Wabash National Corp. reported a first quarter loss of $14.6 million, which was 18% lower than the $17.7 million loss posted in first quarter 2001.
Sales for the period were $162 million, compared to $243 million for the same period last year.
Senior Vice President and Chief Financial Officer Mark Holden credited “significant restructuring activities” over the last nine months for the reduction in losses, despite the 33% drop in sales. First quarter results included pre-tax charges of approximately $10 million associated with refinancing and restructuring of the company’s debt, bad debt provisions, and used trailer and new trailer charges -- although the company said the latter was reduced from previous periods.
Over the last several months the company has made several management changes, including the recent appointment of former Accuride CEO William Greubel to Wabash president and CEO.
Sales for the period were $162 million, compared to $243 million for the same period last year.
Senior Vice President and Chief Financial Officer Mark Holden credited “significant restructuring activities” over the last nine months for the reduction in losses, despite the 33% drop in sales. First quarter results included pre-tax charges of approximately $10 million associated with refinancing and restructuring of the company’s debt, bad debt provisions, and used trailer and new trailer charges -- although the company said the latter was reduced from previous periods.
Over the last several months the company has made several management changes, including the recent appointment of former Accuride CEO William Greubel to Wabash president and CEO.
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