Record quarterly revenue and earnings per share, along with Q3-record backlog highlighted the results Wabash posted Oct. 26.
“This is a meaningful step forward in our financial performance,” Brent Yeagy, president and chief executive officer, said. “And what makes the quarter even more exciting is the progress made against our strategic plan as we added new dealers, announced a new product line brand, and added additional strategically-aligned expertise to our board of directors that will support Wabash for years into the future.”
Net sales for the third quarter of $655.2 million increased 35.8% versus the prior year quarter, while consolidated gross profit was $92 million, or 14% of sales, the company reported. Operating income was $52.9 million, or 8.1% of sales during the quarter. Versus the same quarter last year, gross and operating margins expanded by 340 basis points and 430 basis points, respectively.
Total company backlog as of Sept. 30 was approximately $2.3 billion, which is an increase of 20% versus the third quarter of 2021 and also represents an all-time third quarter record.
"Our process of booking orders has shifted from transactional to strategic as we engage with customers to plan for how Wabash can serve their needs from across our first to final mile portfolio for the next several years,” Yeagy said, “as opposed to the usual one-year out conversation and we expect to have updates on that front in the weeks and months to come.”
For the quarter, Wabash shipped 13,365 new trailers (up 7.3% from Q3 2021) and 4,115 new truck bodies (up 8.9%).
For the full-year, Wabash maintained its outlook for revenue of $2.5 billion.
For additional coverage of the earnings report and investor call, see the November print issue of Trailer/Body Builders.