TT file photo
Trailer manufacturer Wabash National Corp. said its second-quarter income increased and that it expects a “significant increase” in trailer shipments in the third quarter.
Net income rose to $14.1 million, or 20 cents a share, from $1.9 million, or 3 cents, a year ago, Wabash said late Tuesday.
In the second quarter last year, Wabash reported a $13.4 million one-time charge on the acquisition of Walker Group Holdings LLC.
Net sales of Wabash’s commercial trailer products fell 5.3% to $265.8 million, but the company said average selling price rose 2.3%, or $500, as raw materials costs increased.
Trailer operating income rose about $800,000 to $14.6 million, on improved pricing.
Wabash shipped about 11,400 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 12,500 to 13,500 trailer shipments.