Wabash National-Wabash Announces Fourth Quarter and Full Year 2024 Results

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]