First quarter returns and results from Wabash — an innovation leader for transportation, logistics and distribution industry — came back strong last week, as net sales of $621 million were a 13.6% increase compared to the same time last year.
With an operating arm in Trigg County, consolidated gross profit for the company was $116 million, or 18.7% of sales. Operating income was $69.9 million, or 11.3% of sales. And margins exceeded prior expectations, as a result of strong material margin, operational efficiency and product mix.
First quarter diluted earnings per share was $1.04, which exceeded the Company’s prior quarterly outlook.
The total company backlog, as of March 31, was approaching $3.1 billion. That’s an increase of 31 percent from last spring, and represents an all-time first quarter record for Wabash. All backlog expected to be shipped within the following 12 months was valued at $2.6 billion in the end of March.
Wabash President & CEO Brent Yeagy writes the first-quarter financial results are a “significant achievement,” especially as the company has continued to “purposefully create” a different Wabash in the last four fiscal years.
Revenue outlooks for 2023 remain in the range of $2.8 to $3 billion.
In the division of Transportation Solutions, the last three months of net sales come to $578.1 million — a 15.1% increase from 2022. And in Parts & Services, net sales for the first quarter were $47.1 million, an increase of 0.9% over last year.
