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Trailer manufacturer Wabash National Corp. said its first-quarter income improved, and the company said it expects a “significant increase” in trailer shipments in the second quarter.
Net income rose to $5.7 million, or 8 cents a share, from $5.1 million, or 7 cents, a year ago, Wabash said late Tuesday.
Net sales of Wabash’s commercial trailer products fell 18.6% to $198.1 million, but the company said average selling prices rose 4.7%, or $1,100, as raw materials costs increased.
Trailer operating income fell about $1 million to $5.3 million, primarily due to lower trailer shipments.
Wabash shipped about 8,600 new trailers in the quarter, consistent with its guidance, CEO Dick Giromini said in a statement, adding that the company predicts a stronger second quarter with about 11,000 to 12,000 trailer shipments.