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|Corporate Communications Manager Marketing|
|Vice President, Finance & Investor Relations|
FOR IMMEDIATE RELEASE
Wabash National Corporation Announces
Record Fourth Quarter and Full Year 2015 Results
|·||Fourth quarter and full year GAAP earnings of $0.50 and $1.50 per diluted share, up 85.2 percent and 76.5 percent, respectively, over prior year period|
|·||Fourth quarter and full year non-GAAP adjusted earnings of $0.51 and $1.49 per diluted share, up 88.9 percent and 67.4 percent, respectively over prior year period|
|·||New $100 million share repurchase program approved by Board of Directors|
|·||Net sales of $2.03 billion, a record for the fourth consecutive year and up 9 percent over prior year|
|·||Record operating income for the fourth consecutive year of $180.4 million, up 47 percent over prior year|
|·||Record quarterly net sales of $544 million, up 3.1 percent over prior year period|
LAFAYETTE, Ind. – February 2, 2016 –Wabash National Corporation (NYSE: WNC), a diversified industrial manufacturer and North America’s leading producer of semi-trailers and liquid transportation systems, today reported results for the fourth quarter and full year periods ending December 31, 2015.
Net income for the fourth quarter of 2015 was $33.3 million, or $0.50 per diluted share, compared to fourth quarter 2014 net income of $19.1, or $0.27 per diluted share. Fourth quarter 2015 non-GAAP adjusted earnings increased $15.0 million as compared to the prior year period to $34.1 million, or $0.51 per diluted share. Non-GAAP adjusted earnings for the fourth quarter of 2015 includes the impairment of certain intangible assets of $1.1 million related to streamlining of product branding and an early extinguishment of debt charge of $0.2 million incurred with regards to the Company’s repurchase of a portion of the outstanding convertible senior notes. Net sales for the fourth quarter increased 3 percent to a record $544 million from $527 million in the prior year quarter and operating income increased 60 percent to $54.7 million compared to operating income of $34.1 million for the fourth quarter of 2014. Operating EBITDA, a non-GAAP measure that excludes the effects of certain recurring and non-recurring items, for the fourth quarter of 2015 was $68.6 million, an increase of $22.5 million compared to operating EBITDA for the previous year quarter.
The following information was filed by Wabash National Corp De (WNC) on Tuesday, February 2, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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