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Corporate Communications Manager
Vice President, Finance & Investor Relations
Wabash National Corporation Announces
Fourth Quarter and Full Year 2016 Results
|·||Full-year operating income of $202.5 million, an increase of 12 percent over prior year, achieves record performance for a fifth consecutive year|
|·||Strong operating performance continues as full-year operating income margin increases to 11.0 percent, a year-over-year improvement of 210 basis points|
|·||Fourth quarter and full-year GAAP earnings of $0.36 and $1.82 per diluted share, down 28 percent and up 21 percent, respectively, over prior year period|
|·||Fourth quarter and full-year non-GAAP adjusted earnings of $0.38 and $1.85 per diluted share, down 25 percent and up 24 percent, respectively over prior year period|
|·||Company initiates 2017 shipment guidance of 51,000 to 55,000 trailers and full-year earnings per diluted share guidance of $1.40 to $1.55|
LAFAYETTE, Ind. – January 31, 2017 –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, 2016.
Net income for the fourth quarter of 2016 was $23.0 million, or $0.36 per diluted share, compared to the fourth quarter of 2015 net income of $33.3 million, or $0.50 per diluted share. Fourth quarter 2016 non-GAAP adjusted earnings decreased $9.9 million as compared to the prior year period to $24.2 million, or $0.38 per diluted share. Non-GAAP adjusted earnings for the fourth quarter of 2016 excludes an early extinguishment of debt charge of $1.4 million incurred in connection with the Company’s purchase of a portion of its outstanding convertible senior notes and $0.5 million of expenses incurred related to the closing of former branch locations. Net sales for the fourth quarter decreased 15 percent to $462 million from $544 million in the prior year quarter and operating income decreased 26 percent to $40.6 million compared to operating income of $54.7 million for the fourth quarter of 2015. Operating EBITDA, a non-GAAP measure that excludes the effects of certain items, for the fourth quarter of 2016 was $53.6 million, a decrease of $15.0 million compared to operating EBITDA for the previous year quarter.
The following information was filed by Wabash National Corp De (WNC) on Tuesday, January 31, 2017 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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