Wabash National Corporation Announces $100 Million Stock Repurchase Program
February 02 2016 - 4:20PM
Wabash National Corporation (“Wabash” or “the Company”) (NYSE:WNC)
today announced that its board of directors has authorized the
Company to repurchase up to $100 million of its common stock over a
two-year period. This is a new repurchase authorization as the $60
million previously authorized in December 2014 has been fully
utilized. 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 shareholder value by reducing the overall
number of outstanding shares, including by offsetting dilution
resulting from stock-based compensation programs.
Dick Giromini, President and Chief Executive
Officer, said, "Board authorization of a new share repurchase
program validates our continued commitment to a balanced capital
allocation plan that includes a return of capital to our
shareholders. We are taking this action as part of our ongoing
commitment to reward shareholders based on the confidence we have
in Wabash’s earnings, cash flow, and growth potential while
continuing to execute our capital allocation strategy. We remain
confident that we will have sufficient cash flow to continue an
active share repurchase program and grow the business while also
maintaining strong liquidity, deleveraging our balance sheet and
growing the business."
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
manufactures a diverse range of products including: dry freight and
refrigerated trailers, platform trailers, bulk tank trailers, dry
and refrigerated truck bodies, truck-mounted tanks, intermodal
equipment, aircraft refueling equipment, structural composite
panels and products, trailer aerodynamic solutions, and specialty
food grade and pharmaceutical equipment. Its innovative products
are sold under the following brand names: Wabash National®, Beall®,
Benson®, Brenner® Tank, Bulk Tank International, DuraPlate®,
Extract Technology®, Garsite, Progress Tank, Transcraft®, Walker
Engineered Products, and Walker Transport. Visit
www.wabashnational.com to learn more.
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 the repurchase
program and the Company’s capital allocation strategy. These
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
limit, 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 by the Company’s filings with the SEC.
Media Contact:
Dana Stelsel
Corporate Communications Manager
Wabash National Corporation
(765) 771-5766
dana.stelsel@wabashnational.com
Investor Relations:
Mike Pettit
Vice President – Finance and Investor Relations
(765) 771-5581
michael.pettit@wabashnational.com
Wabash National (NYSE:WNC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Wabash National (NYSE:WNC)
Historical Stock Chart
From Apr 2023 to Apr 2024