Wabash National Corp De (WNC) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

Exhibit 99.1 

  

Media Contact: Dana Stelsel Director, Corporate Communications (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 Second Quarter 2018 Results;

Achieved Record Quarterly Net Sales on Continued Strong Demand

 

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Achieved record quarter net sales of $613 million, a 41 percent increase from prior year

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Gross profit and operating income increased 26 percent and 19 percent, respectively, compared to the prior year

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Second quarter GAAP and non-GAAP earnings of $0.54 and $0.49 per diluted share, respectively

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Backlog increased 51 percent to $1.2 billion compared to the prior year

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Company updates full-year 2018 guidance for new trailer shipments of 60,000 to 62,000 trailers and GAAP and non-GAAP earnings to $2.06 to $2.12 per diluted share and $1.94 to $2.00 per diluted share, respectively

 

LAFAYETTE, Ind. – July 31, 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 June 30, 2018.

 

Net sales for the second quarter 2018 increased 41 percent to $613 million from $436 million in the prior year quarter. This increase reflects strong top-line growth in each of the Company’s three operating segments due to a continued healthy demand environment and the favorable impact of the inclusion of the results of Supreme Industries, Inc. (“Supreme”), acquired in the third quarter of 2017. Gross profit increased $17.6 million and profit margin decreased 160 basis points as compared to the prior year period. The decrease in the profit margin is due primarily to increased material costs, higher labor costs attributable to attracting and retaining a skilled workforce and supplier constraints for key materials leading to production inefficiencies. Operating income increased 19 percent to $46.0 million compared to operating income of $38.7 million for the second quarter 2017.

 

“We are pleased to have delivered a strong performance in the quarter, especially considering the challenging environment we faced, as we continue to execute our strategic plan to profitably grow and diversify,” stated Brent Yeagy, president and chief executive officer. “We achieved a new record for quarterly consolidated revenue at approximately $613 million, which is 13 percent higher than the previous record from the fourth quarter of 2015. This new record is directly attributable to the addition of the Supreme business and our Final Mile Products segment. Needless to say, we continue to believe our Final Mile Products business will help drive future growth for Wabash National. Overall, all three of our reporting segments continue to experience strong demand in most end markets and we expect a stronger second half of 2018.”

 

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The following information was filed by Wabash National Corp De (WNC) on Tuesday, July 31, 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.