Trailer and body builder Wabash reported record second-quarter earnings despite lower trailer deliveries and only a modest increase in truck body deliveries.
Highlights included:
Quarterly revenue of $686.6 million versus $642.7 million a year ago.
Record operating income of $103 million with an operating margin of 15% on strong material margin and favorable product mix.
Record quarterly earnings per share of $1.54 compared to 46 cents a year ago.
Strong total backlog of $2.4 billion, up 5% from the comparable quarter in 2022. Wabash expects to ship $2.1 billion of that backlog within the next 12 months.
“Our execution during the first half of this year already positions 2023 as our best year in terms of financial achievements and we expect our backlog to support a strong second half,” CEO Brent Yeagy said in a news release.
This is a developing story.
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