Wabash National Corporation (NYSE:WNC), a diversified industrial
manufacturer and North America's leading producer of semi-trailers
and liquid transportation systems, today reported results for the
first quarter ended March 31, 2014. Highlights include:
- Net sales of $358 million for first quarter 2014, up 10
percent over prior year
- Operating income of $19.5 million for first quarter
2014, up 31 percent over prior year
- Non-GAAP adjusted earnings per share improves 33
percent from prior year to $0.12 per diluted share
Net income for the first quarter of 2014 was $7.3 million, or
$0.10 per diluted share, compared to the first quarter 2013 net
income of $5.7 million, or $0.08 per diluted share. First quarter
2014 non-GAAP adjusted earnings were $8.3 million, or $0.12 per
diluted share, after excluding a $1.0 million charge related to a
change in statutory income tax rates. The Company's prior year
period results included the impact of one-time costs related to the
acquisitions of Walker Group Holdings, LLC ("Walker") in May 2012
and certain assets of Beall Corporation ("Beall") in February 2013
totaling $0.6 million, or $0.01 per diluted share. Excluding the
impact of these items, non-GAAP adjusted earnings for the quarter
ended March 31, 2013 were $6.1 million, or $0.09 per diluted
share.
For the first quarter of 2014, the Company's net sales increased
10 percent to $358 million from $324 million in the prior year
quarter, and operating income increased 31 percent to $19.5 million
compared to operating income of $14.9 million for the first quarter
of 2013. Operating EBITDA, a non-GAAP measure that excludes the
effects of costs related to the acquisitions of Walker and certain
assets of Beall, as well as other recurring and non-recurring
items, for the first quarter of 2014 was $30.6 million, an increase
of $3.5 million compared to Operating EBITDA for the previous year
period. On a trailing twelve month basis, the Company's net sales
increased to $1.7 billion generating Operating EBITDA of $153.4
million, or 9.2 percent of net sales. Continued improvement in
operating performance is attributable to the successful execution
of the Company's growth and diversification strategy as well as a
disciplined approach to improving profitability. Through these
initiatives the Company has enhanced its growth and margin profile
and now derives its revenues and earnings from a broad array of
products, customers, end markets and geographies.
The following is a summary of select operating and financial
results for the past five quarters:
|
Three Months
Ended |
|
March 31, |
|
June 30, |
|
September 30, |
|
December 31, |
|
March 31, |
|
(Dollars in thousands) |
2013 |
|
2013 |
|
2013 |
|
2013 |
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
$ 324,229 |
|
$ 413,126 |
|
$ 439,977 |
|
$ 458,354 |
|
$ 358,120 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit Margin |
13.0% |
|
14.2% |
|
14.0% |
|
11.5% |
|
13.0% |
|
|
|
|
|
|
|
|
|
|
|
|
Income from Operations |
$ 14,856 |
(1) |
$ 30,452 |
(1) |
$ 33,830 |
(1) |
$ 24,053 |
|
$ 19,465 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ 5,735 |
(1) |
$ 14,135 |
(1) |
$ 16,236 |
(1) |
$ 10,423 |
|
$ 7,296 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS |
$ 0.08 |
|
$ 0.20 |
|
$ 0.23 |
|
$ 0.15 |
|
$ 0.10 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Measures(2): |
|
|
|
|
|
|
|
|
|
|
Operating EBITDA |
$ 27,134 |
|
$ 42,246 |
|
$ 44,873 |
|
$ 35,637 |
|
$ 30,618 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating EBITDA Margin |
8.4% |
|
10.2% |
|
10.2% |
|
7.8% |
|
8.5% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings |
$ 6,106 |
|
$ 14,697 |
|
$ 16,616 |
|
$ 10,770 |
|
$ 8,337 |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted EPS |
$ 0.09 |
|
$ 0.21 |
|
$ 0.24 |
|
$ 0.15 |
|
$ 0.12 |
|
Notes: |
(1) Quarterly Income from
Operations and Net Income include charges of $0.6 million, $0.2
million and less than $0.1 million for the first, second and third
quarters of 2013, respectively, in connection with the Company's
acquisitions of Walker and certain assets of Beall. |
(2) See "Non-GAAP
Measures" below for explanation of the non-GAAP results included
above. |
Dick Giromini, president and chief executive officer, stated,
"We are very pleased with our first quarter performance and the
strong start to the current year across all of our operating
segments. We maintained the momentum we generated in 2013 and
further validated the transformative nature of our growth and
diversification initiatives. We generated strong growth and
healthy margins across each of our three operating segments, which
gives us confidence in our business as we look to the remainder of
2014."
Mr. Giromini continued, "New trailer shipments for the first
quarter were approximately 9,900, at the top end of our previous
guidance of 9,000 to 10,000 trailers. We were encouraged by
the overall strength of the demand in the first quarter taking into
account the difficulties most of our customers faced due to the
extreme weather conditions throughout much of the country, which
limited our ability to ship trailers in the quarter. The
recent upward adjustments to total trailer shipments and production
by ACT Research and FTR, respectively, further support the strength
in trailer demand and substantiate our prior guidance for top line
growth compared to last year. As such, we affirm our full-year
trailer shipment guidance of 47,000 to 50,000 units. Our
backlog remains healthy at approximately $791 million as of March
31, 2014, an increase of approximately $117 million, or 17 percent,
from March 31, 2013. Additionally, current industry forecasts
point to strong demand levels with projections well above
replacement demand and exceeding previous year levels. Based
on these factors coupled with direct customer feedback regarding
their needs, we continue to believe 2014 has the potential to
exceed the record performances achieved last year."
First Quarter Business Segment Highlights
The table below is a summary of select segment operating and
financial results prior to the elimination of intersegment sales
for the first quarter of 2014 and 2013, respectively. A
complete disclosure of the results by individual segment is
included in the tables following this release.
(dollars in thousands) |
Commercial |
Diversified |
|
|
Trailer Products |
Products |
Retail |
Three months ended March 31, |
|
|
|
2014 |
|
|
|
New trailers shipped |
9,200 |
800 |
800 |
Net sales |
$ 227,450 |
$ 119,949 |
$ 45,636 |
Gross profit |
$ 14,941 |
$ 25,439 |
$ 5,381 |
Gross profit margin |
6.6% |
21.2% |
11.8% |
Income from operations |
$ 8,931 |
$ 12,857 |
$ 1,050 |
Income from operations margin |
3.9% |
10.7% |
2.3% |
|
|
|
|
2013 |
|
|
|
New trailers shipped |
8,000 |
600 |
600 |
Net sales |
$ 198,077 |
$ 111,994 |
$ 40,843 |
Gross profit |
$ 11,634 |
$ 25,928 |
$ 4,880 |
Gross profit margin |
5.9% |
23.2% |
11.9% |
Income from operations |
$ 5,320 |
$ 13,519 |
$ 873 |
Income from operations margin |
2.7% |
12.1% |
2.1% |
Commercial Trailer Products' net sales increased $29 million, or
14.8 percent, on shipments of 9,200 trailers, or 1,200 more
trailers than the prior year period. This increase in revenue
was primarily due to the 15.0 percent increase in trailer shipments
during the quarter, offset by a 2.7 percent reduction in average
selling prices compared to the prior year period due to customer
and product mix. Driven by higher volumes, gross profit and
gross profit margin increased $3.3 million and 70 basis points,
respectively, as compared to the same period last
year. Operating income increased by $3.6 million to $8.9
million from the first quarter last year, due to increased volume
and continued operational improvements.
Diversified Products' net sales increased $8 million, or 7.1
percent, primarily attributed to increased tank trailer shipments
as compared to the previous year period. Gross profit and
gross profit margin declined $0.5 million and 200 basis points,
respectively, compared to the prior year period, primarily due to
higher raw material costs related to our wood flooring
operations. Operating income decreased $0.7 million as
compared to the same period last year due to higher material costs
and increased intangible amortization charges associated with the
recent acquisitions of Walker and certain assets of
Beall.
Retail's net sales of $46 million increased 11.7 percent
compared with the prior year period, primarily due to increased
shipments of new trailers, as well as continued strong demand for
parts and services. Gross profit margin of 11.8 percent was
consistent with the previous year period as higher volumes offset
increased cost of services supporting our strategic growth
initiatives. Operating income increased $0.2 million during
the first quarter of 2014 as compared to the same period last year
as increased volumes were slightly offset by higher selling and
administrative expenses related to our strategic growth
initiatives.
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 contain non-GAAP financial measures, including Operating
EBITDA, Operating EBITDA margin, adjusted earnings and adjusted
earnings per diluted share.
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.
Operating EBITDA is defined as earnings before interest, taxes,
depreciation, amortization, stock-based compensation, and other
non-operating income and expense, as well as certain charges in
connection with the Company's acquisitions of Walker and certain
assets of Beall. Management believes Operating EBITDA provides
useful information to investors regarding our results of
operations. The Company provides this measure because we
believe it is useful for investors to understand our performance
period to period with the exclusion of the recurring and
non-recurring items identified above. Management believes the
presentation of Operating EBITDA, when combined with the primary
GAAP presentation of operating income, is beneficial to an
investor's understanding of the Company's operating
performance. A reconciliation of Operating EBITDA to net
income is included in the tables following this release.
Adjusted earnings and adjusted earnings per diluted share
reflect adjustments for non-recurring charges related to the
Company's acquisitions of Walker and certain assets of Beall,
losses incurred in connection with the Company's extinguishment of
debt and revaluation of deferred income tax assets due to changes
in statutory tax rates. Management believes providing this
measure and excluding these items facilitate comparisons to the
Company's prior year periods and, when combined with the primary
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 earnings and
adjusted earnings per diluted share to net income and diluted net
income per share is included in the tables following this
release.
First Quarter 2014 Conference Call
Wabash National will conduct a conference call to review and
discuss its first quarter results on April 29, 2014, at 10:00 a.m.
EDT. Access to the live webcast will be available on the
Company's website at www.wabashnational.com. For those unable
to participate in the live webcast, the call will be archived at
www.wabashnational.com within three hours of the conclusion of the
live call and will remain available through July 22,
2014. Meeting access also will be available via conference
call at 888-771-4371, participant code 37103303.
About Wabash National Corporation
Headquartered in Lafayette, Indiana, Wabash National Corporation
(NYSE:WNC) is a diversified industrial manufacturer and North
America's leading producer of semi trailers and liquid
transportation systems. Established in 1985, the Company
specializes in the design and production of dry freight vans,
refrigerated vans, platform trailers, liquid tank trailers,
intermodal equipment, engineered products, and composite
products. Its innovative products are sold under the following
brand names: Wabash National®, Transcraft®, Benson®, DuraPlate®,
ArcticLite®, Walker Transport, Walker Defense Group, Walker Barrier
Systems, Walker Engineered Products, Brenner® Tank, Beall®,
Garsite, Progress Tank, TST®, Bulk Tank International and Extract
Technology®. To learn more, visit 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. These forward-looking
statements include, among other things, statements regarding our
outlook for trailer shipments, backlog, and the expectations
regarding our growth and diversification strategies, expectations
regarding trailer demand levels, and our belief that 2014 has the
potential to exceed the record performances achieved in the
previous year. 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 uncertain economic conditions
including the possibility that demand expectations may not result
in order increases for us, increased competition, reliance on
certain customers and corporate partnerships, risks of customer
pick-up delays, shortages and costs of raw materials, risks in
implementing and sustaining improvements in our manufacturing
capacity and cost containment, dependence on industry trends and
timing, costs of indebtedness incurred in connection with the
acquisition of Walker and the failure to achieve the benefit of the
Walker acquisition and Beall asset purchase. Readers should
review and consider the various disclosures made by the Company in
this press release and in the Company's reports to its stockholders
and periodic reports on Forms 10-K and 10-Q.
WABASH NATIONAL
CORPORATION |
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS |
(Dollars in thousands, except
per share amounts) |
(Unaudited) |
|
|
|
|
Three Months
Ended March 31, |
|
2014 |
2013 |
|
|
|
Net sales |
$ 358,120 |
$ 324,229 |
Cost of sales |
311,448 |
282,043 |
Gross profit |
46,672 |
42,186 |
|
|
|
General and administrative expenses |
14,472 |
13,675 |
Selling expenses |
7,264 |
7,667 |
Amortization of intangibles |
5,471 |
5,370 |
Acquisition expenses |
-- |
618 |
Income from operations |
19,465 |
14,856 |
|
|
|
Other income (expense): |
|
|
Interest expense |
(5,717) |
(7,535) |
Other, net |
32 |
2,238 |
Income before income taxes |
13,780 |
9,559 |
Income tax expense |
6,484 |
3,824 |
Net income |
$ 7,296 |
$ 5,735 |
Basic net income per share |
$ 0.11 |
$ 0.08 |
Diluted net income per share |
$ 0.10 |
$ 0.08 |
|
|
|
Comprehensive income |
|
|
Net income |
$ 7,296 |
$ 5,735 |
Foreign currency translation
adjustment |
161 |
(255) |
Net comprehensive income |
$ 7,457 |
$ 5,480 |
|
|
|
|
|
|
Basic net income per share: |
|
|
Net income applicable to common
stockholders |
$ 7,296 |
$ 5,735 |
Undistributed earnings
allocated to participating securities |
(61) |
(51) |
Net income applicable to common
stockholders excluding amounts applicable to participating
securities |
$ 7,235 |
$ 5,684 |
Weighted average common shares
outstanding |
68,669 |
68,395 |
Basic net income per share |
$ 0.11 |
$ 0.08 |
|
|
|
Diluted net income per share: |
|
|
Net income applicable to common
stockholders |
$ 7,296 |
$ 5,735 |
Undistributed earnings
allocated to participating securities |
(61) |
(51) |
Net income applicable to common
stockholders excluding |
|
|
amounts applicable to
participating securities |
$ 7,235 |
$ 5,684 |
|
|
|
Weighted average common shares
outstanding |
68,669 |
68,395 |
Dilutive shares from assumed
conversion of convertible senior notes |
1,591 |
-- |
Dilutive stock options and
restricted stock |
828 |
433 |
Diluted weighted average common
shares outstanding |
71,088 |
68,828 |
Diluted net income per
share |
$ 0.10 |
$ 0.08 |
|
|
|
|
|
|
WABASH NATIONAL
CORPORATION |
SEGMENTS AND RELATED
INFORMATION |
(Dollars in thousands) |
(Unaudited) |
|
|
|
|
|
|
|
Commercial |
Diversified |
|
Corporate and |
|
Three Months Ended March
31, |
Trailer
Products |
Products |
Retail |
Eliminations |
Consolidated |
2014 |
|
|
|
|
|
New trailers shipped |
9,200 |
800 |
800 |
(900) |
9,900 |
Used trailers shipped |
1,700 |
-- |
400 |
-- |
2,100 |
|
|
|
|
|
|
New Trailers |
$ 213,436 |
$ 54,847 |
$ 20,271 |
$ (20,436) |
$ 268,118 |
Used Trailers |
11,248 |
1,178 |
3,639 |
-- |
16,065 |
Components, parts and service |
617 |
23,210 |
20,973 |
(3,102) |
41,698 |
Equipment and other |
2,149 |
40,714 |
753 |
(11,377) |
32,239 |
Total net external sales |
$ 227,450 |
$ 119,949 |
$ 45,636 |
$ (34,915) |
$ 358,120 |
|
|
|
|
|
|
Gross profit |
$ 14,941 |
$ 25,439 |
$ 5,381 |
$ 911 |
$ 46,672 |
Income (Loss) from operations |
$ 8,931 |
$ 12,857 |
$ 1,050 |
$ (3,373) |
$ 19,465 |
|
|
|
|
|
|
2013 |
|
|
|
|
|
New trailers shipped |
8,000 |
600 |
600 |
(600) |
8,600 |
Used trailers shipped |
700 |
-- |
300 |
-- |
1,000 |
|
|
|
|
|
|
New Trailers |
$ 188,979 |
$ 43,521 |
$ 16,943 |
$ (13,976) |
$ 235,467 |
Used Trailers |
5,050 |
949 |
2,653 |
(5) |
8,647 |
Components, parts and service |
2,819 |
21,061 |
19,963 |
(2,558) |
41,285 |
Equipment and other |
1,229 |
46,463 |
1,284 |
(10,146) |
38,830 |
Total net external sales |
$ 198,077 |
$ 111,994 |
$ 40,843 |
$ (26,685) |
$ 324,229 |
|
|
|
|
|
|
Gross profit |
$ 11,634 |
$ 25,928 |
$ 4,880 |
$ (256) |
$ 42,186 |
Income (Loss) from operations |
$ 5,320 |
$ 13,519 |
$ 873 |
$ (4,856) |
$ 14,856 |
|
|
|
|
|
|
|
|
|
|
|
|
WABASH NATIONAL
CORPORATION |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
(Dollars in
thousands) |
|
|
|
|
March 31, |
December 31, |
|
2014 |
2013 |
|
(Unaudited) |
|
ASSETS |
|
|
Current assets |
|
|
Cash and cash equivalents |
$ 65,736 |
$113,262 |
Accounts receivable |
118,864 |
120,358 |
Inventories |
262,915 |
184,173 |
Deferred income taxes |
16,902 |
21,576 |
Prepaid expenses and other |
11,197 |
9,632 |
Total current
assets |
$ 475,614 |
$ 449,001 |
|
|
|
Property, plant and equipment |
140,254 |
142,082 |
|
|
|
Deferred income taxes |
1,044 |
1,401 |
|
|
|
Goodwill |
149,950 |
149,967 |
|
|
|
Intangible assets |
153,746 |
159,181 |
|
|
|
Other assets |
11,425 |
10,613 |
|
$ 932,033 |
$ 912,245 |
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
Current liabilities |
|
|
Current portion of long-term
debt |
$ 3,250 |
$ 3,245 |
Current portion of capital
lease obligations |
1,529 |
1,609 |
Accounts payable |
129,316 |
112,151 |
Other accrued liabilities |
91,008 |
99,358 |
Total current
liabilities |
$ 225,103 |
$ 216,363 |
|
|
|
Long-term debt |
359,270 |
358,890 |
|
|
|
Capital lease obligations |
6,584 |
6,851 |
|
|
|
Deferred income taxes |
2,191 |
1,234 |
|
|
|
Other noncurrent liabilities |
7,504 |
6,528 |
|
|
|
Commitments and contingencies |
|
|
|
|
|
Stockholders' equity |
331,381 |
322,379 |
|
$ 932,033 |
$ 912,245 |
|
|
|
|
|
|
WABASH NATIONAL
CORPORATION |
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS |
(Dollars in thousands) |
(Unaudited) |
|
|
|
|
Three Months
Ended March 31, |
|
2014 |
2013 |
|
|
|
Cash flows from operating activities |
|
|
Net income |
$ 7,296 |
$ 5,735 |
Adjustments to
reconcile net income to net cash used in operating activities |
|
Depreciation |
4,042 |
4,406 |
Amortization of
intangibles |
5,471 |
5,370 |
Deferred income
taxes |
5,988 |
3,790 |
Stock-based
compensation |
1,640 |
1,884 |
Accretion of debt
discount |
1,195 |
1,126 |
Changes in
operating assets and liabilities |
|
|
Accounts receivable |
1,494 |
(4,593) |
Inventories |
(78,742) |
(46,580) |
Prepaid expenses and other |
(1,565) |
(83) |
Accounts payable and accrued liabilities |
8,815 |
19,563 |
Other, net |
311 |
1,716 |
Net cash used in operating activities |
$ (44,055) |
$ (7,666) |
|
|
|
Cash flows from investing activities |
|
|
Capital expenditures |
(2,078) |
(2,564) |
Acquisition |
-- |
(13,860) |
Other |
-- |
2,418 |
Net cash used in
investing activities |
$ (2,078) |
$ (14,006) |
|
|
|
Cash flows from financing activities |
|
|
Proceeds from exercise of stock
options |
1,517 |
161 |
Borrowings under revolving
credit facilities |
175 |
223 |
Payments under revolving credit
facilities |
(175) |
(223) |
Principal payments under
capital lease obligations |
(603) |
(441) |
Principal payments under term
loan credit facility |
(693) |
(750) |
Principal payments under
industrial revenue bond |
(117) |
(38) |
Debt issuance costs paid |
-- |
(41) |
Stock repurchase |
(1,497) |
(35) |
Net cash used in
financing activities |
$ (1,393) |
$ (1,144) |
|
|
|
Net decrease in cash and cash
equivalents |
$ (47,526) |
$ (22,816) |
Cash and cash equivalents at beginning of
period |
113,262 |
81,449 |
Cash and cash equivalents at end of
period |
$ 65,736 |
$ 58,633 |
|
|
|
|
|
|
WABASH NATIONAL
CORPORATION |
RECONCILIATION OF GAAP
FINANCIAL MEASURES TO |
NON-GAAP FINANCIAL
MEASURES |
(Dollars in thousands, except
per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
Operating EBITDA: |
|
|
|
|
|
|
|
Three Months
Ended March 31, |
|
|
|
|
|
2014 |
2013 |
|
|
|
|
Net income |
$ 7,296 |
$ 5,735 |
|
|
|
|
Income tax expense |
6,484 |
3,824 |
|
|
|
|
Interest expense |
5,717 |
7,535 |
|
|
|
|
Depreciation and amortization |
9,513 |
9,776 |
|
|
|
|
Stock-based compensation |
1,640 |
1,884 |
|
|
|
|
Acquisition expenses |
-- |
618 |
|
|
|
|
Other non-operating income |
(32) |
(2,238) |
|
|
|
|
Operating EBITDA |
$ 30,618 |
$ 27,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
|
June 30, |
September 30, |
December 31, |
|
|
|
|
2013 |
2013 |
2013 |
|
|
|
Net income |
$ 14,135 |
$ 16,236 |
$ 10,423 |
|
|
|
Income tax expense |
9,407 |
10,737 |
7,126 |
|
|
|
Interest expense |
6,577 |
6,252 |
5,944 |
|
|
|
Depreciation and amortization |
9,531 |
9,400 |
9,629 |
|
|
|
Stock-based compensation |
2,024 |
1,617 |
1,955 |
|
|
|
Acquisition expenses |
239 |
26 |
-- |
|
|
|
Other non-operating expense |
333 |
605 |
560 |
|
|
|
Operating EBITDA |
$ 42,246 |
$ 44,873 |
$ 35,637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings: |
|
|
|
|
|
|
|
Three Months
Ended March 31, |
|
|
|
2014 |
2013 |
|
|
|
$ |
Per Share |
$ |
Per Share |
|
|
|
|
|
|
|
|
|
Net Income |
$ 7,296 |
$ 0.10 |
$ 5,735 |
$ 0.08 |
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
Revaluation of net deferred
income tax assets due to changes in statutory tax rates |
1,041 |
0.01 |
-- |
-- |
|
|
Acquisition expenses, net of
taxes |
-- |
-- |
371 |
0.01 |
|
|
|
|
|
|
|
|
|
Adjusted earnings |
$ 8,337 |
$ 0.12 |
$ 6,106 |
$ 0.09 |
|
|
|
|
|
|
|
|
|
Weighted Average # of Diluted Shares O/S |
71,088 |
|
68,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
June 30,
2013 |
September
30, 2013 |
December 31,
2013 |
|
$ |
Per Share |
$ |
Per Share |
$ |
Per Share |
|
|
|
|
|
|
|
Net Income |
$ 14,135 |
$ 0.21 |
$ 16,236 |
$ 0.24 |
$ 10,423 |
$ 0.15 |
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
Loss on debt extinguishment,
net of taxes |
419 |
0.01 |
364 |
0.01 |
347 |
-- |
Acquisition expenses, net of
taxes |
143 |
-- |
16 |
-- |
-- |
-- |
|
|
|
|
|
|
|
Adjusted earnings |
$ 14,697 |
$ 0.21 |
$ 16,616 |
$ 0.24 |
$ 10,770 |
$ 0.15 |
|
|
|
|
|
|
|
Weighted Average # of Diluted Shares O/S |
68,858 |
|
69,011 |
|
69,625 |
|
|
|
|
|
|
|
|
CONTACT: Media Contact:
Dana Stelsel
Corporate Communications Manager
(765) 771-5766
dana.stelsel@wabashnational.com
Investor Relations:
Jeff Taylor
Senior Vice President and Chief Financial Officer
(765) 771-5438
jeff.taylor@wabashnational.com
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