Financial Performance - For Q4 2024, net sales were $416.8 million, with an operating income of $3.6 million, representing 0.9% of sales[3] - Full year 2024 revenue totaled $1.95 billion, with a net loss attributable to common stockholders of $284.1 million, or $(6.40) per diluted share[3] - Net sales for Q4 2024 were $416.8 million, a decrease of 30.1% compared to $596.1 million in Q4 2023[26] - Gross profit for Q4 2024 was $42.96 million, down 60.3% from $108.22 million in Q4 2023[26] - The company reported a net loss of $283.08 million for the year ended December 31, 2024, compared to a net income of $231.86 million for the year ended December 31, 2023[28] - Total net external sales for 2024 were $1,946,740, a decrease of 23% from $2,536,500 in 2023[32] - Gross profit for 2024 was $265,072, compared to $498,187 in 2023, reflecting a 47% decrease[32] - Adjusted operating income for 2024 was $93,896, significantly lower than $311,949 in 2023, indicating a 70% drop[34] - Free cash flow for 2024 was $38,136, down from $215,863 in 2023, a decline of 82%[39] - Adjusted EBITDA for 2024 was $162,674, compared to $369,303 in 2023, a decrease of 56%[36] - The adjusted operating income margin for 2024 was 4.8%, down from 15.7% in 2023[34] - Income (loss) from operations for 2024 was $(356,104), compared to $311,949 in 2023, a significant negative swing[32] - The company reported a net loss attributable to common stockholders of $(284,071) for 2024, compared to a profit of $231,252 in 2023[37] Sales and Backlog - Total company backlog as of December 31, 2024, was approximately $1.2 billion, with $813 million expected to be shipped within the next 12 months, an increase of over $100 million from the prior quarter[4] - Transportation Solutions' net sales for Q4 2024 were $370.5 million, a decrease of 32.3% compared to the prior year quarter[10] - Parts & Services' net sales for Q4 2024 were $48.6 million, a decrease of 12.0% compared to the prior year quarter[11] - Units shipped for new trailers in Q4 2024 were 6,770, a decrease of 32.8% from 10,075 units in Q4 2023[30] - New trailers shipped in 2024 totaled 32,100 units, down from 44,450 units in 2023, representing a 28% decline[32] - The company shipped 14,255 new truck bodies in 2024, a decrease from 16,070 in 2023, representing an 11% decline[32] Operational Metrics - Adjusted EBITDA for Q4 2024 was $21.1 million, or 5.1% of net sales, while full year adjusted EBITDA was $162.7 million, or 8.4% of net sales[3] - Adjusted operating income for Q4 2024 was $3.59 million, a significant decline from $61.10 million in Q4 2023[30] - Income from operations for Transportation Solutions decreased to $17,942 in Q4 2024 from $74,593 in Q4 2023, representing a decline of approximately 76%[42] - Adjusted segment EBITDA for Transportation Solutions was $31,756 in Q4 2024, down from $85,817 in Q4 2023, indicating a decrease of about 63%[42] - Adjusted segment EBITDA margin for Transportation Solutions fell to 8.6% in Q4 2024 from 15.7% in Q4 2023[42] - For the twelve months ended December 31, 2024, income from operations for Transportation Solutions was $148,277, a decrease from $366,928 in 2023, reflecting a decline of approximately 60%[42] - Adjusted segment EBITDA for the twelve months ended December 31, 2024, was $197,746, down from $407,606 in 2023, a decrease of about 51%[42] - Adjusted segment EBITDA margin for the twelve months ended December 31, 2024, decreased to 11.3% from 17.4% in 2023[42] Assets and Liabilities - Total assets increased to $1.41 billion in 2024 from $1.36 billion in 2023, reflecting a growth of 3.9%[24] - Total liabilities rose significantly to $1.22 billion in 2024, up from $812.72 million in 2023, marking an increase of 50.4%[24] Future Outlook - The company has issued guidance for 2025 with sales expected in the range of $1.9 billion to $2.1 billion, and earnings per diluted share of $0.85 to $1.05[6] - The company anticipates stronger performance in 2025 from Truck Bodies and Parts & Services, which typically convert orders to revenue quickly[8] - The company views 2025 as a transitional year, aiming to improve market conditions and enhance customer value through its expanding portfolio[8] Leadership and Strategic Initiatives - Recent leadership additions are expected to strengthen the company's culture and facilitate more rapid strategic advancement[7]

Core Insights - Wabash reported a net sales of $416.8 million for Q4 2024, with a full year revenue of $1.95 billion, indicating a challenging financial year with significant losses [2][9] - The company experienced a net loss attributable to common stockholders of $1.0 million in Q4 2024 and $284.1 million for the full year [2][9] - Adjusted EBITDA for Q4 2024 was $21.1 million, representing 5.1% of net sales, while the full year adjusted EBITDA was $162.7 million, or 8.4% of net sales [2][9] Financial Performance - For Q4 2024, operating income was $3.6 million, or 0.9% of sales, compared to a much higher operating income of $61.1 million in Q4 2023 [2][26] - The full year operating loss was $356.1 million, contrasting with an operating income of $311.9 million in 2023 [2][26] - The company’s adjusted net income for the full year was $54.7 million, or $1.22 per diluted share, compared to a net loss of $284.1 million, or $(6.40) per diluted share in 2024 [2][9] Backlog and Future Outlook - Total company backlog as of December 31, 2024, was approximately $1.2 billion, with $813 million expected to be shipped within the next 12 months, reflecting a sequential increase [3][6] - The company anticipates sales for the full year ending December 31, 2025, to be in the range of $1.9 billion to $2.1 billion, with a midpoint of $2.0 billion [5][6] - Wabash expects customer orders to be more evenly distributed throughout 2025, with a focus on Truck Bodies and Parts & Services segments for stronger performance [6][9] Segment Performance - Transportation Solutions segment reported net sales of $370.5 million in Q4 2024, a decrease of 32.3% compared to the prior year quarter [10][11] - Parts & Services segment net sales were $48.6 million in Q4 2024, down 12.0% from the previous year [11][10] - Units shipped for new trailers were 6,770 in Q4 2024, down from 10,075 in Q4 2023, while new truck bodies shipped were 3,010 compared to 4,075 in the prior year [8][30] Leadership and Strategic Direction - The company has made significant leadership additions in 2024, aiming to enhance its organizational culture and strategic advancement [4][9] - Wabash is focused on leveraging the intersection of physical and digital technologies to sustainably grow its recurring revenue base [4][9]

Company Overview - Wabash (NYSE: WNC) integrates physical and digital technologies to provide innovative, end-to-end solutions that enhance supply chains in transportation, logistics, and infrastructure markets [3] - The company is headquartered in Lafayette, Indiana, and offers a wide range of products for first-to-final mile operations, including dry and refrigerated trailers, truck bodies, platform trailers, tank trailers, and structural composites [3] - Wabash also provides access to a nationwide parts and service network, Trailers as a Service (TaaS), and advanced operational tools through Wabash Marketplace and Wabash Parts [3] Upcoming Earnings Call - Wabash will host a quarterly earnings conference call to discuss its financial results for the fourth quarter of 2024 on January 29, 2025, at 12:00 p.m. ET [1] - The call will be accessible via a dedicated phone line and will also be available for replay shortly after the presentation [2] - Related materials, including the earnings press release and slides, will be posted on the company's website by 7:00 a.m. ET on the day of the earnings call [2]

Core Insights - Wabash has been recognized as one of America's Most Responsible Companies by Newsweek for the third consecutive year, being the only trailer or truck body manufacturer on the 2025 list [1][2] ESG Commitment - The annual list by Newsweek and Statista evaluates companies based on their performance in environmental, social, and corporate governance (ESG) [2] - Wabash emphasizes its commitment to safety, sustainability, and community impact, as stated by President and CEO Brent Yeagy [3] Safety and Awards - Wabash has received multiple safety and environmental awards, including two Plant Safety Awards from the Truck Trailer Manufacturers Association in 2024 for its facilities in Mexico and Kentucky [3] - The Cadiz facility achieved an 81% reduction in total recordable incident rate from 2022 to 2024 due to its "Respect for People" ethos [3] Technological Advancements - The company is utilizing targeted automation at its renovated Lafayette, Indiana facility to improve safety and enhance the worker experience [4] Environmental Initiatives - Wabash is the only trailer and truck body manufacturer involved in a U.S. Department of Energy project aimed at decarbonizing commercial transportation, utilizing its EcoNex™ Technology to improve thermal efficiency and reduce energy consumption [5]

Core Insights - Wabash has been recognized as one of America's Most Responsible Companies by Newsweek for the third consecutive year, being the only trailer or truck body manufacturer on the 2025 list [1][2]. ESG Commitment - The recognition is based on Wabash's performance in the three pillars of ESG: environmental, social, and corporate governance [2]. - Wabash emphasizes creating safe and inclusive workplaces, driving innovation for sustainable transportation, and contributing to community welfare [3]. Safety and Awards - The company has received multiple safety and environmental awards, including two Plant Safety Awards from the Truck Trailer Manufacturers Association in 2024 for its facilities in Mexico and Kentucky [3]. - A notable achievement includes an 81% reduction in the total recordable incident rate at the Cadiz facility from 2022 to 2024 [3]. Technological Advancements - Wabash is utilizing targeted automation at its renovated Lafayette, Indiana facility to enhance safety and improve the worker experience [4]. Environmental Initiatives - Wabash is the only trailer and truck body manufacturer involved in a U.S. Department of Energy project aimed at decarbonizing commercial transportation, utilizing its proprietary EcoNex™ Technology [5]. - This technology is designed to improve thermal efficiency and reduce energy consumption in refrigerated trailers and truck bodies [5]. Company Overview - Wabash combines physical and digital technologies to provide innovative, end-to-end supply chain solutions across transportation, logistics, and infrastructure markets [7]. - The company designs, manufactures, and services a wide range of products, including dry and refrigerated trailers, platform trailers, and structural composites [7].

LAFAYETTE, Ind., Dec. 12, 2024 (GLOBE NEWSWIRE) -- Wabash (NYSE: WNC), the visionary leader of connected solutions for the transportation, logistics and distribution industries, today announced the 2026 model year DuraPlate® Dry Van featuring enhancements that elevate performance and value. One of the key new features of the 2026 Wabash DuraPlate Dry Van is the Webb Vortex Drum with Wear Indicator (WI), designed to improve brake performance and extend brake life by up to 25 percent. Industry data shows brak ...

LAFAYETTE, Ind., Dec. 02, 2024 (GLOBE NEWSWIRE) -- Wabash (NYSE: WNC), the visionary leader of connected solutions for the transportation, logistics and distribution industries, today announced the renewal of its strategic agreement with The Goodyear Tire & Rubber Company (NASDAQ: GT), one of the world’s largest tire companies. This agreement reinforces Goodyear’s position as the preferred tire supplier for Wabash's van, tank and platform trailers, and provides Wabash customers with full-service tire manage ...

LAFAYETTE, Ind., Nov. 11, 2024 (GLOBE NEWSWIRE) -- Wabash (NYSE: WNC), the innovation leader of connected solutions for the transportation, logistics and distribution industries, is making it easier for customers to access the genuine Wabash trailer and truck body parts and service they need by expanding Wabash Parts and its Preferred Partner Network. Wabash’s network of authorized dealers serves as the backbone of the company’s aftermarket support, providing expert service, maintenance and Wabash Genuine P ...

Financial Data and Key Metrics Changes - The consolidated revenue for Q3 2024 was $464 million, with adjusted net income attributable to common stockholders at $8.6 million or $0.19 per diluted share [22][23] - Gross margin was reported at 12.1% of sales, while adjusted operating margin was 3.7% [22] - Adjusted EBITDA for the quarter was $34 million, representing 7.4% of sales [22] - The company reduced its full-year revenue outlook to approximately $1.95 billion and EPS to roughly $1.25, reflecting a decrease of $150 million in revenue and $0.30 in EPS from previous guidance [19][25] Business Line Data and Key Metrics Changes - Transportation Solutions generated revenue of $416 million with an operating income of $29 million [23] - Parts and services generated revenue of $52 million and operating income of $8.3 million [23] - Year-to-date operating cash generation was $36 million, with positive working capital trends in Q3 [23] Market Data and Key Metrics Changes - Total bookings at the end of Q3 were just over $1 billion, down from approximately $1.3 billion at the end of Q2 [18] - The dry van large deal season is expected to push into the latter stages of normal seasonality in 2024, with an anticipated increase in new orders in Q4 and early Q1 of 2025 [18] Company Strategy and Development Direction - The company is refocusing on its core markets of transportation, logistics, and distribution, moving from a diversified industrial strategy to a more customer-centric approach [4][5] - A key strategic focus is on growing the parts and service initiative, which is seen as a higher margin, recurring revenue business [7][8] - The company is enhancing its digital capabilities through partnerships, such as with the Fernweh Group, to improve customer engagement [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the current market environment, with varied customer responses regarding their purchasing intentions for 2025 [27][28] - The company believes it is well-positioned to outperform previous cyclic upturns due to improved manufacturing capacity and strategic partnerships [6][12] - Management expressed confidence in the potential for parts and services to provide stability and growth, even in a sluggish market [36] Other Important Information - A significant legal charge of $450 million in punitive damages was noted due to a jury verdict related to a 2019 incident, impacting GAAP and non-GAAP financial results [16][17] - The company maintains a liquidity position of $405 million as of September 30, with a net debt leverage ratio of 1.5x [24] Q&A Session Summary Question: What are customers saying about their 2025 intentions? - Management indicated that customer responses vary significantly, with some maintaining volume while others are cautious and waiting for market clarity [27][28] Question: How does the company manage production volatility? - Management stated that they have experience managing production dynamics and are making adjustments to optimize margins while maintaining flexibility [29][30] Question: What is the outlook for the parts and service business? - Management expressed confidence in the foundational elements in place for growth in parts and services, despite current market sluggishness [35][36] Question: Can the company still have a flat to up year in earnings with a declining trailer market? - Management noted that growth in parts and services and truck body segments could offset softness in the dry van market, but specific guidance on maximum declines was not provided [39][40]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2024 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 001-10883 WABASH NATIONAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 52-1375208 (State of Inco ...