Wabash National Corporation Announces $150 Million Increase to Stock Repurchase Program

Rhea-AI Summary

Wabash National Corporation (NYSE: WNC) announced a stock repurchase authorization of up to $150 million, extending through August 2024. This initiative corresponds to approximately 20% of the company's market cap and is the largest in its history. Since 2015, Wabash has returned around $360 million to shareholders via stock buybacks. This repurchase strategy aims to enhance shareholder value by reducing the number of outstanding shares and offsetting dilution from stock compensation. The company maintains flexibility to adapt the program based on market conditions.

Positive

• Authorization of $150 million stock buyback signifies strong confidence in strategic plans.
• Total returns to shareholders since 2015 reach approximately $360 million.
• Repurchase program aims to enhance shareholder value by reducing outstanding shares.

Negative

• None.

LAFAYETTE, Ind., Aug. 19, 2021 (GLOBE NEWSWIRE) -- Wabash National Corporation (NYSE: WNC) today announced that its Board of Directors has authorized the company to repurchase up to an additional $150 million of its common stock through August 2024, representing approximately 20 percent of the company’s current market capitalization. This is an increase to the existing repurchase program approved in November 2018, of which approximately $1 million was available as of August 19, 2021.

Brent Yeagy, president and chief executive officer, said, “Since 2015, we have returned approximately $360 million to our stockholders through discretionary repurchase authorizations. This is the largest stock repurchase authorization in the company’s history and reflects the level of confidence we have in our strategic plan, our ability to deliver future results and our strong financial foundation. Going forward, our strategy is to balance targeted organic and strategic growth investments with returning cash to shareholders all while maintaining healthy liquidity levels.”

Stock repurchases under this program may be made in the open market or in private transactions at times and in amounts determined by the company. The company, at its sole discretion, may limit or terminate the stock repurchase program at any time based on market conditions, liquidity needs or other factors. The program is intended to enhance stockholder value by reducing the overall number of outstanding shares, including by offsetting dilution resulting from stock-based compensation programs.

About Wabash National Corporation

As the innovation leader of engineered solutions for the transportation, logistics and distribution industries, Wabash National Corporation (NYSE:WNC) is Changing How the World Reaches You™. Headquartered in Lafayette, Indiana, the Company’s mission is to enable customers to succeed with breakthrough ideas and solutions that help them move everything from first to final mile. Wabash National designs and manufactures a diverse range of products, including: dry freight and refrigerated trailers, platform trailers, liquid tank trailers, dry and refrigerated truck bodies, structural composite panels and products, trailer aerodynamic solutions and specialty food grade equipment. Its innovative products are sold under the following brand names: Wabash National^®, Benson^®, Brenner^® Tank, Bulk Tank International, DuraPlate^®, Supreme^®, Transcraft^®, Walker Engineered Products, and Walker Transport. Learn more at www.wabashnational.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, including statements regarding the implementation of and timing for the repurchase program, the Company’s capital allocation strategy and ability to return capital to stockholders, expectations for cash generation and cash flow, the ability to continue both a stock repurchase program and a quarterly dividend, deleveraging the balance sheet, and growing the business. The Company’s 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 changes in economic conditions, changes in the Company’s business and results of operations, access to capital, availability of alternative uses of capital, and other risks, including those set forth in the various disclosures made in the Company’s filings with the Securities and Exchange Commission.

Media Contact:
Dana Stelsel
Director, Corporate Communications
(765) 771-5766
dana.stelsel@wabashnational.com

Investor Relations:
Ryan Reed
Director, Corporate Development & Investor Relations
(765) 490-5664
ryan.reed@wabashnational.com

FAQ

What is the new stock repurchase program amount for Wabash National?

Wabash National Corporation has authorized a stock repurchase program of up to $150 million.

How much of its stock has Wabash National repurchased since 2015?

Since 2015, Wabash National has repurchased approximately $360 million worth of its stock.

What percentage of Wabash National's market capitalization does the new buyback represent?

The new buyback program represents approximately 20% of Wabash National's current market capitalization.

How long will the new stock repurchase program last?

The stock repurchase program is set to extend through August 2024.

What is the purpose of the stock buyback for Wabash National?

The purpose of the stock buyback is to enhance shareholder value and offset dilution from stock-based compensation.