LONDON, UK / ACCESSWIRE / February 13, 2018 / Active-Investors.com has just released a free earnings report on Wabash National Corp. (NYSE: WNC) ("Wabash"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=WNC. The Company reported its fourth quarter fiscal 2017 and full fiscal year 2017 operating and financial results on January 30, 2018. The maker of truck trailers outperformed top- and bottom-line expectations, and provided guidance for the upcoming quarter. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the fourth quarter of the fiscal year 2017, Wabash's net sales advanced 18% to $543.44 million compared to $462.06 million in Q4 2016. The Company's revenue numbers exceeded analysts' expectations of $528.1 million.
For the twelve months ended December 31, 2017, Wabash reported net sales of $1.77 billion compared to $1.85 billion for FY16.
During Q4 2017, Wabash's operating income decreased 13% to $35.3 million compared to $40.6 million for Q4 2016. The Company's operating earnings before interest, tax, depreciation, and amortization (EBITDA) was $51.06 million for the reported quarter compared to $53.61 million for the prior year's same quarter.
Wabash reported a net income of $49.4 million, or $0.80 per diluted share, for Q4 2017 compared to a net income of $23.0 million, or $0.36 per diluted share, for Q4 2016. The Company's reported quarter results included a one-time tax benefit associated with both the adjustment of the Company's net deferred income tax liability totaling $19.7 million, as a result of the Tax Cuts and Jobs Act 2017 (TCJA), and the reversal of reserves for uncertain tax positions of $12.6 million. Furthermore, the Company's earnings in Q4 2017 included non-recurring expenses totaling $6.6 million, primarily related to acquisition and integration expenses associated with the Company's acquisition of Supreme Industries, Inc. in September 2017, and charges incurred related to the closing of former branch locations.
Wabash reported non-GAAP adjusted earnings of $22.25 million, or $0.36 per diluted share, in Q4 2017 compared to $24.21 million, or $0.38 per diluted share, in Q4 2016. The Company's earnings beat Wall Street's estimates of $0.34 per share.
For FY17, Wabash reported a net income of $111.4 million, or $1.78 per diluted share, compared to $119.4 million, or $1.82 per diluted share, for FY16. The Company's non-GAAP adjusted earnings were $86.2 million, or $1.38 per diluted share, in FY17 compared to $121.5 million, or $1.85 per diluted share, in FY16.
Wabash ended the year with historically strong backlog of orders totaling $1.2 billion, an increase of 64% compared to the previous quarter.
During Q4 2017, Wabash's Commercial Trailer Products segment's net sales grew 2% to $385.96 million on a y-o-y basis compared to $379.34 million in Q4 2016. The segment's gross profit margin decreased 340 basis points to 12.2% for the reported quarter, primarily due to increases in commodity costs and continued labor constraints resulting in higher overtime requirements to meet the current demand. The segment's operating income fell 20% to $40.13 million on a y-o-y basis, or 10.4% of net sales, versus $49.92 million, or $13.2% of net sales, in the year earlier comparable quarter. The segment recorded total new trailers shipments of 15,500 in Q4 2017 versus 14,600 in Q4 2016.
For Q4 2017, Wabash's Diversified Products segment's net sales advanced 7% to $91.77 million on a y-o-y basis, primarily driven by the increased demand for liquid tank trailers and process systems products. The segment's gross profit margins increased 390 basis points to 19.7%, primarily due to increased demand levels and the execution of cost management initiatives. The segment's operating income was $5.53 million, or 6.0% of net sales, for Q4 2017 compared to $1.12 million, or 1.3% of net sales, in Q4 2016. The segment's new trailers shipped totaled 650 for the reported quarter compared to 550 in the year earlier corresponding quarter.
During Q4 2017, Wabash's Final Mile Products segment's net sales totaled $70.46 million. The segment's gross profit and gross profit margin were $8.1 million and 11.6%, respectively, for the reported quarter. Excluding non-recurring acquisition- and integration-related costs, the segment's gross profit and operating margins were 17.6% and 3.9%, respectively, for Q4 2017.
In the full year 2018, Wabash is forecasting to ship trailer units in the range of 56,000 to 60,000, along with 22,000 to 24,000 truck body units, for a revenue projection of $2.05 billion to $2.15 billion. The Company is forecasting earnings per diluted share of $1.86 to $2.02.
Stock Performance Snapshot
February 12, 2018 - At Monday's closing bell, Wabash National's stock climbed 1.68%, ending the trading session at $23.62.
Volume traded for the day: 707.61 thousand shares.
Stock performance in the last month – up 5.07%; previous three-month period – up 21.56%; past twelve-month period – up 10.58%; and year-to-date – up 8.85%
After yesterday's close, Wabash National's market cap was at $1.38 billion.
Price to Earnings (P/E) ratio was at 13.22.
The stock has a dividend yield of 1.27%.
The stock is part of the Consumer Goods sector, categorized under the Trucks & Other Vehicles industry. This sector was up 1.8% at the end of the session.
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