Wabash’s Income Drops in First Quarter

April 27, 2006 4:00 PM, EDT

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ruck trailer maker Wabash National Corp. reported first-quarter net income of $4.3 million or 13 cents a share, down from $18.5 million or 52 cents a year earlier.

Net sales rose to $262.1 million, from $256.1 million, Wabash said in a statement.

Wabash said its first-quarter income was taxed at a 39% effective rate, while last year’s was taxed at the alternative minimum tax rate.

The company plans to boost production by 20% over the next two quarters, said Wabash Chief Executive Officer William Greubel.

Wabash said it sold 11,700 units in the first quarter, up from 11,200 a year ago.