US-based OEM, Wabash National, has announced its latest financial results for the quarter ended 30 June 2021.
Net sales for Q2 2021 of $449.4 million USD increased 32.5 per cent versus the prior year quarter as the company continued to scale its ability to serve strong customer demand.
Consolidated gross profit was $55.6 million USD, or 12.4 per cent of sales. Operating income was $22.7 million USD, or 5.0 per cent of sales during the quarter. On a non-GAAP adjusted basis, operating income was $20.8 million USD. GAAP earnings per share were $0.24 USD, or $0.21 USD, on a non-GAAP adjusted basis.
Total company backlog as of 30 June 2021 was approximately $1.3 billion USD. Normal seasonal order patterns generally dictate that the backlog declines sequentially in Q2; however, during the second quarter of 2021, the backlog softened less than usual and remained up 77 per cent compared to June of 2020.
“While the manufacturing environment continued to be broadly challenging during the second quarter, Wabash National is successfully navigating the issues created by labor scarcity and material cost increases compounded by exceptionally strong demand in our industry and in the economy as a whole,” said Wabash National President and CEO, Brent Yeagy.
“Our strong financial results are a testament to our employees’ dedication to serve our customers as well as our diligent cost control through the year.”
For the full year ending 31 December 2021, the company maintained its EPS outlook and updated it for the impact of the divestiture of Extract Technology, which closed on June 30, 2021. The midpoint for earnings per diluted share is anticipated to be $0.72 USD with a range of $0.67 USD to $0.77 USD.
“We are pleased that new trailer shipments remain on an upward trajectory and that the ramp in trailer production continues to meet our expectations,” said Yeagy.
“Freight markets remain very strong and our customers are looking to trailers as a way to address intensified driver shortages and network imbalances.
“We will continue to manage through short-term commodity headwinds and labor challenges as we work toward maximising our factory capacity and positioning ourselves to capitalise on continued strong customer demand in 2021 and beyond.”
For the three months ended 30 June 2021, Wabash National shipped 11,090 trailers.
In other news, Wabash National is preparing for strategic growth.