Wabash National Corp. reported its fourth-quarter net income dropped, but revenue increased.
Fourth-quarter net income dropped to $10.4 million, or 15 cents per share, from $80.2 million, or $1.16 per share, a year ago, the company reported Feb. 5. Revenue increased to $458 million from $416 million in the same period last year.
Net sales of Wabash’s commercial-trailer products increased 25.5% to $324 million. Trailer operating income rose about $1.5 million to $14.3 million on increased volume.
Wabash shipped about 13,500 new trailers in the quarter, 3,300 more than the prior year.
Full-year net income dropped to $46.6 million, or 67 cents per share, from $105.6 million, or $1.53, per share a year prior. Net sales increased to $1.64 billion from $1.46 billion in 2012.
“Overall, 2013 was truly a transformational and record-setting year for Wabash National. Growth initiatives driven by our long-term strategic plan to transform the company into a diversified industrial manufacturer continued to gain traction and momentum throughout the year,” Wabash CEO Dick Giromini said in a statement.