US-based OEM, Wabash, has released its Q3 financial results.
Net sales for the third quarter 2022 of $655.2 million USD increased 35.8 per cent versus the prior year quarter as the company continued to execute well on strong customer demand.
Consolidated gross profit was $92.0 million USD, or 14.0 per cent of sales. Operating income was $52.9 million USD, or 8.1 per cent of sales during the quarter. Versus the same quarter last year, gross and operating margins expanded by 340 basis points and 430 basis points, respectively. Third quarter diluted earnings per share was $0.73 USD, which exceeded the Company’s prior quarterly outlook.
Total company backlog as of 30 September 2022 was approximately $2.3 billion, which is an increase of 20 per cent versus the third quarter of 2021 and also represents an all-time third quarter record.
“During the third quarter, Wabash executed very well to generate record sales of $655.2 million USD as well as record quarterly EPS of $0.73 USD,” said Wabash President and CEO, Brent Yeagy.
“This is a meaningful step forward in our financial performance and what makes the quarter even more exciting is the progress made against our strategic plan as we added new dealers, announced a new product line brand, and added additional strategically-aligned expertise to our board of directors that will support Wabash for years into the future.”
For the full-year ending 31 December 2022, the company maintained its outlook for revenue of $2.5 billion USD and increased its EPS guidance to $2.15 USD.
“Demand conditions remain strong as evidenced by our order book, which set a third quarter record at $2.3 billion USD and implies $1.7 billion USD of orders in 2023,” said Yeagy. “Our process of booking orders has shifted from transactional to strategic as we engage with customers to plan for how Wabash can serve their needs from across our first to final mile portfolio for the next several years as opposed to the usual one-year out conversation and we expect to have updates on that front in the weeks and months to come.”
In other news, American Expedited announced an acquisition.