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Wabash National Corporation (WNC)

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Previous Close11.98
Open11.97
Bid11.98 x 900
Ask12.01 x 1100
Day's Range11.85 - 12.08
52 Week Range6.26 - 16.18
Volume76,237
Avg. Volume766,850
Market Cap635.485M
Beta (5Y Monthly)1.98
PE Ratio (TTM)N/A
EPS (TTM)-1.17
Earnings DateNov 04, 2020 - Nov 09, 2020
Forward Dividend & Yield0.32 (2.63%)
Ex-Dividend DateJul 01, 2020
1y Target Est13.30
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  • Wabash National (WNC) Reports Break-Even Earnings for Q2
    Zacks

    Wabash National (WNC) Reports Break-Even Earnings for Q2

    Wabash (WNC) delivered earnings and revenue surprises of 100.00% and -0.25%, respectively, for the quarter ended June 2020. Do the numbers hold clues to what lies ahead for the stock?

  • Benzinga

    Wabash National: Q2 Earnings Insights

    Shares of Wabash National (NYSE:WNC) were unchanged after the company reported Q2 results.Quarterly Results Earnings per share decreased 100.00% year over year to $0.00, which beat the estimate of ($0.23).Revenue of $339,153,000 decreased by 45.83% from the same period last year, which beat the estimate of $303,250,000.Guidance Earnings guidance hasn't been issued by the company for now.Revenue guidance hasn't been issued by the company for now.Conference Call Details Date: Jul 29, 2020View more earnings on WNCTime: 10:00 AMET Webcast URL: https://edge.media-server.com/mmc/p/5stqummcRecent Stock Performance Company's 52-week high was at $16.6852-week low: $6.26Price action over last quarter: Up 51.24%Company Description Wabash National Corp, along with its subsidiaries, is a diversified industrial manufacturer and producer of semi-trailers, truck bodies, specialized commercial vehicles, and liquid transportation systems. It designs, manufactures and market 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. The company's operating segment includes Commercial Trailer Products, Diversified Products Group, and Final Mile Products. It derives a majority of the revenue from the Commercial Trailer Products segment.See more from Benzinga * Earnings Scheduled For July 29, 2020(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • GlobeNewswire

    Wabash National Corporation Announces Second Quarter 2020 Results

    * Second quarter revenue of $339M, earnings per share of $0.00 * Rapid cost containment leads to exceptional decremental margin management at 15% * Liquidity position strengthens sequentially, repaid previous advances on revolver * Second quarter backlog of approximately $750 million gives visibility into the second half of 2020 * Anticipate positive free cash flow in 2020, remain committed to dividendLAFAYETTE, Ind., July 29, 2020 (GLOBE NEWSWIRE) -- 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 HighlightsThe 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 MeasuresIn 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 CallWabash 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 CorporationHeadquartered 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 StatementThis 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 Stelsel Director, Corporate Communications (765) 771-5766 dana.stelsel@wabashnational.com Investor Relations: Ryan Reed Director, Investor Relations (765) 490-5664 ryan.reed@wabashnational.com WABASH NATIONAL CORPORATION CONDENSED 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, net123,952  172,737  Inventories201,068  186,914  Prepaid expenses and other41,836  41,222  Total current assets502,849  541,389  Property, plant, and equipment, net218,637  221,346  Goodwill204,418  311,026  Intangible assets, net178,836  189,898  Other assets37,525  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 obligations337  327  Accounts payable124,747  134,821  Other accrued liabilities107,030  124,230  Total current liabilities232,114  259,378  Long-term debt455,800  455,386  Finance lease obligations206  378  Deferred income taxes35,179  37,576  Other non-current liabilities25,749  30,885  Total liabilities749,048  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, respectively753  750  Additional paid-in capital639,330  638,917  Retained earnings106,656  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' equity393,217  520,988  Total liabilities and stockholders’ equity$1,142,265  $1,304,591           WABASH NATIONAL CORPORATION CONDENSED 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   $1,159,227  Cost of sales304,832  538,403  655,163   1,002,887  Gross profit34,321  87,650  71,064   156,340  General and administrative expenses19,633  26,509  45,825   56,649  Selling expenses4,886  8,494  12,884   16,717  Amortization of intangible assets5,493  5,109  10,988   10,238  Impairment and other, net(1,690) —  105,424   —  Income (loss) from operations5,999  47,538  (104,057)  72,736  Other income (expense):        Interest expense(5,882) (7,020) (12,154)  (14,110) Other, net285  1,081  405   912  Other expense, net(5,597) (5,939) (11,749)  (13,198) Income (loss) before income tax expense (benefit)402  41,599  (115,806)  59,538  Income tax expense (benefit)548  10,639  (9,013)  13,798  Net (loss) income$(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):        Basic52,874  55,197  53,015   55,233  Diluted52,874  55,668  53,015   55,719           Dividends declared per share$0.08  $0.08  $0.160   $0.160                    WABASH NATIONAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited - dollars in thousands) Six Months Ended June 30,  2020 2019 Cash flows from operating activities    Net (loss) income$(106,793) $45,740  Adjustments to reconcile net (loss) income to net cash provided by operating activities    Depreciation11,657  10,957  Amortization of intangibles10,988  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 compensation416  5,377  Impairment107,114  —  Non-cash interest expense535  523  Accounts receivable48,785  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  $60,973  Cash flows from investing activities    Capital expenditures(10,921) (14,995) Proceeds from the sale of property, plant, and equipment2,725  38  Net cash used in investing activities$(8,196) $(14,957) Cash flows from financing activities    Proceeds from exercise of stock options—  55  Dividends paid(8,742) (9,061) Borrowings under revolving credit facilities45,449  288  Payments under revolving credit facilities(45,449) (288) Principal payments under finance lease obligations(162) (152) Principal payments under term loan credit facility—  (15,470) Debt issuance costs paid(12) (71) Stock repurchase(10,065) (13,852) Net cash used in financing activities$(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 period140,516  132,690  Cash, cash equivalents, and restricted cash at end of period$135,993  $140,155           WABASH NATIONAL CORPORATION SEGMENTS 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 CORPORATION SEGMENT 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 operations2,242  8,911  (3,828) 16,955  Adjustments:        Impairment—  —  10,971  —  Adjusted operating income2,242  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 operations5,999  47,538  (104,057) 72,736  Adjustments:        Impairment—  —  107,114  —  Adjusted operating income$5,999  $47,538  $3,057  $72,736                   WABASH NATIONAL CORPORATION RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES (Unaudited - dollars in thousands, except per share amounts)Operating EBITDA1:Three Months Ended June 30, Six Months Ended June 30,  2020 2019 2020 2019 Net (loss) income$(146) $30,960  $(106,793) $45,740  Income tax expense (benefit)548  10,639  (9,013) 13,798  Interest expense5,882  7,020  12,154  14,110  Depreciation and amortization11,526  10,646  22,645  21,195  Stock-based compensation1,333  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 CORPORATION RECONCILIATION 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.