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Corporate Communications Manager
Vice President, Finance & Investor Relations
Wabash National Corporation Announces Third Quarter 2017 Results
|·||Successfully completed the acquisition of Supreme Industries with integration efforts on schedule|
|·||GAAP and non-GAAP earnings of $0.30 per diluted share and $0.34 per diluted share, respectively|
|·||Net sales of $425 million, down 8 percent as compared to the third quarter of 2016|
|·||Operating income of $26.6 million and 6.3 percent of net sales; excluding acquisition related costs, achieved operating income of $35.3 million and 8.3 percent of net sales|
|·||2017 full-year shipment guidance updated to 53,500 to 55,500 trailers; full-year earnings per diluted share guidance adjusted to $1.33 to $1.37 per diluted share|
LAFAYETTE, Ind. – October 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 quarter ending September 30, 2017.
Net income for the third quarter of 2017 was $18.9 million, or $0.30 per diluted share, compared to third quarter 2016 net income of $33.4 million, or $0.51 per diluted share. Third quarter 2017 non-GAAP adjusted earnings decreased $11.7 million over the prior year period to $21.2 million, or $0.34 per diluted share. Non-GAAP adjusted earnings for the third quarter of 2017 excludes one-time acquisition expenses of $8.7 million related to the purchase of Supreme Industries, Inc. (“Supreme”) on September 27, 2017 and gains realized on the transition of former branch facilities to third-party dealers. Non-GAAP adjusted earnings for the third quarter of 2016 also excluded gains related to the transition of branch locations.
Net sales for the third quarter of 2017 were $425 million, a decrease of 8 percent as compared to the third quarter of 2016. Operating income decreased 52 percent to $26.6 million, due to lower trailer volume, compared to operating income of $54.9 million for the third quarter of 2016. Operating EBITDA, a non-GAAP measure that excludes the effects of certain recurring and non-recurring items, for the third quarter of 2017 was $46.6 million, a decrease of $20.3 million, or 30 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 $191.5 million, or 11.4 percent of net sales.
The following information was filed by Wabash National Corp De (WNC) on Tuesday, October 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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