"We are pleased with our progress this quarter despite a challenging environment,” said Dick Giromini, president and chief executive officer. “The performance of our manufacturing organization, complemented by our aggressive strategic sourcing and pricing initiatives, has allowed us to achieve our best gross margin percentage since the first quarter of 2006. While the continued weak freight environment constrained new trailer sales to 12,500 units for the quarter, it represents a 14% increase from the prior quarter.
"As truck transportation companies continue to face macro-economic and industry related headwinds, we anticipate total new trailer sales for the year to be approximately 48,000 units of which approximately 90% are already booked. We are taking the necessary measures to optimize our business during this soft period, including a hiring freeze, staff cutbacks and spending restrictions. We believe we are well into the trough of the cycle, and expect to see improving order rates in the second half of 2008."
Wabash reported net income of $5.9 million, or $0.18 per diluted share for the second quarter of 2007 on net sales of $294.8 million. For the same quarter last year, the company reported net income of $5 million, or $0.15 per diluted share, on revenue of $333.6 million.
For the six months ended June 30, 2007, net income totaled $6.9 million, or $0.22 per diluted share on sales of $553.7 million. In the comparable period of 2006, the company reported net income of $9.4 million or $0.29 per diluted share on sales of $595.7 million.