LAFAYETTE, Ind. — Wabash National Corporation (NYSE: WNC) reported a net loss of $4.3 million, or $0.14 per share, for the third quarter of 2008 on net sales of $243.0 million. For the same quarter last year, the Company reported net income of $3.8 million, or $0.12 per share, on sales of $291.0 million. For the nine months ended September 30, 2008, the net loss totaled $13.9 million or $0.47 per share on sales of $605.5 million. For the comparable period of 2007, net income totaled $10.6 million, or $0.35 per share, on sales of $844.7 million.
Dick Giromini, President and Chief Executive Officer, stated, “Results for the quarter matched our previously stated expectations. We achieved noteworthy progress on our cost containment initiatives and improved production volume during the quarter. However, these gains were more than offset by unprecedented raw material price increases which adversely impacted gross margins during the quarter. We continue to expect that new trailer unit shipments for the year will be in the 32,000 to 33,000 unit range. However, the fourth quarter will be the most difficult of the year, as we expect the imbalance between raw material costs and selling prices to reach a peak. Additionally, given the holiday season and our annual year-end shutdown, we will operate with fewer production days during the fourth quarter. As of September 30, 2008, the Company’s backlog was approximately $283 million compared to $393 million at June 30, 2008.
“We have been operating in an extremely challenging economic environment and we expect continued economic turbulence, specifically as it relates to raw material prices and demand levels. However, challenging times present opportunity. We continue to be well positioned in our industry with our strong customer relationships and market share, solid financial position, streamlined manufacturing footprint, and an unmatched suite of products. These important differentiators will help distance us from the competition. We will continue to successfully implement cost control and efficiency improvements, while we size the business to match demand. While our key strategic initiatives and cost management efforts have mitigated the effects of the downturn, they provide us with a leaner, more efficient foundation from which to grow long-term profitability.”
Wabash National Corporation conducted a conference call to review and discuss its third quarter results on Thursday, October 30, 2008, at 10:00 a.m. EDT. The call has been archived at www.wabashnational.com and will remain available through December 28, 2008.
Headquartered in Lafayette, Ind., Wabash National® Corporation (NYSE: WNC) is one of the leading manufacturers of semi trailers in North America. Established in 1985, the company specializes in the design and production of dry freight vans, refrigerated vans, flatbed trailers, drop deck trailers, dump trailers, truck bodies and intermodal equipment. Its innovative core products are sold under the DuraPlate®, ArcticLite®, FreightPro™ Eagle® and Benson™ brand names. The company operates two wholly-owned subsidiaries; Transcraft ® Corporation, a manufacturer of flatbed, drop deck, dump trailers and truck bodies; and Wabash National Trailer Centers, trailer service centers and retail distributors of new and used trailers and aftermarket parts throughout the U.S.
