During the quarter, Wabash took additional cost actions, including idling manufacturing facilities in Little Falls and Goshen. Yeagy said the moves are intended to better align production capacity with demand and reduce fixed costs over the next market cycle. The company recorded about $16 million of total charges in the quarter related to the actions, which management characterized as non-cash.Entering 2026, Yeagy said the company is seeing “early incremental signs of stabilization” in parts of the freight ...

Financial Data and Key Metrics Changes - In the fourth quarter, consolidated revenue was $321 million, with adjusted EBITDA at -$26.2 million, or -8.1% of sales, and adjusted net income attributable to common stockholders at -$37.8 million, or -$0.93 per diluted share [20][21] - Adjusted gross margin was -1.1% of sales, and adjusted operating margin was -13.6% [20] - Full-year operating cash generation totaled $12 million, with -$31 million of free cash flow in 2025 [22] Business Line Data and Key Metrics Changes - Transportation Solutions generated revenue of $263 million, with non-GAAP operating income of -$31.7 million, or -12.1% of sales [21] - Parts and Services generated revenue of $64.5 million and operating income of $5.1 million, or 7.9% of sales, continuing a trend of sequential and year-over-year growth [21][13] Market Data and Key Metrics Changes - The transportation industry faced prolonged softness in demand, with freight, construction, and industrial activity operating below normalized levels [3][5] - Early signs of stabilization in freight volumes were noted, but these have not yet translated into increased order activity [5][10] Company Strategy and Development Direction - The company is focused on aligning costs with demand, preserving liquidity, and protecting margins while pursuing market share opportunities [6][7] - Actions taken in 2025 are believed to strengthen the company's foundation and improve its ability to perform through the cycle [4] - The company is investing in parts and services as a more durable revenue stream, with a growth of 33% year-over-year in this segment [13][14] Management's Comments on Operating Environment and Future Outlook - The management noted that the demand environment is expected to remain difficult in the first quarter of 2026, with revenue guidance set between $310 million and $330 million [11][24] - There is confidence that 2026 will represent an improvement from 2025, despite the uncertainty in the timing and shape of the demand recovery [11][25] Other Important Information - The idling of manufacturing facilities resulted in approximately $16 million of total charges during the quarter, all of which were non-cash [8] - The company expects to recognize an additional $4 million-$5 million in charges in the first half of 2026, primarily related to severance and exit-related costs [8] Q&A Session Summary Question: Impact of idling capacity on refrigerated truck bodies - Management confirmed that they are not exiting the refrigerated market and are repositioning products for an improving market [32][33] Question: Continuation of parts and services run rate into 2026 - Management expects nice growth in 2026, with quarterly averages continuing from Q4, but margins may face pressure due to market conditions [34][36] Question: Changes in refrigerated truck bodies and cost structure - Management assured that capacity for refrigerated truck bodies remains intact and that strategic actions taken will optimize overhead [45][46] Question: Customer optimism and market recovery - Management noted that initial tailwinds for trailer demand are stabilizing, but it is too early to predict a significant recovery [51][52] Question: Tariff impacts on cost of goods sold - Management clarified that the impact of tariffs on material costs is minimal, with market price competition being the primary driver of margin compression [92]

Financial Data and Key Metrics Changes - In the fourth quarter, consolidated revenue was $321 million, with adjusted EBITDA at -$26.2 million, or -8.1% of sales, and adjusted net income attributable to common stockholders at -$37.8 million, or -$0.93 per diluted share [20][21] - Adjusted gross margin was -1.1% of sales, while adjusted operating margin came in at -13.6% [20] - Full-year operating cash generation totaled $12 million, with -$31 million of free cash flow in 2025 [22] Business Line Data and Key Metrics Changes - Transportation Solutions generated revenue of $263 million, with non-GAAP operating income of -$31.7 million, or -12.1% of sales [21] - Parts and Services generated revenue of $64.5 million and operating income of $5.1 million, or 7.9% of sales, continuing the trend of both sequential and year-over-year revenue growth [21][13] Market Data and Key Metrics Changes - Demand across both the trailer and truck body industries remains soft, with freight, construction, and industrial activity operating below normalized levels [10][5] - The domestic trailer industry has filed antidumping and countervailing duty petitions concerning certain imported trailer products, with investigations currently in early stages [9] Company Strategy and Development Direction - The company is focused on aligning costs with demand, preserving liquidity, and protecting margins while pursuing market share opportunities [6][7] - The idling of manufacturing facilities is part of a longer-term strategy to reduce overall fixed costs and improve cost structure [7][8] - The Parts and Services segment is seen as a durable and resilient earnings stream, with growth expected to continue despite market challenges [13][14] Management's Comments on Operating Environment and Future Outlook - The management noted that 2025 was a challenging year with prolonged softness in demand, but actions taken have strengthened the company's foundation for future recovery [3][4] - The company expects the first quarter of 2026 to be the weakest of the year in terms of revenue and operating margins, but anticipates improvement for the full year [11][24] - Management remains cautious about the demand environment but sees early signs of stabilization in certain parts of the freight transportation market [5][10] Other Important Information - The company expects to recognize additional charges related to the idling of facilities, with ongoing annualized cost savings projected at approximately $10 million [8] - The company is maintaining a conservative approach to cash management and does not anticipate near-term investments in revenue-generating assets for the Trailers as a Service initiative [23] Q&A Session Summary Question: Impact of idling capacity on refrigerated truck bodies - Management clarified that they are not exiting the refrigerated market and are repositioning products for future demand [32][33] Question: Continuation of Parts and Services growth into 2026 - Management expects nice growth in 2026 for Parts and Services, with margins anticipated to improve after Q1 [34][36] Question: Strategic actions and cost structure implications - Management confirmed significant impairment related to shutdowns and indicated that the operating expense differential is a temporary situation [47][48] Question: Customer optimism and market recovery - Management noted that while there are positive initial signs, it is too early to predict a significant demand increase for trailers in 2026 [51][52] Question: Tariff impacts on cost of goods sold - Management indicated that the impact on margins is more related to market pricing competition rather than direct material costs from tariffs [94]

Financial Data and Key Metrics Changes - In Q4 2025, consolidated revenue was $321 million, with adjusted gross margin at -1.1% and adjusted operating margin at -13.6% [20][21] - Adjusted EBITDA was -$26.2 million, or -8.1% of sales, and adjusted net income attributable to common stockholders was -$37.8 million, or -$0.93 per diluted share [22] - Full-year operating cash generation totaled $12 million, with free cash flow at -$31 million, excluding a $30 million legal settlement [23] Business Line Data and Key Metrics Changes - Transportation Solutions generated revenue of $263 million with non-GAAP operating income of -$31.7 million, or -12.1% of sales [22] - Parts and Services generated revenue of $64.5 million and operating income of $5.1 million, or 7.9% of sales, showing year-over-year growth of 33% [22][14] Market Data and Key Metrics Changes - The transportation industry faced prolonged softness in demand, with freight, construction, and industrial activity operating below normalized levels [5][10] - Early signs of stabilization in freight volumes and gradual improvement in fleet utilization rates were noted, but these have not yet translated into increased order activity [5][6] Company Strategy and Development Direction - The company is focused on aligning costs with demand, preserving liquidity, and protecting margins while pursuing market share opportunities [6][7] - Actions taken in 2025 are believed to strengthen the company's foundation and improve its ability to perform through the cycle [4] - The company is investing in its parts and service business, which has shown resilience and growth, and is expected to operate in the high teens EBITDA over time [14][15] Management's Comments on Operating Environment and Future Outlook - Management noted that the demand environment is expected to remain difficult in Q1 2026, with revenue guidance of $310 million to $330 million and adjusted earnings per share between -$0.95 and -$0.05 [11][25] - The first quarter is anticipated to be the weakest of the year in terms of revenue and operating margins, but there is confidence that 2026 will show improvement compared to 2025 [11][25] Other Important Information - The company idled manufacturing facilities in Little Falls and Goshen, resulting in approximately $16 million in non-cash charges during the quarter [8] - The domestic trailer industry has filed antidumping and countervailing duty petitions concerning certain imported trailer products, with investigations currently underway [9] Q&A Session Summary Question: Impact of idling capacity on refrigerated truck bodies - Management confirmed that they are not exiting the refrigerated market and are repositioning products for future demand [32][33] Question: Continuation of parts and services growth into 2026 - Management expects to see continued growth in the parts and services segment in 2026, with potential margin improvements after Q1 [34][36] Question: Update on imported trailers and potential dumping - Management clarified that Wabash is not negatively impacted by the ongoing investigations and that any penalties would apply to international competitors [60][62] Question: Capital allocation strategy moving forward - The company plans to prioritize paying down debt, maintaining dividends, and funding internal capital expenditures, with a focus on liquidity management [77][78]

Fourth Quarter 2025 Earnings Release Changing How the World Reaches You® February 4, 2026 Safe Harbor Statement & Non-GAAP Financial Measures This presentation contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements convey Wabash National Corporation's (the "Company") current expectations or forecasts of future events. All statements contained in this presentation other than statements of historical fact are forward-looking s ...

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Financial Performance - For Q4 2025, net sales were $321.5 million, with an operating loss of $59.9 million, representing (18.6)% of sales[3] - Full year 2025 revenue totaled $1.54 billion, with a net income attributable to common stockholders of $211.5 million, or $5.07 per diluted share[3] - Net income for the year ended December 31, 2025, was $211.6 million, a significant recovery from a net loss of $283.1 million in 2024[26] - Total net external sales for 2025 reached $1,542,754, a decrease of 20.8% compared to $1,946,740 in 2024[30] - Gross profit for 2025 was $69,911, significantly lower than $265,072 in 2024, indicating a gross margin drop[30] - Adjusted operating (loss) income for 2025 was $(94,943), compared to an adjusted income of $93,896 in 2024, reflecting a substantial decline[32] - Free cash flow for 2025 was $(60,589), a decrease from $38,136 in 2024, highlighting cash generation challenges[36] - Adjusted EBITDA for 2025 was $(24,550), contrasting with $162,674 in 2024, indicating operational difficulties[34] - The company reported a net loss attributable to common stockholders of $(49,878) for Q4 2025, compared to a loss of $(1,030) in Q4 2024[34] Sales and Backlog - Total backlog as of December 31, 2025, was approximately $705 million, indicating delayed capital spending decisions[4] - Net sales for Q4 2025 were $321.5 million, a decrease of 22.8% compared to $416.8 million in Q4 2024[24] - Q4 2025 Transportation Solutions net sales were $262.9 million, a decrease of 29.0% year-over-year, with an operating loss of $47.8 million[8] - Parts & Services net sales for Q4 2025 were $64.5 million, an increase of 32.6% compared to the prior year quarter, with an operating income of $5.1 million[9] - New trailer shipments in Q4 2025 were 5,901 units, down from 6,770 units in Q4 2024, representing a decline of 12.8%[28] - New trailers shipped in 2025 totaled 27,770 units, down from 32,100 units in 2024, representing a decline of 13.5%[30] - The company shipped 10,600 truck bodies in 2025, down from 14,255 in 2024, reflecting a decrease of 25.5%[30] Operational Metrics - Non-GAAP adjusted operating loss for Q4 2025 was $43.8 million, or (13.6)% of sales[3] - Adjusted EBITDA for Q4 2025 was $(26.2) million, or (8.1)% of net sales[3] - The company reported adjusted loss from operations of $31.7 million for Q4 2025, compared to an income of $5.1 million in Q4 2024[29] - Transportation Solutions segment reported a loss from operations of $47,849 in Q4 2025, compared to an income of $17,942 in Q4 2024[39] - Adjusted segment EBITDA for Transportation Solutions was $(19,735) in Q4 2025, down from $31,756 in Q4 2024, resulting in an adjusted EBITDA margin of (7.5)%[39] - For the full year 2025, Transportation Solutions reported a loss from operations of $58,245, significantly lower than the income of $148,277 in 2024[39] - Adjusted segment EBITDA for Parts & Services was $7,049 in Q4 2025, compared to $5,563 in Q4 2024, with an adjusted EBITDA margin of 10.9%[39] - The full year 2025 adjusted segment EBITDA for Parts & Services was $33,175, down from $38,099 in 2024, with a margin of 14.0%[39] Assets and Liabilities - Total assets decreased to $1.17 billion in 2025 from $1.41 billion in 2024, reflecting a reduction of 17.0%[22] - Total liabilities decreased to $802.7 million in 2025 from $1.22 billion in 2024, a reduction of 34.3%[22] - Long-term debt increased to $442.9 million in 2025 from $397.1 million in 2024, an increase of 11.5%[22] Market Outlook - Guidance for Q1 2026 expects revenue in the range of $310 million to $330 million, with adjusted earnings per share between ($0.95) and ($1.05)[4] - Market conditions are showing early signs of stabilization, with expectations for demand improvement in the second half of 2026[5] - Customer engagement for 2026 purchasing decisions is ongoing, with many fleet order commitments remaining open and active[6] Impairments and Adjustments - The impairment of Little Falls, MN assets resulted in a $16,146 adjustment in 2025, impacting overall financial results[34] - The company recognized an impairment of assets in Little Falls, MN amounting to $16,146 in both Q4 and full year 2025[39] Dividends - The company paid dividends of $0.08 per share in both Q4 2025 and Q4 2024[24]

Quarterly revenue of $321M - Revenue in line with guidance as Parts and Services continues its year over year and sequential revenue growth but lower than expected truck body production resulted in operational inefficiencies that led to operating income and EPS below expectations.GAAP operating income of $(59.9)M or Non-GAAP adjusted operating income of $(43.8)M and GAAP EPS of $(1.23) or Non-GAAP adjusted EPS of $(0.93). Non-GAAP adjusted operating income and EPS exclude the cost impact of idling two manuf ...

Core Viewpoint - Wabash will host a quarterly earnings conference call on February 4, 2026, to discuss its financial results for Q4 2025 [1][2]. Group 1: Earnings Call Details - The earnings call will begin at 12:00 p.m. ET and will be accessible via Wabash's website [1][2]. - A replay of the call will be available shortly after the presentation concludes, also accessible on the "Investors" section of the website [2]. Group 2: Company Overview - Wabash combines physical and digital technologies to provide innovative solutions that optimize supply chains in transportation, logistics, and infrastructure markets [3]. - The company designs, manufactures, and services a wide range of products, including dry and refrigerated trailers, truck bodies, and platform trailers [3]. - Wabash offers additional services through the Wabash Marketplace and Wabash Parts, including a nationwide parts and service network and Trailers as a Service (TaaS)℠ [3].

Semitrailer and truck body manufacturer Wabash National Corporation announced plans to idle two facilities in Little Falls, Minnesota, and Goshen, Indiana. A Wabash SEC filing mentioned 56 job cuts in Minnesota and 214 in Indiana. WARN Notices revealed that impacted positions will include maintenance and production coordinators, machine operators, assemblers and welders — with the latter two accounting for 83 of the affected employees in Indiana. The Minnesota WARN Notice did not disclose the number of wor ...