US-based OEM, Wabash National, has reported financial results for the quarter ended June 30 2019, citing net sales growth and strong operating performance.
Net sales for Q2 2019 increased two percent to $626 million USD (€564.5 million) from $613 million USD (€552.8 million) in the prior year quarter, as growth was led by the Company’s Final Mile and Diversified Products Group Segments.
Operating income was $47.5 million USD (€42.8 million) in the second quarter of 2019 and the company achieved a consolidated operating margin of 7.6 per cent during the second quarter of 2019, which represents an improvement of 10 basis points from the second quarter of 2018, highlighting the success of both short and long-term initiatives targeting margin expansion.
“I am very pleased with our operating performance during the second quarter,” said Wabash President and CEO, Brent Yeagy.
“We delivered revenue of $626 million [USD] which is an all-time record for Wabash National and we generated our strongest operating margins in two years, driven by the Wabash Management System.
“The strength of our free cash generation allowed us the flexibility not only to pay our regular quarterly dividend and make progress on debt-reduction, but also to repurchase shares during the quarter,” he said.
Net income for the second quarter 2019 was $31.0 million USD (€27.9 million).
Operating EBITDA, a non-GAAP measure that excludes the effects of certain items, for the second quarter 2019 was $61.0 million USD, or 9.7 per cent of net sales.
Headquartered in Lafayette, Indiana, Wabash National Corporation is a diversified industrial manufacturer and a leading producer of semi-trailers, truck bodies and liquid transportation systems. Established in 1985, the Company manufactures a diverse range of products including: dry freight and refrigerated trailers, platform trailers, bulk tank trailers, dry and refrigerated truck bodies, truck-mounted tanks, intermodal equipment, structural composite panels and products, trailer aerodynamic solutions, and specialty food grade and pharmaceutical equipment.
Last month, US-based truck body specialist, Supreme, a Wabash National company, has added Gruau refrigerated inserts to its uplift solutions for cargo vans.