Wabash Reports Second Quarter Loss

Truck trailer manufacturer Wabash National Corp. watched its net sales for the second quarter drop to $212.2 million, compared to $358.7 million for the same period last year. The company posted a net loss for the quarter of $10.8 million, before inventory and other nonrecurring charges, compared to net income of $7.5 million for the same period last year.

For the first six months of 2001, Wabash said its net sales dropped to $454.8 million and net losses totaled $21.2 million, compared to net sales of $711.6 million and net income of $16.6 million for the same period last year.

Richard E. Dessimoz, Wabash’s acting CEO, said continued weak freight tonnage, additional costs associated with the coating and finishing operations at the company’s Huntsville, TN facility and further softening of market conditions affecting the company's retail operations.

As of June 30, 2001, the company said its order backlog totaled approximately $450 million, of which approximately $300 million related to its proprietary DuraPlate trailer.

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