Wabash posted net sales for the first quarter 2023 of $621 million, a 13.6% increase versus the prior year quarter. Consolidated gross profit was $116 million while operating income was $69.9 million, or 11.3% of sales during the quarter.
Margins exceeded prior expectations as a result of strong material margin, operational efficiency and product mix, the company noted.
Total backlog as of March 31 was approximately $3.1 billion, which is an increase of 31 percent versus the first quarter of 2022 and also represents an all-time first quarter record. Backlog expected to be shipped within the following 12-months was approximately $2.6 billion as of March 31..
“Our first quarter financial results are a significant achievement, and all the more exciting when viewed through the lens of strategic progress,” said Brent Yeagy, president and chief executive officer. “We have purposefully created a different Wabash over the last four years. With a new strategy, new management system and a new strategic deployment process we have acted on the business to strategically position our portfolio for the future and drive to new and higher levels of business execution.”
For the full-year ending December 31, the company maintained its revenue outlook with a range of $2.8 billion to $3 billion.
“Our backlog remains strong and, combined with our first quarter performance, gives us confidence to guide to a record year," Yeagy continued. "With freight rates pressured and uncertainty regarding the timing of a market rebound, we expect customers to diligently manage capital spending, but remain optimistic about their prioritization of van trailers and we continue to be excited about the strength in our tank trailer, truck body and parts & services businesses. We expect the power of our first to final mile portfolio to allow us to continue posting financial performance that exceeds results from prior cycles.”
Wabash shipped 11,780 new trailers in the first quarter, along with 3,815 truck bodies.
Parts & Services' net sales for the first quarter were $47.1 million, an increase of 0.9% as compared to the prior year quarter as the segment continued to achieve milestones along its path of strategic growth. Operating income was $9.2 million, or 19.5% of sales during the quarter.
For complete coverage of the Q1 results, see the May print edition of TBB.