Wabash National says it will cut some 500 hourly and salaried positions as part of a cost reduction program to meet the widespread economic slowdown.
It has also announced that it will not meet analysts’ earnings estimates for first quarter 2001.
The company had already said its first quarter results will include costs associated with restructuring activities, including its exit from export markets and discontinuation of international leasing and finance activities. These costs, coupled with the soft North American trailer market, will put first quarter earnings at $0.03 to $0.10 per share, Wabash says.
"Unfortunately, in this economic climate and like many companies across the country, we are faced with decisions that are difficult to make," said Wabash National Chairman, President and CEO Jerry Ehrlich. "Under the current economic environment, we feel this action is necessary as part of our continuing efforts to operate the business effectively and profitably."