Wabash Announces First Quarter 2023 Results

Wabash (the “Company”), the innovation leader of connected solutions for the transportation, logistics and distribution industries, today reported results for the quarter ended March 31, 2023.

Net sales for the first quarter 2023 of $621.0 million increased 13.6% versus the prior year quarter as the Company continued to execute well on customer demand. Consolidated gross profit was $116.0 million, or 18.7% of sales. Operating income was $69.9 million, or 11.3% of sales during the quarter. Margins exceeded prior expectations as a result of strong material margin, operational efficiency and product mix. First quarter diluted earnings per share was $1.04, which exceeded the Company’s prior quarterly outlook.

Total Company backlog as of March 31, 2023 was approximately $3.1 billion, which is an increase of 31 percent versus the first quarter of 2022 and also represents an all-time first quarter record. Backlog expected to be shipped within the following 12-months was approximately $2.6 billion as of March 31, 2023.

“During the first quarter, Wabash achieved record quarterly EPS of $1.04,” said Brent Yeagy, president and chief executive officer. “Our first quarter financial results are a significant achievement, and all the more exciting when viewed through the lens of strategic progress. We have purposefully created a different Wabash over the last four years. With a new strategy, new management system and a new strategic deployment process we have acted on the business to strategically position our portfolio for the future and drive to new and higher levels of business execution.”

For the full-year ending December 31, 2023, the Company maintained its revenue outlook with a range of $2.8 billion to $3.0 billion and a revenue midpoint of $2.9 billion. The Company increased its EPS guidance to a range of $4.00 to $4.50 with an EPS midpoint of $4.25.

“Our backlog remains strong and, combined with our first quarter performance, gives us confidence to guide to a record year,” explained Yeagy. “With freight rates pressured and uncertainty regarding the timing of a market rebound, we expect customers to diligently manage capital spending, but remain optimistic about their prioritization of van trailers and we continue to be excited about the strength in our tank trailer, truck body and parts & services businesses. We expect the power of our first to final mile portfolio to allow us to continue posting financial performance that exceeds results from prior cycles.”

Business Segment Highlights

A complete disclosure of the results by individual segment is included in the tables following this release.

Transportation Solutions’ net sales for the first quarter were $578.1 million, an increase of 15.1%, as compared to the prior year quarter, as operations continued to scale up. Operating income was $87.1 million or 15.1% of sales during the quarter.

Parts & Services’ net sales for the first quarter were $47.1 million, an increase of 0.9% as compared to the prior year quarter as the segment continued to achieve milestones along its path of strategic growth. Operating income was $9.2 million, or 19.5% of sales during the quarter.

For the full first 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