Wabash National reported year-over-year improvement across a number of financial and operating metrics for the three month period ended March 31. The company reported net income of $5.7 million, or $0.08 per diluted share, for the first quarter on net sales of $324 million.
The results also include full quarter results of Walker Group Holdings, a manufacturer of liquid-transportation systems and engineered products that Wabash acquired in May last year. The company’s first quarter results include the impact of one-time costs related to the acquisition of Walker and of certain bankruptcy assets of Beall Corporation, which were acquired in February this year, totaling $0.6 million. Excluding the impact of these items, non-GAAP adjusted earnings for the quarter were $6.1 million.
Wabash also reported income from operations totaling $14.9 million for the first quarter of 2013, compared to operating income of $5.4 million for the first quarter of 2012. Non-GAAP operating EBITDA, which excludes the effects of certain costs related to the Walker and Beall acquisitions, as well as other recurring and non-recurring items, for the first quarter of 2013 was $27.1 million, an improvement of $14.8 million compared to the previous year period.
On a trailing twelve months basis, the Company’s revenues have increased to approximately $1.5 billion generating operating EBITDA of $133.3 million, or 8.8 percent. The improvement in operating performance is attributed to the successful execution of the company’s growth strategy and disciplined approach to improving profitability, including an improved mix of higher-margin trailer orders and diversification into higher margin opportunities through the acquisition of Walker, which accounted for approximately $95 million of the current quarter’s net sales.
Dick Giromini, president and chief executive officer, stated, “We are pleased with our first quarter performance, the continued execution of our long-term strategic plan, and the progress we have made in transforming Wabash National into a diversified industrial manufacturer. First quarter results demonstrate the benefit of our diversification strategy including a more balanced contribution from our three segments to both the top-line and bottom-line.
“We also continued to demonstrate our commitment to protecting and enhancing the margins in the Commercial Trailer Products segment while extending our reach in the higher margin Diversified Products segment. This was reflected in the significant margin improvements across all three segments compared to the prior year period. In addition, we strengthened the diversified product portfolio by expanding our tank trailer product offering through our acquisition of certain Beall assets, which was completed during the quarter.”