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%.
Additionally, I'd like to reference the 2020 initiatives to lower our cost structure by $20 million, of which $15 million was SG&A.
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.
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.
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.
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.
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.
We expect revenue of approximately $1.95 to $2.05 billion.
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.
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.

Summary:
On a consolidated basis, first quarter revenue was $392 million, with consolidated new trailer shipments of 9670 units during the quarter.
Finally, for the quarter, net income was $3.2 million or $0.06 per diluted share.
We expect revenue of approximately $1.95 to $2.05 billion.