Lafayette, Ind.-based trailer manufacturer Wabash National reported net income in the fourth quarter of 2012 was $80.2 million, compared with $7.5 million in the fourth quarter of 2011.
Annual profit was $105.6 million, compared with $15.0 million in 2011.
The profit results were affected by a $59 million income tax benefit, primarily related to the reversal of the company’s valuation allowance against its net deferred tax assets. Excluding the income tax benefits and other one-time charges of $0.5 million related to the acquisitions of Walker Group Holdings and certain assets of Beall Corporation, adjusted earnings were $21.7 million in the fourth quarter of 2012 and $64.8 million for the full year of 2012. Yearly earnings were also affected a $0.7 million one-time charge related to the early extinguishment of the company’s prior revolving credit facility.