Wabash National(US:WNC)2025-10-30 10:54Financial Performance - The Company's net sales for Q3 2025 were $381.6 million, a decrease of 17.8% compared to Q3 2024[3] - Consolidated gross profit for the quarter was $16 million, representing 4.1% of sales[3] - GAAP diluted earnings per share (EPS) was $0.97, while Non-GAAP adjusted EPS was $(0.51)[5] - Net sales for Q3 2025 were $381.6 million, a decrease of 17.7% compared to $464.0 million in Q3 2024[24] - Gross profit for Q3 2025 was $15.7 million, down 72.0% from $56.0 million in Q3 2024[24] - Net income attributable to common stockholders for Q3 2025 was $40.0 million, compared to a net loss of $330.2 million in Q3 2024[24] - Total net external sales for the nine months ended September 30, 2025, were $1,221,301, a decrease of 20% compared to $1,529,926 in 2024[30] - Adjusted operating (loss) income for the nine months ended September 30, 2025, was $(51,148), compared to $90,310 in 2024, indicating a significant decline[32] - Gross profit for the nine months ended September 30, 2025, was $76,111, down from $222,113 in 2024, reflecting a decrease of 65.7%[30] - The company reported a net income attributable to common stockholders of $261,329 for the nine months ended September 30, 2025, compared to a loss of $(283,041) in 2024[34] Sales and Backlog - Total backlog as of September 30, 2025, was approximately $829 million, indicating a cautious approach to capital spending by customers[4] - Transportation Solutions segment net sales decreased by 19.5% year-over-year to $334.5 million, with an operating loss of $13.1 million[8] - Parts & Services segment reported net sales of $61.0 million, an increase of 16.5% compared to the prior year quarter[9] - Units shipped for new trailers in Q3 2025 were 6,940, a decrease of 8.5% from 7,585 in Q3 2024[28] - New trailers shipped decreased to 21,869 units in 2025 from 25,330 units in 2024, representing a decline of 13.5%[30] - The company shipped 9,257 new truck bodies in the nine months ended September 30, 2025, down from 11,245 in 2024, a decline of 17.7%[30] Cash Flow and Liquidity - Cash and cash equivalents at the end of Q3 2025 were $91.7 million, down from $115.5 million at the beginning of the period[26] - The company reported a net cash provided by operating activities of $69.1 million for the nine months ended September 30, 2025, compared to $36.4 million for the same period in 2024[26] - Free cash flow for the nine months ended September 30, 2025, was $8,704, compared to $(15,890) in 2024, showing an improvement in cash generation[36] Debt and Assets - Total current assets increased to $603.5 million in Q3 2025 from $594.5 million in Q4 2024[22] - Total liabilities decreased to $929.8 million in Q3 2025 from $1.2 billion in Q4 2024[22] - Long-term debt increased to $422.7 million in Q3 2025 from $397.1 million in Q4 2024[22] Operational Performance - The Truck Body business faced challenging market conditions, with demand easing across most end markets[6] - The Company remains cautiously optimistic about a gradual recovery in 2026, supported by pent-up replacement needs and improving freight conditions[6] - The Company is focused on managing its cost base while maintaining liquidity to navigate near-term challenges and invest in long-term growth[6] - Transportation Solutions segment reported a loss from operations of $13,116 in Q3 2025 compared to income of $29,162 in Q3 2024[38] - For the nine months ended September 30, 2025, Transportation Solutions had a loss from operations of $10,396 compared to income of $130,335 in the same period of 2024[38] - Parts & Services segment reported income from operations of $6,621 in Q3 2025, down from $8,316 in Q3 2024[38] - For the nine months ended September 30, 2025, Parts & Services reported income from operations of $22,591, down from $30,923 in the same period of 2024[38] Adjusted Metrics - Adjusted segment EBITDA for Transportation Solutions was $(598) in Q3 2025, down from $41,396 in Q3 2024, resulting in a margin of (0.2)% versus 10.0%[38] - Adjusted segment EBITDA for the nine months in Transportation Solutions was $26,505 in 2025, significantly lower than $165,990 in 2024, with a margin of 2.5% compared to 12.0%[38] - Adjusted segment EBITDA for Parts & Services was $7,738 in Q3 2025, compared to $8,867 in Q3 2024, resulting in a margin of 12.7% versus 16.9%[38] - Adjusted segment EBITDA for Parts & Services was $26,126 in 2025, compared to $32,536 in 2024, with a margin of 15.1% versus 20.8%[38] Other Financial Adjustments - The Missouri legal matter resulted in an adjustment of $(81,207) for the three months ended September 30, 2025, impacting the overall financial results significantly[34] - The company experienced impairment and other net charges of $219 in Q3 2025, compared to a gain of $(51) in Q3 2024[38]