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|Corporate Communications Manager|
|Vice President, Finance & Investor Relations|
Wabash National Corporation Announces First Quarter 2017 Results;
Increases Outlook on Full Year 2017
|·||First quarter GAAP and non-GAAP earnings of $0.32 per diluted share and $0.31 per diluted share, respectively|
|·||Net sales of $363 million for first quarter 2017|
|·||Operating income of $30.3 million, second best first quarter performance in Company history|
|·||Company increases 2017 shipment guidance to 52,000 to 56,000 trailers and full-year earnings per diluted share guidance to $1.44 to $1.56|
LAFAYETTE, Ind. – April 24, 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 quarter ending March 31, 2017.
Net income for the first quarter of 2017 was $20.2 million, or $0.32 per diluted share, compared to first quarter 2016 net income of $27.5 million, or $0.42 per diluted share. First quarter 2017 non-GAAP adjusted earnings decreased $8.3 million over the prior year period to $19.5 million, or $0.31 per diluted share. Non-GAAP adjusted earnings for the first quarter of 2017 includes the net gain on closure of former facilities offset by charges related to the early extinguishment of debt in connection with the Company’s amendment to its term loan credit facility. Non-GAAP adjusted earnings for the first quarter of 2016 included an early extinguishment of debt charge related to the Company’s repurchase of a portion of its outstanding convertible senior notes.
Net sales for the first quarter decreased 19 percent to $363 million while operating income decreased 37 percent, or to $30.3 million, due to lower trailer demand, compared to operating income of $48.2 million for the first quarter of 2016. Operating EBITDA, a non-GAAP measure that excludes the effects of certain recurring and non-recurring items, for the first quarter of 2017 was $41.9 million, a decrease of $17.9 million, or 30 percent, compared to operating EBITDA for the prior year period. On a trailing twelve month basis, net sales totaled $1.8 billion, generating Operating EBITDA of $235.1 million, or 13.4 percent of net sales, a year-over-year improvement of 110 basis points. The solid operating performance is attributable to the successful execution of the Company’s growth and diversification strategies, strong pricing environment within its Commercial Trailer Products segment and operational improvements across the Company’s manufacturing facilities.
The following information was filed by Wabash National Corp De (WNC) on Monday, April 24, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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