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|Corporate Communications Manager|
|Vice President, Finance & Investor Relations|
Wabash National Corporation Announces Second Quarter 2017 Results
|·||GAAP and non-GAAP earnings of $0.36 per diluted share and $0.37 per diluted share, respectively|
|·||Net sales of $436 million|
|·||Operating income of $38.7 million and 8.9 percent of net sales, up $8.4 million and 60 basis points, respectively, as compared to first quarter 2017|
|·||2017 full-year shipment guidance updated to 53,000 to 56,000 trailers; full-year earnings per diluted share guidance adjusted to $1.44 to $1.50 per diluted share|
LAFAYETTE, Ind. – July 25, 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 June 30, 2017.
Net income for the second quarter of 2017 was $22.9 million, or $0.36 per diluted share, compared to second quarter 2016 net income of $35.5 million, or $0.53 per diluted share. Second quarter 2017 non-GAAP adjusted earnings decreased $13.4 million over the prior year period to $23.2 million, or $0.37 per diluted share. Non-GAAP adjusted earnings for the second quarter of 2017 includes charges related to the early extinguishment of debt in connection with the Company’s repurchase of a portion of its outstanding convertible senior notes, one-time executive severance costs and losses on closure of former facilities. Non-GAAP adjusted earnings for the second quarter of 2016 included a non-recurring charge in connection with the Company’s segment realignment.
Net sales for the second quarter of 2017 was $436 million, a decrease of 8 percent as compared to the second quarter of 2016. Operating income decreased 34 percent to $38.7 million, due to lower trailer demand, compared to operating income of $58.9 million for the second quarter of 2016. Operating EBITDA, a non-GAAP measure that excludes the effects of certain recurring and non-recurring items, for the second quarter of 2017 was $49.5 million, a decrease of $23.3 million, or 32 percent, compared to Operating EBITDA for the prior year period. On a trailing twelve month basis, net sales totaled $1.7 billion, generating Operating EBITDA of $211.8 million, or 12.3 percent of net sales. The continued solid operating performance is attributable to the strong demand environment and operational improvements within the Commercial Trailer Products segment, as well as the sustained benefits from the Company’s growth and diversification strategies.
The following information was filed by Wabash National Corp De (WNC) on Tuesday, July 25, 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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