Wabash Announces Second Quarter 2024 Results
Wabash (NYSE: WNC) reported Q2 2024 revenue of $551 million, a 19.8% YoY decline. Operating income was $44 million, with a 7.9% margin. EPS of $0.64 exceeded expectations. Backlog decreased 28% QoQ to $1.3 billion. The company lowered its 2024 revenue outlook to $2.0-$2.2 billion and EPS guidance to $1.50-$1.60.
Transportation Solutions net sales were $498.7 million, down 20.9% YoY, with an operating income of $56.9 million. Parts & Services' net sales were $54.9 million, down 11.5% YoY, with an operating income of $12.1 million. CEO Brent Yeagy emphasized operational stability and resilience despite market challenges.
Wabash anticipates achieving record financial performance during a market correction, with potential EPS growth in 2025 driven by strength in TaaS, Parts & Services, and the truck body business.
Wabash (NYSE: WNC) ha riportato entrate Q2 2024 di 551 milioni di dollari, con una diminuzione del 19,8% rispetto all'anno precedente. Il reddito operativo è stato di 44 milioni di dollari, con un margine del 7,9%. L'EPS di 0,64 dollari ha superato le aspettative. Il backlog è diminuito del 28% su base trimestrale, scendendo a 1,3 miliardi di dollari. L'azienda ha abbassato le previsioni di fatturato per il 2024 a una forchetta tra 2,0 e 2,2 miliardi di dollari e la guida EPS a 1,50-1,60 dollari.
Le vendite nette delle Soluzioni di Trasporto sono state di 498,7 milioni di dollari, in calo del 20,9% su base annua, con un reddito operativo di 56,9 milioni di dollari. Le vendite nette di Parti e Servizi sono ammontate a 54,9 milioni di dollari, in calo dell'11,5% su base annua, con un reddito operativo di 12,1 milioni di dollari. Il CEO Brent Yeagy ha sottolineato la stabilità operativa e la resilienza nonostante le sfide di mercato.
Wabash prevede di ottenere performance finanziarie record durante una correzione di mercato, con un potenziale aumento dell'EPS nel 2025 trainato dalla forza nel TaaS, Parti e Servizi e nel settore delle carrozzerie per camion.
Wabash (NYSE: WNC) reportó ingresos del Q2 2024 de 551 millones de dólares, una disminución del 19.8% interanual. El ingreso operativo fue de 44 millones de dólares, con un margen del 7.9%. El EPS de 0.64 dólares excedió las expectativas. El backlog disminuyó un 28% en comparación trimestral, bajando a 1.3 billones de dólares. La empresa redujo su pronóstico de ingresos para 2024 a un rango de 2.0 a 2.2 billones de dólares y la orientación de EPS a 1.50-1.60 dólares.
Las ventas netas de Soluciones de Transporte fueron de 498.7 millones de dólares, una caída del 20.9% interanual, con un ingreso operativo de 56.9 millones de dólares. Las ventas netas de Piezas y Servicios alcanzaron los 54.9 millones de dólares, una disminución del 11.5% interanual, con un ingreso operativo de 12.1 millones de dólares. El CEO Brent Yeagy enfatizó la estabilidad operativa y la resiliencia a pesar de los desafíos del mercado.
Wabash anticipa alcanzar un rendimiento financiero récord durante una corrección de mercado, con un posible crecimiento del EPS en 2025 impulsado por la fortaleza en TaaS, Piezas y Servicios, y el negocio de carrocerías de camiones.
Wabash (NYSE: WNC)는 2024년 2분기 수익으로 5억 5천 1백만 달러를 보고했으며, 이는 전년 대비 19.8% 감소한 수치입니다. 운영 수익은 4천 4백만 달러이며, 마진은 7.9%입니다. 주당순이익(EPS) 0.64달러는 예상을 웃도는 결과입니다. 수주 잔고는 전 분기 대비 28% 감소하여 13억 달러가 되었습니다. 회사는 2024년 수익 전망을 20억 ~ 22억 달러로 하향 조정하고, EPS 가이던스를 1.50 ~ 1.60달러로 수정했습니다.
운송 솔루션의 순 판매는 4억 9천 8백 7십만 달러로, 전년 대비 20.9% 감소했으며, 운영 수익은 5천 6백 9십만 달러입니다. 부품 및 서비스의 순 판매는 5천 4백 9십만 달러로, 전년 대비 11.5% 감소했으며, 운영 수익은 1천 2백 1십만 달러입니다. CEO 브렌트 예기(Brent Yeagy)는 시장의 도전에도 불구하고 운영의 안정성과 회복력을 강조했습니다.
Wabash는 시장 조정 중에 기록적인 재무 성과를 달성할 것으로 예상하며, 2025년 TaaS, 부품 및 서비스, 트럭 차체 사업의 강세로 EPS가 성장할 가능성이 있습니다.
Wabash (NYSE: WNC) a annoncé un chiffre d'affaires pour le 2ème trimestre 2024 de 551 millions de dollars, ce qui représente une baisse de 19,8 % par rapport à l'année précédente. Le résultat opérationnel était de 44 millions de dollars, avec une marge de 7,9 %. Le BPA de 0,64 dollar a dépassé les attentes. Le carnet de commandes a diminué de 28 % par rapport au trimestre précédent, tombant à 1,3 milliard de dollars. L'entreprise a abaissé ses prévisions de chiffre d'affaires pour 2024 à un montant compris entre 2,0 et 2,2 milliards de dollars, et ses prévisions de BPA à 1,50-1,60 dollar.
Les ventes nettes de Solutions de Transport s'élevaient à 498,7 millions de dollars, en baisse de 20,9 % d'une année sur l'autre, avec un résultat opérationnel de 56,9 millions de dollars. Les ventes nettes des pièces et services étaient de 54,9 millions de dollars, en baisse de 11,5 % d'une année sur l'autre, avec un résultat opérationnel de 12,1 millions de dollars. Le PDG Brent Yeagy a souligné la stabilité opérationnelle et la résilience malgré les défis du marché.
Wabash anticipe une performance financière record pendant une correction du marché, avec un potentiel de croissance du BPA en 2025 tiré par la force du TaaS, des pièces et services, ainsi que du secteur des carrosseries de camions.
Wabash (NYSE: WNC) meldete im Q2 2024 einen Umsatz von 551 Millionen Dollar, was einem Rückgang von 19,8% im Jahresvergleich entspricht. Der operative Gewinn betrug 44 Millionen Dollar, mit einer Marge von 7,9%. Der EPS von 0,64 Dollar übertraf die Erwartungen. Der Auftragsbestand ging im Quartalsvergleich um 28% auf 1,3 Milliarden Dollar zurück. Das Unternehmen senkte seine Umsatzprognose für 2024 auf 2,0 bis 2,2 Milliarden Dollar und die EPS-Prognose auf 1,50 bis 1,60 Dollar.
Der Nettoumsatz der Transportlösungen betrug 498,7 Millionen Dollar, was einem Rückgang von 20,9% im Jahresvergleich entspricht, mit einem operativen Gewinn von 56,9 Millionen Dollar. Der Nettoumsatz von Teilen und Dienstleistungen belief sich auf 54,9 Millionen Dollar, ein Rückgang von 11,5% im Jahresvergleich, mit einem operativen Gewinn von 12,1 Millionen Dollar. CEO Brent Yeagy betonte die betriebliche Stabilität und Resilienz trotz der Marktgegebenheiten.
Wabash erwartet, während einer Marktbereinigung Rekordergebnisse zu erzielen, mit einem potenziellen EPS-Wachstum im Jahr 2025, das durch Stärken in TaaS, Teilen & Dienstleistungen sowie im Fahrzeugaufbaugeschäft angetrieben wird.
- Quarterly EPS of $0.64 exceeded prior outlook.
- Operating margin of 7.9%.
- Operating income of $44 million.
- Backlog of $1.3 billion.
- Q2 revenue decreased by 19.8% YoY.
- Backlog decreased 28% QoQ.
- 2024 revenue outlook reduced to $2.0-$2.2 billion.
- 2024 EPS guidance reduced to $1.50-$1.60.
- Transportation Solutions net sales down 20.9% YoY.
- Parts & Services net sales down 11.5% YoY.
Insights
Wabash's Q2 2024 earnings show a significant decrease in both revenue and net sales compared to the previous year. The
Wabash's performance this quarter is indicative of a larger trend in the transportation and logistics industry. The
Wabash's emphasis on innovation in connected solutions for transportation and logistics sectors is worth noting. The company's ability to maintain a relatively stable operating margin of 7.9% in a declining revenue environment shows the potential impact of their technological advancements. The focus on enhancing the diversity of offerings and their first-to-final mile portfolio is strategic, aiming to improve business resilience. Investors should monitor how these technological investments translate into market performance, particularly in how it might mitigate downturns in traditional market segments.
- Quarterly revenue of
$551 million ; within prior quarterly outlook range - Operating income of
$44 million with operating margin of7.9% - Quarterly diluted earnings per share of
$0.64 exceeds prior quarterly outlook range - Total backlog of
$1.3B ; Q2 sequential reduction slightly more than usual seasonality - 2024 revenue and EPS outlook ranges reduced to
$2.0B -$2.2B and$1.50 -$1.60 , respectively
LAFAYETTE, Ind., July 24, 2024 (GLOBE NEWSWIRE) -- Wabash (NYSE: WNC), the innovation leader of connected solutions for the transportation, logistics and distribution industries, today reported results for the quarter ended June 30, 2024.
The Company's net sales for the second quarter of 2024 were
As of June 30, 2024, total Company backlog stood at approximately
"While the demand environment has incrementally weakened during the first half of 2024, our team has executed well, as shown by second quarter EPS generation that exceeded our prior outlook range," said Brent Yeagy, president and chief executive officer. "We are in the process of demonstrating a new level of stability within our through-the-cycle financial performance thanks to the enhanced diversity of our first-to-final mile portfolio of transportation solutions and our complementary parts and services business. Our EPS outlook midpoint of
For the full-year ending December 31, 2024, the Company reduced its revenue outlook to a range of approximately
“With greater information on customers' capital expenditure plans, we feel it's appropriate to reduce our full year guidance," explained Yeagy. "As we have continued to refine our financial outlook for the year, it's important to remember that the overarching theme remains unchanged: Wabash is on track to achieve the best financial performance on record during a correction in our industry. Furthermore, as we look to 2025, we anticipate that there is a wide range of potential market outcomes that will allow Wabash to generate year-on-year EPS growth given the strength we anticipate in TaaS specifically, Parts & Services more broadly, and our truck body business. Wabash has never been better positioned to capitalize on the next period of freight expansion. We are focused on continuing our progress toward achieving outsized strategic growth that is both more resilient and more profitable."
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 second 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 June 30, | 2024 | 2023 | ||||||||||||||
| New Units Shipped | ||||||||||||||||
| Trailers | 9,245 | 11,825 | ||||||||||||||
| Truck bodies | 3,925 | 4,025 | ||||||||||||||
| Transportation Solutions | Parts & Services | |||||||||||||||
| Three Months Ended June 30, | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (Unaudited, dollars in thousands) | ||||||||||||||||
| Net sales | $ | 498,705 | $ | 630,682 | $ | 54,901 | $ | 62,066 | ||||||||
| Gross profit | $ | 74,675 | $ | 133,945 | $ | 14,969 | $ | 17,082 | ||||||||
| Gross profit margin | 15.0% | 27.3% | ||||||||||||||
| Income from operations | $ | 56,918 | $ | 115,806 | $ | 12,087 | $ | 12,937 | ||||||||
| Income from operations margin | 11.4% | 22.0% | ||||||||||||||
During the second quarter, Transportation Solutions generated net sales of
Parts & Services' net sales for the second 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 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, impairment and other, net, and other non-operating income and expense (including any loss on debt extinguishment charges). 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.
Free cash flow is defined as net cash provided by (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 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 used in operating activities, the most comparable GAAP financial measure, is included in the tables following this release.
Adjusted operating income and margin, non-GAAP financial measures, exclude 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 income 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 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 margin is calculated by dividing adjusted operating income by total net sales. A reconciliation of adjusted operating income to operating income, the most comparable GAAP financial measure, is included in the tables following this release.
Adjusted net income attributable to common stockholders and adjusted diluted earnings per share reflect no adjustments for any period presented. 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 income attributable to common stockholders and adjusted diluted 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.
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 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.
Second Quarter 2024 Conference Call
Wabash will discuss its results during its quarterly investor conference call on Wednesday, July 24, 2024, 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 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 and FP&A
(765) 490-5664
ryan.reed@onewabash.com
| WABASH NATIONAL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited - dollars in thousands) | |||||||
| June 30, 2024 | December 31, 2023 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 77,285 | $ | 179,271 | |||
| Accounts receivable, net | 243,248 | 182,990 | |||||
| Inventories, net | 272,926 | 267,635 | |||||
| Prepaid expenses and other | 50,506 | 51,457 | |||||
| Total current assets | 643,965 | 681,353 | |||||
| Property, plant, and equipment, net | 331,744 | 325,444 | |||||
| Goodwill | 188,423 | 188,409 | |||||
| Intangible assets, net | 80,269 | 86,418 | |||||
| Investment in unconsolidated entity | — | 1,647 | |||||
| Other assets | 94,911 | 79,543 | |||||
| Total assets | $ | 1,339,312 | $ | 1,362,814 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Current liabilities: | |||||||
| Current portion of long-term debt | $ | — | $ | — | |||
| Accounts payable | 175,483 | 156,608 | |||||
| Other accrued liabilities | 147,873 | 195,601 | |||||
| Total current liabilities | 323,356 | 352,209 | |||||
| Long-term debt | 396,800 | 396,465 | |||||
| Deferred income taxes | 13,219 | 17,013 | |||||
| Other non-current liabilities | 55,146 | 47,028 | |||||
| Total liabilities | 788,521 | 812,715 | |||||
| Commitments and contingencies | |||||||
| Noncontrolling interest | 366 | 603 | |||||
| Wabash National Corporation stockholders’ equity: | |||||||
| Common stock 200,000,000 shares authorized, | 781 | 774 | |||||
| Additional paid-in capital | 684,504 | 677,886 | |||||
| Retained earnings | 443,734 | 403,923 | |||||
| Accumulated other comprehensive losses | (2,101 | ) | (428 | ) | |||
| Treasury stock at cost, 33,904,416 and 32,128,755 common shares, respectively | (576,493 | ) | (532,659 | ) | |||
| Total Wabash National Corporation stockholders' equity | 550,425 | 549,496 | |||||
| Total liabilities, noncontrolling interest, and equity | $ | 1,339,312 | $ | 1,362,814 | |||
| WABASH NATIONAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited - dollars in thousands, except per share amounts) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net sales | $ | 550,610 | $ | 686,620 | $ | 1,065,886 | $ | 1,307,572 | |||||||
| Cost of sales | 460,952 | 535,593 | 899,782 | 1,040,518 | |||||||||||
| Gross profit | 89,658 | 151,027 | 166,104 | 267,054 | |||||||||||
| General and administrative expenses | 33,969 | 37,318 | 70,642 | 73,358 | |||||||||||
| Selling expenses | 7,936 | 7,194 | 14,978 | 14,078 | |||||||||||
| Amortization of intangible assets | 2,993 | 3,203 | 6,149 | 6,406 | |||||||||||
| Impairment and other, net | 997 | 2 | 997 | 2 | |||||||||||
| Income from operations | 43,763 | 103,310 | 73,338 | 173,210 | |||||||||||
| Other income (expense): | |||||||||||||||
| Interest expense | (4,948 | ) | (4,987 | ) | (9,936 | ) | (9,981 | ) | |||||||
| Other, net | 1,572 | 475 | 3,181 | 862 | |||||||||||
| Other expense, net | (3,376 | ) | (4,512 | ) | (6,755 | ) | (9,119 | ) | |||||||
| Loss from unconsolidated entity | (1,415 | ) | — | (2,901 | ) | — | |||||||||
| Income before income tax expense | 38,972 | 98,798 | 63,682 | 164,091 | |||||||||||
| Income tax expense | 9,768 | 24,324 | 16,191 | 38,221 | |||||||||||
| Net income | 29,204 | 74,474 | 47,491 | 125,870 | |||||||||||
| Net income attributable to noncontrolling interest | 246 | 146 | 366 | 329 | |||||||||||
| Net income attributable to common stockholders | $ | 28,958 | $ | 74,328 | $ | 47,125 | $ | 125,541 | |||||||
| Net income attributable to common stockholders per share: | |||||||||||||||
| Basic | $ | 0.65 | $ | 1.57 | $ | 1.04 | $ | 2.64 | |||||||
| Diluted | $ | 0.64 | $ | 1.54 | $ | 1.03 | $ | 2.58 | |||||||
| Weighted average common shares outstanding (in thousands): | |||||||||||||||
| Basic | 44,896 | 47,452 | 45,139 | 47,610 | |||||||||||
| Diluted | 45,365 | 48,373 | 45,751 | 48,737 | |||||||||||
| Dividends declared per share | $ | 0.08 | $ | 0.08 | $ | 0.16 | $ | 0.16 | |||||||
| WABASH NATIONAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited - dollars in thousands) | |||||||
| Six Months Ended June 30, | |||||||
| 2024 | 2023 | ||||||
| Cash flows from operating activities | |||||||
| Net income | $ | 47,491 | $ | 125,870 | |||
| Adjustments to reconcile net income to net cash (used in) provided by operating activities | |||||||
| Depreciation | 20,306 | 13,760 | |||||
| Amortization of intangibles | 6,149 | 6,406 | |||||
| Net loss on sale of property, plant and equipment | — | 2 | |||||
| Deferred income taxes | (3,763 | ) | 6,653 | ||||
| Stock-based compensation | 6,618 | 5,681 | |||||
| Non-cash interest expense | 478 | 477 | |||||
| Equity in loss of unconsolidated entity | 2,901 | — | |||||
| Accounts receivable | (60,258 | ) | 23,829 | ||||
| Inventories | (5,291 | ) | (98,600 | ) | |||
| Prepaid expenses and other | 995 | (9,148 | ) | ||||
| Accounts payable and accrued liabilities | (25,292 | ) | 69,793 | ||||
| Other, net | 3,278 | 1,608 | |||||
| Net cash (used in) provided by operating activities | (6,388 | ) | 146,331 | ||||
| Cash flows from investing activities | |||||||
| Cash payments for capital expenditures | (36,288 | ) | (55,820 | ) | |||
| Expenditures for revenue generating assets | — | (3,244 | ) | ||||
| Investment in unconsolidated entity | (7,100 | ) | — | ||||
| Net cash used in investing activities | (43,388 | ) | (59,064 | ) | |||
| Cash flows from financing activities | |||||||
| Proceeds from exercise of stock options | 7 | 155 | |||||
| Dividends paid | (7,775 | ) | (8,366 | ) | |||
| Borrowings under revolving credit facilities | 431 | 103,731 | |||||
| Payments under revolving credit facilities | (431 | ) | (103,731 | ) | |||
| Debt issuance costs paid | (5 | ) | (102 | ) | |||
| Stock repurchases | (43,834 | ) | (37,896 | ) | |||
| Distribution to noncontrolling interest | (603 | ) | (512 | ) | |||
| Net cash used in financing activities | (52,210 | ) | (46,721 | ) | |||
| Cash and cash equivalents: | |||||||
| Net (decrease) increase in cash, cash equivalents, and restricted cash | (101,986 | ) | 40,546 | ||||
| Cash, cash equivalents, and restricted cash at beginning of period | 179,271 | 58,245 | |||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 77,285 | $ | 98,791 | |||
| Supplemental disclosures of cash flow information: | |||||||
| Cash paid for interest | $ | 9,394 | $ | 9,545 | |||
| Net cash paid for income taxes | $ | 23,664 | $ | 40,905 | |||
| Period end balance of payables for property, plant, and equipment | $ | 5,474 | $ | 18,362 | |||
| WABASH NATIONAL CORPORATION SEGMENTS AND RELATED INFORMATION (Unaudited - dollars in thousands) | |||||||||||||
| Wabash National Corporation | |||||||||||||
| Three Months Ended June 30, | 2024 | 2023 | |||||||||||
| Units Shipped | |||||||||||||
| New trailers | 9,245 | 11,825 | |||||||||||
| New truck bodies | 3,925 | 4,025 | |||||||||||
| Used trailers | 20 | 15 | |||||||||||
| Three Months Ended June 30, | Transportation Solutions | Parts & Services | Corporate and Eliminations | Consolidated | |||||||||
| 2024 | |||||||||||||
| New Trailers | $ | 383,145 | $ | — | $ | (681 | ) | $ | 382,464 | ||||
| Used Trailers | — | 1,144 | — | 1,144 | |||||||||
| Components, parts and service | — | 34,453 | — | 34,453 | |||||||||
| Equipment and other | 115,560 | 19,304 | (2,315 | ) | 132,549 | ||||||||
| Total net external sales | $ | 498,705 | $ | 54,901 | $ | (2,996 | ) | $ | 550,610 | ||||
| Gross profit | $ | 74,675 | $ | 14,969 | $ | — | $ | 89,644 | |||||
| Income (loss) from operations | $ | 56,918 | $ | 12,087 | $ | (25,242 | ) | $ | 43,763 | ||||
| Adjusted income (loss) from operations1 | $ | 56,918 | $ | 12,087 | $ | (25,242 | ) | $ | 43,763 | ||||
| 2023 | |||||||||||||
| New Trailers | $ | 523,537 | $ | — | $ | (2,002 | ) | $ | 521,535 | ||||
| Used Trailers | — | 517 | — | 517 | |||||||||
| Components, parts and service | — | 39,794 | — | 39,794 | |||||||||
| Equipment and other | 107,145 | 21,755 | (4,126 | ) | 124,774 | ||||||||
| Total net external sales | $ | 630,682 | $ | 62,066 | $ | (6,128 | ) | $ | 686,620 | ||||
| Gross profit | $ | 133,945 | $ | 17,082 | $ | — | $ | 151,027 | |||||
| Income (loss) from operations | $ | 115,806 | $ | 12,937 | $ | (25,433 | ) | $ | 103,310 | ||||
| Adjusted income (loss) from operations1 | $ | 115,806 | $ | 12,937 | $ | (25,433 | ) | $ | 103,310 | ||||
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 | |||||||||||||
| Six Months Ended June 30, | 2024 | 2023 | |||||||||||
| Units Shipped | |||||||||||||
| New trailers | 17,745 | 23,610 | |||||||||||
| New truck bodies | 7,615 | 7,835 | |||||||||||
| Used trailers | 35 | 30 | |||||||||||
| Six Months Ended June 30, | Transportation Solutions | Parts & Services | Corporate and Eliminations | Consolidated | |||||||||
| 2024 | |||||||||||||
| New Trailers | $ | 749,303 | $ | — | $ | (1,501 | ) | $ | 747,802 | ||||
| Used Trailers | — | 2,488 | — | 2,488 | |||||||||
| Components, parts and service | — | 70,083 | — | 70,083 | |||||||||
| Equipment and other | 219,830 | 31,564 | (5,881 | ) | 245,513 | ||||||||
| Total net external sales | $ | 969,133 | $ | 104,135 | $ | (7,382 | ) | $ | 1,065,886 | ||||
| Gross profit | $ | 137,800 | $ | 28,304 | $ | — | $ | 166,104 | |||||
| Income (loss) from operations | $ | 101,173 | $ | 22,607 | $ | (50,442 | ) | $ | 73,338 | ||||
| Adjusted income (loss) from operations1 | $ | 101,173 | $ | 22,607 | $ | (50,442 | ) | $ | 73,338 | ||||
| 2023 | |||||||||||||
| New Trailers | $ | 1,008,785 | $ | — | $ | (2,364 | ) | $ | 1,006,421 | ||||
| Used Trailers | — | 1,056 | — | 1,056 | |||||||||
| Components, parts and service | — | 75,476 | — | 75,476 | |||||||||
| Equipment and other | 199,968 | 32,674 | (8,023 | ) | 224,619 | ||||||||
| Total net external sales | $ | 1,208,753 | $ | 109,206 | $ | (10,387 | ) | $ | 1,307,572 | ||||
| Gross profit | $ | 237,549 | $ | 29,505 | $ | — | $ | 267,054 | |||||
| Income (loss) from operations | $ | 202,922 | $ | 22,146 | $ | (51,858 | ) | $ | 173,210 | ||||
| Adjusted income (loss) from operations1 | $ | 202,922 | $ | 22,146 | $ | (51,858 | ) | $ | 173,210 | ||||
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 June 30, | Six Months Ended June 30, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Transportation Solutions | |||||||||||||||
| Income from operations | $ | 56,918 | $ | 115,806 | $ | 101,173 | $ | 202,922 | |||||||
| Adjustments: | |||||||||||||||
| N/A | — | — | — | — | |||||||||||
| Adjusted operating income | 56,918 | 115,806 | 101,173 | 202,922 | |||||||||||
| Parts & Services | |||||||||||||||
| Income from operations | 12,087 | 12,937 | 22,607 | 22,146 | |||||||||||
| Adjustments: | |||||||||||||||
| N/A | — | — | — | — | |||||||||||
| Adjusted operating income | 12,087 | 12,937 | 22,607 | 22,146 | |||||||||||
| Corporate | |||||||||||||||
| Loss from operations | (25,242 | ) | (25,433 | ) | (50,442 | ) | (51,858 | ) | |||||||
| Adjustments: | |||||||||||||||
| N/A | — | — | — | — | |||||||||||
| Adjusted operating loss | (25,242 | ) | (25,433 | ) | (50,442 | ) | (51,858 | ) | |||||||
| Consolidated | |||||||||||||||
| Income from operations | 43,763 | 103,310 | 73,338 | 173,210 | |||||||||||
| Adjustments: | |||||||||||||||
| N/A | — | — | — | — | |||||||||||
| Adjusted operating income | $ | 43,763 | $ | 103,310 | $ | 73,338 | $ | 173,210 | |||||||
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 RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES (Unaudited - dollars in thousands, except per share amounts) | |||||||||||||||
| Adjusted EBITDA1: | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income | $ | 29,204 | $ | 74,474 | $ | 47,491 | $ | 125,870 | |||||||
| Income tax expense | 9,768 | 24,324 | 16,191 | 38,221 | |||||||||||
| Interest expense | 4,948 | 4,987 | 9,936 | 9,981 | |||||||||||
| Depreciation and amortization | 13,719 | 10,470 | 26,455 | 20,166 | |||||||||||
| Stock-based compensation | 3,372 | 2,915 | 6,618 | 5,681 | |||||||||||
| Impairment and other, net | 997 | 2 | 997 | 2 | |||||||||||
| Other, net | (1,572 | ) | (475 | ) | (3,181 | ) | (862 | ) | |||||||
| Loss from unconsolidated entity | 1,415 | — | 2,901 | — | |||||||||||
| Adjusted EBITDA | $ | 61,851 | $ | 116,697 | $ | 107,408 | $ | 199,059 | |||||||
| Adjusted Net Income Attributable to Common Stockholders2: | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income attributable to common stockholders | $ | 28,958 | $ | 74,328 | $ | 47,125 | $ | 125,541 | |||||||
| Adjustments: | |||||||||||||||
| Adjusted net income attributable to common stockholders | $ | 28,958 | $ | 74,328 | $ | 47,125 | $ | 125,541 | |||||||
| Adjusted Diluted Earnings Per Share2: | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Diluted earnings per share | $ | 0.64 | $ | 1.54 | $ | 1.03 | $ | 2.58 | |||||||
| Adjustments: | |||||||||||||||
| Adjusted diluted earnings per share | $ | 0.64 | $ | 1.54 | $ | 1.03 | $ | 2.58 | |||||||
| Weighted average diluted shares outstanding (in thousands) | 45,365 | 48,373 | 45,751 | 48,737 | |||||||||||
1 Adjusted EBITDA includes noncontrolling interest & excludes loss from unconsolidated entity and is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, impairment and other, net, and other non-operating income and expense (including any loss on debt extinguishment charges). 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 income attributable to common stockholders and adjusted diluted earnings per share reflect no adjustments for any period presented.
| WABASH NATIONAL CORPORATION RECONCILIATION OF FREE CASH FLOW1 (Unaudited - dollars in thousands) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net cash provided by (used in) operating activities | $ | 11,022 | $ | 76,847 | $ | (6,388 | ) | $ | 146,331 | ||||||
| Cash payments for capital expenditures | (17,103 | ) | (24,397 | ) | (36,288 | ) | (55,820 | ) | |||||||
| Expenditures for revenue generating assets | — | (3,244 | ) | — | (3,244 | ) | |||||||||
| Free cash flow1 | $ | (6,081 | ) | $ | 49,206 | $ | (42,676 | ) | $ | 87,267 | |||||
1 Free cash flow is defined as net cash provided by (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) 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 June 30, | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Income from operations | $ | 56,918 | $ | 115,806 | $ | 12,087 | $ | 12,937 | |||||||
| Depreciation and amortization | 12,093 | 9,379 | 529 | 553 | |||||||||||
| Impairment and other, net | (4 | ) | 2 | — | — | ||||||||||
| Other, net | — | — | (14 | ) | — | ||||||||||
| Adjusted segment EBITDA | $ | 69,007 | $ | 125,187 | $ | 12,602 | $ | 13,490 | |||||||
| Adjusted segment EBITDA margin | 13.8 | % | 19.8 | % | 23.0 | % | 21.7 | % | |||||||
| Transportation Solutions | Parts & Services | ||||||||||||||
| Six Months Ended June 30, | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Income from operations | $ | 101,173 | $ | 202,922 | $ | 22,607 | $ | 22,146 | |||||||
| Depreciation and amortization | 23,411 | 18,007 | 1,075 | 1,049 | |||||||||||
| Impairment and other, net | (4 | ) | 2 | — | — | ||||||||||
| Other, net | 14 | — | (13 | ) | — | ||||||||||
| Adjusted segment EBITDA | $ | 124,594 | $ | 220,931 | $ | 23,669 | $ | 23,195 | |||||||
| Adjusted segment EBITDA margin | 12.9 | % | 18.3 | % | 22.7 | % | 21.2 | % | |||||||
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.
FAQ
What was Wabash's Q2 2024 revenue?
How did Wabash's Q2 2024 EPS compare to expectations?
What is Wabash's updated 2024 revenue outlook?
What is Wabash's updated 2024 EPS guidance?
How much did Wabash's backlog decrease in Q2 2024?
What were the Q2 2024 net sales for Wabash's Transportation Solutions segment?
What were the Q2 2024 net sales for Wabash's Parts & Services segment?
