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Corporate Communications Manager
Senior Vice President, Chief Financial Officer
Wabash National Corporation Announces First Quarter 2018 Results;
Increases Full-Year 2018 Guidance on Continued Strong Demand
|·||First quarter GAAP and non-GAAP earnings of $0.35 and $0.28 per diluted share, respectively|
|·||Achieved best-ever first quarter net sales of $491 million, an increase from prior year of 36 percent|
|·||Strong quote and order activity increases backlog to record level of $1.3 billion|
|·||Company increases full-year 2018 guidance for new trailer shipments to 58,000 to 62,000 trailers and GAAP and non-GAAP earnings to $2.01 to $2.13 per diluted share and $1.94 to $2.06 per diluted share, respectively|
LAFAYETTE, Ind. – May 1, 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 quarter ending March 31, 2018.
Net sales for the first quarter 2018 increased 36 percent to $491 million from $363 million in the prior year quarter. This increase reflects growth in each of the Company’s three operating segments due to strong demand and the favorable impact of the acquisition of Supreme Industries, Inc. (“Supreme”) in September 2017. Operating income decreased 15 percent to $25.7 million compared to operating income of $30.3 million for the first quarter 2017 due primarily to increased material costs, new product development initiatives and labor costs attributable to increased production to meet current demand.
“We are pleased to report record first quarter top-line results, driven by a strong overall demand environment, greater than anticipated new trailer shipments of 13,200, and further supported by the revenue delivered from our expanded Final Mile business,” stated Dick Giromini, chief executive officer. “Backlog grew once again, reaching record levels of $1.3 billion, with significant sequential backlog increases of 40% and 50% within the Diversified Products and Final Mile segments, respectively. Additionally, trailer orders received during the quarter within our Commercial Trailer segment remained strong, leading to its third highest first quarter backlog on record. As expected and previously discussed, raw material inflation, along with normal seasonally higher operating costs, further impacted margins throughout the quarter. However, expectations are that this past quarter will represent the low-water mark of operating performance for the year as a combination of higher shipments, lower operating costs, and repricing actions already taken to offset the impact of material cost increases, will all help to contribute strong results throughout the balance of the year. As such, we are increasing our previous full-year guidance for 2018 new trailer shipment to 58,000 to 62,000 units and GAAP and non-GAAP earnings to $2.01 to $2.13 per diluted share and $1.94 to $2.06 per diluted share, respectively.”
The following information was filed by Wabash National Corp De (WNC) on Tuesday, May 1, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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