US-based OEM, Wabash, has released its Q1 2022 results which shows growth across the board.
Net sales for the first quarter of 2022 were $546.8 million USD, a 39.5 per cent increase compared to the prior year quarter.
Consolidated gross profit was $58.1 million USD, with an operating income of $20.1 million USD.
As of 31 March 2022, the total company backlog was approximately $2.3 billion USD, an increase of $800 million USD compared to Q1 last year. The backlog represents a first quarter record for the company, exceeding the prior Q1 high by 42 per cent.
Wabash President and CEO, Brent Yeagy, said the results show demand across the business’ portfolio.
“Evidenced by record first quarter backlog, demand across our portfolio of solutions remains strong,” he said.
“With our customer base and supply chain both overwhelmingly levered to the United States, we are largely insulated from international volatility and fortunately situated to benefit from improving labor market trends and new and existing customers that are utilising trailers in new and interesting ways.”
For the full year ending 31 December 2022, Wabash increased its outlook for revenue by $200 million USD to $2.5 billion USD.
“As we achieved strengthening financial results throughout the first quarter, our confidence in the trajectory for our full year has increased and we are excited to raise our EPS outlook by more than our first quarter out-performance,” said Yeagy.
“While our prospects for 2022 are bright, I am most enthusiastic about the increasing rate of change I see within the development of sustainable, customer-centric products and services throughout our portfolio. These are some of the solutions that will chart the course of our strategic growth over the next decade.”