Wabash National Corporation Announces Third Quarter 2015 Results; Achieves Record Profitability and Increases Full-Year Outlook

  • Record net sales of $531 million for third quarter 2015, up 8 percent year over year
  • Record operating income of $56.4 million, up 61 percent year over year
  • Both GAAP earnings and non-GAAP adjusted earnings of $0.47 per diluted share reflect improvements year over year of 88 percent and 81 percent, respectively
  • Non-GAAP adjusted earnings guidance for full year 2015 increases to $1.38 – $1.43 per diluted share, which would represent a year over year improvement of 58 percent at the midpoint of the range    

LAFAYETTE, Ind., Oct. 27, 2015 (GLOBE NEWSWIRE) —  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 third quarter ended September 30, 2015. 

Net income for the third quarter of 2015 was $31.9 million, or $0.47 per diluted share, compared to third quarter 2014 net income of $18.3 million, or $0.25 per diluted share.  Third quarter 2015 non-GAAP adjusted earnings increased $13.3 million to $31.9 million, or $0.47 per diluted share, from $18.6 million, or $0.26 per diluted share, for the third quarter 2014.  Non-GAAP adjusted earnings for the third quarter of 2014 includes an early extinguishment of debt charge of $0.5 million incurred with regards to the Company’s term loan prepayment.

For the third quarter of 2015, the Company’s net sales increased 8 percent to a record $531 million from $492 million in the prior year quarter, and operating income increased 61 percent to a record quarter of $56.4 million compared to operating income of $34.9 million for the third quarter of 2014.  Operating EBITDA, a non-GAAP measure that excludes the effects of certain recurring and non-recurring items, for the third quarter of 2015 was $68.0 million, an increase of $21.4 million compared to the prior year period.  On a trailing twelve month basis through September 30, 2015, the Company’s net sales exceeded $2.0 billion, net income totaled $90.1 million and Operating EBITDA increased to $207.0 million, or 10.3 percent of net sales.

The following is a summary of select operating and financial results for the past five quarters:

  Three Months Ended  
(Dollars in thousands, except per share amounts) September 30,   December 31,   March 31,   June 30,   September 30,  
  2014       2014       2015       2015       2015    
                                           
Net Sales $   491,697     $   527,477     $   437,597     $   514,831     $   531,350      
                     
Gross Profit Margin   12.5 %     11.9 %     13.1 %     14.1 %     16.2 %  
                     
Income from Operations $   34,929     $   34,137     $   27,263     $   42,054     $   56,389    
                     
Net Income $   18,307     $   19,088     $   10,474     $   28,649     $   31,880    
 
Diluted EPS $   0.25     $   0.27     $   0.15     $   0.41     $   0.47      
                       
Non-GAAP Measures(1):                      
                       
Operating EBITDA $   46,619     $   46,147     $   39,135     $   53,655     $   68,030      
 
Operating EBITDA Margin   9.5 %     8.7 %     8.9 %     10.4 %     12.8 %    
                     
Adjusted Earnings $   18,630     $   19,088     $   13,788     $   23,586     $   31,880      
                     
Adjusted Diluted EPS $   0.26     $   0.27     $   0.19     $   0.33     $   0.47      
 

Notes:

  1. See “Non-GAAP Measures” below for a discussion of how the Company uses and defines non-GAAP financial measures.

Dick Giromini, president and chief executive officer, stated, “We are very pleased with the continued strong performance and our ability to deliver third quarter results that represent record achievement levels for net sales, gross profit, income from operations, operating margin and Operating EBITDA.  The overall strength in the Company’s operating performance demonstrates that both the operational improvement initiatives and the transformative nature of our strategic growth efforts are paying strong dividends.  All segments contributed significantly to the record performance this quarter as Commercial Trailer Products’ ongoing commitment to margin improvement and manufacturing excellence resulted in record level gross profit and operating income while Diversified Products’ performance provided significant year over year and sequential improvements.  Through the first nine months of 2015 we have continued the momentum generated last year with strong operational execution and an accelerated pace of improvement from our record breaking 2014.”

Mr. Giromini continued, “New trailer shipments for the third quarter were approximately 16,500, just within the range of our previous guidance of 16,500 to 17,500 trailers.  With three quarters now complete and a full order book for the remainder of the year, we fully expect to finish 2015 with the Company’s fourth consecutive year of record performance.  As such, we are now updating and tightening our full-year trailer shipment guidance to 63,000 to 64,000 trailers and increasing our adjusted earnings guidance to $1.38 to $1.43 per diluted share.  Longer term, supported by a healthy backlog of $1.1 billion, we believe the demand environment for trailers will remain strong as customer profitability, fleet age and regulatory compliance requirements all support an extended trailer cycle. Additionally, we expect continued growth from our strategic initiatives through new product introductions and market expansion opportunities.”

Third Quarter Business Segment Highlights
The table below is a summary of select segment operating and financial results prior to the elimination of intersegment sales for the third quarter of 2015 and 2014, respectively.  A complete disclosure of the results by individual segment is included in the tables following this release.

     
(dollars in thousands)   Commercial    Diversified    
      Trailer Products   Products   Retail 
Three months ended September 30,            
  2015            
New trailers shipped       15,500         1,000         600  
Net sales   $   387,032     $   120,219     $   41,911  
Gross profit   $   52,497     $   28,857     $   5,310  
Gross profit margin     13.6 %     24.0 %     12.7 %
Income from operations   $   45,610     $   16,789     $   1,322  
Income from operations margin     11.8 %     14.0 %     3.2 %
               
  2014            
New trailers shipped       14,700         850         800  
Net sales   $   351,951     $   115,838     $   45,166  
Gross profit   $   30,994     $   24,691     $   4,896  
Gross profit margin     8.8 %     21.3 %     10.8 %
Income from operations   $   25,166     $   13,071     $   859  
Income from operations margin     7.2 %     11.3 %     1.9 %
               

 

Commercial Trailer Products achieved new quarterly records for gross profit, operating income and operating margin.  Net sales were $387 million, an increase of $35 million, or 10.0 percent, on shipments of 15,500 trailers, or 800 more trailers than the prior year period.  This increase in revenue was primarily due to a 5.4 percent increase in trailer shipments during the quarter as well as the ongoing commitment to improve the financial performance within the core trailer business.  Driven by higher volumes, an improved pricing environment and continued operational improvements, gross profit and gross profit margin increased $21.5 million and 480 basis points, respectively, as compared to the same period last year.  Operating income increased by $20.4 million from the third quarter last year to $45.6 million.

Diversified Products’ net sales increased $4 million, or 3.8 percent, as compared to the previous year period as the increase in tank trailer shipments was partially offset by lower sales of aviation and other non-trailer equipment-related offerings.  Gross profit margin for the third quarter of 24.0 percent improved 270 basis points from the prior year period.  In addition, gross profit and operating income increased $4.2 million and $3.7 million, respectively, compared to the prior year period.  These year-over-year improvements are due primarily to increased tank trailer shipments, strong demand for the Company’s composite products, product mix and the successful execution of diversification initiatives to profitably grow the business.

Retail’s net sales of $42 million decreased 7.2 percent compared with the prior year period primarily due to lower shipments of new trailers, which were partially offset by the continued healthy demand for parts and service throughout the quarter.  Gross profit margin improved 190 basis points compared to the prior year period due to a shift in product mix favoring higher-margined parts and service sales.  Operating income of $1.3 million increased $0.5 million from the same period last year.

Non-GAAP Measures
In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), the financial information included in this release contain non-GAAP financial measures, including Operating EBITDA, Operating EBITDA margin, adjusted earnings and adjusted earnings per diluted share.

These non-GAAP measures should not be considered a substitute for, or superior to, financial measures and results calculated in accordance with GAAP, including net income, and reconciliations to GAAP financial statements should be carefully evaluated.

Operating EBITDA is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, and other non-operating income and expense.  Management believes Operating EBITDA provides useful information to investors regarding our results of operations.  The Company provides this measure because we believe it is useful for investors to understand our performance period to period with the exclusion of the recurring and non-recurring items identified above.  Management believes the presentation of Operating EBITDA, when combined with the primary GAAP presentation of operating income, is beneficial to an investor’s understanding of the Company’s operating performance.  A reconciliation of Operating EBITDA to net income is included in the tables following this release.

Adjusted earnings and adjusted earnings per diluted share reflect adjustments for non-recurring income recognized on the sale of former retail branch locations as well as charges related to losses incurred in connection with the Company’s extinguishment of debt.  Historically, we have excluded from these measures the revaluation of deferred income tax assets due to changes in statutory tax rates.  Management believes providing this measure and excluding these items facilitate comparisons to the Company’s prior year periods and, when combined with the primary GAAP presentation of net income and diluted net income per share, is beneficial to an investor’s understanding of the Company’s performance.  A reconciliation of adjusted earnings and adjusted earnings per diluted share to net income and diluted net income per share is included in the tables following this release.

Third Quarter 2015 Conference Call
Wabash National will conduct a conference call to review and discuss its third quarter results on October 28, 2015, at 10:00 a.m. EDT.  Access to the live webcast will be available on the Company’s website at www.wabashnational.com.  For those unable to participate in the live webcast, the call will be archived at www.wabashnational.com within three hours of the conclusion of the live call and will remain available through January 20, 2016.  Meeting access also will be available via conference call at 888-771-4371, participant code 40935749.

About Wabash National Corporation

Headquartered in Lafayette, Indiana, Wabash National Corporation (NYSE:WNC) is a diversified industrial manufacturer and North America’s leading producer of semi-trailers and liquid transportation systems. Established in 1985, the company manufactures a diverse range of products including: dry freight and refrigerated trailers, platform trailers, bulk tank trailers, truck-mounted tanks, intermodal equipment, aircraft refueling equipment, structural composite panels and products, trailer aerodynamic solutions, and specialty food grade and pharmaceutical equipment. Its innovative products are sold under the following brand names: Wabash National®, Beall®, Benson®, Brenner® Tank, Bulk Tank International, DuraPlate®, Extract Technology®, Garsite, Progress Tank, Transcraft®, TST®, Walker Barrier Systems, Walker Engineered Products, and Walker Transport. Visit www.wabashnational.com to learn more.

Safe Harbor Statement
This press release contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements convey the Company’s current expectations or forecasts of future events. All statements contained in this press release other than statements of historical fact are forward-looking statements. These forward-looking statements include, among other things, statements regarding the Company’s outlook for trailer shipments, backlog, expectations regarding demand levels for trailers, non-trailer equipment and our other engineered products, profitability and earnings, opportunity to capture higher margin sales, and the expectations regarding the Company’s growth and diversification strategies.  These and the Company’s other forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Without limitation, these risks and uncertainties include the uncertain economic conditions including the possibility that demand expectations may not result in order increases for us, increased competition, reliance on certain customers and corporate partnerships, risks of customer pick-up delays, shortages and costs of raw materials, risks in implementing and sustaining improvements in the Company’s manufacturing capacity and cost containment, dependence on industry trends and timing and costs of indebtedness.  Readers should review and consider the various disclosures made by the Company in this press release and in the Company’s reports to its stockholders and periodic reports on Forms 10-K and 10-Q.

WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
                   
      Three Months Ended
September 30,
  Nine Months Ended
September 30,
        2015       2014       2015       2014  
                                   
Net sales   $   531,350     $   491,697     $   1,483,778     $   1,335,838  
Cost of sales       445,328         430,069         1,268,153         1,165,925  
  Gross profit       86,022         61,628         215,625         169,913  
                   
General and administrative expenses       17,855         14,957         53,758         44,890  
Selling expenses       6,462         6,271         20,216         20,361  
Amortization of intangibles       5,316         5,471         15,945         16,413  
  Income from operations       56,389         34,929         125,706         88,249  
                   
Other income (expense):                
  Interest expense       (4,784 )       (5,454 )       (14,759 )       (16,904 )
  Other, net       (187 )       (610 )       2,500         (1,626 )
  Income before income taxes       51,418         28,865         113,447         69,719  
Income tax expense       19,538         10,558         42,445         27,877  
Net income    $   31,880     $   18,307     $   71,002     $   41,842  
Basic net income per share   $   0.48     $   0.26     $   1.05     $   0.60  
Diluted net income per share   $   0.47     $   0.25     $   1.01     $   0.58  
                                   
Comprehensive income                
  Net income   $   31,880     $   18,307     $   71,002     $   41,842  
  Foreign currency translation adjustment       (496 )       (295 )       (743 )       (45 )
Net comprehensive income   $   31,384     $   18,012     $   70,259     $   41,797  
                                   
                   
Basic net income per share:                
  Net income applicable to common stockholders   $   31,880     $   18,307     $   71,002     $   41,842  
  Undistributed earnings allocated to participating securities       –          (103 )       –          (340 )
  Net income applicable to common stockholders excluding amounts                            
  applicable to participating securities   $   31,880     $   18,204     $   71,002     $   41,502  
  Weighted average common shares outstanding       66,524         68,976         67,608         68,862  
  Basic net income per share   $   0.48     $   0.26     $   1.05     $   0.60  
                                   
Diluted net income per share:                
  Net income applicable to common stockholders   $   31,880     $   18,307     $   71,002     $   41,842  
  Undistributed earnings allocated to participating securities       –          (103 )       –          (340 )
  Net income applicable to common stockholders excluding                        
  amounts applicable to participating securities   $   31,880     $   18,204     $   71,002     $   41,502  
                                   
  Weighted average common shares outstanding       66,524         68,976         67,608         68,862  
  Dilutive shares from assumed conversion of convertible senior notes       611         1,949         1,462         1,806  
  Dilutive stock options and restricted stock       907         994         1,019         855  
  Diluted weighted average common shares outstanding       68,042         71,919         70,089         71,523  
  Diluted net income per share   $   0.47     $   0.25     $   1.01     $   0.58  

 

WABASH NATIONAL CORPORATION  
SEGMENTS AND RELATED INFORMATION  
(Dollars in thousands)  
(Unaudited)  
                       
      Commercial  Diversified       Corporate and      
Three Months Ended September 30,   Trailer Products
  Products   Retail    Eliminations   Consolidated  
  2015                        
New trailers shipped       15,500       1,000         600         (600 )       16,500    
Used trailers shipped       250       50         250         (50 )       500    
                       
New Trailers   $   375,999   $   64,360     $   15,456     $   (13,565 )   $   442,250    
Used Trailers       5,397       921         3,785         (741 )       9,362    
Components, parts and service       1,658       25,289         21,856         (3,172 )       45,631    
Equipment and other       3,978       29,649         814         (334 )       34,107    
  Total net external sales   $   387,032   $   120,219     $   41,911     $   (17,812 )   $   531,350    
                       
Gross profit   $   52,497   $   28,857     $   5,310     $   (642 )   $   86,022    
Income (Loss) from operations   $   45,610   $   16,789     $   1,322     $   (7,332 )   $   56,389    
                       
  2014                    
New trailers shipped       14,700       850         800         (750 )       15,600    
Used trailers shipped       200       50         350         –          600    
                       
New Trailers   $   344,416   $   53,689     $   20,701     $   (17,737 )   $   401,069    
Used Trailers       1,956       908         4,164         –          7,028    
Components, parts and service       954       24,220         19,430         (3,623 )       40,981    
Equipment and other       4,625       37,021         871         102         42,619    
  Total net external sales   $   351,951   $   115,838     $   45,166     $   (21,258 )   $   491,697    
                       
Gross profit   $   30,994   $   24,691     $   4,896     $   1,047     $   61,628    
Income (Loss) from operations   $   25,166   $   13,071     $   859     $   (4,167 )   $   34,929    
                       
Nine Months Ended September 30,                    
  2015                    
New trailers shipped       45,250       2,650         2,050         (2,200 )       47,750    
Used trailers shipped       650       100         750         (50 )       1,450    
                       
New Trailers   $   1,067,326   $   169,612     $   54,431     $   (52,168 )   $   1,239,201    
Used Trailers       13,588       3,412         10,650         (2,157 )       25,493    
Components, parts and service       4,629       72,047         63,362         (9,391 )       130,647    
Equipment and other       10,511       77,077         2,072         (1,223 )       88,437    
  Total net external sales   $   1,096,054   $   322,148     $   130,515     $   (64,939 )   $   1,483,778    
                       
Gross profit   $   128,259   $   73,864     $   15,468     $   (1,966 )   $   215,625    
Income (Loss) from operations   $   107,394   $   36,383     $   3,811     $   (21,882 )   $   125,706    
                       
  2014                    
New trailers shipped       37,800       2,550         2,500         (2,400 )       40,450    
Used trailers shipped       3,050       100         1,300         –          4,450    
                       
New Trailers   $   880,541   $   162,626     $   65,283     $   (54,681 )   $   1,053,769    
Used Trailers       21,788       3,345         12,970         –          38,103    
Components, parts and service       2,404       81,360         61,562         (10,809 )       134,517    
Equipment and other       11,112       95,904         2,571         (138 )       109,449    
  Total net external sales   $   915,845   $   343,235     $   142,386     $   (65,628 )   $   1,335,838    
                       
Gross profit   $   73,952   $   76,822     $   16,025     $   3,114     $   169,913    
Income (Loss) from operations   $   55,948   $   40,643     $   3,190     $   (11,532 )   $   88,249    

 

WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
             
        September 30,   December 31,
          2015       2014  
        (Unaudited)    
ASSETS
Current assets        
  Cash and cash equivalents   $   197,187     $   146,113  
  Accounts receivable       138,950         135,206  
  Inventories       227,510         177,144  
  Deferred income taxes       19,772         16,993  
  Prepaid expenses and other       18,265         10,203  
    Total current assets   $   601,684     $   485,659  
             
Property, plant and equipment       136,533         142,892  
             
Deferred income taxes       1,429         –  
             
Goodwill         149,676         149,603  
             
Intangible assets       121,081         137,100  
             
Other assets       13,968         13,397  
        $   1,024,371     $   928,651  
                     
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities        
  Current portion of long-term debt   $   2,440     $   496  
  Current portion of capital lease obligations       853         1,458  
  Accounts payable       131,513         96,213  
  Other accrued liabilities       111,855         88,690  
    Total current liabilities   $   246,661     $   186,857  
             
Long-term debt       327,639         324,777  
             
Capital lease obligations       2,065         5,796  
             
Deferred income taxes       1,764         2,349  
             
Other noncurrent liabilities       19,551         18,040  
             
Commitments and contingencies        
             
Stockholders’ equity       426,691         390,832  
        $   1,024,371     $   928,651  

 

WABASH NATIONAL CORPORATION  
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  
(Dollars in thousands)  
(Unaudited)  
   
  Nine Months Ended September 30,  
    2015       2014    
         
Cash flows from operating activities            
  Net income $   71,002     $   41,842    
  Adjustments to reconcile net income to net cash provided by operating activities        
  Depreciation     12,514         12,730    
    Amortization of intangibles     15,945         16,413    
    Net gain on the sale of assets     (8,315 )       (43 )  
    Deferred income taxes     (4,772 )       14,571    
    Loss on debt extinguishment     5,620         1,042    
    Stock-based compensation     6,655         5,509    
    Accretion of debt discount     3,366         3,624    
  Changes in operating assets and liabilities        
  Accounts receivable     (3,744 )       (31,263 )  
  Inventories     (50,366 )       (79,534 )  
  Prepaid expenses and other     (2,704 )       2,721    
  Accounts payable and accrued liabilities     58,465         25,094    
  Other, net     1,025         2,004    
  Net cash provided by operating activities $   104,691     $   14,710    
                         
Cash flows from investing activities            
  Capital expenditures     (12,554 )       (9,017 )  
  Proceeds from the sale of property, plant & equipment       13,180         86    
  Other, net     (5,358 )       4,142    
  Net cash used in investing activities $   (4,732 )   $   (4,789 )  
                         
Cash flows from financing activities            
  Proceeds from exercise of stock options     1,959         1,789    
  Borrowings under revolving credit facilities     665         565    
  Payments under revolving credit facilities     (613 )       (565 )  
  Principal payments under capital lease obligations     (3,964 )       (1,492 )  
  Proceeds from issuance of term loan credit facility     192,845         –     
  Principal payments under term loan credit facility     (193,809 )       (42,078 )  
  Principal payments under industrial revenue bond     (370 )       (354 )  
  Debt issuance costs paid     (2,581 )       –     
  Stock repurchase     (43,017 )       (1,497 )  
  Net cash used in financing activities $   (48,885 )   $   (43,632 )  
                         
Net increase (decrease) in cash and cash equivalents $   51,074     $   (33,711 )  
Cash and cash equivalents at beginning of period     146,113         113,262    
Cash and cash equivalents at end of period $   197,187     $   79,551    
                                 

 

WABASH NATIONAL CORPORATION
RECONCILIATION OF GAAP FINANCIAL MEASURES TO
NON-GAAP FINANCIAL MEASURES
(Dollars in thousands, except per share amounts)
(Unaudited)
                               
Operating EBITDA1:                              
  Three Months Ended
September 30,
  Nine Months Ended
September 30,
               
    2015       2014       2015       2014                  
Net income $   31,880     $   18,307     $   71,002     $   41,842                  
Income tax expense     19,538         10,558         42,445         27,877                  
Interest expense     4,784         5,454         14,759         16,904                  
Depreciation and amortization     9,525         9,779         28,459         29,143                  
Stock-based compensation     2,116         1,911         6,655         5,509                  
Other non-operating (income) expense     187         610         (2,500 )       1,626                  
Operating EBITDA $   68,030     $   46,619     $   160,820     $   122,901                  
                                               
                               
  Three Months Ended   Trailing
Twelve
Months
           
  December 31,
2014
  March 31,
2015
  June 30,
2015
  September 30,
2015
  September 30,
2015
           
Net income  $   19,088     $   10,474     $   28,649     $   31,880     $   90,091              
Income tax expense     9,655         6,234         16,672         19,538         52,099              
Interest expense     5,261         5,173         4,802         4,784         20,020              
Depreciation and amortization     9,686         9,452         9,482         9,525         38,145              
Stock-based compensation     2,324         2,420         2,119         2,116         8,979              
Other non-operating (income) expense     133         5,382         (8,069 )       187         (2,367 )            
Operating EBITDA $   46,147     $   39,135     $   53,655     $   68,030     $   206,967              
                                                   
                               
Adjusted Earnings2:                              
  Three Months Ended September 30,   Nine Months Ended September 30,
    2015       2014       2015       2014  
  $   Per Share   $   Per Share   $   Per Share   $   Per Share
                               
Net Income $   31,880     $   0.47     $   18,307     $   0.25     $   71,002     $   1.01     $   41,842     $   0.59  
                               
Adjustments:                              
Revaluation of net deferred income tax assets                              
due to changes in statutory tax rates     –          –          –          –          –          –          1,041         0.01  
Branch Transactions, net of taxes     –          –          –          –          (5,274 )       (0.08 )       365         0.01  
Loss on debt extinguishment, net of taxes     –          –          323         –          3,525         0.05         625         0.01  
                                                               
Adjusted earnings $   31,880     $   0.47     $   18,630     $   0.26     $   69,253     $   0.99     $   43,873     $   0.61  
                                                               
Weighted Average # of Diluted Shares O/S     68,042             71,919             70,089             71,523      
                                               
                               
  Three Months Ended        
  December 31, 2014   March 31, 2015   June 30, 2015        
  $   Per Share   $   Per Share   $   Per Share        
                               
Net Income $   19,088     $   0.27     $   10,474     $   0.15     $   28,649     $   0.41          
                               
Adjustments:                              
Loss on debt extinguishment, net of taxes     –          –          3,314         0.05         211         –           
Branch Transactions, net of taxes     –          –          –          –          (5,274 )       (0.07 )        
                                                   
Adjusted earnings $   19,088     $   0.27     $   13,788     $   0.19     $   23,586     $   0.33          
                                                       
Weighted Average # of Diluted Shares O/S     69,685             71,557             70,694              
                                           
1Operating EBITDA is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, and other non-operating income and expense.     
2Adjusted earnings and adjusted earnings per diluted share reflect adjustments for non-recurring income recognized on the sale of former retail branch locations as well as charges related to losses incurred in connection with the Company’s extinguishment of debt.  Historically, we have excluded from these measures the revaluation of deferred income tax assets due to changes in statutory tax rates.     
   
   

 

 

CONTACT: Media Contact:
Dana Stelsel
Corporate Communications Manager
(765) 771-5766
dana.stelsel@wabashnational.com


Investor Relations: 
Mike Pettit
Vice President, Finance & Investor Relations 
(765) 771-5581
michael.pettit@wabashnational.com

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