Wabash, Cummins, Eaton, Allison Report First Quarter Numbers
April 30, 2014
Trailer maker Wabash National had net income for the first quarter of 2014 of $7.3 million, or 10 cents per diluted share, compared to first quarter 2013 net income of $5.7 million, or 8 cents per diluted share.
Net sales increased 10% to $358 million from $324 million in the prior year quarter, while operating income increased 31% to $19.5 million, compared to operating income of $14.9 million for the first quarter of 2013.
"We maintained the momentum we generated in 2013 and further validated the transformative nature of our growth and diversification initiatives,” said Dick Giromini, president and chief executive officer. “We generated strong growth and healthy margins across each of our three operating segments, which gives us confidence in our business as we look to the remainder of 2014."
"New trailer shipments for the first quarter were approximately 9,900, at the top end of our previous guidance of 9,000 to 10,000 trailers,” he said. “We were encouraged by the overall strength of the demand in the first quarter taking into account the difficulties most of our customers faced due to the extreme weather conditions throughout much of the country, which limited our ability to ship trailers in the quarter.”
You can read more on the Wabash National website.
The engine manufacturer Cummins reports its first quarter revenue was $4.4 billion, up 12% from the same quarter in 2013. The increase was driven by stronger demand in on-highway markets and distributor acquisitions in North America, according to the company.
“Revenues in North America increased 25% while international sales were flat compared to the first quarter a year ago. Within international markets, weakness in India, Australia, Mexico and Brazil offset higher revenues in China and Europe,” Cummins said in a statement.
Net income in the first quarter was $338 million, or $1.83 per diluted share, compared to $282 million, or $1.49 per diluted share, in the first quarter of 2013.
"We delivered good incremental margins in the first quarter as demand in on-highway markets in North America improved. We are also well on track to deliver the expected benefits from our North American distributor acquisitions as we execute our plans and end market demand improves. Conditions in a number of international markets remain very weak, particularly in India and Australia, leading to lower demand for power generation and mining equipment," said Chairman and CEO Tom Linebarger.
Cummins expects full year 2014 revenues to grow between 6% and 10%, up from its previous forecast of growth of between 4% and 8%, due largely to improving demand in North America.
More information is on the Cummins website.
Truck component and power management company Eaton reports earnings per share were $1.01 for the first quarter of 2014, up 20% over the first quarter of 2013. Net income was $441 million compared to $380 million a year earlier.
Sales in the first quarter of 2014 were $5.5 billion, 3.5% above the same period in 2013.
“Our first quarter results are a solid start to the year, coming in slightly above the midpoint of our range in spite of the negative impact from the severe winter weather we encountered in North America,” said Alexander M. Cutler, Eaton chairman and CEO. “We estimate the severe weather reduced earnings in the quarter by three cents per share.”
The vehicle segment posted sales of $996 million, up 6% compared to the first quarter of 2013. The segment reported operating profits in the first quarter of $151 million, up 14% over the first quarter of 2013.
“North American markets were particularly strong in the quarter,” said Cutler. “We now expect the North American Class 8 truck market to be 280,000 in 2014, up from our prior estimate of 265,000.”
There is further information on the Eaton website.
Net income for the truck transmission manufacturer, Allison Transmission, nearly doubled in the first quarter of the year versus the same time in 2013, hitting $52.1 million, resulting in diluted earnings per share of 28 cents compared to 15 cents during the same time period.
Net sales for the quarter totaled $494 million, an 8% increase from the same period in 2013, principally driven by the continued recovery in the North America on-highway end market, according to the company.
“Continued recovery in the North American On-Highway end market and higher demand for global service parts are encouraging and consistent with our full year guidance which we are affirming,” said Lawrence E. Dewey, chairman, president and CEO.
North America on-highway end market net sales were up 24% from the same period in 2013 while North America off-highway end market net sales were up 50% during the same time period.
There are more details on the Allison Transmission website.