joining us today. Thanks, morning, Ryan. Good for everybody you and thank
that you are hope begin Let way and of have saying love. me And healthy. better found by you families to those you the each then with your connect we
and remarkable have to earnings at also state also QX pace of environment, to on timeframe, very and changed – our some this to it has the stability expect like experience up recession everyone perspective our to be our to get lot world the a with the to different. thoughts speed current liquidity sentiment current a The XXXX customer regard I’d and since the position, performance to XXXX chain on we offer of company’s last supply that is in strong why and call we topics
and our to taking safeguard the we’re get we to of start I’d into people. wellness by health, before those sharing like However, details, the steps safety
processors, the of in pandemic. it’s bodies to critical to services products truck home. journey to an operate Wabash pharmaceutical hauling are the refrigerated essential whether have enable we business trailers goods transporting our leg from food the delivering of our groceries trailers, goods, fresh the the to continued or onset completing this feedstocks, As last customers tank transform and we
We’ve have home vital has supplies and continuity a more been needs agility to extraordinary the stay comfortably business part through more social initiated basic been navigate which distance met, speed. company-wide with people and time that’s We’ve effort been and of helping us assuring this allowed effectively.
addition, made bringing facilitate changes fast company In we deliberate the as best – our to manage throughout on action, this are organizational landscape. we and we to dynamic business decisions and act to within
anticipated economy. We plans we suppliers frequent, and made as with all and priority a around our have candid in communication employees, put empathetic the our disruption top to current and place of the customers
chain supply situation. to work well as general work practices, Our and as proactively the manage
We Disease have adopted sources Centers World safeguard gathered our for of and fact Control, Organization, and our practices best Health scientific to the by people and other respected workplaces. implemented
where alignment contact we’ve to in we we’re supportive municipalities states been assure, addition, of in and and the In local measures. with close operate
to imagine. our event In distancing longer standard care us need standard would under any place working manufacturing for the the to be implemented in like that must in than social we of facilities process a protocols embrace we’ve that and of offices, as
personal tools, productive, procedures use administrative procedures. reaching which effective physical rooms, measures use barriers, of and proper protective of symptom and cafeterias control equipment such of of as changes slightly enhanced, office travel implementing and protocols, and manufacturing or areas effective other are gathering smart, use telecommuting as prescreening modification We’re employee break are environments, work and the sustainable and tools, reshape such home risk-based from that wide to facility of and physical modified common employee visitor some areas,
as business virus. Essential allowed current unprecedented their health, this around have in respective times. to our extremely the risk of business as are to or of regarding reacted health and that situation, the all our contracting these of the well the and home take to dedication to own for like those not, employees embraced them, the personal to our adapt places proud changes in regard to thank environment. their I’d different been their opportunity I’ve fear to people employees anxiety of us
By and supportive our remain large, days. open of the and efforts have our people responsible, to minded been open XX during constructive and past
part special what Our culture and makes it. is always I’m National, it be to of by humbled Wabash
to Let’s customer and supplier on update the move an on landscape.
in business continuity essential an able As we’ve been modifications place. with business, maintain to our
response have we intermittent caused not disruptions immune COVID-related government been by as supply actions. to However, state related pandemic issues, as well
chain years of agile and been of supplier chain manage supply impacts result capacity consumption, those of product changes Supplier supply speaks by tariff-related to made actions. have and the to impacts peak actions a as taken sustainability three mitigated last limitations
have process. chain management risk We at-risk issues by increased some at part supply holding of through inventory also as identified inputs our supplier managed
truck truck risk of producers and An crisis. process. of support implemented response body area COVID our watching regard major that to we’re chassis shutdowns in All remains of is truck relatively hard extended manufacturing chassis the in that to have
reopen future, shutdowns liquidity solvency expect risk being demand. of do within chain While the through. this time, result market not base our Overall, weathered worked reduced production impact our the or supply of near still chassis to a in see is base supply storm as we at we the And supply full or well. significant may has the
challenging now They of of products at volumes business busy home to stockpiled terms handle to begin market they’ve gone they’ve an goods extremely up consumer to up job a in admirable from orders essential flow states with the experiencing where considerable increased open customers, stay are gearing as again. non-essential our environment. closures. In moving Generally, a done softening keeping
think they maintain capital could managing at there’s capital the efficiency, closely road outlays situation their are not ensure and appreciation that avoid wanting the I equipment XXXX get ages needs. ‘XX, where customers some also to talent as at down While moment, saw the their levels reasonable customers attract equipment to driver we an and for average in manage
expected, their pandemic backlog internal been strategically portfolio peers. our finding response customer have stability. their efforts within managed also and resilient earnings, as observe customers relatively our compared through overall QX as We’re that to can We we in
quarter, two to Moving distinct between financial January February results March specifically. is and for the phases, which split I’d like and my Wabash’s together, comments
the relatively months two historical normal with some in months. expectations of was margin first quarter our during line operating were these The our as certainly cadence performance
revenue trailer commercial a recognition, lot. just during for quarter. a we tends quick income most when the recognize as move perspective a refresher first significant on from Specifically products And revenue products, to be off March month the and revenue
year coincided with carriers period – typically busy behavior. that pickups of an that was the as trailers, March, In case this from are a activity boost being received heavy purchase freight pre-shutdown in that unusual
not. pickups customer for So even was in though revenue shortfall with This first our a in trailer resulted line production products during commercial expectations, were quarter. the
loss Final only to COVID-XX, last expectations. an anticipated quarter quarterly or Products call, on the to operations initial loss the operating coupled in production quarter, complications. As we due our impacted COVID-XX expected lightly discussed was the weaker the than of products customer impact performance was Diversified Mile on see initial during first related earnings by exceeded customer pickups, with our
operating income were for and near revenue quarter. such, the expectations As our
orders customer to backlog. and on move Let’s
the has period. XXXX. in new industry As registering as billion that time is reports first of since the Wabash had $X.X have over end throughout broader than production billion much year backlogs after same orders $X down is the have quarter outpaced shown, end the less XX% at XXXX. National’s seen end come decline industry approximately This of the backlog the
continue as figures, very We position. good they share about these to industry feel imply our
portfolio our continue products We with that commercial to segment. conditioning have decade reporting over to trailer believe and past level previously we mentioned, the that has executed the of continue volatility on customer the dampen historically seen our that we’ve will
I the the taken and Along actions to move rapid with our these focused on financial well-being extraordinary current company We’ve the on our during we now or will environment. for of structure of the to look times. action protecting to future. taken employees, are right-size cost well-being broader
National take has seen will periods. days, been actions Understand really future the be XX those only in in reacting that that to and we the Wabash last pandemic
We have as critical and supportive. a that moving is spending on all travel, the capital company, freeze spending only implemented eliminated and customer on viewed across essentially all ahead non-essential operating
hiring, of betterment of the cut headcount on with reductions expenses is it’s resources, the overall But part outside longer-term but value. our themselves furloughs organization. company difficult devoted all creation and always implemented ceased of liquidity, and to customer company to have well its our and obligation have team as stewards We to not members who near-term shareholder the ensure also the stability as as position only for best
We such, taken myself recognize a voluntary as shared of sacrifice, is this my have team and reductions. period that salary and
targeted meet and do performance that beginning employees at salaried for eliminated, compensation we the of variable will reduced set were the not if year. potentially be metrics Additionally, out
contingency of developed further, plans well reduce if deterioration necessary, macroeconomic conditions. product have or we market to based spending ahead, on Looking further
terms we’re In operate in planning the of future. how near to
and First our people and our will we communities. safeguard foremost,
focus We on the then premium deserve. serving customers manner our they will in
we effectively work as to previous will While the as mentioned efficiently produce priorities, ensuring and possible.
operating period dynamic looking change understand and evaluation operations, responsiveness needs. very how go to a while best efficient future forward customer of in We’re to with now of balancing
possible our already much efficiently then From running a allow that manufacturing during to while one perspective, used and evaluate are will up and minimize we have produce us furloughs tool downtime. as to continue to as and cost
ongoing stability customer. is for intent maximize Our assuring the efficiency, while to
Finally, for that to end we proven eventual and now, continued liquidity the expected in downturn for I’d the our excess have balance an no on while our have the ensure like like look strength downturn taken years one express sheet extremely confidence future. preparing We’ve important. And to my our actions world in several been does markets. the
National leadership have to that recession the diverse approach added at from team all sectors current the other this companies to like company’s was managing not and during we I Although situation. our great was, bring experience from Wabash through other perspectives the to my been learn
extremely and approach been Our longer-term initiatives. expertise Board through to also devoting to our short-term has through both think of their us time this helpful helping Directors and
time of our dance this regardless the through managing fortunate cause levels deep. a of collective We are folks all that market is at our our and experience is of downturn, organization, not first
National improved cycle than company been that We is ever expect a we’ve past. to performance more resilient show to the in that our financial Wabash the
of further faster majority in vast already one that or to We’ll us changes further sharing intimacy crisis move our afforded back calls. customer-focused National were allow innovation products forward accelerated those of our underway, future believe will pace marketplace. us our to drive of that an look level with on customers Wabash leverage with to opportunity crisis in intend enjoyed markets a increase our we differentiate which we has our to has this and competition. position from the organizational you distance and ourselves two the with number This the that number
In continue our and confident right to focus critical now navigating closing, the parts impact on right transportation to coronavirus. safety of the things associates, serving the doing and continually to of – is the our our supporting we’re health I’m customers time sector. play our in this that protect
COVID-XX times National be impact learned will lessons prior and severe, we and embraced economic of make this the that more Wabash into have have through before been we stronger While agile cycles heading one. difficult has to a from
resilient and emerge throughout continued with company a crisis. strategic have to our stronger provide as the strong balance our Finally, plan us to as culture execute opportunity this we sheet a
With Mike comments. to that over it for turn his I’ll
