Wabash reported net sales of $546.8 million for the first quarter of 2022, an increase of 39.5% versus the prior year quarter.
The trailer manufacturer credited its ability to scale production to serve "strong customer demand." Consolidated gross profit was $58.1 million, or 10.6% of sales. Operating income was $20.1 million, or 3.7% of sales during the quarter.
Total company backlog as of March 31 was approximately $2.3 billion, an increase of $800 million compared to the same quarter last year. Wabash's backlog represents a first quarter record and exceeds the prior Q1 high by 42%.
“Evidenced by record first quarter backlog, demand across our portfolio of solutions remains strong,” said Brent Yeagy, president and CEO. “With our customer base and supply chain both overwhelmingly levered to the United States, we are largely insulated from international volatility and fortunately situated to benefit from improving labor market trends and new and existing customers that are utilizing trailers in new and interesting ways.”
For the full year ending December 31, the company increased its outlook for revenue by $200 million to $2.5 billion.
“As we achieved strengthening financial results throughout the first quarter, our confidence in the trajectory for our full year has increased and we are excited to raise our EPS outlook by more than our first quarter out-performance," said Yeagy. "While our prospects for 2022 are bright, I am most enthusiastic about the increasing rate of change I see within the development of sustainable, customer-centric products and services throughout our portfolio. These are some of the solutions that will chart the course of our strategic growth over the next decade.”
See the April print edition of Trailer/Body Builders for additional coverage.