Wabash National(WNC) - 2024 Q4 - Annual Results

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]