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Trailer maker Wabash National Corp. reported higher fourth-quarter net income and lower revenue, although full-year revenue set a record.
In the quarter, on a consolidated basis, Wabash shipped 14,950 new trailers, down from 17,500 a year earlier.
“Moderating trailer demand in 2020 has been expected for some time, and we’ve taken a proactive approach toward strengthening our balance sheet and planning to execute in such an environment,” Wabash CEO Brent Yeagy said in a release.
Net income for the quarter ended Dec. 31 was $18.3 million, or 34 cents per diluted share. That compared with $11.5 million, or 21 cents, a year earlier. Revenue dropped to $579 million compared with $610 million in the 2019 period. The revenue details included:
- New trailer consolidated revenue of $437.2 million, down from $473 million a year earlier.
- Used trailer sales contributed $500,000 to fourth-quarter revenue.
- Components, parts and service added $29.1 million.
- The “equipment and other” category added $112.1 million.
Wabash reported its Q4 backlog increased to $1.1 billion.
For the 12-month period, net income rose to $89.5 million, or $1.62, compared with $69.4 million in the 2018 period.
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Revenue climbed to $2.3 billion compared with $2.2 billion, driven largely by revenue from new trailers that rose to $1.66 billion compared with $1.63 billion a year earlier. The higher annual revenue also included a $42.9 million year-over-year gain in sales in the equipment and other category, which totaled $513.4 million overall.
For the full year ending Dec. 31, 2020, the company issued guidance of $2.05 billion to $2.15 billion in sales and an earnings per diluted share midpoint of $1.20 with a range of $1.10 to $1.30.
Lafayette, Ind.-based Wabash National designs and manufactures a range of products, including dry freight and refrigerated trailers, platform trailers, bulk tank trailers, dry and refrigerated truck bodies, structural composite panels and products, trailer aerodynamic solutions, and specialty food grade and pharmaceutical equipment.
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