Dustin has been with Wabash National for 14 years and brings with him broad leadership experience across the areas of finance, manufacturing and supply chain from roles at Wabash and Ford Motor Company.
Because of backlog strength in our DPG and FMP segments, our order book saw the less than normal seasonality, it would indicate an overall backlog remained up 77% year-over-year.
Couple that with a changing logistics landscape, knowing that our customers are uniquely positioned to grow capacity and 10 years of continued growth and overall trailer demand and it's time for Wabash National to move to increase our ability to capitalize on this profitable opportunity.
Therefore, we are announcing the transition of existing manufacturing floor space to produce dry vans beginning in 2023 and we expect to be able to produce incremental 10,000 dry vans annually.
To put these numbers in context that is roughly a 20% increase in our dry van capacity, but only a 5% increase for the industry.
To facilitate this move, we will be ramping down manufacturing of our conventional refrigerated van product and converting that floor space to dry van production over the next 18 months.
Molded structural composite technology refrigerated vans have over 10 million miles on the road and show better thermal efficiency combined with its lighter weight design.
In 2020, we posted the best cycle to trough performance in the company's history by generating over $100 million of free cash flow.
On a consolidated basis, second quarter revenue was $449 million with consolidated new trailer shipments of approximately 11,590 units during the quarter.
Gross margin was 12.4% of sales during the quarter.
Operating margin came in at 5% or 4.6% on a non-GAAP adjusted basis.
Operating EBITDA for the second quarter was $35 million or 7.8% of sales.
Finally for the quarter, net income was $12.3 million or $0.24 per diluted share.
On a non-GAAP adjusted basis, earnings per share was $0.21.
From a segment perspective, Commercial Trailer Products generated revenues of $296 million and operating income of $32.3 million.
Diversified Products Group generated $77 million of revenue in the quarter with operating income of $5.8 million or $4 million on a non-GAAP adjusted basis when we take out the gain on the sale of Extract Technology.
Final Mile products generated $81 million of revenue during the second quarter.
FMP experienced an operating loss of $3.2 million but a gain of $1.3 million in EBITDA.
Operating cash flow during the second quarter was $9.3 million.
we invested roughly $6.9 million via capital expenditures, leaving $2.4 million of free cash flow.
We are increasing our capex guidance by $20 million to an anticipated range of $55 million to $60 million in capital spending for 2021.
With regard to our balance sheet, our liquidity our cash plus available borrowings, as of June 30, was $304 million with $136 million of cash, cash equivalents and restricted cash.
And $168 million of availability on our revolving credit facility, which is fully untapped.
Through these non-core asset sales, we have raised a total of approximately $40 million and also structured our portfolio in a manner that aligns with our strategy for growth.
The second quarter was a very active on for capital allocation as we used $30 million for debt reduction.
$22 million to repurchase shares, $7 million for capital projects and $4 million to fund our quarterly dividend and we still ended the quarter with over $134 million of cash on the balance sheet and net debt leverage of only 2.6 times.
Moving on to the outlook for 2021, we expect revenue of approximately $1.9 billion to $2 billion.
SG&A as percent of revenue is expected to be in the low 6% range for the full year.
Adjusted operating margins are expected to be in the high 3% range at the midpoint, which resulted in an earnings per share midpoint of $0.72 with a range of $0.67 to $0.77.
Turning to the third quarter, we expect revenue in the range of $510 million to $540 million, up 17% at the midpoint sequentially versus Q2 with new trailer shipments of 12,500 to 13,500 as we look to continue increasing production throughout the year.
Given our material cost headwinds will intensify as we move through the remainder of this year, we expect operating margins in the high 3% range in Q3.
Expanding our dry van production capacity is an exciting investment that underpins our First to Final Mile strategy and will further enable performance and will strengthen our push toward 8% operating margin, which is a target we continue to expect to achieve by 2023.

Summary:
Finally for the quarter, net income was $12.3 million or $0.24 per diluted share.
On a non-GAAP adjusted basis, earnings per share was $0.21.
Diversified Products Group generated $77 million of revenue in the quarter with operating income of $5.8 million or $4 million on a non-GAAP adjusted basis when we take out the gain on the sale of Extract Technology.
Adjusted operating margins are expected to be in the high 3% range at the midpoint, which resulted in an earnings per share midpoint of $0.72 with a range of $0.67 to $0.77.