Wabash Announces Fourth Quarter and Full Year 2024 Results
Wabash (NYSE: WNC) reported Q4 2024 results with revenue of $416.8M and operating income of $3.6M. The company posted a quarterly net loss of $1.0M, or $(0.02) per diluted share. For full-year 2024, revenue reached $1.95B with a non-GAAP adjusted operating income of $94M (4.8% of sales). The company reported an adjusted EBITDA of $162.7M for 2024, representing 8.4% of net sales.
Total backlog increased to $1.2 billion, with $813M expected to be shipped within 12 months. For 2025, Wabash provided guidance with sales ranging from $1.9B to $2.1B and earnings per diluted share between $0.85 to $1.05. The company expects strongest performance in Truck Bodies and Parts & Services segments, viewing 2025 as a transitional year.
Wabash (NYSE: WNC) ha riportato i risultati del quarto trimestre 2024 con un fatturato di $416,8 milioni e un reddito operativo di $3,6 milioni. L'azienda ha registrato una perdita netta trimestrale di $1,0 milioni, ovvero $(0,02) per azione diluita. Per l'intero anno 2024, il fatturato ha raggiunto $1,95 miliardi con un reddito operativo rettificato non GAAP di $94 milioni (4,8% delle vendite). L'azienda ha riportato un EBITDA rettificato di $162,7 milioni per il 2024, rappresentando l'8,4% delle vendite nette.
Il backlog totale è aumentato a $1,2 miliardi, con $813 milioni previsti per la spedizione entro 12 mesi. Per il 2025, Wabash ha fornito una guida con vendite comprese tra $1,9 miliardi e $2,1 miliardi e utili per azione diluita tra $0,85 e $1,05. L'azienda si aspetta le migliori performance nei segmenti dei Corpi dei Camion e Parti & Servizi, considerando il 2025 come un anno di transizione.
Wabash (NYSE: WNC) reportó resultados para el cuarto trimestre de 2024 con ingresos de $416.8 millones y un ingreso operativo de $3.6 millones. La compañía registró una pérdida neta trimestral de $1.0 millones, o $(0.02) por acción diluida. Para el año completo 2024, los ingresos alcanzaron $1.95 mil millones con un ingreso operativo ajustado no GAAP de $94 millones (4.8% de las ventas). La compañía reportó un EBITDA ajustado de $162.7 millones para 2024, representando el 8.4% de las ventas netas.
El backlog total aumentó a $1.2 mil millones, con $813 millones que se espera sean enviados dentro de 12 meses. Para 2025, Wabash proporcionó orientación con ventas que oscilan entre $1.9 mil millones y $2.1 mil millones y ganancias por acción diluida entre $0.85 y $1.05. La compañía espera un mejor desempeño en los segmentos de Cuerpos de Camiones y Partes & Servicios, viendo el 2025 como un año de transición.
Wabash (NYSE: WNC)는 2024년 4분기 결과를 발표했으며, 매출은 4억 1,680만 달러, 운영 이익은 360만 달러입니다. 이 회사는 분기 순손실이 100만 달러, 즉 희석 주당 $(0.02)이라고 보고했습니다. 2024년 전체 연도 동안 매출은 19억 5천만 달러에 달했으며, 비-GAAP 조정 운영 이익은 9천4백만 달러(매출의 4.8%)였습니다. 이 회사는 2024년 조정된 EBITDA가 1억 6,270만 달러에 달하며, 이는 순 매출의 8.4%를 나타낸다고 보고했습니다.
총 백로그는 12억 달러로 증가했으며, 8억 1천3백만 달러는 12개월 내에 배송될 예정입니다. 2025년을 위해 Wabash는 19억에서 21억 달러 사이의 매출과 희석 주당 수익을 0.85달러에서 1.05달러 사이로 예상하고 있습니다. 이 회사는 2025년을 전환의 해로 보고 있으며, 트럭 차체와 부품 및 서비스 부문에서 가장 강력한 성과를 기대하고 있습니다.
Wabash (NYSE: WNC) a annoncé ses résultats pour le quatrième trimestre 2024, avec un chiffre d'affaires de 416,8 millions de dollars et un résultat opérationnel de 3,6 millions de dollars. L'entreprise a affiché une perte nette trimestrielle de 1,0 million de dollars, soit $(0,02) par action diluée. Pour l'année complète 2024, le chiffre d'affaires a atteint 1,95 milliard de dollars, avec un revenu opérationnel ajusté non-GAAP de 94 millions de dollars (4,8 % des ventes). L'entreprise a rapporté un EBITDA ajusté de 162,7 millions de dollars pour 2024, représentant 8,4 % des ventes nettes.
Le carnet de commandes total a augmenté à 1,2 milliard de dollars, avec 813 millions de dollars devant être expédiés dans les 12 mois. Pour 2025, Wabash a fourni des prévisions de ventes allant de 1,9 milliard à 2,1 milliards de dollars et des bénéfices par action diluée entre 0,85 et 1,05 dollar. L'entreprise prévoit les meilleures performances dans les segments des Carrosseries de Camions et des Pièces & Services, considérant 2025 comme une année de transition.
Wabash (NYSE: WNC) hat die Ergebnisse für das vierte Quartal 2024 veröffentlicht, mit einem Umsatz von 416,8 Millionen Dollar und einem operativen Einkommen von 3,6 Millionen Dollar. Das Unternehmen verzeichnete einen quartalsweisen Nettoverlust von 1,0 Millionen Dollar, oder $(0,02) pro verwässerter Aktie. Für das gesamte Jahr 2024 erreichte der Umsatz 1,95 Milliarden Dollar mit einem nicht-GAAP angepassten Betriebsergebnis von 94 Millionen Dollar (4,8% des Umsatzes). Das Unternehmen berichtete von einem angepassten EBITDA von 162,7 Millionen Dollar für 2024, was 8,4% des Nettoumsatzes darstellt.
Der gesamte Auftragsbestand stieg auf 1,2 Milliarden Dollar, wobei 813 Millionen Dollar in den nächsten 12 Monaten verschickt werden sollen. Für 2025 gab Wabash eine Prognose mit Umsätzen zwischen 1,9 Milliarden und 2,1 Milliarden Dollar sowie einem Gewinn pro verwässerter Aktie zwischen 0,85 und 1,05 Dollar heraus. Das Unternehmen erwartet die besten Leistungen in den Segmenten Lkw-Karosserien und Teile & Dienstleistungen und betrachtet 2025 als ein Übergangsjahr.
- Total backlog increased to $1.2B with $813M in 12-month deliverable orders
- Full year 2024 adjusted EBITDA of $162.7M (8.4% of net sales)
- Parts & Services segment maintained strong operating margin of 9.2%
- Q4 revenue declined 32.3% YoY in Transportation Solutions segment
- Q4 2024 net loss of $1.0M compared to profit in previous year
- Full year 2024 net loss of $284.1M ($6.40 per share)
- Parts & Services revenue decreased 12.0% YoY in Q4
Insights
The Q4 and FY2024 results present a complex picture of Wabash's operational resilience amid cyclical headwinds. The sequential backlog growth to
Three critical metrics deserve attention: First, the margin compression in both segments (Transportation Solutions down to
The 2025 outlook with
The shift in order patterns, with expectations for more evenly distributed orders throughout 2025, suggests a structural change in customer behavior that could actually benefit working capital management and operational planning. The company's strategic focus on Truck Bodies and Parts & Services segments, which have shorter order-to-revenue conversion cycles, appears well-timed for the current market environment.
- Quarterly revenue of
$417M , operating income of$3.6M and EPS of$(0.02) - Full year revenue of
$1.95B and adjusted EPS of$1.22 demonstrates improved portfolio resilience - Recent key leadership additions strengthen culture to allow more rapid strategic advancement
- Total backlog up sequentially to
$1.2 billion - 2025 Outlook initiated with midpoints of
$2.0 billion revenue and diluted earnings per share of$0.95
LAFAYETTE, Ind., Jan. 29, 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 and full year ended December 31, 2024.
For the fourth quarter of 2024, net sales were
Total Company backlog as of December 31, 2024 was approximately
“During 2024, we continued to build on our record setting financial and strategic accomplishments of 2023 by demonstrating improved resilience during an industry down-cycle and maintaining a forward posture by continuing to invest in strategic growth in a manner that's unprecedented relative to market conditions," explained Brent Yeagy, President and Chief Executive Officer. "With significant leadership additions completed during 2024, our organization and our people are positioned to sustainably grow the company's base of recurring revenue by delivering value to our customers leveraging the intersection between physical and digital technologies.”
Outlook
For the full year ending December 31, 2025, the Company has issued guidance with sales in the range of
Mr. Yeagy continued, “While our backlog grew sequentially in the fourth quarter, we expect customer orders to be more evenly distributed throughout the year compared to typical seasonal patterns. Consequently, we've taken a measured approach to our initial financial outlook. It's also worth noting that the areas of our business we anticipate the strongest performance in 2025 - Truck Bodies and Parts & Services - traditionally operate with relatively modest backlogs and convert orders to revenue quickly. Overall, we see 2025 as a transitional year, paving the way for improving market conditions as well as providing opportunity for continued advancement on our journey to increase value for customers leveraging all facets of our expanding portfolio and ecosystem.”
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 fourth quarter of 2024 and 2023. A complete disclosure of the results by individual segment is included in the tables following this release.
| Wabash National Corporation | ||||||||||||||||
| Three Months Ended December 31, | 2024 | 2023 | ||||||||||||||
| Units Shipped | ||||||||||||||||
| New trailers | 6,770 | 10,075 | ||||||||||||||
| New truck bodies | 3,010 | 4,075 | ||||||||||||||
| Used trailers | 35 | 35 | ||||||||||||||
| Transportation Solutions | Parts & Services | |||||||||||||||
| Three Months Ended December 31, | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (Unaudited, dollars in thousands) | ||||||||||||||||
| Net sales | $ | 370,494 | $ | 546,981 | $ | 48,603 | $ | 55,226 | ||||||||
| Gross profit | $ | 34,687 | $ | 94,766 | $ | 8,079 | $ | 13,457 | ||||||||
| Gross profit margin | 9.4 | % | 17.3 | % | 16.6 | % | 24.4 | % | ||||||||
| Income from operations | $ | 17,942 | $ | 74,593 | $ | 4,494 | $ | 10,145 | ||||||||
| Income from operations margin | 4.8 | % | 13.6 | % | 9.2 | % | 18.4 | % | ||||||||
Transportation Solutions’ net sales for the fourth quarter were
Parts & Services' net sales for the fourth quarter were
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 EBITDA, free cash flow, adjusted operating income and margin, adjusted net income attributable to common stockholders, adjusted diluted earnings per share, 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 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 (loss) income and net (loss) income, is beneficial to an investor’s understanding of the Company’s operating performance. A reconciliation of adjusted EBITDA to net (loss) income, the most comparable GAAP financial measure, is included in the tables following this release.
Free cash flow is defined as net cash provided by 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 provided by operating activities, is beneficial to an investor’s understanding of the Company’s operating performance. A reconciliation of free cash flow to cash provided by operating activities, the most comparable GAAP financial measure, is included in the tables following this release.
Adjusted operating income (loss) and margin, non-GAAP financial measures, exclude 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 income (loss) and margin 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 income (loss) and margin to provide investors with a better understanding of the Company’s view of our results as compared to prior periods. Adjusted operating income (loss) margin is calculated by dividing adjusted operating income (loss) by total net sales. A reconciliation of adjusted operating income (loss) to operating income (loss), 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 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 (loss) income and diluted net (loss) 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 (loss) income attributable to common stockholders and diluted (loss) earnings per share, the most comparable GAAP financial measures, are included in the tables following this release.
Adjusted segment EBITDA and margin, 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 EBITDA, Adjusted Operating Income, Adjusted Operating Income Margin, Free Cash Flow, Adjusted EBITDA Margin, and Adjusted EPS 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.
Fourth Quarter 2024 Conference Call
Wabash will discuss its results during its quarterly investor conference call on Wednesday, January 29, 2025 beginning at 12:00 p.m. EST. The call and an accompanying slide presentation will be accessible on the "Investors" section of the Company’s website 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.
Media Contact:
Dana Stelsel
Director, Communications
(765) 771-5766
dana.stelsel@onewabash.com
Investor Relations:
Ryan Reed
VP, Corporate Development & IR
(765) 490-5664
ryan.reed@onewabash.com
| WABASH NATIONAL CORPORATION | |||||||
| CONSOLIDATED BALANCE SHEETS | |||||||
| (Unaudited - dollars in thousands) | |||||||
| December 31, 2024 | December 31, 2023 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 115,484 | $ | 179,271 | |||
| Accounts receivable, net | 143,946 | 182,990 | |||||
| Inventories, net | 258,825 | 267,635 | |||||
| Prepaid expenses and other | 76,233 | 51,457 | |||||
| Total current assets | 594,488 | 681,353 | |||||
| Property, plant, and equipment, net | 339,247 | 325,444 | |||||
| Deferred income taxes | 94,873 | — | |||||
| Goodwill | 188,441 | 188,409 | |||||
| Intangible assets, net | 74,445 | 86,418 | |||||
| Investment in unconsolidated entities | 7,250 | 1,647 | |||||
| Other assets | 112,785 | 79,543 | |||||
| Total assets | $ | 1,411,529 | $ | 1,362,814 | |||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities: | |||||||
| Current portion of long-term debt | $ | — | $ | — | |||
| Accounts payable | 146,738 | 156,608 | |||||
| Other accrued liabilities | 161,671 | 195,601 | |||||
| Total current liabilities | 308,409 | 352,209 | |||||
| Long-term debt | 397,142 | 396,465 | |||||
| Deferred income taxes | — | 17,013 | |||||
| Other non-current liabilities | 516,152 | 47,028 | |||||
| Total liabilities | 1,221,703 | 812,715 | |||||
| Commitments and contingencies | |||||||
| Noncontrolling interest | 996 | 603 | |||||
| Wabash National Corporation stockholders' equity: | |||||||
| Common stock, | 781 | 774 | |||||
| Additional paid-in capital | 689,216 | 677,886 | |||||
| Retained earnings | 105,633 | 403,923 | |||||
| Accumulated other comprehensive loss | (3,229 | ) | (428 | ) | |||
| Treasury stock, at cost: 35,253,494 and 32,128,755 common shares, respectively | (603,571 | ) | (532,659 | ) | |||
| Total Wabash National Corporation stockholders' equity | 188,830 | 549,496 | |||||
| Total liabilities, noncontrolling interest, and equity | $ | 1,411,529 | $ | 1,362,814 | |||
| WABASH NATIONAL CORPORATION | |||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
| (Unaudited - dollars in thousands, except per share amounts) | |||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net sales | $ | 416,814 | $ | 596,100 | $ | 1,946,740 | $ | 2,536,500 | |||||||
| Cost of sales | 373,855 | 487,877 | 1,681,668 | 2,038,313 | |||||||||||
| Gross profit | 42,959 | 108,223 | 265,072 | 498,187 | |||||||||||
| General and administrative expenses | 30,991 | 37,464 | 580,684 | 146,658 | |||||||||||
| Selling expenses | 5,932 | 6,368 | 28,035 | 26,532 | |||||||||||
| Amortization of intangible assets | 2,912 | 3,203 | 11,973 | 12,813 | |||||||||||
| Impairment and other, net | (462 | ) | 86 | 484 | 235 | ||||||||||
| Income (loss) from operations | 3,586 | 61,102 | (356,104 | ) | 311,949 | ||||||||||
| Other income (expense): | |||||||||||||||
| Interest expense | (4,945 | ) | (4,941 | ) | (19,839 | ) | (19,854 | ) | |||||||
| Other, net | 869 | 1,687 | 5,434 | 3,393 | |||||||||||
| Other expense, net | (4,076 | ) | (3,254 | ) | (14,405 | ) | (16,461 | ) | |||||||
| Loss from unconsolidated entity | (1,511 | ) | (803 | ) | (6,089 | ) | (803 | ) | |||||||
| (Loss) income before income tax expense | (2,001 | ) | 57,045 | (376,598 | ) | 294,685 | |||||||||
| Income tax (benefit) expense | (1,308 | ) | 6,541 | (93,523 | ) | 62,830 | |||||||||
| Net (loss) income | (693 | ) | 50,504 | (283,075 | ) | 231,855 | |||||||||
| Net income attributable to noncontrolling interest | 337 | 122 | 996 | 603 | |||||||||||
| Net (loss) income attributable to common stockholders | $ | (1,030 | ) | $ | 50,382 | $ | (284,071 | ) | $ | 231,252 | |||||
| Net (loss) income attributable to common stockholders per share: | |||||||||||||||
| Basic | $ | (0.02 | ) | $ | 1.10 | $ | (6.40 | ) | $ | 4.92 | |||||
| Diluted | $ | (0.02 | ) | $ | 1.07 | $ | (6.40 | ) | $ | 4.81 | |||||
| Weighted average common shares outstanding (in thousands): | |||||||||||||||
| Basic | 43,343 | 45,938 | 44,359 | 47,011 | |||||||||||
| Diluted | 43,343 | 46,931 | 44,359 | 48,030 | |||||||||||
| Dividends declared per share | $ | 0.08 | $ | 0.08 | $ | 0.32 | $ | 0.32 | |||||||
| WABASH NATIONAL CORPORATION | |||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (Unaudited - dollars in thousands) | |||||||
| Year Ended December 31, | |||||||
| 2024 | 2023 | ||||||
| Cash flows from operating activities: | |||||||
| Net (loss) income | $ | (283,075 | ) | $ | 231,855 | ||
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||
| Depreciation | 45,012 | 32,507 | |||||
| Amortization of intangibles | 11,973 | 12,813 | |||||
| Net (gain) loss on sale of property, plant and equipment and business divestiture | (493 | ) | 235 | ||||
| Deferred income taxes | (111,683 | ) | (13,459 | ) | |||
| Stock-based compensation | 11,309 | 11,799 | |||||
| Non-cash interest expense | 962 | 946 | |||||
| Equity in loss of unconsolidated entity | 6,089 | 803 | |||||
| Impairment | 994 | — | |||||
| Accounts receivable | 39,044 | 72,587 | |||||
| Inventories | 8,810 | (23,765 | ) | ||||
| Prepaid expenses and other | 4,020 | (10,727 | ) | ||||
| Accounts payable and accrued liabilities | (68,687 | ) | 5,775 | ||||
| Other, net | 452,997 | (1,763 | ) | ||||
| Net cash provided by operating activities | 117,272 | 319,606 | |||||
| Cash flows from investing activities: | |||||||
| Cash payments for capital expenditures | (72,188 | ) | (98,093 | ) | |||
| Expenditures for revenue generating assets | (6,948 | ) | (5,650 | ) | |||
| Proceeds from sale of assets and business divestiture | 4,448 | 154 | |||||
| Investment in unconsolidated entities | (20,100 | ) | (2,450 | ) | |||
| Net cash used in investing activities | (94,788 | ) | (106,039 | ) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from exercise of stock options | 28 | 155 | |||||
| Dividends paid | (14,779 | ) | (15,861 | ) | |||
| Borrowings under revolving credit facilities | 884 | 104,199 | |||||
| Payments under revolving credit facilities | (884 | ) | (104,199 | ) | |||
| Debt issuance costs paid | (5 | ) | (117 | ) | |||
| Stock repurchases | (70,912 | ) | (76,206 | ) | |||
| Distribution to noncontrolling interest | (603 | ) | (512 | ) | |||
| Net cash used in financing activities | (86,271 | ) | (92,541 | ) | |||
| Cash, cash equivalents, and restricted cash: | |||||||
| Net (decrease) increase in cash, cash equivalents, and restricted cash | (63,787 | ) | 121,026 | ||||
| Cash, cash equivalents, and restricted cash at beginning of period | 179,271 | 58,245 | |||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 115,484 | $ | 179,271 | |||
| Supplemental disclosures of cash flow information: | |||||||
| Cash paid for interest | $ | 18,786 | $ | 18,938 | |||
| Net cash paid for income taxes | $ | 29,831 | $ | 82,589 | |||
| Period end balance of payables for property, plant, and equipment | $ | 5,915 | $ | 11,662 | |||
| WABASH NATIONAL CORPORATION | |||||||||||||
| SEGMENTS AND RELATED INFORMATION | |||||||||||||
| (Unaudited - dollars in thousands) | |||||||||||||
| Wabash National Corporation | |||||||||||||
| Three Months Ended December 31, | 2024 | 2023 | |||||||||||
| Units Shipped | |||||||||||||
| New trailers | 6,770 | 10,075 | |||||||||||
| New truck bodies | 3,010 | 4,075 | |||||||||||
| Used trailers | 35 | 35 | |||||||||||
| Three Months Ended December 31, | Transportation Solutions | Parts & Services | Corporate and Eliminations | Consolidated | |||||||||
| 2024 | |||||||||||||
| New trailers | $ | 278,022 | $ | — | $ | (816 | ) | $ | 277,206 | ||||
| Used trailers | — | 1,128 | — | 1,128 | |||||||||
| Components, parts and service | — | 26,943 | — | 26,943 | |||||||||
| Equipment and other | 92,472 | 20,532 | (1,467 | ) | 111,537 | ||||||||
| Total net external sales | $ | 370,494 | $ | 48,603 | $ | (2,283 | ) | $ | 416,814 | ||||
| Gross profit | $ | 34,687 | $ | 8,079 | $ | — | $ | 42,766 | |||||
| Income (loss) from operations | $ | 17,942 | $ | 4,494 | $ | (18,850 | ) | $ | 3,586 | ||||
| Adjusted income (loss) from operations1 | $ | 17,942 | $ | 4,494 | $ | (18,850 | ) | $ | 3,586 | ||||
| 2023 | |||||||||||||
| New trailers | $ | 438,113 | $ | — | $ | (1,321 | ) | $ | 436,792 | ||||
| Used trailers | — | 2,582 | — | 2,582 | |||||||||
| Components, parts and service | — | 34,689 | — | 34,689 | |||||||||
| Equipment and other | 108,868 | 17,955 | (4,786 | ) | 122,037 | ||||||||
| Total net external sales | $ | 546,981 | $ | 55,226 | $ | (6,107 | ) | $ | 596,100 | ||||
| Gross profit | $ | 94,766 | $ | 13,457 | $ | — | $ | 108,223 | |||||
| Income (loss) from operations | $ | 74,593 | $ | 10,145 | $ | (23,636 | ) | $ | 61,102 | ||||
| Adjusted income (loss) from operations1 | $ | 74,593 | $ | 10,145 | $ | (23,636 | ) | $ | 61,102 | ||||
1 Adjusted operating income (loss), 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 income (loss) 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 income (loss) to provide investors with a better understanding of the Company’s view of our results as compared to prior periods.
| WABASH NATIONAL CORPORATION | ||||||||||||||
| SEGMENTS AND RELATED INFORMATION | ||||||||||||||
| (Unaudited - dollars in thousands) | ||||||||||||||
| Wabash National Corporation | ||||||||||||||
| Twelve Months Ended December 31, | 2024 | 2023 | ||||||||||||
| Units Shipped | ||||||||||||||
| New trailers | 32,100 | 44,450 | ||||||||||||
| New truck bodies | 14,255 | 16,070 | ||||||||||||
| Used trailers | 80 | 90 | ||||||||||||
| Twelve Months Ended December 31, | Transportation Solutions | Parts & Services | Corporate and Eliminations | Consolidated | ||||||||||
| 2024 | ||||||||||||||
| New trailers | $ | 1,335,902 | $ | — | $ | (3,978 | ) | $ | 1,331,924 | |||||
| Used trailers | 71 | 4,012 | (71 | ) | 4,012 | |||||||||
| Components, parts and service | — | 128,565 | — | 128,565 | ||||||||||
| Equipment and other | 419,160 | 72,485 | (9,406 | ) | 482,239 | |||||||||
| Total net external sales | $ | 1,755,133 | $ | 205,062 | $ | (13,455 | ) | $ | 1,946,740 | |||||
| Gross profit | $ | 217,425 | $ | 47,454 | $ | — | $ | 264,879 | ||||||
| Income (loss) from operations | $ | 148,277 | $ | 35,417 | $ | (539,798 | ) | $ | (356,104 | ) | ||||
| Adjusted income (loss) from operations1 | $ | 148,277 | $ | 35,417 | $ | (89,798 | ) | $ | 93,896 | |||||
| 2023 | ||||||||||||||
| New trailers | $ | 1,924,700 | $ | — | $ | (5,901 | ) | $ | 1,918,799 | |||||
| Used trailers | — | 4,978 | — | 4,978 | ||||||||||
| Components, parts and service | — | 148,256 | — | 148,256 | ||||||||||
| Equipment and other | 413,904 | 67,639 | (17,076 | ) | 464,467 | |||||||||
| Total net external sales | $ | 2,338,604 | $ | 220,873 | $ | (22,977 | ) | $ | 2,536,500 | |||||
| Gross profit | $ | 439,864 | $ | 58,323 | $ | — | $ | 498,187 | ||||||
| Income (loss) from operations | $ | 366,928 | $ | 44,649 | $ | (99,628 | ) | $ | 311,949 | |||||
| Adjusted income (loss) from operations1 | $ | 366,928 | $ | 44,649 | $ | (99,628 | ) | $ | 311,949 | |||||
1 Adjusted operating income (loss), 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 income (loss) 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 income (loss) 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) | |||||||||||||||
| Adjusted Operating Income1 | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Transportation Solutions | |||||||||||||||
| Income from operations | $ | 17,942 | $ | 74,593 | $ | 148,277 | $ | 366,928 | |||||||
| Adjustments: | |||||||||||||||
| N/A | — | — | — | — | |||||||||||
| Adjusted operating income | 17,942 | 74,593 | 148,277 | 366,928 | |||||||||||
| Adjusted operating income margin | 4.8 | % | 13.6 | % | 8.4 | % | 15.7 | % | |||||||
| Parts & Services | |||||||||||||||
| Income from operations | 4,494 | 10,145 | 35,417 | 44,649 | |||||||||||
| Adjustments: | |||||||||||||||
| N/A | — | — | — | — | |||||||||||
| Adjusted operating income | 4,494 | 10,145 | 35,417 | 44,649 | |||||||||||
| Adjusted operating income margin | 9.2 | % | 18.4 | % | 17.3 | % | 20.2 | % | |||||||
| Corporate | |||||||||||||||
| Loss from operations | (18,850 | ) | (23,636 | ) | (539,798 | ) | (99,628 | ) | |||||||
| Adjustments: | |||||||||||||||
| Missouri legal matter | — | — | 450,000 | — | |||||||||||
| Adjusted operating loss | (18,850 | ) | (23,636 | ) | (89,798 | ) | (99,628 | ) | |||||||
| Consolidated | |||||||||||||||
| Income from operations | 3,586 | 61,102 | (356,104 | ) | 311,949 | ||||||||||
| Adjustments: | |||||||||||||||
| Missouri legal matter | — | — | 450,000 | — | |||||||||||
| Adjusted operating income | $ | 3,586 | $ | 61,102 | $ | 93,896 | $ | 311,949 | |||||||
| Adjusted operating income margin | 0.9 | % | 10.3 | % | 4.8 | % | 12.3 | % | |||||||
1 Adjusted operating income (loss) and margin, 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 income (loss) 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 income (loss) to provide investors with a better understanding of the Company’s view of our results as compared to prior periods. Adjusted operating income (loss) margin is calculated by dividing adjusted operating income by total net sales.
| WABASH NATIONAL CORPORATION | |||||||||||||||
| RECONCILIATION OF GAAP FINANCIAL MEASURES TO | |||||||||||||||
| NON-GAAP FINANCIAL MEASURES | |||||||||||||||
| (Unaudited - dollars in thousands, except per share amounts) | |||||||||||||||
| Adjusted EBITDA1: | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net (loss) income | $ | (693 | ) | $ | 50,504 | $ | (283,075 | ) | $ | 231,855 | |||||
| Income tax (benefit) expense | (1,308 | ) | 6,541 | (93,523 | ) | 62,830 | |||||||||
| Interest expense | 4,945 | 4,941 | 19,839 | 19,854 | |||||||||||
| Depreciation and amortization | 16,591 | 12,635 | 56,985 | 45,320 | |||||||||||
| Stock-based compensation | 1,394 | 2,987 | 11,309 | 11,799 | |||||||||||
| Missouri legal matter | — | — | 450,000 | — | |||||||||||
| Impairment and other, net | (462 | ) | 86 | 484 | 235 | ||||||||||
| Other, net | (869 | ) | (1,687 | ) | (5,434 | ) | (3,393 | ) | |||||||
| Loss from unconsolidated entity | 1,511 | 803 | 6,089 | 803 | |||||||||||
| Adjusted EBITDA | $ | 21,109 | $ | 76,810 | $ | 162,674 | $ | 369,303 | |||||||
| Adjusted Net (Loss) Income Attributable to Common Stockholders2: | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net (loss) income attributable to common stockholders | $ | (1,030 | ) | $ | 50,382 | $ | (284,071 | ) | $ | 231,252 | |||||
| Adjustments: | |||||||||||||||
| Missouri legal matter | — | — | 450,000 | — | |||||||||||
| Tax effect of aforementioned items | — | — | (111,213 | ) | — | ||||||||||
| Adjusted net (loss) income attributable to common stockholders | $ | (1,030 | ) | $ | 50,382 | $ | 54,716 | $ | 231,252 | ||||||
| Adjusted Diluted (Loss) Earnings Per Share2: | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Diluted (loss) earnings per share | $ | (0.02 | ) | $ | 1.07 | $ | (6.40 | ) | $ | 4.81 | |||||
| Adjustments: | |||||||||||||||
| Missouri legal matter | — | — | 10.14 | — | |||||||||||
| Tax effect of aforementioned items | — | — | (2.52 | ) | — | ||||||||||
| Adjusted diluted (loss) earnings per share | $ | (0.02 | ) | $ | 1.07 | $ | 1.22 | $ | 4.81 | ||||||
| Weighted average diluted shares outstanding (in thousands)3 | 43,343 | 46,931 | 44,908 | 48,030 | |||||||||||
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 (loss) income and net (loss) 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.
3 Weighted average diluted shares outstanding for the twelve months ended December 31, 2024 differ from the GAAP presentation on the Company's Consolidated Statement of Operations due to the Company being in a loss position on an unadjusted basis.
| WABASH NATIONAL CORPORATION | |||||||||||||||
| RECONCILIATION OF FREE CASH FLOW1 | |||||||||||||||
| (Unaudited - dollars in thousands) | |||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net cash provided by operating activities | $ | 80,884 | $ | 115,008 | $ | 117,272 | $ | 319,606 | |||||||
| Cash payments for capital expenditures | (21,345 | ) | (13,022 | ) | (72,188 | ) | (98,093 | ) | |||||||
| Expenditures for revenue generating assets | (5,513 | ) | (1,689 | ) | (6,948 | ) | (5,650 | ) | |||||||
| Free cash flow1 | $ | 54,026 | $ | 100,297 | $ | 38,136 | $ | 215,863 | |||||||
1 Free cash flow is defined as net cash provided by operating activities minus cash payments for capital expenditures and 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 provided by operating activities, is beneficial to an investor’s understanding of the Company’s operating performance.
| WABASH NATIONAL CORPORATION | |||||||||||||||
| RECONCILIATION OF ADJUSTED SEGMENT EBITDA1 | |||||||||||||||
| AND ADJUSTED SEGMENT EBITDA MARGIN1 | |||||||||||||||
| (Unaudited - dollars in thousands) | |||||||||||||||
| Transportation Solutions | Parts & Services | ||||||||||||||
| Three Months Ended December 31 | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Income from operations | $ | 17,942 | $ | 74,593 | $ | 4,494 | $ | 10,145 | |||||||
| Depreciation and amortization | 14,291 | 11,138 | 1,054 | 598 | |||||||||||
| Impairment and other, net | (477 | ) | 86 | 14 | — | ||||||||||
| Adjusted segment EBITDA | $ | 31,756 | $ | 85,817 | $ | 5,562 | $ | 10,743 | |||||||
| Adjusted segment EBITDA margin | 8.6 | % | 15.7 | % | 11.4 | % | 19.5 | % | |||||||
| Transportation Solutions | Parts & Services | ||||||||||||||
| Twelve Months Ended December 31 | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Income from operations | $ | 148,277 | $ | 366,928 | $ | 35,417 | $ | 44,649 | |||||||
| Depreciation and amortization | 49,987 | 40,443 | 2,681 | 2,201 | |||||||||||
| Impairment and other, net | (518 | ) | 235 | 1 | — | ||||||||||
| Adjusted segment EBITDA | $ | 197,746 | $ | 407,606 | $ | 38,099 | $ | 46,850 | |||||||
| Adjusted segment EBITDA Margin | 11.3 | % | 17.4 | % | 18.6 | % | 21.2 | % | |||||||
1 Adjusted segment EBITDA and margin, 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.
FAQ
What is Wabash's (WNC) revenue guidance for 2025?
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