Wabash National Corp De (WNC) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

 

Exhibit 99.1

 

Media Contact:
Dana Stelsel
Corporate Communications Manager
(765) 771-5766
dana.stelsel@wabashnational.com
Investor Relations:
Jeff Taylor
Senior Vice President, Chief Financial Officer
(765) 771-5310
jeff.taylor@wabashnational.com

 

Wabash National Corporation Announces

 

Fourth Quarter and Full Year 2017 Results

  

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Fourth quarter and full-year GAAP earnings of $0.80 and $1.78 per diluted share

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Fourth quarter and full-year non-GAAP adjusted earnings of $0.36 and $1.38 per diluted share

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Strong quote and order activity increases backlog to near record level of $1.2 billion

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Company updates 2018 shipment guidance to 56,000 to 60,000 trailers and full-year earnings per diluted share guidance of $1.86 to $2.02

 

LAFAYETTE, Ind. – January 30, 2018 –

Wabash National Corporation (NYSE: WNC), a diversified industrial manufacturer and a leading producer of semi-trailers, truck bodies and liquid transportation systems, today reported results for the fourth quarter and full-year periods ending December 31, 2017.

 

Net income for the fourth quarter 2017 was $49.4 million, or $0.80 per diluted share, compared to the fourth quarter 2016 net income of $23.0 million, or $0.36 per diluted share. Fourth quarter 2017 non-GAAP adjusted earnings was $22.3 million, or $0.36 per diluted share, a $2.0 million decrease as compared to the prior year period. Non-GAAP adjusted earnings for the fourth quarter 2017 exclude the one-time tax benefit associated with both the adjustment of the Company’s net deferred income tax liability totaling $19.7 million as a result of the Tax Cuts and Jobs Act of 2017 and the reversal of reserves for uncertain tax positions of $12.6 million. In addition, the fourth quarter 2017 adjusted earnings excludes non-recurring expenses totaling $6.6 million primarily related to acquisition and integration expenses associated with the Company’s acquisition of Supreme Industries, Inc. (“Supreme”) in September 2017 and charges incurred related to the closing of former branch locations. Net sales for the fourth quarter increased 18 percent to $543 million from $462 million in the prior year quarter and operating income decreased 13 percent to $35.3 million compared to operating income of $40.6 million for the fourth quarter 2016. Operating EBITDA, a non-GAAP measure that excludes the effects of certain items, for the fourth quarter 2017 was $51.1 million, a decrease of $2.5 million compared to operating EBITDA for the previous year quarter.

 

For the twelve months ended December 31, 2017, the Company reported net income of $111.4 million, or $1.78 per diluted share, on net sales of $1.77 billion, compared to net income of $119.4 million, or $1.82 per diluted share, on net sales of $1.85 billion for the twelve months ended December 31, 2016. Full-year 2017 results included tax benefits associated with both the adjustment of the Company’s net deferred income tax liability totaling $19.7 million as a result of the Tax Cuts and Jobs Act of 2017 and the reversal of reserves for uncertain tax positions of $12.6 million. Full-year results also include charges totaling $9.5 million related to acquisition and integration related costs for Supreme and early extinguishment of debt incurred with the Company’s purchase of a portion of the outstanding convertible senior notes net of gains from the transition and sale of former branch locations. Excluding the impact of these items, non-GAAP adjusted earnings for the full-year 2017 were $86.2 million, or $1.38 per diluted share. Full-year 2016 results included charges totaling $3.3 million related to early extinguishment of debt incurred with the Company’s purchase of a portion of the outstanding convertible senior notes and the impairment of intangible assets in connection with the Company’s segment realignment. Excluding the impact of these items, non-GAAP adjusted earnings for the full-year 2016 were $121.5 million, or $1.85 per diluted share. For the full-year 2017, the Company achieved operating EBITDA of $189.0 million, or 10.7 percent of net sales, as compared to $253.0 million, or 13.7 percent of net sales, for the previous year.

 

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The following information was filed by Wabash National Corp De (WNC) on Tuesday, January 30, 2018 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.