Wabash reported net sales for the second quarter of $642.8 million—a 43% increase compared to last year’s Q2. The company credited a continued production ramp up in light of strong customer demand.
Consolidated gross profit was $78 million, or 12.1% of sales. Operating income was $35.9 million, or 5.6% of sales during the quarter.
Total company backlog as of June 30 was approximately $2.3 billion, an increase of $1 billion compared to the same quarter last year. Wabash's backlog represents a second quarter record and exceeds the prior Q2 high by approximately 71%.
“During the second quarter, Wabash generated an all-time quarterly sales record of $643 million as demand for our portfolio of connected solutions remained robust," Brent Yeagy, president and chief executive officer, said. “Yet another quarter of sequential improvement in operating margins has brought our EBITDA generation back to levels not seen since mid-2019.”
For the full-year ending December 31, the company maintained its outlook for revenue of $2.5 billion and EPS of $1.90.
“Because of the heavily seasonal nature of trailer ordering, industry backlogs typically decline around 15 percent during the second quarter as shipments eat into the order book. Demand remains very strong as evidenced by our backlog remaining at $2.3 billion from the first quarter to the second quarter, particularly in light of record shipments during Q2," said Yeagy. "Beyond our productive conversations regarding 2023 build slots, I am particularly pleased by customers' willingness to think beyond next year's order cycle to engage in planning a shared vision for the longer term.”
For the quarter, Wabash shipped 13,670 trailers (up 17.9% from Q2 2021) and 3,970 truck bodies (down 17.3%).
For additional coverage of the earnings report and investor call, see the August print issue of Trailer/Body Builders.
