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 ...

Media Contact: Dana Stelsel Director, Communications (765) 771-5766 dana.stelsel@onewabash.com Investor Relations: Ryan Reed VP, Corporate Development & IR (765) 490-5664 ryan.reed@onewabash.com Wabash Announces Third Quarter 2024 Results ▪ Quarterly revenue of $464 million; within prior quarterly outlook range ▪ Non-cash charge of $450 million taken in connection with legal verdict. Believe outcome is unsupported by facts or the law; evaluating all available legal options ▪ GAAP operating loss of $433 mill ...

LAFAYETTE, Ind., Oct. 09, 2024 (GLOBE NEWSWIRE) -- Wabash (NYSE: WNC) today announced that it will webcast its quarterly earnings conference call to review and discuss its financial results for the third quarter 2024 on Thursday, October 24, 2024, beginning at 12:00 p.m. ET. The call and an accompanying slide presentation will be accessible on the "Investors" section of Wabash's website, www.onewabash.com, under "Events & Presentations." The conference call will be accessible by dialing (800) 715-9871, conf ...

LAFAYETTE, Ind., Sept. 30, 2024 (GLOBE NEWSWIRE) -- Wabash (NYSE: WNC) is convening more than 300 leaders from the transportation, logistics, and distribution sectors this week at Ignite 2024 to discuss the challenges and transformative opportunities facing their industry. Taking place today through Wednesday in Louisville, Ky., Ignite 2024 is the premier thought leadership event for Wabash's ecosystem of customers, dealers, suppliers, technology partners, researchers and industry experts, fostering powerfu ...

LAFAYETTE, Ind., Sept. 26, 2024 (GLOBE NEWSWIRE) -- Wabash (NYSE: WNC), the visionary leader of connected solutions for the transportation, logistics and distribution industries, today announced a 10-year strategic agreement with Steel Dynamics, Inc., a leading steel producer and metal recycler in North America. This partnership will secure critical steel components, including hot-rolled, galvanized, and painted steel coils and steel crossmembers, to support Wabash's extensive transportation solutions portf ...

LAFAYETTE, Ind., Sept. 23, 2024 (GLOBE NEWSWIRE) -- Wabash (NYSE: WNC), the visionary leader of connected solutions for the transportation, logistics and distribution industries, is pleased to announce that Kodiak Robotics, Inc., a leading autonomous trucking company, has entered into a partnership with Wabash to utilize Wabash's Trailers as a Service (TaaS)℠ offering. Wabash's TaaS will provide Kodiak a flexible solution with access to a growing fleet of safe, reliable trailers nationwide. Wabash's TaaS of ...

LAFAYETTE, Ind., Sept. 16, 2024 (GLOBE NEWSWIRE) -- Wabash (NYSE: WNC), the visionary leader of connected solutions for the transportation, logistics and distribution industries, today announced it was honored among Newsweek's inaugural list of "America's Most Admired Workplaces 2025," reaffirming the company's commitment to fostering a dynamic and innovative workplace, recognized by employees and industry peers alike. Wabash earned a rating of four-and-a-half out of five stars and stands among only two hea ...

Investment Thesis - Wabash National Corporation (NYSE: WNC) is identified as a strong investment opportunity due to its growing operating margins, capital efficiencies, and returns over recent years, with updated valuations indicating the stock is undervalued [2][24]. Background - The stock price of WNC has decreased from USD 23 per share in May 2024 to USD 18 per share, prompting a re-evaluation of its valuation and margin of safety [3][24]. - WNC is a leading manufacturer of trailers and liquid transportation systems, having repositioned itself as a leader in connected solutions for the transportation and logistics sectors [3][24]. - From 2017 to 2024, WNC experienced a revenue growth of 3.8% CAGR, indicating it is not a high-growth company, consistent with market research suggesting low single-digit growth for the sector [3][4]. Valuation Narrative - The valuation of WNC is based on an operating model that includes fixed and variable costs, with key parameters being revenue, contribution margin, and capital turnover [5][6]. - Revenue projections are based on average performance from 2017 to 2024, with an assumption of 4% CAGR growth in perpetuity [7][24]. - The cyclical nature of the business is acknowledged, with 2024 performance expected to be lower than 2023 but still better than 2017 [8][24]. Efficiencies - WNC has shown improvements in operating profit margin and return on assets (ROA), although there are mixed results in other efficiency metrics such as inventory turnover and operating expense ratio [10]. - Capital efficiencies have improved in gross profitability and capital turnover, but the cash conversion cycle has deteriorated [10]. Growth - The average return on invested capital (ROIC) from 2017 to 2024 was 14.6%, with a derived reinvestment rate of 26.0%, indicating that the company has not been efficient in reinvesting [11]. - The actual reinvestment rate averaged 40.2% during the same period, suggesting a discrepancy between actual and derived rates [11]. Valuation - Three valuation methods indicate that WNC is undervalued: intrinsic value based on Free Cash Flow to the Firm (FCFF) suggests a value of USD 27 per share, while the Acquirer's Multiple and Free Cash Flow yield also point to a cheap valuation [13][24]. - The intrinsic value calculation incorporates normalized values for revenue, contribution margin, and capital efficiency from 2017 to 2024 [15][24]. Conclusion - Despite a decline in revenue for 2024, WNC is still considered a strong company due to more improving metrics than deteriorating ones from 2017 to 2024, and stable solvency and liquidity metrics [24]. - The intrinsic value assessment provides a margin of safety of over 30%, reinforcing the view that WNC represents a viable investment opportunity [24][25].

LAFAYETTE, Ind., Sept. 06, 2024 (GLOBE NEWSWIRE) -- Wabash (NYSE: WNC) today announced it is evaluating all available legal options in response to the verdict by a St. Louis jury in Williams et al. v. Wabash. The case concerns a 2019 motor vehicle accident in which a passenger vehicle traveling at a high speed struck the back of a nearly stopped 2004 Wabash trailer. "While this was a tragic accident, we respectfully disagree with the jury's verdict and firmly believe it is not supported by the facts or the ...

LAFAYETTE, Ind., Aug. 19, 2024 (GLOBE NEWSWIRE) -- Wabash (NYSE: WNC), the innovation leader of connected solutions for the transportation, logistics and distribution industries, today announced a series of strategic executive leadership changes designed to position the company for continued success. These changes will take effect on September 1, 2024. Mike Pettit will transition from his current role as Senior Vice President, Chief Financial Officer to the newly created position of Senior Vice President, C ...