Wabash Announces Third Quarter 2022 Results

Wabash (or the “company”), the innovation leader of connected solutions for the transportation, logistics and distribution industries, today reported results for the quarter ended September 30, 2022.

• Record quarterly revenue of $655.2 million
• Operating income of $52.9 million with operating margin at 8.1% , up 430 basis points year-over-year
• Record earnings per share of $0.73 , exceeding prior quarterly outlook range
• Robust backlog of $2.3B establishes a third quarter record; increases 20% year-over-year
• 2022 EPS outlook increased to $2.15

Net sales for the third quarter 2022 of $655.2 million increased 35.8% versus the prior year quarter as the Company continued to execute well on strong customer demand. Consolidated gross profit was $92.0 million, or 14.0% of sales. Operating income was $52.9 million, or 8.1% of sales during the quarter. Versus the same quarter last year, gross and operating margins expanded by 340 basis points and 430 basis points, respectively. Third quarter diluted earnings per share was $0.73, which exceeded the Company’s prior quarterly outlook.

Total company backlog as of September 30, 2022 was approximately $2.3 billion, which is an increase of 20 percent versus the third quarter of 2021 and also represents an all-time third quarter record.

“During the third quarter, Wabash executed very well to generate record sales of $655.2 million as well as record quarterly EPS of $0.73,” explained Brent Yeagy, president and chief executive officer. “This is a meaningful step forward in our financial performance and what makes the quarter even more exciting is the progress made against our strategic plan as we added new dealers, announced a new product line brand, and added additional strategically-aligned expertise to our board of directors that will support Wabash for years into the future.”

For the full-year ending December 31, 2022, the company maintained its outlook for revenue of $2.5 billion and increased its EPS guidance to $2.15.

“Demand conditions remain strong as evidenced by our order book, which set a third quarter record at $2.3 billion and implies $1.7 billion of orders in 2023,” said Yeagy. “Our process of booking orders has shifted from transactional to strategic as we engage with customers to plan for how Wabash can serve their needs from across our first to final mile portfolio for the next several years as opposed to the usual one-year out conversation and we expect to have updates on that front in the weeks and months to come.”

Business Segment Highlights

Transportation Solutions’ net sales for the third quarter were $611.8 million, an increase of 38.2%, as compared to the prior year quarter, as operations continued to scale up. Operating income was $63.3 million or 10.3% of sales during the quarter.

Parts & Services’ net sales for the third quarter were $46.7 million, an increase of 11.5% as compared to the prior year quarter as the segment continued to achieve milestones along its path of strategic growth. Operating income was $7.7 million, or 16.5% of sales during the quarter.

For the full third quarter results, click here.

About Wabash

Wabash (NYSE: WNC) is the visionary leader of connected solutions for the transportation, logistics and distribution industries that is Changing How the World Reaches You^®. Headquartered in Lafayette, Indiana, the company enables customers to thrive by providing insight into tomorrow and delivering pragmatic solutions today to move everything from first to final mile. Wabash designs, manufactures, and services a diverse range of products, including: dry freight and refrigerated trailers, flatbed trailers, tank trailers, dry and refrigerated truck bodies, structural composite panels and products, trailer aerodynamic solutions, and specialty food grade processing equipment. Learn more at www.onewabash.com.

Contact:

Dana Stelsel – Director, Communications – dana.stelsel@onewabash.com – (765) 771-5766

Source: Wabash National Corporation