Wabash National Corporation (NYSE:WNC), a diversified industrial
manufacturer and North America’s leading producer of semi-trailers
and liquid transportation systems, announced today it is realigning
its Retail segment under Commercial Trailer Products and
Diversified Products, in conjunction with transitioning a
company-owned retail store to an independent dealer.
Dick Giromini, president and chief executive officer, explained,
“We have made great strides in our ongoing efforts to transform
Wabash National into a diversified industrial manufacturer to
reduce cyclicality, improve profitability and drive higher growth.
The decision to strategically realign and consolidate our retail
locations and transition a company-owned store to an independent
dealer will further these efforts and allow us to expand upon an
already impressive network of independent dealers.”
Wabash National Trailer Centers in Ohio, Pennsylvania, Florida,
Colorado and Texas will become part of the Commercial Trailer
Products segment, while the Brenner Tank Services locations in
Wisconsin, Illinois, Arkansas, Kentucky, Louisiana and Texas will
join the Diversified Products segment.
“We believe this change in segment structure provides enhanced
alignment between our business segments and their channel partners
while supporting our strategic objective to grow the areas of our
business that offer the most attractive margins and returns on
invested capital,” added Mr. Giromini.
Mark Weber, group president of Diversified Products, commented,
“This move will enable our tank trailer business to provide full
service and aftermarket support to its Beall®, Brenner®, Bulk and
Walker customers. The tank parts and service business model
complements our existing businesses as well as delivers attractive
margins in a capital-efficient manner.”
In addition to realigning the Retail segment, Wabash National
has finalized an agreement with Portland-based TEC Equipment, Inc.
to provide sales, parts and service for Wabash National®,
Transcraft® and Benson® brand trailers in Arizona, New Mexico and
portions of Idaho. During July 2016, the Wabash National Trailer
Center in Phoenix, Arizona, will be transitioned to an independent
dealer facility operated by TEC Equipment.
“This latest agreement with TEC Equipment is one more step in
executing our strategic growth plan to further enhance the indirect
distribution channel as we expand access and service in the western
United States,” explained Brent Yeagy, group president of
Commercial Trailer Products.
Mr. Yeagy continued, “This agreement was a natural follow-up to
the successful transition of three former branch locations in
Oregon and California to TEC Equipment in 2014. TEC Equipment has
proven to be a best-in-class dealer that provides excellent service
to our mutual customers and a business partner that represents the
Wabash brand very well.”
“We have demonstrated over the past several years that we are
committed to optimizing business results,” Mr. Giromini added. “We
continually focus our efforts to grow margins, strengthen the
balance sheet and create shareholder value.”
As a result of the realignment, the former Retail segment will
no longer be reported as a separate business segment in Wabash
National’s financial statements. Wabash National will begin
reporting the realigned segments effective with its second quarter
2016 Form 10-Q filed with the Securities Exchange Commission. For
additional information on Wabash National's reporting segments as
they will be presented, see the table following this release for
unaudited operating results for the three- and twelve-month periods
ending December 31, 2015 and 2014, as well as the three-month
period ending March 31, 2016.
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. These forward-looking statements include, among other
things, statements about ongoing efforts to transform Wabash
National into a diversified industrial manufacturer to reduce
cyclicality, improve profitability and drive higher growth,
statements regarding the effect of the segment realignment to
enable our tank trailer business to provide full service and
aftermarket support to its Beall®, Brenner®, Bulk and Walker
customers and our other statements about our growth and
diversification strategies. 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 customer demand
may not meet our expectations, 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 the Company’s
manufacturing capacity and cost containment, dependence on industry
trends and timing and costs of indebtedness. 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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 |
|
2015 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve
Months Ended December 31, 2014 |
|
Twelve
Months Ended December 31, 2015 |
|
Three
Months Ended March 31, 2016 |
|
|
Commercial Trailer
Products |
|
Diversified
Products |
|
Corporate &
Eliminations |
|
Consolidated |
|
Commercial Trailer
Products |
|
Diversified
Products |
|
Corporate &
Eliminations |
|
Consolidated |
|
Commercial Trailer
Products |
|
Diversified
Products |
|
Corporate &
Eliminations |
|
Consolidated |
New
Trailer Shipments |
|
|
53,800 |
|
|
|
3,550 |
|
|
|
- |
|
|
|
57,350 |
|
|
|
61,300 |
|
|
|
3,400 |
|
|
|
- |
|
|
|
64,700 |
|
|
|
14,000 |
|
|
|
500 |
|
|
|
- |
|
|
|
14,500 |
|
Used
Trailer Shipments |
|
|
4,700 |
|
|
|
150 |
|
|
|
- |
|
|
|
4,850 |
|
|
|
1,900 |
|
|
|
150 |
|
|
|
- |
|
|
|
2,050 |
|
|
|
250 |
|
|
|
50 |
|
|
|
- |
|
|
|
300 |
|
|
|
|
|
. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales |
|
$ |
1,380,623 |
|
|
$ |
494,992 |
|
|
$ |
(12,300 |
) |
|
$ |
1,863,315 |
|
|
$ |
1,582,240 |
|
|
$ |
456,927 |
|
|
$ |
(11,679 |
) |
|
$ |
2,027,489 |
|
|
$ |
364,040 |
|
|
$ |
86,431 |
|
|
$ |
(2,795 |
) |
|
$ |
447,676 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
|
117,734 |
|
|
|
111,298 |
|
|
|
3,601 |
|
|
|
232,634 |
|
|
|
197,777 |
|
|
|
107,023 |
|
|
|
(1,356 |
) |
|
|
303,443 |
|
|
|
60,396 |
|
|
|
20,210 |
|
|
|
(1,080 |
) |
|
|
79,526 |
|
Gross Profit % |
|
|
8.5 |
% |
|
|
22.5 |
% |
|
|
|
|
12.5 |
% |
|
|
12.5 |
% |
|
|
23.4 |
% |
|
|
|
|
15.0 |
% |
|
|
16.6 |
% |
|
|
23.4 |
% |
|
|
|
|
17.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from
Operations |
|
|
82,290 |
|
|
|
57,635 |
|
|
|
(17,539 |
) |
|
|
122,386 |
|
|
|
159,385 |
|
|
|
51,079 |
|
|
|
(30,094 |
) |
|
|
180,369 |
|
|
|
50,257 |
|
|
|
6,990 |
|
|
|
(9,062 |
) |
|
|
48,185 |
|
Operating Margin |
|
|
6.0 |
% |
|
|
11.6 |
% |
|
|
|
|
6.6 |
% |
|
|
10.1 |
% |
|
|
11.2 |
% |
|
|
|
|
8.9 |
% |
|
|
13.8 |
% |
|
|
8.1 |
% |
|
|
|
|
10.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended March 31, 2014 |
|
Three
Months Ended March 31, 2015 |
|
Three
Months Ended March 31, 2016 |
|
|
Commercial Trailer
Products |
|
Diversified
Products |
|
Corporate &
Eliminations |
|
Consolidated |
|
Commercial Trailer
Products |
|
Diversified
Products |
|
Corporate &
Eliminations |
|
Consolidated |
|
Commercial Trailer
Products |
|
Diversified
Products |
|
Corporate &
Eliminations |
|
Consolidated |
New
Trailer Shipments |
|
|
9,150 |
|
|
|
800 |
|
|
|
- |
|
|
|
9,950 |
|
|
|
13,500 |
|
|
|
850 |
|
|
|
- |
|
|
|
14,350 |
|
|
|
14,000 |
|
|
|
500 |
|
|
|
- |
|
|
|
14,500 |
|
Used
Trailer Shipments |
|
|
2,100 |
|
|
|
50 |
|
|
|
- |
|
|
|
2,150 |
|
|
|
300 |
|
|
|
50 |
|
|
|
- |
|
|
|
350 |
|
|
|
250 |
|
|
|
50 |
|
|
|
- |
|
|
|
300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
|
$ |
245,534 |
|
|
$ |
115,084 |
|
|
$ |
(2,498 |
) |
|
$ |
358,120 |
|
|
$ |
329,189 |
|
|
$ |
111,140 |
|
|
$ |
(2,732 |
) |
|
$ |
437,597 |
|
|
$ |
364,040 |
|
|
$ |
86,431 |
|
|
$ |
(2,795 |
) |
|
$ |
447,676 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
|
18,266 |
|
|
|
27,692 |
|
|
|
714 |
|
|
|
46,672 |
|
|
|
32,272 |
|
|
|
25,345 |
|
|
|
(420 |
) |
|
|
57,197 |
|
|
|
60,396 |
|
|
|
20,210 |
|
|
|
(1,080 |
) |
|
|
79,526 |
|
Gross Profit % |
|
|
7.4 |
% |
|
|
24.1 |
% |
|
|
|
|
13.0 |
% |
|
|
9.8 |
% |
|
|
22.8 |
% |
|
|
|
|
13.1 |
% |
|
|
16.6 |
% |
|
|
23.4 |
% |
|
|
|
|
17.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from
Operations |
|
|
8,965 |
|
|
|
14,069 |
|
|
|
(3,570 |
) |
|
|
19,465 |
|
|
|
22,910 |
|
|
|
11,355 |
|
|
|
(7,002 |
) |
|
|
27,263 |
|
|
|
50,257 |
|
|
|
6,990 |
|
|
|
(9,062 |
) |
|
|
48,185 |
|
Operating Margin |
|
|
3.7 |
% |
|
|
12.2 |
% |
|
|
|
|
5.4 |
% |
|
|
7.0 |
% |
|
|
10.2 |
% |
|
|
|
|
6.2 |
% |
|
|
13.8 |
% |
|
|
8.1 |
% |
|
|
|
|
10.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2014 |
|
Three
Months Ended June 30, 2015 |
|
|
|
|
|
|
|
|
|
|
Commercial Trailer
Products |
|
Diversified
Products |
|
Corporate &
Eliminations |
|
Consolidated |
|
Commercial Trailer
Products |
|
Diversified
Products |
|
Corporate &
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
New
Trailer Shipments |
|
|
14,100 |
|
|
|
850 |
|
|
|
- |
|
|
|
14,950 |
|
|
|
16,100 |
|
|
|
800 |
|
|
|
- |
|
|
|
16,900 |
|
|
|
|
|
|
|
|
|
Used
Trailer Shipments |
|
|
1,700 |
|
|
|
50 |
|
|
|
- |
|
|
|
1,750 |
|
|
|
600 |
|
|
|
50 |
|
|
|
- |
|
|
|
650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
|
$ |
363,105 |
|
|
$ |
126,801 |
|
|
$ |
(3,885 |
) |
|
$ |
486,021 |
|
|
$ |
412,664 |
|
|
$ |
105,306 |
|
|
$ |
(3,139 |
) |
|
$ |
514,831 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
|
31,809 |
|
|
|
28,443 |
|
|
|
1,361 |
|
|
|
61,613 |
|
|
|
49,040 |
|
|
|
23,687 |
|
|
|
(323 |
) |
|
|
72,405 |
|
|
|
|
|
|
|
|
|
Gross Profit % |
|
|
8.8 |
% |
|
|
22.4 |
% |
|
|
|
|
12.7 |
% |
|
|
11.9 |
% |
|
|
22.5 |
% |
|
|
|
|
14.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from
Operations |
|
|
22,669 |
|
|
|
14,972 |
|
|
|
(3,785 |
) |
|
|
33,855 |
|
|
|
39,249 |
|
|
|
9,769 |
|
|
|
(6,964 |
) |
|
|
42,054 |
|
|
|
|
|
|
|
|
|
Operating Margin |
|
|
6.2 |
% |
|
|
11.8 |
% |
|
|
|
|
7.0 |
% |
|
|
9.5 |
% |
|
|
9.3 |
% |
|
|
|
|
8.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended September 30, 2014 |
|
Three
Months Ended September 30, 2015 |
|
|
|
|
|
|
|
|
|
|
Commercial Trailer
Products |
|
Diversified
Products |
|
Corporate &
Eliminations |
|
Consolidated |
|
Commercial Trailer
Products |
|
Diversified
Products |
|
Corporate &
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
New
Trailer Shipments |
|
|
14,750 |
|
|
|
850 |
|
|
|
- |
|
|
|
15,600 |
|
|
|
15,500 |
|
|
|
1,000 |
|
|
|
- |
|
|
|
16,500 |
|
|
|
|
|
|
|
|
|
Used
Trailer Shipments |
|
|
550 |
|
|
|
50 |
|
|
|
- |
|
|
|
600 |
|
|
|
450 |
|
|
|
50 |
|
|
|
- |
|
|
|
500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
|
$ |
371,582 |
|
|
$ |
123,189 |
|
|
$ |
(3,073 |
) |
|
$ |
491,697 |
|
|
$ |
406,409 |
|
|
$ |
127,787 |
|
|
$ |
(2,847 |
) |
|
$ |
531,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
|
33,812 |
|
|
|
26,715 |
|
|
|
1,101 |
|
|
|
61,628 |
|
|
|
55,355 |
|
|
|
30,978 |
|
|
|
(311 |
) |
|
|
86,022 |
|
|
|
|
|
|
|
|
|
Gross Profit % |
|
|
9.1 |
% |
|
|
21.7 |
% |
|
|
|
|
12.5 |
% |
|
|
13.6 |
% |
|
|
24.2 |
% |
|
|
|
|
16.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from
Operations |
|
|
25,249 |
|
|
|
13,791 |
|
|
|
(4,111 |
) |
|
|
34,929 |
|
|
|
45,789 |
|
|
|
17,601 |
|
|
|
(7,001 |
) |
|
|
56,389 |
|
|
|
|
|
|
|
|
|
Operating Margin |
|
|
6.8 |
% |
|
|
11.2 |
% |
|
|
|
|
7.1 |
% |
|
|
11.3 |
% |
|
|
13.8 |
% |
|
|
|
|
10.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
2014 |
|
Three
Months Ended December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
Commercial Trailer
Products |
|
Diversified
Products |
|
Corporate &
Eliminations |
|
Consolidated |
|
Commercial Trailer
Products |
|
Diversified
Products |
|
Corporate &
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
New
Trailer Shipments |
|
|
15,800 |
|
|
|
1,050 |
|
|
|
- |
|
|
|
16,850 |
|
|
|
16,200 |
|
|
|
750 |
|
|
|
- |
|
|
|
16,950 |
|
|
|
|
|
|
|
|
|
Used
Trailer Shipments |
|
|
350 |
|
|
|
50 |
|
|
|
- |
|
|
|
400 |
|
|
|
550 |
|
|
|
- |
|
|
|
- |
|
|
|
550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
|
$ |
400,402 |
|
|
$ |
129,918 |
|
|
$ |
(2,844 |
) |
|
$ |
527,477 |
|
|
$ |
433,977 |
|
|
$ |
112,694 |
|
|
$ |
(2,961 |
) |
|
$ |
543,711 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
|
33,846 |
|
|
|
28,449 |
|
|
|
426 |
|
|
|
62,721 |
|
|
|
61,110 |
|
|
|
27,013 |
|
|
|
(303 |
) |
|
|
87,819 |
|
|
|
|
|
|
|
|
|
Gross Profit % |
|
|
8.5 |
% |
|
|
21.9 |
% |
|
|
|
|
11.9 |
% |
|
|
14.1 |
% |
|
|
24.0 |
% |
|
|
|
|
16.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from
Operations |
|
|
25,407 |
|
|
|
14,803 |
|
|
|
(6,072 |
) |
|
|
34,137 |
|
|
|
51,438 |
|
|
|
12,354 |
|
|
|
(9,128 |
) |
|
|
54,663 |
|
|
|
|
|
|
|
|
|
Operating Margin |
|
|
6.3 |
% |
|
|
11.4 |
% |
|
|
|
|
6.5 |
% |
|
|
11.9 |
% |
|
|
11.0 |
% |
|
|
|
|
10.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: The sum of shipments by quarter may not equal full year
shipments due to rounding. |
|
Media Contact:
Dana Stelsel
Corporate Communications Manager
(765) 771-5766
dana.stelsel@wabashnational.com
Investor Relations:
Mike Pettit
Vice President – Finance and Investor Relations
(765) 771-5581
michael.pettit@wabashnational.com
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