Wabash National Corp (WNC) Reports Q3 2023 Earnings: Revenue at $633M, EPS at $1.16
Wabash National Corp (NYSE:WNC) reports Q3 2023 earnings with a revenue of $633 million and an EPS of $1.16.
The company's operating income stands at $78 million with an operating margin of 12.3%.
WNC's total backlog is reported at $1.9 billion.
The company has increased its 2023 EPS outlook by $0.20 to a midpoint of $4.65.
On October 25, 2023, Wabash National Corp (NYSE:WNC) released its Q3 2023 earnings report. The company reported a quarterly revenue of $633 million, a 3.4% decrease compared to the same quarter of the previous year. The operating income was reported at $78 million, representing an operating margin of 12.3%. The company's diluted earnings per share for the quarter was $1.16.
Financial Highlights
Wabash National Corp (NYSE:WNC) achieved a consolidated gross profit of $123 million, equivalent to 19.4% of sales. The company's strong material margin, favorable product mix, and strong results from parts and services, tanks, and truck bodies contributed to these results. The total company backlog as of September 30, 2023, stood at approximately $1.9 billion, a decrease of 20% compared to the third quarter of 2022.
Company's Outlook
For the full year ending December 31, 2023, Wabash National Corp (NYSE:WNC) has narrowed its revenue outlook to approximately $2.6 billion and increased its EPS guidance to a range of $4.60 to $4.70 with a midpoint of $4.65. The company's president and CEO, Brent Yeagy, stated,
We are raising the bar considerably for the peak earnings potential of Wabash. We are also poised to generate significant free cash flow in 2023 even while making meaningful investments in our operations."
Business Segment Highlights
The Transportation Solutions segment achieved net sales of $582.9 million, a decrease of 4.7% compared to the same quarter of the previous year. The Parts & Services segment's net sales for the third quarter reached $56.4 million, an increase of 20.8% compared to the prior year quarter.
Balance Sheet and Cash Flow Statement
As of September 30, 2023, Wabash National Corp (NYSE:WNC) reported total assets of $1.39 billion, with total liabilities standing at $870.17 million. The company's net cash provided by operating activities for the nine months ended September 30, 2023, was $204.6 million.
The company's financial performance reflects its strong operational efficiency and strategic growth initiatives. Despite the challenges posed by the current market conditions, Wabash National Corp (NYSE:WNC) continues to deliver robust financial results, demonstrating its resilience and strong business model.
This article first appeared on GuruFocus.
