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Wabash National Corporation (NYSE: WNC), headquartered in Lafayette, Indiana, is a leading industrial manufacturer in North America, specializing in the production of semi-trailers and liquid transportation systems. Established in 1985, the company offers a wide array of products including dry freight vans, refrigerated vans, platform trailers, liquid tank trailers, intermodal equipment, engineered products, and composite products. These innovative products are marketed under renowned brand names such as Wabash National®, Transcraft®, Benson®, DuraPlate®, Walker Transport, Walker Defense Group, Walker Barrier Systems, Walker Engineered Products, Brenner® Tank, Beall®, Garsite, Progress Tank, TST®, Bulk Tank International, and Extract Technology®.
Wabash National Corp operates as a pioneer in providing connected solutions for the transportation, logistics, and distribution industries. By designing and manufacturing a diverse range of products such as dry freight and refrigerated trailers, platform trailers, tank trailers, truck bodies, and specialty processing equipment, the company aims to enhance efficiency from the first to the final mile. The company's mission is to enable its customers to succeed with breakthrough ideas and solutions.
Recent achievements include a joint venture with Fernweh Group LLC, an investment firm specializing in industrial technology. This partnership aims to accelerate the development of Wabash's digital platform, enhancing the overall experience for dealers, customers, and suppliers through an integrated partner ecosystem. Ayna.AI has been chosen as the implementation partner to scale up this platform.
Wabash's financial condition remains strong, with ongoing projects and partnerships that emphasize digital transformation and service expansion, such as the Trailer-as-a-Service (TaaS) offering. This provides carriers and shippers with the capacity they need to maximize operational and freight efficiency through an extensive dealer channel and parts distribution network.
In addition to commercial success, Wabash places a high priority on safety and operational excellence, a commitment recognized through multiple awards. The company's platform trailer operation in Cadiz, Kentucky, saw an 81% reduction in Total Recordable Incident Rate (TRIR) from 2022 to 2024, a testament to their 'Respect for People' ethos.
Wabash continues to innovate and adapt to the industry's rapid changes, evidenced by its recognition of suppliers and the implementation of safety measures across its operations. The company remains dedicated to delivering pragmatic solutions that help move everything from first to final mile, continuously evolving to meet the needs of the future.
Wabash (NYSE: WNC) has announced an amendment to its asset-backed lending facility, increasing the total credit facility to $350 million and adding liquidity of up to $125 million. This liquidity will be used to enhance Wabash’s Trailers as a Service (TaaS) offering, part of its Parts and Services growth strategy. The amendment extends the facility's maturity to September 23, 2027, and allows for future increases up to $525 million, subject to lender approval. This strategic move is aimed at funding organic investments with favorable returns.
Wabash (NYSE: WNC) has appointed Trent Broberg to its Board of Directors, enhancing its governance with his significant experience in transportation and logistics. Broberg, currently the CEO of ACERTUS, has a robust background in M&A and product development from his previous role at Truckstop.com. His addition brings the total board members to eight, ensuring compliance with NYSE independence standards. Chairman Larry Magee expressed enthusiasm for Broberg's contributions to better represent shareholders as Wabash continues to lead in innovative solutions for transportation and logistics.
Wabash (NYSE: WNC) announced its participation in the D.A. Davidson Diversified Industrials and Services Conference on September 22, 2022, in Nashville, TN. CEO Brent Yeagy will engage in a panel discussion at 11:00 a.m. CT, focusing on the company's refreshed strategy and growth initiatives aimed at achieving its 2025 financial targets: $3.0B in revenue, 11% EBITDA margin, and $3.50 EPS. Wabash continues to lead in connected solutions for transportation, logistics, and distribution, manufacturing a diverse range of products from trailers to specialty equipment.
Harbinger has partnered with Wabash to enhance operational efficiency and driver comfort through advanced material science. This collaboration aims to create electric vehicles that meet industry demands for comfort and suitability in cold-chain logistics. With ongoing driver shortages and rising fuel prices, Wabash's experience in composite materials will be leveraged to improve vehicle ergonomics and reduce weight. Both companies seek to address current supply chain challenges and environmental impacts, with Wabash boasting over $1.8B in 2021 revenue, indicating its strong market position.
Wabash (NYSE: WNC) has launched the Wabash Acutherm, a new range of thermal management solutions that enhance thermal efficiency for various applications. These solutions ensure consistent temperature maintenance, crucial for food safety and consumer health. The product line includes refrigerated trailers and cargo van inserts, featuring EcoNex Technology for sustainability. Additionally, a recent $20 million investment in EcoNex Technology production aims to create over 200 jobs by the end of 2023, demonstrating the company's commitment to innovation in the cold chain market.
Wabash (NYSE: WNC) announced the addition of two dealers, Bergey’s Truck Centers and Allegiance Trucks, to its North American dealer network. This expansion allows Wabash to enhance its service offerings, including dry and refrigerated trailers. Allegiance Trucks will represent Wabash in several Northeast states, while Bergey’s operates across Pennsylvania and surrounding areas. The move aims to improve customer connectivity and operational efficiency. Wabash continues to invest in its dealer network and digital systems to better meet customer demands.
Wabash National Corporation (NYSE:WNC) announced a quarterly dividend of $0.08 per share, payable on October 27, 2022, to stockholders of record by October 6, 2022. The company is recognized as an innovation leader in the transportation, logistics, and distribution industries, manufacturing a range of products including trailers and truck bodies. Wabash aims to empower customers through innovative solutions that enhance operational efficiency. This announcement reflects the company's commitment to returning value to shareholders.
Wabash (NYSE: WNC) will participate in the Raymond James Diversified Industrials Conference on August 23, 2022, in New York City. CFO Mike Pettit is set to engage in a fireside chat at 8:00 a.m. ET, where he will outline the company's refreshed strategy aimed at meeting its 2025 financial targets of $3.0 billion in revenue, an 11% EBITDA margin, and $3.50 EPS. Investors can access the live or archived webcast via Wabash's Investor Relations site.
Wabash (NYSE: WNC) announced an expansion of its EcoNex™ Technology manufacturing capacity in Little Falls, Minn., with a $20 million investment aimed at meeting customer demand for refrigerated transport solutions. This initiative is expected to create over 200 jobs by the end of 2023. EcoNex Technology, made from environmentally friendly materials, significantly reduces greenhouse gas emissions by saving up to 13.5 metric tons of CO2e per refrigerated trailer annually. The technology's applications are expanding beyond trailers, enhancing thermal efficiency while reducing weight and corrosion.
Wabash (NYSE: WNC) reported record quarterly revenue of $642.8 million for Q2 2022, a 43.0% increase year-over-year, driven by strong customer demand and new trailer shipments. Operating income rose to $35.9 million, with an operating margin of 5.6%. Diluted earnings per share stood at $0.46, consistent with prior outlook. The company maintains its full-year revenue outlook of $2.5 billion and EPS of $1.90. With a robust backlog of $2.3 billion, Wabash is positioned for continued growth despite seasonal fluctuations in trailer orders.
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