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.
The following is a summary of select operating
and financial results for the past five quarters:
|
|
Three Months Ended |
|
(Dollars in thousands, except pershare amounts) |
December 31, |
|
March 31, |
|
June 30, |
|
September 30, |
|
December 31, |
|
2016 |
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
$ |
462,057 |
|
|
$ |
362,716 |
|
|
$ |
435,903 |
|
|
$ |
425,098 |
|
|
$ |
543,444 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
Margin |
|
15.5 |
% |
|
|
16.4 |
% |
|
|
15.5 |
% |
|
|
14.3 |
% |
|
|
13.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Income from
Operations |
$ |
40,621 |
|
|
$ |
30,264 |
|
|
$ |
38,668 |
|
|
$ |
26,591 |
|
|
$ |
35,293 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Operations
Margin |
|
8.8 |
% |
|
|
8.3 |
% |
|
|
8.9 |
% |
|
|
6.3 |
% |
|
|
6.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
23,000 |
|
|
$ |
20,173 |
|
|
$ |
22,945 |
|
|
$ |
18,947 |
|
|
$ |
49,356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS |
$ |
0.36 |
|
|
$ |
0.32 |
|
|
$ |
0.36 |
|
|
$ |
0.30 |
|
|
$ |
0.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Measures(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating EBITDA |
$ |
53,606 |
|
|
$ |
41,930 |
|
|
$ |
49,450 |
|
|
$ |
46,561 |
|
|
$ |
51,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating EBITDA
Margin |
|
11.6 |
% |
|
|
11.6 |
% |
|
|
11.3 |
% |
|
|
11.0 |
% |
|
|
9.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings |
$ |
24,213 |
|
|
$ |
19,517 |
|
|
$ |
23,189 |
|
|
$ |
21,214 |
|
|
$ |
22,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted
EPS |
$ |
0.38 |
|
|
$ |
0.31 |
|
|
$ |
0.37 |
|
|
$ |
0.34 |
|
|
$ |
0.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
- See “Non-GAAP Measures” below for explanation of the non-GAAP
results included above.
The following is a summary of select operating and financial
results for each of the last five years ending December 31,
2017:
|
|
Twelve Months Ended |
|
(Dollars in thousands, except pershare amounts) |
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
|
2013 |
|
2014 |
|
2015 |
|
2016 |
|
2017 |
|
|
|
|
|
|
|
Net Sales |
$ |
1,635,686 |
|
|
$ |
1,863,315 |
|
|
$ |
2,027,489 |
|
|
$ |
1,845,444 |
|
|
$ |
1,767,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
Margin |
|
13.2 |
% |
|
|
12.5 |
% |
|
|
15.0 |
% |
|
|
17.6 |
% |
|
|
14.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Income from
Operations |
$ |
103,191 |
|
|
$ |
122,386 |
|
|
$ |
180,369 |
|
|
$ |
202,532 |
|
|
$ |
130,816 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Operations
Margin |
|
6.3 |
% |
|
|
6.6 |
% |
|
|
8.9 |
% |
|
|
11.0 |
% |
|
|
7.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
46,529 |
|
|
$ |
60,930 |
|
|
$ |
104,289 |
|
|
$ |
119,433 |
|
|
$ |
111,422 |
|
|
|
|
|
|
|
Diluted EPS |
$ |
0.67 |
|
|
$ |
0.85 |
|
|
$ |
1.50 |
|
|
$ |
1.82 |
|
|
$ |
1.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Measures(2): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating EBITDA |
$ |
149,890 |
|
|
$ |
169,048 |
|
|
$ |
229,464 |
|
|
$ |
253,002 |
|
|
$ |
189,004 |
|
|
|
|
|
|
|
Operating EBITDA
Margin |
|
9.2 |
% |
|
|
9.1 |
% |
|
|
11.3 |
% |
|
|
13.7 |
% |
|
|
10.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings |
$ |
48,190 |
|
|
$ |
62,992 |
|
|
$ |
103,392 |
|
|
$ |
121,538 |
|
|
$ |
86,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted
EPS |
$ |
0.70 |
|
|
$ |
0.89 |
|
|
$ |
1.49 |
|
|
$ |
1.85 |
|
|
$ |
1.38 |
|
|
|
Notes:
- See “Non-GAAP Measures” below for explanation of the
non-GAAP results included above.
Dick Giromini, chief executive officer, stated,
“We are pleased overall with the Company’s 2017 performance, as we
successfully established a stronger foundation for further growth
and productivity for the current year and beyond. The
addition of the Supreme truck body business was a key
accomplishment as it not only adds immediate revenue and profit
opportunity, but also provides significant diversification into a
high-growth segment driven by the ever-increasing adoption of
e-commerce.”
Mr. Giromini continued, “Operationally,
following our fifth consecutive record year of profitability in
2016, a small reset was seemingly inevitable at some point.
Despite a somewhat more challenging year for parts of our core
businesses, we are nonetheless proud of the team’s efforts in
overcoming many of the headwinds throughout the year, leading us to
the strong finish in the fourth quarter that positioned us for new
levels of success in 2018. New trailer shipments of 55,050
for the year were near the top-end of our previous guidance and we
begin 2018 with a historically strong backlog of orders totaling
$1.2 billion, an increase of 64 percent compared to the previous
quarter.”
2018 OutlookMr. Giromini
stated, “Looking at the current year, we continue to believe the
demand environment for trailers overall will remain healthy as
fleet age, regulatory compliance requirements such as the ELD
implementation, a strong economy and customer profitability all
support a continuation of an extended trailer cycle. Adding
to this belief is the significant turnaround in demand for both our
platform and tank trailer businesses, leading to the strongest
backlog in more than two years for those businesses. Those
factors combined with the addition of the Supreme truck body
business, impact of the new Tax Cuts and Jobs Act of 2017, and
effects of cost and productivity improvement initiatives throughout
the business create a great recipe for success. In 2018 we
expect to ship in the range of 56,000 to 60,000 trailer units,
along with 22,000 to 24,000 truck body units, for a revenue
projection of $2.05 billion to $2.15 billion. While the first
quarter will be slow out of the gate due to timing of shipments, we
believe that pace will accelerate beginning in the second quarter
and throughout the balance of the year. Based on those, and
other demand and cost assumptions, we project full-year earnings of
$1.86 to $2.02 per diluted share.”
Business Segment HighlightsThe
table below is a summary of select segment operating and financial
results prior to the elimination of intersegment sales for the
fourth quarter and full-year periods of 2017 and 2016. As
announced in the prior quarter, in the fourth quarter of 2017 the
Company added a third reporting segment, Final Mile Products, which
includes the results of our Supreme acquisition and the Company’s
existing truck body growth and diversification initiative. A
complete disclosure of the results by individual segment is
included in the tables following this release.
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
Commercial Trailer Products |
|
Diversified Products |
|
Final MileProducts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended December 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
New
trailers shipped |
|
|
15,500 |
|
# |
|
14,600 |
|
|
|
650 |
|
|
|
550 |
|
|
|
- |
|
|
Net
sales |
|
$ |
385,961 |
|
|
$ |
379,343 |
|
|
$ |
91,771 |
|
|
$ |
85,795 |
|
|
$ |
70,461 |
|
|
Gross
profit |
|
$ |
47,055 |
|
|
$ |
59,171 |
|
|
$ |
18,040 |
|
|
$ |
13,535 |
|
|
$ |
8,150 |
|
|
Gross
profit margin |
|
|
12.2 |
% |
|
|
15.6 |
% |
|
|
19.7 |
% |
|
|
15.8 |
% |
|
|
11.6 |
% |
|
Income from
operations |
|
$ |
40,134 |
|
|
$ |
49,917 |
|
|
$ |
5,532 |
|
|
$ |
1,124 |
|
|
$ |
(2,098 |
) |
|
Income from
operations margin |
|
10.4 |
% |
|
|
13.2 |
% |
|
|
6.0 |
% |
|
|
1.3 |
% |
|
|
-3.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve
months ended December 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
New
trailers shipped |
|
|
52,800 |
|
|
|
58,850 |
|
|
|
2,250 |
|
|
|
2,100 |
|
|
|
- |
|
|
Net
sales |
|
$ |
1,348,382 |
|
|
$ |
1,506,110 |
|
|
$ |
361,358 |
|
|
$ |
352,404 |
|
|
$ |
70,461 |
|
|
Gross
profit |
|
$ |
183,912 |
|
|
$ |
253,274 |
|
|
$ |
70,159 |
|
|
$ |
75,630 |
|
|
$ |
8,150 |
|
|
Gross
profit margin |
|
|
13.6 |
% |
|
|
16.8 |
% |
|
|
19.4 |
% |
|
|
21.5 |
% |
|
|
11.6 |
% |
|
Income from
operations |
|
$ |
151,999 |
|
|
$ |
212,351 |
|
|
$ |
20,376 |
|
|
$ |
24,595 |
|
|
$ |
(2,098 |
) |
|
Income from
operations margin |
|
11.3 |
% |
|
|
14.1 |
% |
|
|
5.6 |
% |
|
|
7.0 |
% |
|
|
-3.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Trailer Products’ net sales for the fourth quarter
were $386 million, an increase of $7 million, or 2 percent, as
compared to the prior year. Gross profit margin for the
fourth quarter decreased 340 basis points as compared to the prior
year period primarily due to increases in commodity costs and
continued labor constraints resulting in higher overtime
requirements to meet current demand. Operating income
decreased $9.8 million, or 20 percent, from the fourth quarter last
year to $40.1 million, or 10.4 percent of net sales.
Diversified Products’ net sales for the fourth
quarter increased $6 million, or 7 percent, due primarily to the
increased demand for liquid tank trailers and process systems
products as compared to the previous year period. Gross
profit and profit margins as compared to the prior year period
increased $4.5 million and 390 basis points, respectively,
primarily due to increased demand levels and the execution of cost
management initiatives. Operating income for the fourth
quarter 2017 was $5.5 million, or 6.0 percent of net sales, an
increase of $4.4 million compared to the prior year.
Final Mile Products’ net sales for the fourth
quarter totaled $70 million. Gross profit and gross profit
margin for the fourth quarter were $8.1 million and 11.6 percent,
respectively. Excluding non-recurring acquisition and
integration related costs, gross profit and operating margins for
the fourth quarter were 17.6 percent and 3.9 percent, respectively.
Truck body demand continues to be strong as backlog increased
33 percent compared to the prior 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 contains 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, charges incurred in connection with the acquisition
and integration of Supreme, impairment of goodwill and other
intangible assets, and other non-operating income and
expense. Management believes providing operating EBITDA is
useful for investors to understand the Company’s performance and
results of operations period to period with the exclusion of the
items identified above. Management believes the presentation
of operating EBITDA, when combined with the GAAP presentations of
operating income and net 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 for the three- and twelve-month periods ending
December 31, 2017 and 2016 reflect adjustments for charges incurred
in connection with acquisition and integration of Supreme, the
losses attributable to the Company’s extinguishment of debt,
impairment of goodwill and other intangible assets, executive
severance costs, income or losses recognized on sale of former
branch locations as well as tax benefits associated with the
adjustment of the Company’s net deferred income tax liability as a
result of the Tax Cuts and Jobs Act of 2017 and reversal of
reserves for uncertain tax positions. Management believes
providing adjusted measures and excluding certain items facilitates
comparisons to the Company’s prior year periods and, when combined
with the 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 net
income per diluted share is included in the tables following this
release.
Fourth Quarter and Full-Year 2017
Conference CallWabash National will conduct a conference
call to review and discuss its fourth quarter and full-year results
on January 31, 2018 at 10:00 a.m. EST. 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 April 25, 2018.
Meeting access also will be available via conference call at
800-708-4540, participant code 46320733.
About Wabash National Corporation
Headquartered in Lafayette, Indiana, Wabash
National Corporation (NYSE:WNC) is a diversified industrial
manufacturer and a leading producer of semi-trailers, truck bodies
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, dry
and refrigerated truck bodies, 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, Supreme®, Transcraft®,
Walker Engineered Products, and Walker Transport. Learn more at
www.wabashnational.com.
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, all
statements regarding the Company’s outlook for trailer and truck
body shipments, backlog, expectations regarding demand levels for
trailers, truck bodies, non-trailer equipment and our other
diversified product offerings, pricing, profitability and earnings,
cash flow and liquidity, opportunity to capture higher margin
sales, new product innovations, our growth and diversification
strategies and our expectations with regards to capital
allocation. 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 successful integration of Supreme
into the Company’s business, adverse reactions to the transaction
by customers, suppliers or strategic partners, uncertain economic
conditions including the possibility that customer demand may not
meet our expectations, 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
operations 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 December 31, |
|
Twelve Months Ended December 31, |
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
543,444 |
|
|
$ |
462,057 |
|
|
$ |
1,767,161 |
|
|
$ |
1,845,444 |
|
Cost of
sales |
|
|
470,568 |
|
|
|
390,572 |
|
|
|
1,506,286 |
|
|
|
1,519,910 |
|
|
Gross profit |
|
|
72,876 |
|
|
|
71,485 |
|
|
|
260,875 |
|
|
|
325,534 |
|
|
|
|
|
|
|
|
|
|
|
General and
administrative expenses |
|
|
24,314 |
|
|
|
19,036 |
|
|
|
77,825 |
|
|
|
74,129 |
|
Selling
expenses |
|
|
8,020 |
|
|
|
6,849 |
|
|
|
25,588 |
|
|
|
27,270 |
|
Amortization of intangibles |
|
|
4,348 |
|
|
|
4,979 |
|
|
|
17,041 |
|
|
|
19,940 |
|
Acquisition
Expenses |
|
|
901 |
|
|
|
- |
|
|
|
9,605 |
|
|
|
- |
|
Impairment
of goodwill |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,663 |
|
|
Income from
operations |
|
|
35,293 |
|
|
|
40,621 |
|
|
|
130,816 |
|
|
|
202,532 |
|
|
|
|
|
|
|
|
|
|
|
Other
income (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(7,335 |
) |
|
|
(3,725 |
) |
|
|
(16,400 |
) |
|
|
(15,663 |
) |
|
Other, net |
|
|
194 |
|
|
|
(1,679 |
) |
|
|
8,122 |
|
|
|
(1,452 |
) |
|
Income before income
taxes |
|
|
28,152 |
|
|
|
35,217 |
|
|
|
122,538 |
|
|
|
185,417 |
|
Income tax
(benefit) expense |
|
|
(21,204 |
) |
|
|
12,217 |
|
|
|
11,116 |
|
|
|
65,984 |
|
Net
income |
|
$ |
49,356 |
|
|
$ |
23,000 |
|
|
$ |
111,422 |
|
|
$ |
119,433 |
|
Dividends
declared per share |
|
$ |
0.075 |
|
|
$ |
0.060 |
|
|
$ |
0.255 |
|
|
$ |
0.060 |
|
Basic net
income per share |
|
$ |
0.84 |
|
|
$ |
0.37 |
|
|
$ |
1.88 |
|
|
$ |
1.87 |
|
Diluted net
income per share |
|
$ |
0.80 |
|
|
$ |
0.36 |
|
|
$ |
1.78 |
|
|
$ |
1.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
49,356 |
|
|
$ |
23,000 |
|
|
$ |
111,422 |
|
|
$ |
119,433 |
|
|
Foreign currency
translation adjustment |
|
|
(342 |
) |
|
|
(403 |
) |
|
|
487 |
|
|
|
(1,347 |
) |
Net
comprehensive income |
|
$ |
49,014 |
|
|
$ |
22,597 |
|
|
$ |
111,909 |
|
|
$ |
118,086 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net
income per share: |
|
|
|
|
|
|
|
|
|
Net income applicable
to common stockholders |
|
$ |
49,356 |
|
|
$ |
23,000 |
|
|
$ |
111,422 |
|
|
$ |
119,433 |
|
|
Weighted average common
shares outstanding |
|
|
58,416 |
|
|
|
61,469 |
|
|
|
59,358 |
|
|
|
63,729 |
|
|
Basic net income per
share |
|
$ |
0.84 |
|
|
$ |
0.37 |
|
|
$ |
1.88 |
|
|
$ |
1.87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net
income per share: |
|
|
|
|
|
|
|
|
|
Net income applicable
to common stockholders |
|
$ |
49,356 |
|
|
$ |
23,000 |
|
|
$ |
111,422 |
|
|
$ |
119,433 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding |
|
|
58,416 |
|
|
|
61,469 |
|
|
|
59,358 |
|
|
|
63,729 |
|
|
Dilutive shares from
assumed conversion of convertible senior notes |
|
|
1,672 |
|
|
|
945 |
|
|
|
1,726 |
|
|
|
794 |
|
|
Dilutive stock options
and restricted stock |
|
|
1,479 |
|
|
|
1,287 |
|
|
|
1,514 |
|
|
|
1,239 |
|
|
Diluted weighted
average common shares outstanding |
|
|
61,567 |
|
|
|
63,701 |
|
|
|
62,598 |
|
|
|
65,762 |
|
|
Diluted net income per
share |
|
$ |
0.80 |
|
|
$ |
0.36 |
|
|
$ |
1.78 |
|
|
$ |
1.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WABASH NATIONAL CORPORATION |
|
SEGMENTS AND RELATED INFORMATION |
|
(Dollars in thousands) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
Diversified |
|
Final Mile |
|
Corporate and |
|
|
|
Three Months Ended December 31, |
|
Trailer Products |
|
Products |
|
Products |
|
Eliminations |
|
Consolidated |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
New
trailers shipped |
|
|
15,500 |
|
|
650 |
|
|
- |
|
|
|
- |
|
|
|
16,150 |
|
Used
trailers shipped |
|
|
550 |
|
|
50 |
|
|
- |
|
|
|
- |
|
|
|
600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Trailers |
|
$ |
367,526 |
|
$ |
40,895 |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
408,421 |
|
Used
Trailers |
|
$ |
5,352 |
|
$ |
821 |
|
$ |
- |
|
|
$ |
- |
|
|
|
6,173 |
|
Components,
parts and service |
|
$ |
9,908 |
|
$ |
23,931 |
|
$ |
1,877 |
|
|
$ |
(4,749 |
) |
|
|
30,967 |
|
Equipment
and other |
|
$ |
3,175 |
|
$ |
26,124 |
|
$ |
68,584 |
|
|
$ |
- |
|
|
|
97,883 |
|
|
Total net external
sales |
|
$ |
385,961 |
|
$ |
91,771 |
|
$ |
70,461 |
|
|
$ |
(4,749 |
) |
|
$ |
543,444 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
$ |
47,055 |
|
$ |
18,040 |
|
$ |
8,150 |
|
|
$ |
(369 |
) |
|
$ |
72,876 |
|
Income
(Loss) from operations |
|
$ |
40,134 |
|
$ |
5,532 |
|
$ |
(2,098 |
) |
|
$ |
(8,275 |
) |
|
$ |
35,293 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
New
trailers shipped |
|
|
14,600 |
|
|
550 |
|
|
- |
|
|
|
- |
|
|
|
15,150 |
|
Used
trailers shipped |
|
|
150 |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Trailers |
|
$ |
359,767 |
|
$ |
33,353 |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
393,120 |
|
Used
Trailers |
|
|
1,796 |
|
|
562 |
|
|
- |
|
|
|
- |
|
|
|
2,358 |
|
Components,
parts and service |
|
|
13,082 |
|
|
22,867 |
|
|
- |
|
|
|
(3,055 |
) |
|
|
32,894 |
|
Equipment
and other |
|
|
4,698 |
|
|
29,013 |
|
|
- |
|
|
|
(26 |
) |
|
|
33,685 |
|
|
Total net external
sales |
|
$ |
379,343 |
|
$ |
85,795 |
|
$ |
- |
|
|
$ |
(3,081 |
) |
|
$ |
462,057 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
$ |
59,171 |
|
$ |
13,535 |
|
$ |
- |
|
|
$ |
(1,221 |
) |
|
$ |
71,485 |
|
Income
(Loss) from operations |
|
$ |
49,917 |
|
$ |
1,124 |
|
$ |
- |
|
|
$ |
(10,420 |
) |
|
$ |
40,621 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31, |
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
New
trailers shipped |
|
|
52,800 |
|
|
2,250 |
|
|
- |
|
|
|
- |
|
|
|
55,050 |
|
Used
trailers shipped |
|
|
1,050 |
|
|
100 |
|
|
- |
|
|
|
- |
|
|
|
1,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Trailers |
|
$ |
1,273,584 |
|
$ |
140,105 |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,413,689 |
|
Used
Trailers |
|
$ |
10,720 |
|
$ |
3,278 |
|
$ |
- |
|
|
$ |
- |
|
|
|
13,998 |
|
Components,
parts and service |
|
$ |
48,008 |
|
$ |
117,681 |
|
$ |
1,877 |
|
|
$ |
(13,040 |
) |
|
|
154,526 |
|
Equipment
and other |
|
$ |
16,070 |
|
$ |
100,294 |
|
$ |
68,584 |
|
|
$ |
- |
|
|
|
184,948 |
|
|
Total net external
sales |
|
$ |
1,348,382 |
|
$ |
361,358 |
|
$ |
70,461 |
|
|
$ |
(13,040 |
) |
|
$ |
1,767,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
$ |
183,912 |
|
$ |
70,159 |
|
$ |
8,150 |
|
|
$ |
(1,346 |
) |
|
$ |
260,875 |
|
Income
(Loss) from operations |
|
$ |
151,999 |
|
$ |
20,376 |
|
$ |
(2,098 |
) |
|
$ |
(39,461 |
) |
|
$ |
130,816 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
New
trailers shipped |
|
|
58,850 |
|
|
2,100 |
|
|
- |
|
|
|
- |
|
|
|
60,950 |
|
Used
trailers shipped |
|
|
950 |
|
|
100 |
|
|
- |
|
|
|
- |
|
|
|
1,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Trailers |
|
$ |
1,421,586 |
|
$ |
129,639 |
|
$ |
- |
|
|
$ |
(89 |
) |
|
$ |
1,551,136 |
|
Used
Trailers |
|
|
11,998 |
|
|
3,176 |
|
|
- |
|
|
|
- |
|
|
|
15,174 |
|
Components,
parts and service |
|
|
56,191 |
|
|
111,519 |
|
|
- |
|
|
|
(12,955 |
) |
|
|
154,755 |
|
Equipment
and other |
|
|
16,335 |
|
|
108,070 |
|
|
- |
|
|
|
(26 |
) |
|
|
124,379 |
|
|
Total net external
sales |
|
$ |
1,506,110 |
|
$ |
352,404 |
|
$ |
- |
|
|
$ |
(13,070 |
) |
|
$ |
1,845,444 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
$ |
253,274 |
|
$ |
75,630 |
|
$ |
- |
|
|
$ |
(3,370 |
) |
|
$ |
325,534 |
|
Income
(Loss) from operations |
|
$ |
212,351 |
|
$ |
24,595 |
|
$ |
- |
|
|
$ |
(34,414 |
) |
|
$ |
202,532 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WABASH NATIONAL CORPORATION |
|
CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
2017 |
|
2016 |
|
|
|
|
|
(Unaudited) |
|
|
|
ASSETS |
|
Current
assets |
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
191,521 |
|
$ |
163,467 |
|
|
Accounts
receivable |
|
|
146,836 |
|
|
153,634 |
|
|
Inventories |
|
|
180,735 |
|
|
139,953 |
|
|
Prepaid
expenses and other |
|
|
57,299 |
|
|
24,351 |
|
|
|
Total current
assets |
|
$ |
576,391 |
|
$ |
481,405 |
|
|
|
|
|
|
|
|
|
Property,
plant and equipment |
|
|
195,363 |
|
|
134,138 |
|
|
|
|
|
|
|
|
|
Deferred
income taxes |
|
|
- |
|
|
20,343 |
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
|
317,464 |
|
|
148,367 |
|
|
|
|
|
|
|
|
|
Intangible
assets |
|
|
237,030 |
|
|
94,405 |
|
|
|
|
|
|
|
|
|
Other
assets |
|
|
25,265 |
|
|
20,075 |
|
|
|
|
|
$ |
1,351,513 |
|
$ |
898,733 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
Current
liabilities |
|
|
|
|
|
|
Current
portion of long-term debt |
|
$ |
46,020 |
|
$ |
2,468 |
|
|
Current
portion of capital lease obligations |
|
|
290 |
|
|
494 |
|
|
Accounts
payable |
|
|
108,448 |
|
|
71,338 |
|
|
Other
accrued liabilities |
|
|
128,910 |
|
|
92,314 |
|
|
|
Total current
liabilities |
|
$ |
283,668 |
|
$ |
166,614 |
|
|
|
|
|
|
|
|
|
Long-term
debt |
|
|
504,091 |
|
|
233,465 |
|
|
|
|
|
|
|
|
|
Capital
lease obligations |
|
|
1,012 |
|
|
1,409 |
|
|
|
|
|
|
|
|
|
Deferred
income taxes |
|
|
36,955 |
|
|
499 |
|
|
|
|
|
|
|
|
|
Other
noncurrent liabilities |
|
|
19,724 |
|
|
24,355 |
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
506,063 |
|
|
472,391 |
|
|
|
|
|
$ |
1,351,513 |
|
$ |
898,733 |
|
|
|
|
|
|
|
WABASH NATIONAL CORPORATION |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
(Dollars in thousands) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended |
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows
from operating activities |
|
|
|
|
|
|
|
Net
income |
$ |
111,422 |
|
|
$ |
119,433 |
|
|
|
Adjustments
to reconcile net income to net cash provided by operating
activities |
|
|
|
|
|
Depreciation |
|
18,012 |
|
|
|
16,830 |
|
|
|
|
Amortization of intangibles |
|
17,041 |
|
|
|
19,940 |
|
|
|
|
Net (gain) loss on the sale of property, plant and
equipment |
|
(8,046 |
) |
|
|
101 |
|
|
|
|
Deferred income taxes |
|
(14,814 |
) |
|
|
4,044 |
|
|
|
|
Loss on
debt extinguishment |
|
799 |
|
|
|
1,895 |
|
|
|
Stock-based
compensation |
|
10,429 |
|
|
|
12,038 |
|
|
|
|
Impairment
of goodwill |
|
|
|
|
- |
|
|
|
1,663 |
|
|
|
|
Non-cash interest expense |
|
2,258 |
|
|
|
3,475 |
|
|
|
Changes in
operating assets and liabilities |
|
|
|
|
|
Accounts
receivable |
|
31,943 |
|
|
|
(809 |
) |
|
|
Inventories |
|
(13,158 |
) |
|
|
24,969 |
|
|
|
Prepaid
expenses and other |
|
(2,014 |
) |
|
|
(10,147 |
) |
|
|
Accounts
payable and accrued liabilities |
|
(963 |
) |
|
|
(13,002 |
) |
|
|
Other,
net |
|
(8,530 |
) |
|
|
(1,680 |
) |
|
|
Net cash
provided by operating activities |
$ |
144,379 |
|
|
$ |
178,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows
from investing activities |
|
|
|
|
|
|
|
Capital
expenditures |
|
(26,056 |
) |
|
|
(20,342 |
) |
|
|
Proceeds
from the sale of property, plant, and equipment |
|
|
10,860 |
|
|
|
19 |
|
|
|
Acquisition, net of cash acquired |
|
|
|
(323,487 |
) |
|
|
- |
|
|
|
Other,
net |
|
|
|
|
|
6,443 |
|
|
|
3,014 |
|
|
|
Net cash
used in investing activities |
$ |
(332,240 |
) |
|
$ |
(17,309 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows
from financing activities |
|
|
|
|
|
|
|
Proceeds
from exercise of stock options |
|
|
|
5,790 |
|
|
|
4,831 |
|
|
|
Borrowings
under senior notes |
|
|
|
325,000 |
|
|
|
- |
|
|
|
Dividends paid |
|
|
|
|
|
(15,315 |
) |
|
|
- |
|
|
|
Borrowings
under revolving credit facilities |
|
|
713 |
|
|
|
618 |
|
|
|
Payments
under revolving credit facilities |
|
|
|
(713 |
) |
|
|
(618 |
) |
|
|
Principal
payments under capital lease obligations |
|
|
(600 |
) |
|
|
(779 |
) |
|
|
Proceeds
from issuance of term loan credit facility |
|
|
377,519 |
|
|
|
- |
|
|
|
Principal
payments under term loan credit facilities |
|
|
(386,577 |
) |
|
|
(1,928 |
) |
|
|
Principal
payments under industrial revenue bond |
|
|
(583 |
) |
|
|
(473 |
) |
|
|
Debt
issuance costs paid |
|
|
|
|
(6,783 |
) |
|
|
- |
|
|
|
Stock
repurchase |
|
|
|
|
|
(74,491 |
) |
|
|
(98,922 |
) |
|
|
Convertible
senior notes repurchase |
|
|
|
(8,045 |
) |
|
|
(79,556 |
) |
|
|
Net cash
used in financing activities |
$ |
215,915 |
|
|
$ |
(176,827 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
increase in cash and cash equivalents |
$ |
28,054 |
|
|
$ |
(15,386 |
) |
|
Cash and
cash equivalents at beginning of period |
|
163,467 |
|
|
|
178,853 |
|
|
Cash and
cash equivalents at end of period |
$ |
191,521 |
|
|
$ |
163,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 December 31, |
|
Twelve Months Ended December 31, |
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
Net income |
$ |
49,356 |
|
|
$ |
23,000 |
|
|
$ |
111,422 |
|
|
$ |
119,433 |
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
(21,204 |
) |
|
|
12,217 |
|
|
|
11,116 |
|
|
|
65,984 |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
7,335 |
|
|
|
3,725 |
|
|
|
16,400 |
|
|
|
15,663 |
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
9,651 |
|
|
|
9,565 |
|
|
|
35,053 |
|
|
|
36,769 |
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation |
|
2,117 |
|
|
|
3,420 |
|
|
|
10,429 |
|
|
|
12,038 |
|
|
|
|
|
|
|
|
|
|
Impairment of
intangibles |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,663 |
|
|
|
|
|
|
|
|
|
|
Acquisition expenses
and related charges |
|
4,002 |
|
|
|
- |
|
|
|
12,706 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Other non-operating
(income) expense |
|
(194 |
) |
|
|
1,679 |
|
|
|
(8,122 |
) |
|
|
1,452 |
|
|
|
|
|
|
|
|
|
|
Operating EBITDA |
$ |
51,062 |
|
|
$ |
53,606 |
|
|
$ |
189,004 |
|
|
$ |
253,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2017 |
|
June 30, 2017 |
|
September 30, 2017 |
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
20,173 |
|
|
$ |
22,945 |
|
|
$ |
18,947 |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
8,434 |
|
|
|
13,160 |
|
|
|
10,728 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
2,990 |
|
|
|
2,888 |
|
|
|
3,187 |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
8,704 |
|
|
|
8,315 |
|
|
|
8,386 |
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation |
|
2,963 |
|
|
|
2,467 |
|
|
|
2,881 |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition expenses
and related charges |
|
- |
|
|
|
- |
|
|
|
8,704 |
|
|
|
|
|
|
|
|
|
|
|
|
Other non-operating
(income) expense |
|
(1,333 |
) |
|
|
(325 |
) |
|
|
(6,271 |
) |
|
|
|
|
|
|
|
|
|
|
|
Operating EBITDA |
$ |
41,930 |
|
|
$ |
49,450 |
|
|
$ |
46,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Earnings2: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
$ |
|
Per Share |
|
$ |
|
Per Share |
|
$ |
|
Per Share |
|
$ |
|
Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
49,356 |
|
|
$ |
0.80 |
|
|
$ |
23,000 |
|
|
$ |
0.36 |
|
|
$ |
111,422 |
|
|
$ |
1.78 |
|
|
$ |
119,433 |
|
|
$ |
1.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Facility
transactions3 |
|
274 |
|
|
|
- |
|
|
|
450 |
|
|
|
0.01 |
|
|
|
(6,546 |
) |
|
|
(0.10 |
) |
|
|
(290 |
) |
|
|
- |
|
|
Impairment of goodwill and other intangibles |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,663 |
|
|
|
0.03 |
|
|
Loss on
debt extinguishment |
|
32 |
|
|
|
- |
|
|
|
1,408 |
|
|
|
0.02 |
|
|
|
800 |
|
|
|
0.01 |
|
|
|
1,895 |
|
|
|
0.03 |
|
|
Executive
severance expense |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
238 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Acquisition
expenses and related charges |
|
6,308 |
|
|
|
0.10 |
|
|
|
- |
|
|
|
- |
|
|
|
15,012 |
|
|
|
0.24 |
|
|
|
- |
|
|
|
- |
|
|
Tax
effect of aforementioned items |
|
(2,381 |
) |
|
|
(0.04 |
) |
|
|
(645 |
) |
|
|
(0.01 |
) |
|
|
(3,421 |
) |
|
|
(0.05 |
) |
|
|
(1,163 |
) |
|
|
(0.02 |
) |
|
Tax
reform and other discrete tax adjustments |
|
(31,339 |
) |
|
|
(0.51 |
) |
|
|
- |
|
|
|
- |
|
|
|
(31,339 |
) |
|
|
(0.50 |
) |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings |
$ |
22,250 |
|
|
$ |
0.36 |
|
|
$ |
24,213 |
|
|
$ |
0.38 |
|
|
$ |
86,166 |
|
|
$ |
1.38 |
|
|
$ |
121,538 |
|
|
$ |
1.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average # of
Diluted Shares O/S |
|
61,567 |
|
|
|
|
|
63,701 |
|
|
|
|
|
62,598 |
|
|
|
|
|
65,762 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
March 31, 2017 |
|
June 30, 2017 |
|
September 30, 2017 |
|
|
|
|
|
|
$ |
|
Per Share |
|
$ |
|
Per Share |
|
$ |
|
Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
20,173 |
|
|
$ |
0.32 |
|
|
$ |
22,945 |
|
|
$ |
0.36 |
|
|
$ |
18,947 |
|
|
|
0.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Facility
transactions3 |
|
(1,665 |
) |
|
|
(0.03 |
) |
|
|
18 |
|
|
|
- |
|
|
|
(5,165 |
) |
|
|
(0.08 |
) |
|
|
|
|
|
Loss on
debt extinguishment |
|
640 |
|
|
|
0.01 |
|
|
|
125 |
|
|
|
- |
|
|
|
3 |
|
|
|
- |
|
|
|
|
|
|
Executive
severance expense |
|
- |
|
|
|
- |
|
|
|
238 |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
|
Acquisition
expenses and related charges |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
8,704 |
|
|
|
0.14 |
|
|
|
|
|
|
Tax
effect of aforementioned items |
|
369 |
|
|
|
0.01 |
|
|
|
(137 |
) |
|
|
- |
|
|
|
(1,275 |
) |
|
|
(0.02 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings |
$ |
19,517 |
|
|
$ |
0.31 |
|
|
$ |
23,189 |
|
|
$ |
0.37 |
|
|
$ |
21,214 |
|
|
$ |
0.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average # of
Diluted Shares O/S |
|
63,390 |
|
|
|
|
|
63,207 |
|
|
|
|
|
62,236 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Operating EBITDA is defined as earnings before interest,
taxes, depreciation, amortization, stock-based compensation,
acquisition expenses and related charges, impairment of goodwill
and other intangibles, and other non-operating income and
expense. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Adjusted earnings and adjusted earnings per diluted share
reflect adjustments for charges incurred in connection with
acquistion expense and related costs, the losses attributable to
the Company's extinguishment of debt, income or losses recognized
on the sale and/or closure of former Company locations, one-time
executive severance costs and impairment of goodwill or other
intangible asset charges. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Facility transactions in 2016 and 2017 relate to gains and/or
losses incurred for the sale or closure of the Company's retail
branch locations. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Media Contact:Dana StelselCorporate
Communications Manager(765)
771-5766dana.stelsel@wabashnational.com
Investor Relations:Jeff TaylorSenior Vice
President, Chief Financial Officer (765) 771-5310
jeff.taylor@wabashnational.com
Wabash National (NYSE:WNC)
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