Industry manufacturers are expecting a big year, despite Monday’s stock market tumble in which the Dow Jones industrial average posted its largest one-day loss in history, continuing a sell-off first seen in the transportation sector in late January.
The Dow’s loss of 1,175.21 points followed a decline of more than 650 points in the previous trading session. The Standard and Poor’s index dropped 4.1%, the biggest one-day decline since August 2011, and Nasdaq declined 3.8%.
Meanwhile, the Dow Jones Transportation Average, made up of 20 stocks, dropped 3.15% to 10,350. That is lower than where it started 2018, but well above the 52-week low of 8,744.
Wabash National said its overall income tax rate was expected to drop about 10%, providing “a meaningful increase in available funds to support the business in many ways.”
“We continue to believe the demand environment for trailers overall will remain healthy as fleet age, regulatory compliance requirements such as the ELD implementation, a strong economy and customer profitability all support a continuation of a strong and extended trailer cycle,” said CEO Dick Giromini.
AB Volvo raised its 2018 commercial vehicles outlook after the Volvo Group achieved its highest sales and operating income in history. Likewise Daimler AG posted a big jump in truck sales across most of the world. It said truck sales will be “significantly higher” in 2018, including in North America.
Paccar Inc., the maker of Peterbilt and Kenworth trucks, reported record revenue and its second highest annual profit in company history in 2017.