Wabash National(US:WNC)2026-02-04 11:54Financial 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]