'
"Also, I am extremely pleased to report that our retail branch network achieved profitable results for the quarter reinforcing our belief that the branch network will be a positive contributor for the full year. Quote and order activity improved during the last three months from the pace observed earlier in the 2005 selling season and all core accounts have now placed orders; currently we have over 75% of our goal of 60,000 units for 2005 in hand."
New trailer unit sales of 11,200 for the first quarter of 2005 are comparable to the first quarter of 2004. Backlog at March 31, 2005 amounted to approximately $500 million.