Wabash's net sales up slightly in 2Q

Aug. 24, 2006
Wabash National Corporation today announced that net sales for the quarter ending June 30 were $333.6 million, compared to $323.0 million for the same period last year. Net income for the quarter was $5 million or $0.15 diluted earnings per share, compared to $49 million or $1.33 per diluted share for the same period last year.

Wabash National Corporation today announced that net sales for the quarter ending June 30 were $333.6 million, compared to $323.0 million for the same period last year. Net income for the quarter was $5 million or $0.15 diluted earnings per share, compared to $49 million or $1.33 per diluted share for the same period last year.

For the six months ending June 30, net sales were $595.7 million, compared to $579.1 million for 2005. Net income for the first six months of 2006 totaled $9.4 million or $0.29 per diluted share, compared to $67.7 million or $1.85 per diluted share last year.

Included in the results for the 2005 second quarter and year-to-date periods was a reversal of a valuation allowance for deferred tax assets amounting to $29 million or $0.77 per diluted share. The acquisition of Transcraft, completed March 3, added $36 million and $38 million to second quarter and year to date sales, respectively.

"The challenges of bringing on-stream our new ERP system had an adverse impact on second quarter sales and operating results," said Bill Greubel, Chairman and Chief Executive Officer. "Considerable progress has been made in stabilizing the system and our operation; however, parts availability related to the materials planning issues will constrain van trailer production for the next several months and limit 2006 volume to approximately 55,000 van trailer units. We greatly appreciate the understanding and assistance of our customers and suppliers during this transition period.

"Quote and order activity for the quarter was in line with seasonal patterns and new account acquisition is meeting expectations. Progress continues on bringing alpha line production rates up to expectations in the fourth quarter. Transcraft's performance has been exceptional and they are on track for a great year."