Wabash National Corporation reported net income of $3.8 million, or $0.12 per diluted share for the third quarter of 2007 on sales of $291.0 million.
For the same quarter last year, the company reported net income of $5.0 million, or $0.15 per diluted share, on sales of $362.3 million. For the nine months ended September 30, 2007, net income totaled $10.6 million, or $0.35 per diluted share on sales of $844.7 million. In the comparable period in 2006, the company reported net income of $14.4 million, or $0.44 per diluted share on sales of $958.0 million.
Third quarter new trailer sales totaled 12,100 units, a decrease of 3% from the second quarter; however, new trailer production for the period declined approximately 18%. The sequential reduction in production, coupled with costs associated with realigning operations, more than offset the continued performance improvements across the organization.
"A continuing soft freight market, related in part to the ongoing residential construction slump, is adversely impacting trucking companies' profitability and their need for new equipment," said Dick Giromini, president and chief executive officer. "As a result, we now anticipate total new trailer sales for the year to be approximately 46,000 units. Given our visibility into next quarter, this total is essentially booked. We believe we have taken the necessary measures to appropriately size our operations during this slowdown including plant idling, headcount reductions and spending restrictions. We continue to believe that we are well into the downturn of the cycle, and expect to begin seeing improving order rates in the second half of 2008."
As of September 30, 2007 the company's backlog was approximately $393 million.