Wabash National Corp. reported a third quarter net loss of $61.4 million on sales of $242 million, compared with income of $5 million on sales of $346 million for third quarter 2000.

For the nine month period ending Sept. 30, the company’s net loss was $97 million on sales of $697 million, compared to net income of $21.6 million on sales of $1.1 billion for the same period a year ago.
Acting CEO Richard Dessimoz said the third quarter results “reflect a continuation of the very difficult market conditions.” He also noted that Wabash’s previously announced restructuring and cost reduction initiatives are “moving forward and on schedule.”
The company has closed manufacturing plants in Ft. Madison, Iowa, and Scott County, Tenn., as well as a California parts distribution facility. Dessimoz said that accelerated sales efforts to normalize used trailer inventory levels “are proceeding as planned.”
Wabash recorded a $40.5 million, pre-tax, restructuring and related charge and a $28.7 million, pre-tax, charge related to its reduction plans for used trailer inventories in the third quarter.