Total trailer orders exceed expectations

While directionally orders for total trailers and dry vans came in better-than-expected in January 2008, on a year-over-year basis, orders for total trailers and dry vans are still down 31% and 28%, respectively.

Total trailer orders were 15,411 in January, down 31% year-over-year (versus. down 50% year-over-year in December). Dry van orders were 10,038 in January (vs. 6,910 in December), down 28% year-over-year (vs. down 48% year-over-year in December). Flatbed orders were 363 in January (vs. 785 in December), down 78% year-over-year (vs. down 62% year-over-year in December).

Dry van builds were 5,996 in January, down 41% year-over-year (vs. down 19% year-over-year in December). Total trailer builds were 11,873 in January, down 40% year-over-year (vs. down 22% year-over-year in December). Total trailer backlog-to-builds ratios improved 1% year-over-year to 6.1x (vs. deterioration of 3% year-over-year in December). Dry van backlog-to-build ratios deteriorated 1% year-over-year to 6.2x (vs. deterioration of 2% year-over-year in December).

Dry van inventories were 6,009 in January (vs. 5,685 in December), down 32% year-over-year (vs. down 6% year-over-year in December). Dry van inventories are now roughly 350 units higher than at the end of 2007.

Total trailer cancellation rates were 9.9% in January, deteriorating 200bp year-over-year (vs. improvement of 220bp year-over-year in December). Dry van cancellations were 5.0% in January, improving 80bp year-over-year (vs. improvement of 340bp year-over-year in December).

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