Wabash National Corporation (NYSE: WNC), a diversified industrial
manufacturer and a leading producer of semi-trailers, truck bodies
and liquid transportation systems, today reported results for the
quarter ended March 31, 2019.
Net sales for the first quarter 2019 increased 9
percent to $533 million from $491 million in the prior year
quarter, while each of the Company’s three segments contributed to
top-line growth as market demand remained strong. The company
achieved an operating margin of 4.7% during first quarter 2019,
which represents an improvement of 100 basis points sequentially
from the fourth quarter of 2018, highlighting the progress the
company has made in addressing continuing challenges in the
manufacturing environment. Operating income was $25.2 million
in the first quarter of 2019.
“We are off to a good start in 2019, with the
first quarter coming in slightly ahead of our initial expectations.
We delivered revenue of $533 million which is a record amount for
the first quarter and a 9 percent increase over the same quarter of
last year." explained Brent Yeagy, president and chief executive
officer. "Although the manufacturing environment remains
challenging, the operating decisions and commercial strategies that
we launched last year to offset these pressures pulled through as
expected in the form of a sequential increase in margins. We
expect that our execution of the Wabash Management System will
allow us to continue to deliver on our guidance for improved
margins in 2019.”
Net income for the first quarter 2019 was $14.8
million, or 27 cents per diluted share. Adjusted non-GAAP net
income for the first quarter was $15.1 million or 27 cents per
share, compared to 28 cents in the first quarter of 2018. Operating
EBITDA, a non-GAAP measure that excludes the effects of certain
items, for the first quarter 2019 was $38.3 million, or 7.2 percent
of net sales.
Mr. Yeagy continued, “Industry volumes are
proving to be strong in 2019, as reflected by the strength of our
backlog. We continue to work diligently to mitigate the
operational and supply chain headwinds that accompany such high
levels of demand. Based on the positive results from our
actions to address our operational environment in Q1 and continued
strong market conditions, we're pleased to maintain our full-year
EPS outlook of $1.50 to $1.70.”
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 2019 and 2018. A
complete disclosure of the results by individual segment is
included in the tables following this release.
|
|
Commercial Trailer Products |
|
Diversified Products |
|
Final Mile Products |
Three Months Ended March 31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
(dollars in thousands) |
New trailers
shipped |
|
12,400 |
|
|
12,650 |
|
|
700 |
|
|
550 |
|
|
— |
|
|
— |
|
Net sales |
|
$ |
341,045 |
|
|
$ |
327,422 |
|
|
$ |
99,648 |
|
|
$ |
95,203 |
|
|
$ |
100,849 |
|
|
$ |
75,459 |
|
Gross profit |
|
$ |
35,940 |
|
|
$ |
36,522 |
|
|
$ |
20,099 |
|
|
$ |
17,298 |
|
|
$ |
13,524 |
|
|
$ |
11,532 |
|
Gross profit
margin |
|
10.5 |
% |
|
11.2 |
% |
|
20.2 |
% |
|
18.2 |
% |
|
13.4 |
% |
|
15.3 |
% |
Income (loss) from
operations |
|
$ |
26,321 |
|
|
$ |
29,481 |
|
|
$ |
8,044 |
|
|
$ |
5,028 |
|
|
$ |
1,869 |
|
|
$ |
609 |
|
Income (loss) from
operations margin |
|
7.7 |
% |
|
9.0 |
% |
|
8.1 |
% |
|
5.3 |
% |
|
1.9 |
% |
|
0.8 |
% |
Commercial Trailer Products’ net sales for the
first quarter increased $13.6 million, or 4.2 percent, to $341
million. Gross profit margin for the first quarter decreased 70
basis points as compared to the prior year period primarily due to
the impact of higher material costs and supplier disruptions.
Operating income decreased $3.2 million, or 10.7 percent, from the
first quarter last year to $26.3 million, or 7.7 percent of net
sales.
Diversified Products’ net sales for the first
quarter were $100 million, an increase of $4.4 million, or 4.7
percent, as compared to the prior year, due primarily to increased
demand for liquid tank trailers. Gross profit and profit margin as
compared to the prior year period increased $2.8 million and 200
basis points, respectively, as pricing initiatives took hold to
recover cost increases from the prior year. Operating income in the
first quarter of 2019 was $8.0 million, or 8.1 percent of net
sales, representing an increase of $3.0 million as compared to the
prior year period.
Final Mile Products’ net sales for the first
quarter totaled $101 million, an increase of $25.4 million, or 33.6
percent, as compared to the prior year, due to market strength and
the operational and technology advantages Wabash brings to the
truck body space. Gross profit margin for the first quarter
decreased 190 basis points as compared to the prior year period
primarily due to product mix as well as higher wage costs.
Operating income was $1.9 million, or 1.9 percent of net sales,
compared to $0.6 million, or 0.8 percent of net sales in the prior
year period.
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 contains non-GAAP financial measures, including
operating EBITDA, operating EBITDA margin, adjusted operating
income, adjusted net income 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, acquisition expenses and related charges,
impairments, and other non-operating income and expense. Management
believes providing operating EBITDA is useful for investors to
understand the Company’s performance and results of operations
period to period with the exclusion of the items identified above.
Management believes the presentation of operating EBITDA, when
combined with the GAAP presentations of operating income and net
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 operating income, a non-GAAP financial
measure, excludes certain costs, expenses, other charges, gains or
income that are included in the determination of operating income
under U.S. GAAP, but that management would not consider important
in evaluating the quality of the Company’s operating results as
they are not indicative of the Company’s core operating results or
may obscure trends useful in evaluating the Company’s continuing
activities. Accordingly, the Company presents adjusted operating
income excluding these Special Items to help investors evaluate our
operating performance and trends in our business consistent with
how management evaluates such performance and trends. Further, the
Company presents adjusted operating income to provide investors
with a better understanding of the Company’s view of our results as
compared to prior periods. A reconciliation of adjusted
operating income to operating income, the most comparable GAAP
financial measure, is included in the tables following this press
release.
Adjusted net income and adjusted earnings per
diluted share, each reflect adjustments for acquisition expenses,
the losses attributable to the Company’s extinguishment of debt,
impairment charges, executive severance costs, income or losses
recognized on the sale and/or closure of former Company locations,
adjustments related to the Company’s deferred tax assets as a
result of IRS guidance on application of the Tax Cuts and Jobs Act
of 2017, and reversal of reserves for uncertain tax positions.
Management believes providing adjusted measures and excluding
certain items facilitates comparisons to the Company’s prior year
periods and, when combined with the 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
each of adjusted net income and adjusted earnings per diluted share
to net income and net income per diluted share is included in the
tables following this release.
First Quarter 2019 Conference
Call
Wabash National will discuss its results during
its quarterly investor conference call on Wednesday, May 1,
2019, beginning at 10:00 a.m. EDT. The call and an
accompanying slide presentation will be accessible on the
"Investors" section of the Company’s website
www.wabashnational.com. The conference call will also be accessible
by dialing (844) 778-4139, conference ID 6886327. A replay of
the call will be available on the site shortly after the conclusion
of the presentation.
About Wabash National Corporation
Headquartered in Lafayette, Indiana, Wabash
National Corporation (NYSE: WNC) is a diversified industrial
manufacturer and a leading producer of semi-trailers, truck bodies
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, 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®, 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. These
forward-looking statements include, among other things, all
statements regarding the Company’s outlook for trailer and truck
body shipments, backlog, expectations regarding demand levels for
trailers, truck bodies, non-trailer equipment and our other
diversified product offerings, pricing, profitability and earnings,
cash flow and liquidity, opportunity to capture higher margin
sales, new product innovations, our growth and diversification
strategies, our expectations for improved financial performance
during the course of the year and our expectations with regards to
capital allocation. 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 continued integration of Supreme into
the Company’s business, adverse reactions to the transaction by
customers, suppliers or strategic partners, 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 including the impact
of tariffs or other international trade developments, risks in
implementing and sustaining improvements in the Company’s
manufacturing operations and cost containment, dependence on
industry trends and timing, supplier constraints, labor costs and
availability, customer acceptance of and reactions to pricing
changes 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 CORPORATIONCONDENSED
CONSOLIDATED BALANCE SHEETS(Unaudited - dollars in thousands) |
|
|
|
March 31, 2019 |
|
December 31, 2018 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash
equivalents |
$ |
151,916 |
|
|
$ |
132,690 |
|
Accounts
receivable, net |
185,745 |
|
|
181,064 |
|
Inventories |
256,980 |
|
|
184,404 |
|
Prepaid
expenses and other |
52,669 |
|
|
51,261 |
|
Total
current assets |
647,310 |
|
|
549,419 |
|
Property, plant, and
equipment, net |
206,719 |
|
|
206,991 |
|
Deferred income
taxes |
— |
|
|
— |
|
Goodwill |
311,049 |
|
|
311,084 |
|
Intangible assets |
205,232 |
|
|
210,328 |
|
Other assets |
38,322 |
|
|
26,571 |
|
Total
assets |
$ |
1,408,632 |
|
|
$ |
1,304,393 |
|
Liabilities and Stockholders' Equity |
|
|
|
Current
liabilities: |
|
|
|
Current
portion of long-term debt |
$ |
1,880 |
|
|
$ |
1,880 |
|
Current
portion of finance lease obligations |
313 |
|
|
299 |
|
Accounts
payable |
231,168 |
|
|
153,113 |
|
Other
accrued liabilities |
127,222 |
|
|
116,384 |
|
Total
current liabilities |
360,583 |
|
|
271,676 |
|
Long-term debt |
502,757 |
|
|
503,018 |
|
Finance lease
obligations |
625 |
|
|
714 |
|
Deferred income
taxes |
32,624 |
|
|
34,905 |
|
Other non-current
liabilities |
28,437 |
|
|
20,231 |
|
Total
liabilities |
925,026 |
|
|
830,544 |
|
Commitments and
contingencies |
|
|
|
Stockholders'
equity: |
|
|
|
Common
stock 200,000,000 shares authorized, $0.01 par value, 55,424,133
and 55,135,788 shares outstanding, respectively |
749 |
|
|
744 |
|
Additional paid-in capital |
631,674 |
|
|
629,039 |
|
Retained
earnings |
160,512 |
|
|
150,244 |
|
Accumulated other comprehensive loss |
(3,859 |
) |
|
(3,343 |
) |
Treasury
stock at cost, 19,555,383 and 19,372,735 common shares,
respectively |
(305,470 |
) |
|
(302,835 |
) |
Total
stockholders' equity |
483,606 |
|
|
473,849 |
|
Total
liabilities and stockholders' equity |
$ |
1,408,632 |
|
|
$ |
1,304,393 |
|
|
|
|
|
|
|
|
|
|
WABASH NATIONAL
CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited - dollars in thousands, except per
share amounts) |
|
|
Three Months Ended March 31, |
|
2019 |
|
2018 |
Net sales |
$ |
533,174 |
|
|
$ |
491,319 |
|
Cost of sales |
464,484 |
|
|
427,200 |
|
Gross
profit |
68,690 |
|
|
64,119 |
|
General and
administrative expenses |
30,140 |
|
|
25,109 |
|
Selling expenses |
8,223 |
|
|
8,345 |
|
Amortization of
intangible assets |
5,129 |
|
|
4,941 |
|
Acquisition
expenses |
— |
|
|
68 |
|
Impairment |
— |
|
|
— |
|
Income
from operations |
25,198 |
|
|
25,656 |
|
Other income
(expense): |
|
|
|
Interest
expense |
(7,090 |
) |
|
(7,454 |
) |
Other,
net |
(169 |
) |
|
7,916 |
|
Other
expense, net |
(7,259 |
) |
|
462 |
|
Income before income
tax |
17,939 |
|
|
26,118 |
|
Income tax expense |
3,159 |
|
|
4,846 |
|
Net income |
$ |
14,780 |
|
|
$ |
21,272 |
|
Net income per
share: |
|
|
|
Basic |
$ |
0.27 |
|
|
$ |
0.37 |
|
Diluted |
$ |
0.27 |
|
|
$ |
0.35 |
|
Weighted
average common shares outstanding (in thousands): |
|
|
|
Basic |
55,268 |
|
|
57,793 |
|
Diluted |
55,770 |
|
|
60,850 |
|
|
|
|
|
Dividends declared per
share |
$ |
0.080 |
|
|
$ |
0.075 |
|
|
WABASH NATIONAL
CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(Unaudited - dollars in thousands) |
|
|
Three Months Ended March 31, |
|
2019 |
|
2018 |
Cash flows from
operating activities: |
|
|
|
Net income |
$ |
14,780 |
|
|
$ |
21,272 |
|
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
Depreciation |
5,420 |
|
|
5,163 |
|
Amortization of intangibles |
5,129 |
|
|
4,941 |
|
Net loss
(gain) on sale of property, plant and equipment |
486 |
|
|
(6,013 |
) |
Loss on
debt extinguishment |
— |
|
|
174 |
|
Deferred
income taxes |
(2,281 |
) |
|
(23 |
) |
Stock-based compensation |
2,586 |
|
|
2,657 |
|
Non-cash
interest expense |
260 |
|
|
675 |
|
Changes
in operating assets and liabilities |
|
|
|
Accounts
receivable |
(4,681 |
) |
|
(45,910 |
) |
Inventories |
(72,576 |
) |
|
(58,393 |
) |
Prepaid
expenses and other |
(1,279 |
) |
|
591 |
|
Accounts
payable and accrued liabilities |
84,770 |
|
|
63,943 |
|
Other,
net |
1,152 |
|
|
(1,120 |
) |
Net cash
provided by (used in) operating activities |
33,766 |
|
|
(12,043 |
) |
Cash flows from
investing activities: |
|
|
|
Capital
expenditures |
(6,802 |
) |
|
(6,060 |
) |
Proceeds
from sale of property, plant and equipment |
29 |
|
|
9,523 |
|
Other,
net |
— |
|
|
3,060 |
|
Net cash
(used in) provided by investing activities |
(6,773 |
) |
|
6,523 |
|
Cash flows from
financing activities: |
|
|
|
Proceeds
from exercise of stock options |
55 |
|
|
861 |
|
Dividends
paid |
(4,627 |
) |
|
(4,692 |
) |
Borrowings under revolving credit facilities |
140 |
|
|
254 |
|
Payments
under revolving credit facilities |
(140 |
) |
|
(254 |
) |
Principal
payments under finance lease obligations |
(75 |
) |
|
(71 |
) |
Principal
payments under term loan credit facility |
(470 |
) |
|
(471 |
) |
Principal
payments under industrial revenue bond |
— |
|
|
(92 |
) |
Debt
issuance costs paid |
(15 |
) |
|
— |
|
Convertible senior notes repurchase |
— |
|
|
(17,183 |
) |
Stock
repurchase |
(2,635 |
) |
|
(5,412 |
) |
Net cash
used in financing activities |
(7,767 |
) |
|
(27,060 |
) |
Cash, cash
equivalents, and restricted cash: |
|
|
|
Net
increase (decrease) for the period |
19,226 |
|
|
(32,580 |
) |
At
beginning of period |
132,690 |
|
|
191,521 |
|
At end of
period |
$ |
151,916 |
|
|
$ |
158,941 |
|
Supplemental
disclosures of cash flow information: |
|
|
|
Cash paid
for interest |
$ |
2,403 |
|
|
$ |
2,094 |
|
Cash paid
for income taxes |
$ |
111 |
|
|
$ |
(845 |
) |
|
WABASH
NATIONAL CORPORATIONSEGMENTS AND RELATED
INFORMATION(Unaudited - dollars in thousands) |
|
Three Months Ended March 31, |
|
CommercialTrailer
Products |
|
DiversifiedProducts |
|
Final
MileProducts |
|
Corporate
andEliminations |
|
Consolidated |
2019 |
|
|
|
|
|
|
|
|
|
|
New
trailers shipped |
|
12,400 |
|
|
700 |
|
|
— |
|
|
— |
|
|
13,100 |
|
Used
trailers shipped |
|
50 |
|
|
25 |
|
|
— |
|
|
— |
|
|
75 |
|
|
|
|
|
|
|
|
|
|
|
|
New
Trailers |
|
$ |
325,819 |
|
|
$ |
45,799 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
371,618 |
|
Used
Trailers |
|
137 |
|
|
587 |
|
|
— |
|
|
— |
|
|
724 |
|
Components, parts and service |
|
10,333 |
|
|
35,884 |
|
|
3,416 |
|
|
(7,920 |
) |
|
41,713 |
|
Equipment
and other |
|
4,756 |
|
|
17,378 |
|
|
97,433 |
|
|
(448 |
) |
|
119,119 |
|
Total net
external sales |
|
$ |
341,045 |
|
|
$ |
99,648 |
|
|
$ |
100,849 |
|
|
$ |
(8,368 |
) |
|
$ |
533,174 |
|
Gross
profit |
|
$ |
35,940 |
|
|
$ |
20,099 |
|
|
$ |
13,524 |
|
|
$ |
(873 |
) |
|
$ |
68,690 |
|
Income
(Loss) from operations |
|
$ |
26,321 |
|
|
$ |
8,044 |
|
|
$ |
1,869 |
|
|
$ |
(11,036 |
) |
|
$ |
25,198 |
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
New
trailers shipped |
|
12,650 |
|
|
550 |
|
|
— |
|
|
— |
|
|
13,200 |
|
Used
trailers shipped |
|
500 |
|
|
50 |
|
|
— |
|
|
— |
|
|
550 |
|
|
|
|
|
|
|
|
|
|
|
|
New
Trailers |
|
$ |
310,318 |
|
|
$ |
33,839 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
344,157 |
|
Used
Trailers |
|
4,407 |
|
|
1,086 |
|
|
— |
|
|
— |
|
|
5,493 |
|
Components, parts and service |
|
8,648 |
|
|
33,968 |
|
|
2,413 |
|
|
(6,762 |
) |
|
38,267 |
|
Equipment
and other |
|
4,049 |
|
|
26,310 |
|
|
73,046 |
|
|
(3 |
) |
|
103,402 |
|
Total net
external sales |
|
$ |
327,422 |
|
|
$ |
95,203 |
|
|
$ |
75,459 |
|
|
$ |
(6,765 |
) |
|
$ |
491,319 |
|
Gross
profit |
|
$ |
36,522 |
|
|
$ |
17,298 |
|
|
$ |
11,532 |
|
|
$ |
(1,233 |
) |
|
$ |
64,119 |
|
Income
(Loss) from operations |
|
$ |
29,481 |
|
|
$ |
5,028 |
|
|
$ |
609 |
|
|
$ |
(9,462 |
) |
|
$ |
25,656 |
|
|
WABASH NATIONAL
CORPORATIONSEGMENT AND COMPANY FINANCIAL
INFORMATION(Unaudited - dollars in thousands) |
|
|
Three Months Ended March 31, |
|
2019 |
|
2018 |
Commercial
Trailer Products |
|
|
|
Income
from operations |
$ |
26,321 |
|
|
$ |
29,481 |
|
|
|
|
|
Diversified
Products |
|
|
|
Income
from operations |
8,044 |
|
|
5,028 |
|
|
|
|
|
Final Mile
Products |
|
|
|
Income
from operations |
1,869 |
|
|
609 |
|
Adjustments: |
|
|
|
Acquisition expenses and related charges |
— |
|
|
915 |
|
Adjusted
operating income |
1,869 |
|
|
1,524 |
|
|
|
|
|
Corporate |
|
|
|
Income
from operations |
(11,036 |
) |
|
(9,462 |
) |
Adjustments: |
|
|
|
Acquisition expenses and related charges |
— |
|
|
68 |
|
Adjusted
operating income |
(11,036 |
) |
|
(9,394 |
) |
|
|
|
|
Consolidated |
|
|
|
Income
from operations |
25,198 |
|
|
25,656 |
|
Adjustments: |
|
|
|
Acquisition expenses and related charges |
— |
|
|
983 |
|
Adjusted
operating income |
$ |
25,198 |
|
|
$ |
26,639 |
|
|
|
|
|
|
|
|
|
|
WABASH NATIONAL
CORPORATIONRECONCILIATION OF GAAP FINANCIAL
MEASURES TONON-GAAP FINANCIAL
MEASURES(Unaudited - dollars in thousands, except per
share amounts) |
|
Operating
EBITDA1: |
Three Months Ended March 31, |
|
2019 |
|
2018 |
Net income |
$ |
14,780 |
|
|
$ |
21,272 |
|
Income tax expense |
3,159 |
|
|
4,846 |
|
Interest expense |
7,090 |
|
|
7,454 |
|
Depreciation and
amortization |
10,549 |
|
|
10,104 |
|
Stock-based
compensation |
2,586 |
|
|
2,657 |
|
Acquisition
expenses |
— |
|
|
567 |
|
Other non-operating
income |
169 |
|
|
(7,916 |
) |
Operating EBITDA |
$ |
38,333 |
|
|
$ |
38,984 |
|
Adjusted Net
Income2: |
Three Months Ended March 31, |
|
2019 |
|
2018 |
Net income |
$ |
14,780 |
|
|
$ |
21,272 |
|
Adjustments: |
|
|
|
Facility
transactions3 |
488 |
|
|
(7,123 |
) |
Loss on
debt extinguishment |
— |
|
|
174 |
|
Acquisition expenses and related charges |
— |
|
|
983 |
|
Tax
effect of aforementioned items |
(126 |
) |
|
1,551 |
|
Adjusted net
income |
$ |
15,142 |
|
|
$ |
16,857 |
|
Adjusted
Diluted Earnings Per Share2: |
Three Months Ended March 31, |
|
2019 |
|
2018 |
Diluted earnings per
share |
$ |
0.27 |
|
|
$ |
0.35 |
|
Adjustments: |
|
|
|
Facility
transactions3 |
— |
|
|
(0.12 |
) |
Acquisition expenses and related charges |
— |
|
|
0.02 |
|
Tax
effect of aforementioned items |
— |
|
|
0.03 |
|
Adjusted diluted
earnings per share |
$ |
0.27 |
|
|
$ |
0.28 |
|
|
|
|
|
Weighted average number
of diluted shares outstanding (in thousands) |
55,770 |
|
|
60,850 |
|
1Operating EBITDA is defined as
earnings before interest, taxes, depreciation, amortization,
stock-based compensation, acquisition expenses and related charges,
and other non-operating income and expense.
2Adjusted net income and
adjusted earnings per diluted share reflect adjustments for
acquisition expenses, the losses attributable to the Company’s
extinguishment of debt, income or losses recognized on the sale
and/or closure of former Company locations, adjustments related to
the Company’s deferred tax assets as a result of IRS guidance on
application of the Tax Cuts and Jobs Act of 2017, and reversal of
reserves for uncertain tax positions.
3Facility transactions in 2018
and 2019 relate to gains and/or losses incurred for the sale or
closure of former Company locations.
Media Contact:Dana
StelselDirector, Corporate Communications(765)
771-5766dana.stelsel@wabashnational.com
Investor Relations:Ryan
ReedDirector of Investor Relations(765)
771-5805ryan.reed@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