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Text: A couple of items before we get started.
I'll now hand it off to Brent for his highlights.
I'd like to start by mentioning how pleased we were with our first quarter results.
The broader operating environment has been unusual to say the least.
But we'll touch more on that in a minute.
I'd like to highlight the dedication and intense focus our team demonstrated in delivering solid quarterly performance.
First quarter operating profit and earnings per share came in above our expectations as we executed on the manufacturing side, while continuing to tightly manage our overall cost structure.
Indicators for our core transportation, logistics and distribution markets continue to be remarkably strong.
Record spot rates and expectations for continued increases in contract rates are indicative of a robust consumer demand and capital spending paired with already strained industry capacity.
All types of transportation solutions are in high demand as we begin 2021, and I'll call it our final mile truck body business because of core correction in FMP's markets during 2020 was more severe than we would have expected during non-pandemic circumstances, and we're optimistic that the bounce back is going to be summerly strong.
Indications from our large leasing customers is that demand has returned from small and medium-sized business segments of the market that they serve so effectively.
Their rental businesses have also benefited as fleets scramble for equipment as well.
We believe these trends have staying power as the pandemic has clearly accelerated changes that were already under way in transportation, logistics and distribution, and we feel good about the demand environment as we look forward to this year and beyond.
We'll now talk about the labor and supply chain situation.
Robust industrial and consumer demand across the broader manufacturing landscape has created imbalances throughout an array of manufacturing supply chains, leading to aggressive increases in the price of materials as well as further compounding labor availability across the country.
I'm not aware of any manufacturer that's been immune to these issues.
And although we have introduced effective countermeasures to mitigate the impact within Wabash, we also feel the result in headwinds rising from those labor availability and material cost increases.
Hiring remains a challenge.
And after a relatively successful fourth quarter, our intake of new team members was less than desired during the first quarter and reflected of the general reality of the U.S., labor market.
We will continue to pursue additional manufacturing talent throughout 2021 as we work to meet our 2021 customer demand and prepare for our 2022 market reality.
And our guidance is the reality that integrating additional manufacturing talent impacts overall productivity in the near term.
This is just a simple reality of the situation.
The other reality is that the bulk of this impact will not carry over into 2022.
It is fair to say that supply chains were already stressed heading into this year, and we had some unique Quarter one weather events to say the least, that compounded supply chain issues and heavy winter storms impacted production; both with ourselves and our suppliers.
This did impact our final mile manufacturing in Texas, disrupted basic flow of commerce for an extended period of time and significantly impacted chemical related production across many industries; all adding to the stressed supply chain, which we feel in terms of increased disruption and further increases in material costs.
The cost of commodities and semi-finish components has reacted strongly to the current manufacturing environment, constraints in basic feedstock and lack of labor availability, already elevating -- already elevated heading into the year, cost of un-hedged inputs have continued to rise which is why despite our earnings per share beat in Q1, we have maintained our prior earnings per share guidance.
As I mentioned when referencing market conditions, our products remain high in demand with our customers.
In particular, our molded structural composite technology is entering a new phase of market adoption, and we're moving into our next phase of modest MSC, molded structural composite technology capacity additions for 2022.
As we mentioned on a prior call, continued high demand for our current dry and refrigerated products, coupled with product innovation opportunities being brought forward by the structural changes made to our product innovation and technology team means that we are in need of manufacturing capacity to capture the full value of innovation in these traditional product markets.
In support, we will be committing new and additional resources into our product development and launch team to further scale and accelerate the introduction of new engineered solutions and our entry into new product and customer markets.
As we have now organized our commercial organization around our dynamic customer base, we're in the early stages of creating the appropriate conditions to leverage new technologies across our industry, leading first the final mile product portfolio to extend our competitive advantage with key customers.
With this evolving landscape, we see real opportunity to grow in our markets and grow the shared value created with our employees, our customers and our shareholders.
Given the opportunity ahead of us, being facilitated by strategic changes to our organizational structure and the ability to leverage flexible manufacturing across product lines, I can think of few opportunities more beneficial to our long-term shareholders than reinvesting in our business to support our future organic growth.
Case in point is our backlog through the first quarter.
It's typical for Q1 backlog to decline sequentially after we booked large deals in the fourth quarter of the previous year.
This year, new orders get paced with our shipment activity during the quarter as we saw strong demand for our non van business, which, again, is sold out for 2021 and obviously unable to book new orders for the year.
This level of demand for diversified products and final mile was expected given our customer conversations heading into the year.
But it's always nice to see the committed customer orders come through.
As we look to the future, demand for Wabash engineered solutions continues to grow in a manner that requires us to act on our ability to satisfy them.
As I previously mentioned, we are maintaining our prior guidance.
We are very pleased with how our demand environment has taken shape in 2021 and its extension into 2022 and beyond.
We expected labor to be a challenge, and we were not disappointed on that.
We remain on track to ramp our total man capacity to enter 2022 in a very strong manner.
However, I would say the rise of material cost has been greater than anything we could have reasonably expected, given that we are in uncharted territory with all-time highs in a number of commodities.
What I'm pleased to see is that we have taken immediate decisive action to recover a large portion of those costs and manage in other ways to mitigate the impact far beyond Wabash's performance of the past.
As the world begins to return to something that resembles normalcy, we are optimistic that the labor and supply chain challenges of 2021 will normalize over time and leave us with a less challenging operating environment in 2022, while freight growth remains strong and customer demand continues to be robust.
We are, therefore, excited about what the future holds as many of the structural and process-based changes that we've made to our organization and having the intended outcome of synergistically furthering our ability to execute on our strategy.
Our improved ability to operate and the growing reality of the established vision of enabling our customers to succeed with breakthrough ideas and solutions that help them move everything in the first to final mile is now an active play.
We are executing the plan.
And with that, I'll hand it over to Mike for his comments.
I'd like to start off by giving some color on our first quarter financial results.
On a consolidated basis, first quarter revenue was $392 million, with consolidated new trailer shipments of 9670 units during the quarter.
Gross margin was 12% of sales during the quarter, while operating margin came in at nine -- at 2.9%.
As Brent mentioned, these margins were somewhat above our expectations for the quarter as a result of continued strong cost control.
Additionally, I'd like to reference the 2020 initiatives to lower our cost structure by $20 million, of which $15 million was SG&A.
Because after the first quarter, we lose clean SG&A comparisons from last year as furloughs and other temporary cost control measures were implemented beginning in the second quarter of 2020.
SG&A was lower year-over-year in Q1 by $4.7 million.
Additionally, about 25% of our savings initiatives are being realized as reductions in cost of goods sold.
So we are pleased that these structural savings are more than holding driving a significant ramp in volumes.
Operating EBITDA for the first quarter was $26 million or 6.7% of sales.
Finally, for the quarter, net income was $3.2 million or $0.06 per diluted share.
From a segment perspective, commercial trailer products generated revenue of $248 million and operating income of $20.9 million.
Average selling price for new trailers within CTP was roughly $26,000, which represents a 7.5% decrease versus Q1 of 2020 as a result of meaningfully higher mix of pump trailers, where prices tend to be significantly lower than 53-foot driving trailers.
Diversified Products Group generated $74 million of revenue in the quarter with operating income of $6.1 million and segment EBITDA margin that hit 14.3%; which was the best level since 2016.
Average selling price for new trailers within DPG was roughly $72,000, which represents a 4% increase versus Q1 of 2020.
Final mile products generated $77 million of revenue as this business ramps to meet stronger market demand.
FMP experienced an operating loss of $4 million, which was expected in our prior quarterly guidance.
Because of FMP's heavy and increasing amortization burden, EBITDA provides a more stable measure of progress and more relevant measure of impact on operating cash generation.
We are encouraged that FMP's EBITDA moved back to positive territory during the first quarter with a gain of $621,000 as improved volumes allowed us to better leverage our fixed cost during the quarter.
We expect FMP EBITDA generation to improve in the second half of 2021 as the business installs additional capacity to continue meeting customer demand through the on-boarding of new employees.
Year-to-date operating cash flow was negative $22 million.
We invested roughly $4 million via capital expenditures, leaving negative $27 million of free cash flow.
Although our payables widened out considerably, receivables and inventory combined to have a meaningful impact on working capital as we expected during the quarter.
We continued to show working capital efficiency in Q1 as part of our One Wabash transformation, and we are well on our way to achieving a capital-efficient ramp in 2021.
We continue to target $35 million to $40 million in capital spending for 2021.
With regard to our balance sheet, our liquidity or cash plus available borrowings as of March 31 was $337 million of $169 million of cash and $168 million of availability on our revolving credit facility; which is fully untapped.
For capital allocation during the first quarter, we utilized $18.2 million to repurchase shares, pay our quarterly dividend of $4.3 million and invested $4.2 million in capital projects.
Furthermore, in April, we made a voluntary $15 million payment on our term loan.
Our capital allocation focus continues to prioritize reinvestment in the business through growth capex while also maintaining our dividend and evaluating opportunities for debt reduction and share repurchases.
Moving on to the outlook for 2021.
We expect revenue of approximately $1.95 to $2.05 billion.
CTP is right back to bumping up against capacity constraints, while FMP is fielding plenty of demand with labor being the primary gating factor.
SG&A as a percent of revenue is expected to be in the lower six range for the full year, and we remain on track to sustain the reduction in our cost structure by $20 million relative to 2019, with around $15 million of that cost out, residing within SG&A.
Operating margins are expected to be in the high 3% range at the midpoint.
Turning to the second quarter.
We expect revenue in the range of $450 million to $480 million, up 17% at the midpoint sequentially versus Q1, with new trailer shipments of 10,500 to 11,500 as we look to keep increasing production throughout the year.
Given our expectations for operating margins in the low 3% range in Q2, this implies earnings per share in the range of $0.10 to $0.15 for the quarter.
In closing, I'm pleased with our results to start the year.
Ramping manufacturing is never easy, and this year certainly comes with unique challenges for ourselves and other manufacturers.
But we see it as a great opportunity to scale up and ensure that we're firing on all cylinders as customers increasingly become focused on 2022 and what we expect to be a smoother operating environment that will allow us to return the company revenues to levels approaching what was recorded in 2018 and 2019.
The company is just beginning to enter into these exciting times as the structure of our organization is in the early days of achieving its intended purpose of advancing our strategy, which emphasizes organic growth, leveraging our industry-leading first to final mile portfolio.

user
q1 earnings per share $0.06.
sees fy sales $1.95 billion to $2.05 billion.
q1 sales rose 1.3 percent to $392 million.

assistant