Wabash reported $381 million revenue, lower than expected, with operating losses due to weak demand in Transportation Solutions.
Quiver AI Summary
Wabash National Corporation reported a quarterly revenue of $381 million for the first quarter of 2025, significantly lower than expected due to decreased demand for Transportation Solutions, despite growth in its Parts & Services segment. The company experienced a GAAP operating income of $315 million, aided by a $342 million gain related to a legal verdict reduction, while a non-GAAP adjusted operating loss was reported at $27.4 million. The company anticipates a revenue outlook reduction for 2025 to approximately $1.8 billion and a non-GAAP adjusted EPS guidance of $(0.60), reflecting the impact of tariffs and delayed customer investments. Total backlog decreased by 32% year-over-year to $1.2 billion, illustrating ongoing market uncertainties. The CEO highlighted the growth potential in Parts & Services as a crucial stability source amid a challenging environment, stressing the importance of U.S. manufacturing revitalization for future demand.
Potential Positives
- Quarterly GAAP EPS of $5.36 reflects a substantial gain of $342 million associated with the reduction of a legal verdict, improving the company's financial standing for the quarter.
- Parts & Services segment reported a revenue growth of 5.5% year-over-year, indicating resilience in this area despite overall challenges in the Transportation Solutions demand.
- Total backlog of approximately $1.2 billion shows a sequential increase of 5% from year-end 2024, suggesting potential future growth opportunities.
- The company has successfully right-sized direct labor costs in response to weaker demand, demonstrating proactive cost management for improved operational efficiency.
Potential Negatives
- Quarterly revenue of $381 million was significantly lower than the prior quarterly outlook, indicating a decline in demand for Transportation Solutions.
- Non-GAAP adjusted operating loss of $27.4 million highlighted financial struggles, contrasting sharply with the GAAP operating income of $315 million, which was boosted by the legal verdict gain.
- 2025 revenue outlook was reduced to $1.8 billion, suggesting weakened expected performance, alongside a negative non-GAAP adjusted EPS outlook of $(0.60).
FAQ
What was Wabash's quarterly revenue for Q1 2025?
Wabash reported a quarterly revenue of $381 million, a decrease of 26.1% compared to the same quarter last year.
How did the Parts & Services segment perform?
The Parts & Services segment experienced positive revenue growth of 5.5% year-over-year, generating $52 million in sales.
What are the GAAP and non-GAAP EPS figures reported?
GAAP EPS was $5.36, while the non-GAAP adjusted EPS stood at $(0.58) for Q1 2025.
What caused the revenue outlook reduction for 2025?
Revenue outlook was reduced to $1.8 billion due to weaker market demand and increased tariff-related uncertainties affecting customer investment.
What is Wabash's total backlog as of Q1 2025?
The total backlog at the end of Q1 2025 stood at approximately $1.2 billion, reflecting a 5% increase from year-end 2024.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$WNC Insider Trading Activity
$WNC insiders have traded $WNC stock on the open market 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $WNC stock by insiders over the last 6 months:
- MICHAEL N PETTIT (SVP and Chief Growth Officer) sold 1,500 shares for an estimated $25,785
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$WNC Hedge Fund Activity
We have seen 87 institutional investors add shares of $WNC stock to their portfolio, and 131 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- PACER ADVISORS, INC. added 1,499,579 shares (+inf%) to their portfolio in Q4 2024, for an estimated $25,687,788
- TRUEMARK INVESTMENTS, LLC added 345,515 shares (+inf%) to their portfolio in Q1 2025, for an estimated $3,817,940
- WASATCH ADVISORS LP removed 332,648 shares (-17.7%) from their portfolio in Q4 2024, for an estimated $5,698,260
- CITADEL ADVISORS LLC removed 324,885 shares (-67.6%) from their portfolio in Q4 2024, for an estimated $5,565,280
- ROYCE & ASSOCIATES LP removed 282,693 shares (-22.7%) from their portfolio in Q4 2024, for an estimated $4,842,531
- FIRST TRUST ADVISORS LP added 269,846 shares (+22.5%) to their portfolio in Q4 2024, for an estimated $4,622,461
- NORGES BANK added 253,407 shares (+inf%) to their portfolio in Q4 2024, for an estimated $4,340,861
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
- Quarterly revenue of $381 million - lower than prior quarterly outlook range on weaker Transportation Solutions demand. Parts & Services generated positive revenue growth sequentially and year-over-year.
- GAAP operating income of $315 million or Non-GAAP adjusted operating loss of $27.4 million ; Excludes impact of $342 million gain in connection with reduced legal verdict.
- Quarterly GAAP EPS of $5.36 or Non-GAAP adjusted EPS of $(0.58) . Weaker demand fill led to inflated direct labor costs during the quarter, which have now been right-sized.
- Total backlog of $1.2 billion ending Q1; Tariff-related uncertainty causing customers to delay equipment investment decisions.
- 2025 revenue outlook reduced to $1.8B, Non-GAAP adjusted EPS outlook reduced to $(0.60), excluding impact of gain in connection with reduced legal verdict.
LAFAYETTE, Ind., April 30, 2025 (GLOBE NEWSWIRE) -- Wabash (NYSE: WNC), a leader in end-to-end supply chain solutions for the transportation, logistics and infrastructure markets, today reported results for the quarter ended March 31, 2025.
The Company's net sales for the first quarter of 2025 were $380.9 million, reflecting a 26.1% decrease compared to the same quarter of the previous year. The Company generated consolidated gross profit of $19.0 million, equivalent to 5.0% of sales. GAAP operating profit amounted to $314.6 million as the company recognized a $342 million gain in connection with the reduction of a legal verdict. Non-GAAP adjusted operating loss was $27.4 million for the quarter, representing (7.2)% of sales. First quarter GAAP diluted earnings per share was $5.36 or $(0.58) on a Non-GAAP adjusted basis.
As of March 31, 2025, total Company backlog stood at approximately $1.2 billion, a sequential increase of 5% from year-end 2024 and a decrease of 32% compared to the first quarter of 2024 as new order activity remained modest.
"During the first quarter, our GAAP EPS was $5.36, primarily as a result of recognizing a $342 million gain in connection with the reduction of a legal verdict," said Brent Yeagy, president and chief executive officer. "While the reduction in this verdict was a positive development in our efforts to bring this matter to a more reasonable conclusion, there is more work to do, highlighted by our recent filing of notice of appeal. Excluding the gain, non-GAAP adjusted EPS was $(0.58) during the first quarter as revenue came in below our expectations amid a general weakening in market conditions. We have since reduced direct labor to align cost with market conditions. While tariff-related uncertainty has caused customers to delay equipment investment decisions, it's important to highlight the growth in our Parts & Services segment, which we see as an important longer-term source of stability for our portfolio."
For the full-year ending December 31, 2025, the Company reduced its revenue outlook to roughly $1.8 billion and reduced its Non-GAAP adjusted EPS guidance to a range of $(0.85) to $(0.35).
“Wabash's manufacturing footprint and our supply base are both heavily levered to the United States positioning us to avoid direct impact from tariffs. However, second order tariff effects have been meaningful in the short-term as customers have reduced capital expenditure plans until their own customers' have greater clarity," explained Yeagy. "As a result of the weaker than anticipated first quarter and softer outlook, we have reduced our full year guidance. As we look further forward, we believe it's important for the medium term to point out that demand in 2025 is currently projected to undercut replacement levels, resulting in an aging of the fleet which will require catch-up in coming years. Longer term, we believe the administration's activities to leverage a revitalization of U.S. manufacturing could be meaningfully positive for trucking and specifically trailer demand."
Business Segment Highlights
The table below is a summary of select segment operating and financial results prior to the elimination of intersegment sales for the first quarter of 2025 and 2024. A complete disclosure of the results by individual segment is included in the tables following this release.
Wabash National Corporation | ||||||||||||||||
Three Months Ended March 31, | 2025 | 2024 | ||||||||||||||
New Units Shipped | ||||||||||||||||
Trailers | 6,290 | 8,500 | ||||||||||||||
Truck bodies | 3,000 | 3,690 | ||||||||||||||
Transportation Solutions | Parts & Services | |||||||||||||||
Three Months Ended March 31, | 2025 | 2024 | 2025 | 2024 | ||||||||||||
(Unaudited, dollars in thousands) | ||||||||||||||||
Net sales | $ | 346,803 | $ | 470,428 | $ | 51,955 | $ | 49,234 | ||||||||
Gross profit | $ | 8,414 | $ | 63,112 | $ | 10,589 | $ | 13,334 | ||||||||
Gross profit margin | 2.4 | % | 13.4 | % | 20.4 | % | 27.1 | % | ||||||||
(Loss) income from operations | $ | (9,798 | ) | $ | 44,255 | $ | 6,910 | $ | 10,520 | |||||||
(Loss) income from operations margin | (2.8) % | 9.4 | % | 13.3 | % | 21.4 | % |
During the first quarter, Transportation Solutions generated net sales of $346.8 million, a decrease of 26.3% compared to the same quarter of the previous year. Operating loss for the quarter amounted to $9.8 million, representing (2.8)% of sales.
Parts & Services' net sales for the first quarter were $52.0 million, an increase of 5.5% compared to the prior year quarter. Operating income for the quarter amounted to $6.9 million, or 13.3% of sales.
Non-GAAP Measures
In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), the financial information included in this release contains non-GAAP financial measures, including adjusted operating (loss) income, adjusted EBITDA, adjusted net (loss) income attributable to common stockholders, adjusted diluted (loss) earnings per share, free cash flow, adjusted segment EBITDA, and adjusted segment EBITDA margin. These non-GAAP measures should not be considered a substitute for, or superior to, financial measures and results calculated in accordance with GAAP, including net (loss) income, and reconciliations to GAAP financial statements should be carefully evaluated.
Adjusted operating (loss) income, a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income under U.S. GAAP, but that management would not consider important in evaluating the quality of the Company’s operating results as they are not indicative of the Company’s core operating results or may obscure trends useful in evaluating the Company’s continuing activities. Accordingly, the Company presents adjusted operating (loss) income excluding these special items to help investors evaluate our operating performance and trends in our business consistent with how management evaluates such performance and trends. Further, the Company presents adjusted operating (loss) income to provide investors with a better understanding of the Company’s view of our results as compared to prior periods. A reconciliation of adjusted operating (loss) income to operating income, the most comparable GAAP financial measure, is included in the tables following this release.
Adjusted EBITDA includes noncontrolling interest & excludes loss from unconsolidated entity and is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, the Missouri legal matter, impairment and other, net, and other non-operating income and expense. Management believes providing adjusted EBITDA is useful for investors to understand the Company’s performance and results of operations period to period with the exclusion of the items identified above. Management believes the presentation of adjusted EBITDA, when combined with the GAAP presentations of operating income and net income, is beneficial to an investor’s understanding of the Company’s operating performance. A reconciliation of adjusted EBITDA to net income, the most comparable GAAP financial measure, is included in the tables following this release.
Adjusted net (loss) income attributable to common stockholders and adjusted diluted (loss) earnings per share reflect an adjustment for the Missouri legal matter and the related tax effect of that adjustment. Management believes providing adjusted measures and excluding certain items facilitates comparisons to the Company’s prior year periods and, when combined with the GAAP presentation of net income and diluted net income per share, is beneficial to an investor’s understanding of the Company’s performance. A reconciliation of adjusted net (loss) income attributable to common stockholders and adjusted diluted (loss) earnings per share to net income attributable to common stockholders and diluted earnings per share, the most comparable GAAP financial measures, are included in the tables following this release.
Free cash flow is defined as net cash used in operating activities minus cash payments for capital expenditures minus expenditures for revenue generating assets. Management believes providing free cash flow is useful for investors to understand the Company’s performance and results of cash generation period to period with the exclusion of the item identified above. Management believes the presentation of free cash flow, when combined with the GAAP presentations of cash used in operating activities, is beneficial to an investor’s understanding of the Company’s operating performance. A reconciliation of free cash flow to cash used in operating activities, the most comparable GAAP financial measure, is included in the tables following this release.
Adjusted segment EBITDA, a non-GAAP financial measure, includes noncontrolling interest & excludes loss from unconsolidated entity and is calculated by adding back segment depreciation and amortization expense to segment operating income, and excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income under GAAP, but that management would not consider important in evaluating the quality of the Company’s segment operating results as they are not indicative of each segment's core operating results or may obscure trends useful in evaluating the segment's continuing activities. Adjusted segment EBITDA Margin is calculated by dividing Adjusted segment EBITDA by segment total net sales. A reconciliation of adjusted segment EBITDA to income from operations, the most comparable GAAP financial measure, is included in the tables following this release.
Information reconciling any forward-looking Adjusted Operating Income, Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted EPS, Free Cash Flow, Adjusted Segment EBITDA and Adjusted Segment EBITDA Margin to GAAP financial measures is unavailable to us without unreasonable effort. We cannot provide reconciliations of the above noted forward looking non-GAAP measures to GAAP financial measures because certain items required for such reconciliations are outside of our control and/or cannot be reasonably predicted. Preparation of such reconciliations would require a forward-looking balance sheet, statement of income and statement of cash flows, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to us without unreasonable effort.
First Quarter 2025 Conference Call
Wabash will discuss its results during its quarterly investor conference call on Wednesday, April 30, 2025, beginning at 12:00 p.m. EDT. The call and an accompanying slide presentation will be accessible on the "Investors" section of the Company’s website at www.onewabash.com. The conference call will also be accessible by dialing (800) 715-9871, conference ID 9986205. A replay of the call will be available on the site shortly after the conclusion of the presentation.
About
Wabash (NYSE: WNC) is the visionary leader of connected solutions for the transportation, logistics and distribution industries that is Changing How the World Reaches You ® . Headquartered in Lafayette, Indiana, the company enables customers to thrive by providing insight into tomorrow and delivering pragmatic solutions today to move everything from first to final mile. Wabash designs, manufactures, and services a diverse range of products, including: dry freight and refrigerated trailers, flatbed trailers, tank trailers, dry and refrigerated truck bodies, structural composite panels and products, trailer aerodynamic solutions, and specialty food grade processing equipment. Learn more at www.onewabash.com.
Safe Harbor Statement
This press release contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements convey the Company’s current expectations or forecasts of future events. All statements contained in this press release other than statements of historical fact are forward-looking statements. These forward-looking statements include, among other things, all statements regarding the Company’s outlook for trailer and truck body shipments, backlog, expectations regarding demand levels for trailers, truck bodies, non-trailer equipment and our other diversified product offerings, pricing, profitability and earnings, cash flow and liquidity, opportunity to capture higher margin sales, new product innovations, our growth and diversification strategies, our expectations for improved financial performance during the course of the year and our expectations with regards to capital allocation. These and the Company’s other forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Without limitation, these risks and uncertainties include the risks related to the Missouri product liability action and the unfavorable jury verdict, the highly cyclical nature of our business, uncertain economic conditions including the possibility that customer demand may not meet our expectations, our backlog may not reflect future sales of our products, increased competition, reliance on certain customers and corporate partnerships, risks of customer pick-up delays, shortages and costs of raw materials including the impact of tariffs or other international trade developments, risks in implementing and sustaining improvements in the Company’s manufacturing operations and cost containment, dependence on industry trends and timing, supplier constraints, labor costs and availability, customer acceptance of and reactions to pricing changes, costs of indebtedness, and our ability to execute on our long-term strategic plan. Readers should review and consider the various disclosures made by the Company in this press release and in the Company’s reports to its stockholders and periodic reports on Forms 10-K and 10-Q.
WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited - dollars in thousands) |
|||||||
March 31,
2025 |
December 31,
2024 |
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Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 81,036 | $ | 115,484 | |||
Accounts receivable, net | 171,693 | 143,946 | |||||
Inventories, net | 278,648 | 258,825 | |||||
Prepaid expenses and other | 126,191 | 76,233 | |||||
Total current assets | 657,568 | 594,488 | |||||
Property, plant, and equipment, net | 335,501 | 339,247 | |||||
Goodwill | 196,662 | 188,441 | |||||
Deferred income taxes | 8,411 | 94,873 | |||||
Intangible assets, net | 71,656 | 74,445 | |||||
Investment in unconsolidated entities | 7,250 | 7,250 | |||||
Other assets | 138,145 | 112,785 | |||||
Total assets | $ | 1,415,193 | $ | 1,411,529 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Current portion of long-term debt | $ | — | $ | — | |||
Accounts payable | 211,199 | 146,738 | |||||
Other accrued liabilities | 204,165 | 161,671 | |||||
Total current liabilities | 415,364 | 308,409 | |||||
Long-term debt | 417,317 | 397,142 | |||||
Deferred income taxes | — | — | |||||
Other non-current liabilities | 177,420 | 516,152 | |||||
Total liabilities | 1,010,101 | 1,221,703 | |||||
Commitments and contingencies | |||||||
Noncontrolling interest | 1,251 | 996 | |||||
Wabash National Corporation stockholders’ equity: | |||||||
Common stock 200,000,000 shares authorized, $0.01 par value, 42,147,995 and 42,882,308 shares outstanding, respectively | 786 | 781 | |||||
Additional paid-in capital | 692,471 | 689,216 | |||||
Retained earnings | 333,109 | 105,633 | |||||
Accumulated other comprehensive losses | (2,450 | ) | (3,229 | ) | |||
Treasury stock at cost, 36,515,016 and 35,253,489 common shares, respectively | (620,075 | ) | (603,571 | ) | |||
Total Wabash National Corporation stockholders' equity | 403,841 | 188,830 | |||||
Total liabilities, noncontrolling interest, and equity | $ | 1,415,193 | $ | 1,411,529 |
WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited - dollars in thousands, except per share amounts) |
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Three Months Ended March 31, | |||||||
2025 | 2024 | ||||||
Net sales | $ | 380,890 | $ | 515,276 | |||
Cost of sales | 361,887 | 438,830 | |||||
Gross profit | 19,003 | 76,446 | |||||
General and administrative expenses | (304,685 | ) | 36,673 | ||||
Selling expenses | 6,379 | 7,042 | |||||
Amortization of intangible assets | 2,789 | 3,156 | |||||
Impairment and other, net | (31 | ) | — | ||||
Income from operations | 314,551 | 29,575 | |||||
Other income (expense): | |||||||
Interest expense | (5,026 | ) | (4,988 | ) | |||
Other, net | 1,614 | 1,609 | |||||
Other expense, net | (3,412 | ) | (3,379 | ) | |||
Loss from unconsolidated entity | (1,842 | ) | (1,486 | ) | |||
Income before income tax expense | 309,297 | 24,710 | |||||
Income tax expense | 78,101 | 6,423 | |||||
Net income | 231,196 | 18,287 | |||||
Net income attributable to noncontrolling interest | 255 | 120 | |||||
Net income attributable to common stockholders | $ | 230,941 | $ | 18,167 | |||
Net income attributable to common stockholders per share: | |||||||
Basic | $ | 5.41 | $ | 0.40 | |||
Diluted | $ | 5.36 | $ | 0.39 | |||
Weighted average common shares outstanding (in thousands): | |||||||
Basic | 42,716 | 45,383 | |||||
Diluted | 43,087 | 46,254 | |||||
Dividends declared per share | $ | 0.08 | $ | 0.08 |
WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited - dollars in thousands) |
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Three Months Ended March 31, | |||||||
2025 | 2024 | ||||||
Cash flows from operating activities | |||||||
Net income | $ | 231,196 | $ | 18,287 | |||
Adjustments to reconcile net income to net cash used in operating activities | |||||||
Depreciation | 12,243 | 9,580 | |||||
Amortization of intangibles | 2,789 | 3,156 | |||||
Net loss on sale of property, plant and equipment | 33 | — | |||||
Deferred income taxes | 86,461 | (3,574 | ) | ||||
Stock-based compensation | 3,249 | 3,246 | |||||
Non-cash interest expense | 246 | 237 | |||||
Loss from unconsolidated entity | 1,842 | 1,486 | |||||
Changes in operating assets and liabilities | |||||||
Accounts receivable | (27,747 | ) | (64,690 | ) | |||
Inventories | (19,823 | ) | (10,916 | ) | |||
Prepaid expenses and other | (15,573 | ) | 772 | ||||
Accounts payable and accrued liabilities | 73,227 | 22,203 | |||||
Other, net | (348,415 | ) | 2,803 | ||||
Net cash used in operating activities | (272 | ) | (17,410 | ) | |||
Cash flows from investing activities | |||||||
Cash payments for capital expenditures | (8,698 | ) | (19,185 | ) | |||
Expenditures for revenue generating assets | (20,144 | ) | — | ||||
Proceeds from the sale of assets | 40 | — | |||||
Acquisition, net of cash acquired | (1,666 | ) | — | ||||
Note receivable issued to unconsolidated entity | (3,350 | ) | — | ||||
Net cash used in investing activities | (33,818 | ) | (19,185 | ) | |||
Cash flows from financing activities | |||||||
Proceeds from exercise of stock options | 11 | 7 | |||||
Dividends paid | (3,864 | ) | (4,151 | ) | |||
Borrowings under revolving credit facilities | 20,414 | 232 | |||||
Payments under revolving credit facilities | (414 | ) | (232 | ) | |||
Debt issuance costs paid | (1 | ) | (5 | ) | |||
Stock repurchases | (16,504 | ) | (22,138 | ) | |||
Distribution to noncontrolling interest | — | (603 | ) | ||||
Net cash used in financing activities | (358 | ) | (26,890 | ) | |||
Cash and cash equivalents: | |||||||
Net decrease in cash and cash equivalents | (34,448 | ) | (63,485 | ) | |||
Cash and cash equivalents at beginning of period | 115,484 | 179,271 | |||||
Cash and cash equivalents at end of period | $ | 81,036 | $ | 115,786 | |||
Supplemental disclosures of cash flow information: | |||||||
Cash paid for interest | $ | 191 | $ | 196 | |||
Net cash refunds received for income taxes | $ | (193 | ) | $ | (40 | ) | |
Period end balance of payables for property, plant, and equipment | $ | 5,001 | $ | 11,512 |
WABASH NATIONAL CORPORATION
SEGMENTS AND RELATED INFORMATION (Unaudited - dollars in thousands) |
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Wabash National Corporation | |||||||||||||||
Three Months Ended March 31, | 2025 | 2024 | |||||||||||||
Units Shipped | |||||||||||||||
New trailers | 6,290 | 8,500 | |||||||||||||
New truck bodies | 3,000 | 3,690 | |||||||||||||
Used trailers | 36 | 15 | |||||||||||||
Three Months Ended March 31, | Transportation Solutions | Parts & Services |
Corporate and
Eliminations |
Consolidated | |||||||||||
2025 | |||||||||||||||
New Trailers | $ | 251,045 | $ | — | $ | (17,670 | ) | $ | 233,375 | ||||||
Used Trailers | — | 1,500 | — | 1,500 | |||||||||||
Components, parts and service | — | 31,502 | — | 31,502 | |||||||||||
Equipment and other | 95,758 | 18,953 | (198 | ) | 114,513 | ||||||||||
Total net external sales | $ | 346,803 | $ | 51,955 | $ | (17,868 | ) | $ | 380,890 | ||||||
Gross profit | $ | 8,414 | $ | 10,589 | $ | — | $ | 19,003 | |||||||
(Loss) income from operations | $ | (9,798 | ) | $ | 6,910 | $ | 317,439 | $ | 314,551 | ||||||
Adjusted (loss) income from operations 1 | $ | (9,798 | ) | $ | 6,910 | $ | (24,561 | ) | $ | (27,449 | ) | ||||
2024 | |||||||||||||||
New Trailers | $ | 366,158 | $ | — | $ | (820 | ) | $ | 365,338 | ||||||
Used Trailers | — | 1,344 | — | 1,344 | |||||||||||
Components, parts and service | — | 35,630 | — | 35,630 | |||||||||||
Equipment and other | 104,270 | 12,260 | (3,566 | ) | 112,964 | ||||||||||
Total net external sales | $ | 470,428 | $ | 49,234 | $ | (4,386 | ) | $ | 515,276 | ||||||
Gross profit | $ | 63,112 | $ | 13,334 | $ | — | $ | 76,446 | |||||||
Income (loss) from operations | $ | 44,255 | $ | 10,520 | $ | (25,200 | ) | $ | 29,575 | ||||||
Adjusted income (loss) from operations 1 | $ | 44,255 | $ | 10,520 | $ | (25,200 | ) | $ | 29,575 |
1 Adjusted operating (loss) income, a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income (loss) under U.S. GAAP, but that management would not consider important in evaluating the quality of the Company’s operating results as they are not indicative of the Company’s core operating results or may obscure trends useful in evaluating the Company’s continuing activities. Accordingly, the Company presents adjusted operating (loss) income excluding these special items to help investors evaluate our operating performance and trends in our business consistent with how management evaluates such performance and trends. Further, the Company presents adjusted operating (loss) income to provide investors with a better understanding of the Company’s view of our results as compared to prior periods.
WABASH NATIONAL CORPORATION
SEGMENT AND COMPANY FINANCIAL INFORMATION (Unaudited - dollars in thousands) |
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Adjusted Operating (Loss) Income 1 |
Three Months Ended
March 31, |
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2025 | 2024 | ||||||
Transportation Solutions | |||||||
(Loss) income from operations | $ | (9,798 | ) | $ | 44,255 | ||
Adjustments: | |||||||
N/A | — | — | |||||
Adjusted operating (loss) income | (9,798 | ) | 44,255 | ||||
Parts & Services | |||||||
Income from operations | 6,910 | 10,520 | |||||
Adjustments: | |||||||
N/A | — | — | |||||
Adjusted operating income | 6,910 | 10,520 | |||||
Corporate | |||||||
Income (loss) from operations | 317,439 | (25,200 | ) | ||||
Adjustments: | |||||||
Missouri legal matter | (342,000 | ) | — | ||||
Adjusted operating loss | (24,561 | ) | (25,200 | ) | |||
Consolidated | |||||||
Income from operations | 314,551 | 29,575 | |||||
Adjustments: | |||||||
Missouri legal matter | (342,000 | ) | — | ||||
Adjusted operating (loss) income | $ | (27,449 | ) | $ | 29,575 |
1 Adjusted operating (loss) income, a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income under U.S. GAAP, but that management would not consider important in evaluating the quality of the Company’s operating results as they are not indicative of the Company’s core operating results or may obscure trends useful in evaluating the Company’s continuing activities. Accordingly, the Company presents adjusted operating (loss) income excluding these special items to help investors evaluate our operating performance and trends in our business consistent with how management evaluates such performance and trends. Further, the Company presents adjusted operating (loss) income to provide investors with a better understanding of the Company’s view of our results as compared to prior periods.
WABASH NATIONAL CORPORATION
RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES (Unaudited - dollars in thousands, except per share amounts) |
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Adjusted EBITDA 1 : | Three Months Ended March 31, | ||||||
2025 | 2024 | ||||||
Net income | $ | 231,196 | $ | 18,287 | |||
Income tax expense | 78,101 | 6,423 | |||||
Interest expense | 5,026 | 4,988 | |||||
Depreciation and amortization | 15,032 | 12,736 | |||||
Stock-based compensation | 3,249 | 3,246 | |||||
Missouri legal matter | (342,000 | ) | — | ||||
Impairment and other, net | (31 | ) | — | ||||
Other, net | (1,614 | ) | (1,609 | ) | |||
Loss from unconsolidated entity | 1,842 | 1,486 | |||||
Adjusted EBITDA | $ | (9,199 | ) | $ | 45,557 |
Adjusted Net (Loss) Income Attributable to Common Stockholders 2 : | Three Months Ended March 31, | |||||
2025 | 2024 | |||||
Net income attributable to common stockholders | $ | 230,941 | $ | 18,167 | ||
Adjustments: | ||||||
Missouri legal matter | (342,000 | ) | — | |||
Tax effect of aforementioned items | 86,253 | — | ||||
Adjusted net (loss) income attributable to common stockholders | $ | (24,806 | ) | $ | 18,167 |
Adjusted Diluted (Loss) Earnings Per Share 2 : | Three Months Ended March 31, | |||||
2025 | 2024 | |||||
Diluted earnings per share | $ | 5.36 | $ | 0.39 | ||
Adjustments: | ||||||
Missouri legal matter | (7.94 | ) | — | |||
Tax effect of aforementioned items | 2.00 | — | ||||
Adjusted diluted (loss) earnings per share | $ | (0.58 | ) | $ | 0.39 | |
Weighted average diluted shares outstanding (in thousands) | 43,087 | 46,254 |
1 Adjusted EBITDA includes noncontrolling interest & excludes loss from unconsolidated entity and is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, the Missouri legal matter, impairment and other, net, and other non-operating income and expense. Management believes providing adjusted EBITDA is useful for investors to understand the Company’s performance and results of operations period to period with the exclusion of the items identified above. Management believes the presentation of adjusted EBITDA, when combined with the GAAP presentations of operating income and net income, is beneficial to an investor’s understanding of the Company’s operating performance.
2 Adjusted net (loss) income attributable to common stockholders and adjusted diluted (loss) earnings per share reflect an adjustment for the Missouri legal matter and the related tax effect of that adjustment.
WABASH NATIONAL CORPORATION
RECONCILIATION OF FREE CASH FLOW 1 (Unaudited - dollars in thousands) |
|||||||
Three Months Ended March 31, | |||||||
2025 | 2024 | ||||||
Net cash used in operating activities | $ | (272 | ) | $ | (17,410 | ) | |
Cash payments for capital expenditures | (8,698 | ) | (19,185 | ) | |||
Expenditures for revenue generating assets | (20,144 | ) | — | ||||
Free cash flow 1 | $ | (29,114 | ) | $ | (36,595 | ) |
1 Free cash flow is defined as net cash used in operating activities minus cash payments for capital expenditures minus expenditures for revenue generating assets. Management believes providing free cash flow is useful for investors to understand the Company’s performance and results of cash generation period to period with the exclusion of the item identified above. Management believes the presentation of free cash flow, when combined with the GAAP presentations of cash used in operating activities, is beneficial to an investor’s understanding of the Company’s operating performance.
WABASH NATIONAL CORPORATION
RECONCILIATION OF ADJUSTED SEGMENT EBITDA 1 AND ADJUSTED SEGMENT EBITDA MARGIN 1 (Unaudited - dollars in thousands) |
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Transportation Solutions | Parts & Services | ||||||||||||||
Three Months Ended March 31, | 2025 | 2024 | 2025 | 2024 | |||||||||||
(Loss) income from operations | $ | (9,798 | ) | $ | 44,255 | $ | 6,910 | $ | 10,520 | ||||||
Depreciation and amortization | 12,699 | 11,332 | 1,152 | 547 | |||||||||||
Adjusted segment EBITDA | $ | 2,901 | $ | 55,587 | $ | 8,062 | $ | 11,067 | |||||||
Adjusted segment EBITDA margin | 0.8 | % | 11.8 | % | 15.5 | % | 22.5 | % | |||||||
1
Adjusted segment EBITDA, a non-GAAP financial measure, includes noncontrolling interest & excludes loss from unconsolidated entity and is calculated by adding back segment depreciation and amortization expense to segment operating income, and excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income under GAAP, but that management would not consider important in evaluating the quality of the Company’s segment operating results as they are not indicative of each segment's core operating results or may obscure trends useful in evaluating the segment's continuing activities. Adjusted segment EBITDA margin is calculated by dividing Adjusted segment EBITDA by segment total net sales.
Media Contact:
Dana Stelsel
Director, Communications
(765) 771-5766
[email protected]
Investor Relations:
Ryan Reed
VP, Corporate Development & IR
(765) 490-5664
[email protected]