Wabash National Announces Strategic Realignment of Reporting Segments
February 27 2015 - 8:00AM
Wabash National Corporation (NYSE:WNC), a diversified industrial
manufacturer and North America's leading producer of semi-trailers
and liquid transportation systems, today announced a realignment of
the Company's reporting segments to better leverage operational
synergies across our businesses. The realignment includes
transitioning Wabash Wood Products, our wood flooring operations,
from its current positioning within the Diversified Products Group
to inclusion within the Commercial Trailer Products segment. Wabash
National will begin reporting this realignment effective with the
2014 Form 10-K filed with the Securities Exchange.
Dick Giromini, president and chief executive officer, stated,
"This strategic realignment is being implemented to leverage the
critical relationship between our wood flooring operations and our
van trailer business, its primary customer, within Commercial
Trailer Products. This revised organizational structure will help
facilitate optimal decision making and ensure exceptional service
for all of our customers."
For additional information on Wabash National's reporting
segments see table following this release for unaudited quarterly
operating performances as well as the Company's 2014 Form 10-K
filed February 27, 2015.
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. Any 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. 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 |
SUPPLEMENTAL SEGMENT
DISCLOSURES |
(Dollars in thousands) |
(Unaudited) |
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2014 |
2013 |
2012 |
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Twelve Months
Ended December 31, 2014 |
Twelve Months
Ended December 31, 2013 |
Twelve Months
Ended December 31, 2012 |
|
Commercial Trailer Products |
Diversified Products |
Retail |
Corporate & Eliminations |
Consolidated |
Commercial Trailer Products |
Diversified Products |
Retail |
Corporate & Eliminations |
Consolidated |
Commercial Trailer Products |
Diversified Products |
Retail |
Corporate & Eliminations |
Consolidated |
New Trailer Shipments |
53,550 |
3,550 |
3,450 |
(3,200) |
57,350 |
43,800 |
3,050 |
3,000 |
(3,050) |
46,800 |
43,700 |
2,000 |
2,800 |
(2,900) |
45,600 |
Used Trailer Shipments |
3,150 |
150 |
1,550 |
-- |
4,850 |
4,300 |
100 |
1,300 |
-- |
5,700 |
3,150 |
100 |
1,550 |
-- |
4,800 |
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Net Sales |
$ 1,294,164 |
$ 466,238 |
$ 190,080 |
$ (87,167) |
$ 1,863,315 |
$ 1,082,456 |
$ 458,653 |
$ 181,486 |
$ (86,909) |
$ 1,635,686 |
$ 1,064,591 |
$ 321,256 |
$ 157,646 |
$ (81,639) |
$ 1,461,854 |
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Gross Profit |
104,800 |
103,379 |
20,728 |
3,727 |
232,634 |
84,182 |
108,627 |
20,122 |
2,192 |
215,123 |
75,252 |
72,093 |
16,757 |
(279) |
163,823 |
Gross Profit % |
8.1% |
22.2% |
10.9% |
|
12.5% |
7.8% |
23.7% |
11.1% |
|
13.2% |
7.1% |
22.4% |
10.6% |
|
11.2% |
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Income (Loss) from Operations |
81,141 |
54,879 |
3,785 |
(17,419) |
122,386 |
57,543 |
59,126 |
2,885 |
(16,363) |
103,191 |
52,242 |
44,573 |
2,922 |
(29,253) |
70,484 |
Operating Margin |
6.3% |
11.8% |
2.0% |
|
6.6% |
5.3% |
12.9% |
1.6% |
|
6.3% |
4.9% |
13.9% |
1.9% |
|
4.8% |
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Three Months
Ended March 31, 2014 |
Three Months
Ended March 31, 2013 |
Three Months
Ended March 31, 2012 |
|
Commercial Trailer Products |
Diversified Products |
Retail |
Corporate & Eliminations |
Consolidated |
Commercial Trailer Products |
Diversified Products |
Retail |
Corporate & Eliminations |
Consolidated |
Commercial Trailer Products |
Diversified Products |
Retail |
Corporate & Eliminations |
Consolidated |
New Trailer Shipments |
9,250 |
800 |
800 |
(900) |
9,950 |
7,950 |
650 |
600 |
(600) |
8,600 |
10,350 |
-- |
350 |
(450) |
10,250 |
Used Trailer Shipments |
1,700 |
50 |
400 |
-- |
2,150 |
650 |
50 |
300 |
-- |
1,000 |
600 |
-- |
400 |
-- |
1,000 |
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Net Sales |
$ 227,951 |
$ 108,053 |
$ 45,636 |
$ (23,520) |
$ 358,120 |
$ 198,344 |
$ 101,582 |
$ 40,843 |
$ (16,540) |
$ 324,229 |
$ 243,847 |
$ 20,914 |
$ 25,120 |
$ (12,199) |
$ 277,682 |
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Gross Profit |
14,995 |
25,754 |
5,381 |
542 |
46,672 |
12,996 |
23,949 |
4,880 |
361 |
42,186 |
12,771 |
4,632 |
2,479 |
(153) |
19,729 |
Gross Profit % |
6.6% |
23.8% |
11.8% |
|
13.0% |
6.6% |
23.6% |
11.9% |
|
13.0% |
5.2% |
22.1% |
9.9% |
|
7.1% |
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Income (Loss) from Operations |
8,760 |
13,397 |
1,050 |
(3,742) |
19,465 |
6,461 |
11,761 |
873 |
(4,239) |
14,856 |
7,146 |
3,732 |
(75) |
(5,354) |
5,449 |
Operating Margin |
3.8% |
12.4% |
2.3% |
|
5.4% |
3.3% |
11.6% |
2.1% |
|
4.6% |
2.9% |
17.8% |
-0.3% |
|
2.0% |
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Three Months
Ended June 30, 2014 |
Three Months
Ended June 30, 2013 |
Three Months
Ended June 30, 2012 |
|
Commercial Trailer Products |
Diversified Products |
Retail |
Corporate & Eliminations |
Consolidated |
Commercial Trailer Products |
Diversified Products |
Retail |
Corporate & Eliminations |
Consolidated |
Commercial Trailer Products |
Diversified Products |
Retail |
Corporate & Eliminations |
Consolidated |
New Trailer Shipments |
13,900 |
850 |
950 |
(750) |
14,950 |
10,700 |
750 |
850 |
(900) |
11,400 |
11,750 |
450 |
650 |
(750) |
12,100 |
Used Trailer Shipments |
1,150 |
50 |
550 |
-- |
1,750 |
750 |
50 |
300 |
-- |
1,100 |
650 |
50 |
450 |
-- |
1,150 |
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Net Sales |
$ 335,943 |
$ 119,344 |
$ 51,584 |
$ (20,850) |
$ 486,021 |
$ 266,214 |
$ 124,416 |
$ 48,136 |
$ (25,640) |
$ 413,126 |
$ 281,077 |
$ 63,470 |
$ 38,171 |
$ (20,310) |
$ 362,408 |
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Gross Profit |
27,963 |
26,377 |
5,748 |
1,525 |
61,613 |
23,531 |
29,434 |
5,519 |
369 |
58,853 |
20,863 |
14,852 |
4,131 |
(165) |
39,681 |
Gross Profit % |
8.3% |
22.1% |
11.1% |
|
12.7% |
8.8% |
23.7% |
11.5% |
|
14.2% |
7.4% |
23.4% |
10.8% |
|
10.9% |
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Income (Loss) from Operations |
22,022 |
14,175 |
1,281 |
(3,623) |
33,855 |
16,795 |
17,120 |
1,261 |
(4,724) |
30,452 |
15,512 |
7,737 |
1,027 |
(15,708) |
8,568 |
Operating Margin |
6.6% |
11.9% |
2.5% |
|
7.0% |
6.3% |
13.8% |
2.6% |
|
7.4% |
5.5% |
12.2% |
2.7% |
|
2.4% |
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Three Months
Ended September 30, 2014 |
Three Months
Ended September 30, 2013 |
Three Months
Ended September 30, 2012 |
|
Commercial Trailer Products |
Diversified Products |
Retail |
Corporate & Eliminations |
Consolidated |
Commercial Trailer Products |
Diversified Products |
Retail |
Corporate & Eliminations |
Consolidated |
Commercial Trailer Products |
Diversified Products |
Retail |
Corporate & Eliminations |
Consolidated |
New Trailer Shipments |
14,700 |
850 |
800 |
(750) |
15,600 |
11,700 |
850 |
800 |
(750) |
12,600 |
11,400 |
700 |
950 |
(950) |
12,100 |
Used Trailer Shipments |
200 |
50 |
350 |
-- |
600 |
1,000 |
50 |
350 |
-- |
1,400 |
950 |
50 |
400 |
-- |
1,400 |
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Net Sales |
$ 351,951 |
$ 115,838 |
$ 45,166 |
$ (21,258) |
$ 491,697 |
$ 293,679 |
$ 121,436 |
$ 45,996 |
$ (21,134) |
$ 439,977 |
$ 281,431 |
$ 101,899 |
$ 47,633 |
$ (25,046) |
$ 405,917 |
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Gross Profit |
30,994 |
24,691 |
4,896 |
1,047 |
61,628 |
25,428 |
29,945 |
5,225 |
899 |
61,497 |
21,777 |
22,995 |
5,256 |
46 |
50,074 |
Gross Profit % |
8.8% |
21.3% |
10.8% |
|
12.5% |
8.7% |
24.7% |
11.4% |
|
14.0% |
7.7% |
22.6% |
11.0% |
|
12.3% |
|
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Income (Loss) from Operations |
25,166 |
13,071 |
859 |
(4,167) |
34,929 |
18,934 |
17,367 |
743 |
(3,214) |
33,830 |
15,906 |
13,837 |
1,400 |
(3,907) |
27,236 |
Operating Margin |
7.2% |
11.3% |
1.9% |
|
7.1% |
6.4% |
14.3% |
1.6% |
|
7.7% |
5.7% |
13.6% |
2.9% |
|
6.7% |
|
|
|
|
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|
Three Months
Ended December 31, 2014 |
Three Months
Ended December 31, 2013 |
Three Months
Ended December 31, 2012 |
|
Commercial Trailer Products |
Diversified Products |
Retail |
Corporate & Eliminations |
Consolidated |
Commercial Trailer Products |
Diversified Products |
Retail |
Corporate & Eliminations |
Consolidated |
Commercial Trailer Products |
Diversified Products |
Retail |
Corporate & Eliminations |
Consolidated |
New Trailer Shipments |
15,750 |
1,050 |
900 |
(850) |
16,850 |
13,450 |
800 |
750 |
(800) |
14,200 |
10,200 |
850 |
850 |
(800) |
11,100 |
Used Trailer Shipments |
100 |
50 |
250 |
-- |
400 |
1,900 |
50 |
300 |
-- |
2,250 |
900 |
-- |
350 |
-- |
1,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
$ 378,319 |
$ 123,003 |
$ 47,694 |
$ (21,539) |
$ 527,477 |
$ 324,219 |
$ 111,219 |
$ 46,511 |
$ (23,595) |
$ 458,354 |
$ 258,236 |
$ 134,973 |
$ 46,722 |
$ (24,084) |
$ 415,847 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
30,848 |
26,557 |
4,703 |
613 |
62,721 |
22,227 |
25,299 |
4,498 |
563 |
52,587 |
19,841 |
29,614 |
4,891 |
(7) |
54,339 |
Gross Profit % |
8.2% |
21.6% |
9.9% |
|
11.9% |
6.9% |
22.7% |
9.7% |
|
11.5% |
7.7% |
21.9% |
10.5% |
|
13.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from Operations |
25,193 |
14,236 |
595 |
(5,887) |
34,137 |
15,353 |
12,878 |
8 |
(4,186) |
24,053 |
13,678 |
19,267 |
570 |
(4,284) |
29,231 |
Operating Margin |
6.7% |
11.6% |
1.2% |
|
6.5% |
4.7% |
11.6% |
0.0% |
|
5.2% |
5.3% |
14.3% |
1.2% |
|
7.0% |
|
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Note: The sum of shipments by
quarter may not equal full year shipments due to
rounding. |
CONTACT: Media Contact:
Tom Rodak
Vice President, Corporate Marketing
(765) 771-5555
tom.rodak@wabashnational.com
Investor Relations:
Mike Pettit
Vice President, Finance & Investor Relations
(765) 771-5581
michael.pettit@wabashnational.com
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