Wabash reported a net loss of $5.7 million for the three-month period, up from a loss of $16.7 million for the second quarter of 2009. The company attributes the improvement to higher production volumes, lower raw material and component costs and the cost and manufacturing optimization enhancements.
The Indiana-based company posted sales of $149.7 million during the quarter, compared to net sales of $86.2 million in the year-ago period.
"We are pleased to deliver significant year-over-year improvement in our operating results," said Dick Giromini, president and CEO. "In addition, we were encouraged to see continued strength in quote and order activity throughout the second quarter and a stronger backlog, which was $377 million as of June 30, up from $137 million at year-end, and $128 million as of a year ago. This represents the third consecutive quarter of backlog expansion, which is a strong indicator of the recovery occurring in our industry as the second and third quarters are generally seasonally lower periods for orders."
As a result of its second quarter performance, Wabash is increasing its forecasts for shipment activity from 18,000 to 22,000 units to 23,000 to 25,000 units for 2010. The company expects third quarter shipments to be in the range of 7,000 to 8,000 units.
"We are positioned well to capitalize on this improved demand environment, as our efforts to rationalize our cost base and streamline our manufacturing operations have provided us with more operating leverage," Giromini said.