Wabash National Corporation (NYSE: WNC), the innovation leader of
engineered solutions for the transportation, logistics and
distribution industries, today reported results for the quarter
ended June 30, 2020.
Net sales for the second quarter 2020 were
$339.2 million as operations were able to maintain productivity
levels in the face of unprecedented business and operating
conditions brought on by COVID-19. Additionally, customer pick-ups
of new equipment improved following disruption seen during the
first quarter in the lead-up to COVID-19-related shutdowns.
Operating income was $6.0 million during the quarter as rapid
implementation of cost control measures limited decremental margins
to 15 percent. Earnings per share was $0.00 for the second
quarter.
Total Company backlog as of June 30, 2020 was
approximately $750 million compared to backlog of approximately
$1.0 billion ending March 2020 as normal seasonal trends indicate
an expected sequential softening in backlog during the second
quarter.
“The second quarter was the most uniquely
challenging time I've experienced in my career. Balancing continued
operations to support our customers during a global pandemic while
implementing meaningful short-term cost control measures as well as
longer-term initiatives to optimize our organizational structure
took a remarkable level of dedication from every level of our
organization, and I'd like to acknowledge the tremendous efforts of
our people,” said Brent Yeagy, president and chief executive
officer. "To limit decremental margins to fifteen percent during
the second quarter reflects the dedication of our people as well as
the long-term improvements we've made to our business portfolio and
within our operating system. The cost reductions we've made allow
us to control expense in the short-term while preserving the
business' ability to quickly accelerate when market conditions
invariably improve."
Liquidity as of the end of the second quarter
was $304 million with cash of $136 million and a fully untapped
revolving credit line of $168 million following the second quarter
repayment of a proactive drawdown of the revolver during the first
quarter. Overall liquidity increased by $27 million sequentially as
positive cash flow from operations was supplemented by a release of
working capital. The Company's nearest debt maturity, amounting to
$135 million, is in March of 2022. Additionally, the
Company's debt carries no financial covenants.
"Our backlog combined with second quarter
shipments shows that orders continued to flow at a moderate pace
during the second quarter, which normally sees sales outpace new
orders. We continue to be pleased with the state of our order book
and the visibility it provides for the second half of the year,"
continued Yeagy. "Our goal for 2020 remains positive free cash flow
generation and our second quarter results serve to strengthen our
expectations of achieving that target. We aim to demonstrate how
our free cash flow profile has improved from previous cycles by
maintaining our dividend through this challenging time and
continuing to deploy capital in the best interest of our long-term
shareowners."
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 second quarter of 2020 and 2019. 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
June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
(dollars in thousands) |
New trailers shipped |
|
8,000 |
|
|
14,250 |
|
|
400 |
|
|
750 |
|
|
— |
|
|
— |
|
Net sales |
|
$ |
232,254 |
|
|
$ |
400,864 |
|
|
$ |
63,951 |
|
|
$ |
97,026 |
|
|
$ |
50,832 |
|
|
$ |
134,817 |
|
Gross profit |
|
$ |
22,392 |
|
|
$ |
46,906 |
|
|
$ |
10,761 |
|
|
$ |
20,123 |
|
|
$ |
1,963 |
|
|
$ |
21,289 |
|
Gross profit margin |
|
9.6 |
% |
|
11.7 |
% |
|
16.8 |
% |
|
20.7 |
% |
|
3.9 |
% |
|
15.8 |
% |
Income (loss) from
operations |
|
$ |
18,599 |
|
|
$ |
39,918 |
|
|
$ |
2,242 |
|
|
$ |
8,911 |
|
|
$ |
(6,569 |
) |
|
$ |
9,221 |
|
Income (loss) from operations
margin |
|
8.0 |
% |
|
10.0 |
% |
|
3.5 |
% |
|
9.2 |
% |
|
(12.9 |
%) |
|
6.8 |
% |
Commercial Trailer Products’ net sales for the
second quarter were $232.3 million, a decrease of 42.1 percent as
compared to the prior year quarter as a result of a reduction in
market demand. Operating income was $18.6 million or 8.0% of sales
during the quarter.
Diversified Products’ net sales for the second
quarter were $64.0 million, a decrease of 34.1 percent as compared
to the prior year as a result of lower market demand. Operating
income was $2.2 million or 3.5 percent of sales during the
quarter.
Final Mile Products’ net sales for the second
quarter totaled $50.8 million, a decrease of 62.3 percent, as
compared to the prior year, due to softer market demand. Operating
loss was $6.6 million during the quarter as a result of weaker
volume leverage over fixed costs.
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, adjusted operating income (loss), adjusted net
(loss) income and adjusted earnings per 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 (loss) 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, impairment and other, net, 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 (loss) and net (loss) income, is beneficial to an
investor’s understanding of the Company’s operating performance. A
reconciliation of operating EBITDA to net (loss) income is included
in the tables following this release.
Free cash flow is defined as net cash provided
by operating activities minus capital expenditures. Management
believes providing free cash flow is useful for investors to
understand the Company’s performance and results of cash generation
period to period with the exclusion of the item identified above.
Management believes the presentation of free cash flow, when
combined with the GAAP presentations of cash provided by operating
activities, is beneficial to an investor’s understanding of the
Company’s operating performance. A reconciliation of free cash flow
to cash provided by operating activities is included in the
appendix to this release.
Adjusted operating income (loss), a non-GAAP
financial measure, excludes certain costs, expenses, other charges,
gains or income that are included in the determination of operating
income (loss) 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 (loss) 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
(loss) 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 (loss) to operating
income (loss), the most comparable GAAP financial measure, is
included in the tables following this press release.
Adjusted net (loss) income and adjusted earnings
per basic (2020) or diluted (2019) share, each reflect adjustments
for non-cash impairment and other, net, and the related tax effects
of these adjustments. 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 (loss) income and basic (2020) and diluted
(2019) net (loss) income per share, is beneficial to an investor’s
understanding of the Company’s performance. A reconciliation of
each of adjusted net (loss) income and adjusted earnings per basic
or diluted share to net (loss) income and net (loss) income per
basic or diluted share is included in the tables following this
release.
Second Quarter 2020 Conference
Call
Wabash National will discuss its results during
its quarterly investor conference call on Wednesday, July 29,
2020, 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 5580198. 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 a continued or prolonged shutdown or
reduction of our operations, substantially reduced customer orders
or sales volumes and supply disruptions due to the coronavirus
(COVID-19) outbreak, 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.
Media Contact:Dana
StelselDirector, Corporate Communications(765)
771-5766dana.stelsel@wabashnational.com
Investor Relations:Ryan
ReedDirector, Investor Relations(765)
490-5664ryan.reed@wabashnational.com
WABASH NATIONAL
CORPORATIONCONDENSED CONSOLIDATED BALANCE
SHEETS(Unaudited - dollars in thousands)
|
June 30, 2020 |
|
December 31, 2019 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
135,993 |
|
|
$ |
140,516 |
|
Accounts receivable, net |
123,952 |
|
|
172,737 |
|
Inventories |
201,068 |
|
|
186,914 |
|
Prepaid expenses and other |
41,836 |
|
|
41,222 |
|
Total current assets |
502,849 |
|
|
541,389 |
|
Property, plant, and
equipment, net |
218,637 |
|
|
221,346 |
|
Goodwill |
204,418 |
|
|
311,026 |
|
Intangible assets, net |
178,836 |
|
|
189,898 |
|
Other assets |
37,525 |
|
|
40,932 |
|
Total assets |
$ |
1,142,265 |
|
|
$ |
1,304,591 |
|
Liabilities and Stockholders’ Equity |
|
|
|
Current liabilities: |
|
|
|
Current portion of long-term debt |
$ |
— |
|
|
$ |
— |
|
Current portion of finance lease obligations |
337 |
|
|
327 |
|
Accounts payable |
124,747 |
|
|
134,821 |
|
Other accrued liabilities |
107,030 |
|
|
124,230 |
|
Total current liabilities |
232,114 |
|
|
259,378 |
|
Long-term debt |
455,800 |
|
|
455,386 |
|
Finance lease obligations |
206 |
|
|
378 |
|
Deferred income taxes |
35,179 |
|
|
37,576 |
|
Other non-current
liabilities |
25,749 |
|
|
30,885 |
|
Total liabilities |
749,048 |
|
|
783,603 |
|
Commitments and
contingencies |
|
|
|
Stockholders’ equity: |
|
|
|
Common stock 200,000,000 shares authorized, $0.01 par value,
52,906,115 and 53,473,620 shares outstanding, respectively |
753 |
|
|
750 |
|
Additional paid-in capital |
639,330 |
|
|
638,917 |
|
Retained earnings |
106,656 |
|
|
221,841 |
|
Accumulated other comprehensive losses |
(6,915 |
) |
|
(3,978 |
) |
Treasury stock at cost, 22,500,750 and 21,640,109 common shares,
respectively |
(346,607 |
) |
|
(336,542 |
) |
Total stockholders' equity |
393,217 |
|
|
520,988 |
|
Total liabilities and stockholders’ equity |
$ |
1,142,265 |
|
|
$ |
1,304,591 |
|
|
|
|
|
|
|
|
|
WABASH NATIONAL
CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited - dollars in thousands, except per
share amounts)
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net sales |
$ |
339,153 |
|
|
$ |
626,053 |
|
|
$ |
726,227 |
|
|
|
$ |
1,159,227 |
|
Cost of sales |
304,832 |
|
|
538,403 |
|
|
655,163 |
|
|
|
1,002,887 |
|
Gross profit |
34,321 |
|
|
87,650 |
|
|
71,064 |
|
|
|
156,340 |
|
General and administrative
expenses |
19,633 |
|
|
26,509 |
|
|
45,825 |
|
|
|
56,649 |
|
Selling expenses |
4,886 |
|
|
8,494 |
|
|
12,884 |
|
|
|
16,717 |
|
Amortization of intangible
assets |
5,493 |
|
|
5,109 |
|
|
10,988 |
|
|
|
10,238 |
|
Impairment and other, net |
(1,690 |
) |
|
— |
|
|
105,424 |
|
|
|
— |
|
Income (loss) from operations |
5,999 |
|
|
47,538 |
|
|
(104,057 |
) |
|
|
72,736 |
|
Other income (expense): |
|
|
|
|
|
|
|
Interest expense |
(5,882 |
) |
|
(7,020 |
) |
|
(12,154 |
) |
|
|
(14,110 |
) |
Other, net |
285 |
|
|
1,081 |
|
|
405 |
|
|
|
912 |
|
Other expense, net |
(5,597 |
) |
|
(5,939 |
) |
|
(11,749 |
) |
|
|
(13,198 |
) |
Income (loss) before income
tax expense (benefit) |
402 |
|
|
41,599 |
|
|
(115,806 |
) |
|
|
59,538 |
|
Income tax expense
(benefit) |
548 |
|
|
10,639 |
|
|
(9,013 |
) |
|
|
13,798 |
|
Net (loss) income |
$ |
(146 |
) |
|
$ |
30,960 |
|
|
$ |
(106,793 |
) |
|
|
$ |
45,740 |
|
|
|
|
|
|
|
|
|
Net (loss) income per
share: |
|
|
|
|
|
|
|
Basic |
$ |
0.00 |
|
|
$ |
0.56 |
|
|
$ |
(2.01 |
) |
|
|
$ |
0.83 |
|
Diluted |
$ |
0.00 |
|
|
$ |
0.56 |
|
|
$ |
(2.01 |
) |
|
|
$ |
0.82 |
|
Weighted average
common shares outstanding (in thousands): |
|
|
|
|
|
|
|
Basic |
52,874 |
|
|
55,197 |
|
|
53,015 |
|
|
|
55,233 |
|
Diluted |
52,874 |
|
|
55,668 |
|
|
53,015 |
|
|
|
55,719 |
|
|
|
|
|
|
|
|
|
Dividends declared per
share |
$ |
0.08 |
|
|
$ |
0.08 |
|
|
$ |
0.160 |
|
|
|
$ |
0.160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WABASH NATIONAL
CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(Unaudited - dollars in thousands)
|
Six Months Ended June 30, |
|
2020 |
|
2019 |
Cash flows from
operating activities |
|
|
|
Net (loss) income |
$ |
(106,793 |
) |
|
$ |
45,740 |
|
Adjustments to reconcile net
(loss) income to net cash provided by operating activities |
|
|
|
Depreciation |
11,657 |
|
|
10,957 |
|
Amortization of intangibles |
10,988 |
|
|
10,238 |
|
Net (gain) loss on sale of property, plant and equipment |
(1,690 |
) |
|
481 |
|
Loss on debt extinguishment |
— |
|
|
53 |
|
Deferred income taxes |
(2,648 |
) |
|
(2,214 |
) |
Stock-based compensation |
416 |
|
|
5,377 |
|
Impairment |
107,114 |
|
|
— |
|
Non-cash interest expense |
535 |
|
|
523 |
|
Accounts receivable |
48,785 |
|
|
10,886 |
|
Inventories |
(14,154 |
) |
|
(80,163 |
) |
Prepaid expenses and other |
(8,195 |
) |
|
(325 |
) |
Accounts payable and accrued liabilities |
(22,126 |
) |
|
58,210 |
|
Other, net |
(1,235 |
) |
|
1,210 |
|
Net cash provided by operating activities |
$ |
22,654 |
|
|
$ |
60,973 |
|
Cash flows from
investing activities |
|
|
|
Capital expenditures |
(10,921 |
) |
|
(14,995 |
) |
Proceeds from the sale of property, plant, and equipment |
2,725 |
|
|
38 |
|
Net cash used in investing activities |
$ |
(8,196 |
) |
|
$ |
(14,957 |
) |
Cash flows from
financing activities |
|
|
|
Proceeds from exercise of stock options |
— |
|
|
55 |
|
Dividends paid |
(8,742 |
) |
|
(9,061 |
) |
Borrowings under revolving credit facilities |
45,449 |
|
|
288 |
|
Payments under revolving credit facilities |
(45,449 |
) |
|
(288 |
) |
Principal payments under finance lease obligations |
(162 |
) |
|
(152 |
) |
Principal payments under term loan credit facility |
— |
|
|
(15,470 |
) |
Debt issuance costs paid |
(12 |
) |
|
(71 |
) |
Stock repurchase |
(10,065 |
) |
|
(13,852 |
) |
Net cash used in financing activities |
$ |
(18,981 |
) |
|
$ |
(38,551 |
) |
Cash and cash
equivalents: |
|
|
|
Net (decrease) increase in cash, cash equivalents, and restricted
cash |
$ |
(4,523 |
) |
|
$ |
7,465 |
|
Cash, cash equivalents and restricted cash at beginning of
period |
140,516 |
|
|
132,690 |
|
Cash, cash equivalents, and restricted cash at end of period |
$ |
135,993 |
|
|
$ |
140,155 |
|
|
|
|
|
|
|
|
|
WABASH NATIONAL
CORPORATIONSEGMENTS AND RELATED
INFORMATION(Unaudited - dollars in thousands)
Three Months Ended
June 30, |
|
Commercial Trailer Products |
|
Diversified Products |
|
Final Mile Products |
|
Corporate and Eliminations |
|
Consolidated |
2020 |
|
|
|
|
|
|
|
|
|
|
New trailers shipped |
|
8,000 |
|
|
400 |
|
|
— |
|
|
— |
|
|
8,400 |
|
Used trailers shipped |
|
185 |
|
|
35 |
|
|
— |
|
|
— |
|
|
220 |
|
|
|
|
|
|
|
|
|
|
|
|
New Trailers |
|
$ |
218,753 |
|
|
$ |
28,176 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
246,929 |
|
Used Trailers |
|
2,273 |
|
|
1,323 |
|
|
— |
|
|
— |
|
|
3,596 |
|
Components, parts and service |
|
9,571 |
|
|
22,166 |
|
|
2,453 |
|
|
(7,884 |
) |
|
26,306 |
|
Equipment and other |
|
1,657 |
|
|
12,286 |
|
|
48,379 |
|
|
— |
|
|
62,322 |
|
Total net external sales |
|
$ |
232,254 |
|
|
$ |
63,951 |
|
|
$ |
50,832 |
|
|
$ |
(7,884 |
) |
|
$ |
339,153 |
|
Gross profit |
|
$ |
22,392 |
|
|
$ |
10,761 |
|
|
$ |
1,963 |
|
|
$ |
(795 |
) |
|
$ |
34,321 |
|
Income (loss) from operations |
|
$ |
18,599 |
|
|
$ |
2,242 |
|
|
$ |
(6,569 |
) |
|
$ |
(8,273 |
) |
|
$ |
5,999 |
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
New trailers shipped |
|
14,250 |
|
|
750 |
|
|
— |
|
|
— |
|
|
15,000 |
|
Used trailers shipped |
|
— |
|
|
25 |
|
|
— |
|
|
— |
|
|
25 |
|
|
|
|
|
|
|
|
|
|
|
|
New Trailers |
|
$ |
385,842 |
|
|
$ |
49,325 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
435,167 |
|
Used Trailers |
|
13 |
|
|
739 |
|
|
— |
|
|
— |
|
|
752 |
|
Components, parts and service |
|
10,622 |
|
|
29,007 |
|
|
4,447 |
|
|
(6,575 |
) |
|
37,501 |
|
Equipment and other |
|
4,387 |
|
|
17,955 |
|
|
130,370 |
|
|
(79 |
) |
|
152,633 |
|
Total net external sales |
|
$ |
400,864 |
|
|
$ |
97,026 |
|
|
$ |
134,817 |
|
|
$ |
(6,654 |
) |
|
$ |
626,053 |
|
Gross profit |
|
$ |
46,906 |
|
|
$ |
20,123 |
|
|
$ |
21,289 |
|
|
$ |
(668 |
) |
|
$ |
87,650 |
|
Income (loss) from operations |
|
$ |
39,918 |
|
|
$ |
8,911 |
|
|
$ |
9,221 |
|
|
$ |
(10,512 |
) |
|
$ |
47,538 |
|
Six Months Ended June
30, |
|
Commercial Trailer Products |
|
Diversified Products |
|
Final Mile Products |
|
Corporate and Eliminations |
|
Consolidated |
2020 |
|
|
|
|
|
|
|
|
|
|
New trailers shipped |
|
16,525 |
|
|
1,050 |
|
|
— |
|
|
— |
|
|
17,575 |
|
Used trailers shipped |
|
220 |
|
|
70 |
|
|
— |
|
|
— |
|
|
290 |
|
|
|
|
|
|
|
|
|
|
|
|
New Trailers |
|
$ |
456,654 |
|
|
$ |
71,488 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
528,142 |
|
Used Trailers |
|
2,591 |
|
|
2,533 |
|
|
— |
|
|
— |
|
|
5,124 |
|
Components, parts and service |
|
18,843 |
|
|
48,248 |
|
|
6,175 |
|
|
(14,984 |
) |
|
58,282 |
|
Equipment and other |
|
5,141 |
|
|
24,640 |
|
|
104,927 |
|
|
(29 |
) |
|
134,679 |
|
Total net external sales |
|
$ |
483,229 |
|
|
$ |
146,909 |
|
|
$ |
111,102 |
|
|
$ |
(15,013 |
) |
|
$ |
726,227 |
|
Gross profit |
|
$ |
46,235 |
|
|
$ |
25,902 |
|
|
$ |
1,719 |
|
|
$ |
(2,792 |
) |
|
$ |
71,064 |
|
Income (loss) from operations |
|
$ |
34,470 |
|
|
$ |
(3,828 |
) |
|
$ |
(114,610 |
) |
|
$ |
(20,089 |
) |
|
$ |
(104,057 |
) |
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
New trailers shipped |
|
26,650 |
|
|
1,450 |
|
|
— |
|
|
— |
|
|
28,100 |
|
Used trailers shipped |
|
50 |
|
|
50 |
|
|
— |
|
|
— |
|
|
100 |
|
|
|
|
|
|
|
|
|
|
|
|
New Trailers |
|
$ |
711,661 |
|
|
$ |
95,124 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
806,785 |
|
Used Trailers |
|
150 |
|
|
1,326 |
|
|
— |
|
|
— |
|
|
1,476 |
|
Components, parts and service |
|
20,955 |
|
|
64,891 |
|
|
7,863 |
|
|
(14,495 |
) |
|
79,214 |
|
Equipment and other |
|
9,143 |
|
|
35,333 |
|
|
227,803 |
|
|
(527 |
) |
|
271,752 |
|
Total net external sales |
|
$ |
741,909 |
|
|
$ |
196,674 |
|
|
$ |
235,666 |
|
|
$ |
(15,022 |
) |
|
$ |
1,159,227 |
|
Gross profit |
|
$ |
82,846 |
|
|
$ |
40,222 |
|
|
$ |
34,813 |
|
|
$ |
(1,541 |
) |
|
$ |
156,340 |
|
Income (loss) from operations |
|
$ |
66,239 |
|
|
$ |
16,955 |
|
|
$ |
11,090 |
|
|
$ |
(21,548 |
) |
|
$ |
72,736 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WABASH NATIONAL
CORPORATIONSEGMENT AND COMPANY FINANCIAL
INFORMATION(Unaudited - dollars in thousands)
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Commercial Trailer
Products |
|
|
|
|
|
|
|
Income from operations |
$ |
18,599 |
|
|
$ |
39,918 |
|
|
$ |
34,470 |
|
|
$ |
66,239 |
|
Adjustments: |
|
|
|
|
|
|
|
Impairment |
— |
|
|
— |
|
|
377 |
|
|
— |
|
Adjusted operating income |
$ |
18,599 |
|
|
$ |
39,918 |
|
|
$ |
34,847 |
|
|
$ |
66,239 |
|
|
|
|
|
|
|
|
|
Diversified
Products |
|
|
|
|
|
|
|
Income (loss) from operations |
2,242 |
|
|
8,911 |
|
|
(3,828 |
) |
|
16,955 |
|
Adjustments: |
|
|
|
|
|
|
|
Impairment |
— |
|
|
— |
|
|
10,971 |
|
|
— |
|
Adjusted operating income |
2,242 |
|
|
8,911 |
|
|
7,143 |
|
|
16,955 |
|
|
|
|
|
|
|
|
|
Final Mile
Products |
|
|
|
|
|
|
|
(Loss) income from operations |
(6,569 |
) |
|
9,221 |
|
|
(114,610 |
) |
|
11,090 |
|
Adjustments: |
|
|
|
|
|
|
|
Impairment |
— |
|
|
— |
|
|
95,766 |
|
|
— |
|
Adjusted operating (loss) income |
(6,569 |
) |
|
9,221 |
|
|
(18,844 |
) |
|
11,090 |
|
|
|
|
|
|
|
|
|
Corporate |
|
|
|
|
|
|
|
Loss from operations |
(8,273 |
) |
|
(10,512 |
) |
|
(20,089 |
) |
|
(21,548 |
) |
|
|
|
|
|
|
|
|
Consolidated |
|
|
|
|
|
|
|
Income (loss) from operations |
5,999 |
|
|
47,538 |
|
|
(104,057 |
) |
|
72,736 |
|
Adjustments: |
|
|
|
|
|
|
|
Impairment |
— |
|
|
— |
|
|
107,114 |
|
|
— |
|
Adjusted operating income |
$ |
5,999 |
|
|
$ |
47,538 |
|
|
$ |
3,057 |
|
|
$ |
72,736 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WABASH NATIONAL
CORPORATIONRECONCILIATION OF GAAP FINANCIAL
MEASURES TONON-GAAP FINANCIAL
MEASURES(Unaudited - dollars in thousands, except per
share amounts)
Operating
EBITDA1: |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net (loss) income |
$ |
(146 |
) |
|
$ |
30,960 |
|
|
$ |
(106,793 |
) |
|
$ |
45,740 |
|
Income tax expense
(benefit) |
548 |
|
|
10,639 |
|
|
(9,013 |
) |
|
13,798 |
|
Interest expense |
5,882 |
|
|
7,020 |
|
|
12,154 |
|
|
14,110 |
|
Depreciation and
amortization |
11,526 |
|
|
10,646 |
|
|
22,645 |
|
|
21,195 |
|
Stock-based compensation |
1,333 |
|
|
2,791 |
|
|
416 |
|
|
5,377 |
|
Impairment and other, net |
(1,690 |
) |
|
— |
|
|
105,424 |
|
|
— |
|
Other, net |
(285 |
) |
|
(1,081 |
) |
|
(405 |
) |
|
(912 |
) |
Operating EBITDA |
$ |
17,168 |
|
|
$ |
60,975 |
|
|
$ |
24,428 |
|
|
$ |
99,308 |
|
Adjusted Net (Loss)
Income2: |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net (loss) income |
$ |
(146 |
) |
|
$ |
30,960 |
|
|
$ |
(106,793 |
) |
|
$ |
45,740 |
|
Adjustments: |
|
|
|
|
|
|
|
Impairment |
— |
|
|
— |
|
|
107,114 |
|
|
— |
|
Tax effect of aforementioned items |
— |
|
|
— |
|
|
(2,786 |
) |
|
— |
|
Adjusted net (loss)
income |
$ |
(146 |
) |
|
$ |
30,960 |
|
|
$ |
(2,465 |
) |
|
$ |
45,740 |
|
Adjusted Basic (2020)
and Diluted (2019) Earnings Per Share2: |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Basic (2020) and diluted (2019) earnings per share |
$ |
0.00 |
|
|
$ |
0.56 |
|
|
$ |
(2.01 |
) |
|
$ |
0.82 |
|
Adjustments: |
|
|
|
|
|
|
|
Impairment |
— |
|
|
— |
|
|
2.01 |
|
|
— |
|
Tax effect of aforementioned items |
— |
|
|
— |
|
|
(0.05 |
) |
|
— |
|
Adjusted basic (2020) and
diluted (2019) earnings per share |
$ |
0.00 |
|
|
$ |
0.56 |
|
|
$ |
(0.05 |
) |
|
$ |
0.82 |
|
|
|
|
|
|
|
|
|
Weighted average basic (2020)
and diluted (2019) shares outstanding (in thousands) |
52,874 |
|
|
55,668 |
|
|
53,015 |
|
|
55,719 |
|
1 Operating EBITDA is
defined as earnings before interest, taxes, depreciation,
amortization, stock-based compensation, impairment and other, net,
and other non-operating income and
expense.2 Adjusted net
(loss) income and adjusted basic (2020) and diluted (2019) earnings
per share reflect adjustments for non-cash impairment and the
related tax effects of these adjustments.
WABASH NATIONAL
CORPORATIONRECONCILIATION OF FREE CASH
FLOW(Unaudited - dollars in thousands)
|
Six Months Ended June 30, |
|
2020 |
|
2019 |
Net cash provided by operating activities |
$ |
22,654 |
|
|
$ |
60,973 |
|
Capital expenditures |
(10,921 |
) |
|
(14,995 |
) |
Free cash flow1 |
$ |
11,733 |
|
|
$ |
45,978 |
|
1 Free cash flow is defined as net cash
provided by operating activities minus capital expenditures.
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