Wabash National Corporation Announces Fourth Quarter and Full Year 2018 Results

January 29, 2019 at 4:36 PM EST
  • Strong demand drives 12 percent year-over-year increase in Q4 2018 revenue
  • Full year revenue of $2.3 billion is highest in company history
  • Q4 2018 backlog increased 47 percent year-over-year to $1.8 billion
  • Q4 2018 gross margin declined 210 basis points year-over-year as a result of operational headwinds
  • GAAP earnings per share of $0.21 in Q4 2018, $0.38 adjusted Non-GAAP earnings per share
  • 2019 EPS outlook revised to $1.50 to $1.70 per diluted share

LAFAYETTE, Ind., Jan. 29, 2019 (GLOBE NEWSWIRE) -- Wabash National Corporation (NYSE: WNC), a diversified industrial manufacturer and a leading producer of semi-trailers, truck bodies and liquid transportation systems, today reported results for the quarter and full year periods ending December 31, 2018.

Net sales for the fourth quarter 2018 increased 12 percent to $610 million from $543 million in the prior year quarter while each of the Company’s three segments contributed to the strong top-line growth as market demand remained strong. Gross profit margin contracted 210 basis points as compared to the prior year period as a result of continued cost pressures due to the current operating environment. Operating income was $22.8 million in the fourth quarter of 2018 or $36.4 million, on a non-GAAP adjusted basis, after excluding a non-cash impairment charge of $13 million related to the sale of the Aviation and Truck Equipment business in the Diversified Products reportable segment.

“In a quarter impacted by challenges in the operating environment, we continued to strengthen long-term relationships with our customers by shipping near-record volumes. We generated quarterly net sales of $610 million in the fourth quarter, a 12 percent increase versus the prior year quarter, and full year sales of $2.3 billion, the highest in the Company’s 33-year history," explained Brent Yeagy, president and chief executive officer. "Due in part to the strength in demand conditions, all three of our reporting segments faced continued operating pressures which negatively impacted our margins. We are highly focused on reducing the cost pressures that included a shortage of chassis and other components, as well as increased labor and material costs. We have taken action to improve pricing across all three business segments in order to recover higher materials and manufacturing costs. We launched additional productivity initiatives and bolstered supply chain effectiveness through both resourcing and planning improvements. We are confident that these actions will address the short-term operating pressures to clear the way for improved margin performance in 2019.”

Net income for the fourth quarter 2018 was $11.6 million, or 21 cents per diluted share. Adjusted non-GAAP net income for the fourth quarter was $21.5 million or 38 cents per share, compared to 36 cents in the fourth quarter of 2017.

Operating EBITDA, a non-GAAP measure that excludes the effects of certain items, for the fourth quarter 2018 was $47.6 million, or 7.8 percent of net sales, and full year operating EBITDA of $186.9 million, or 8.2 percent of net sales.

Mr. Yeagy continued, “While we expect strong industry volumes in 2019, we also anticipate some level of short-term supplier and cost challenges continuing into the new year. I am confident in our team's ability to successfully navigate these issues as we focus on mitigating supplier disruptions and driving increased productivity.  With strong market conditions, a solid balance sheet and six consecutive years of converting free cash flow in excess of net income, I expect 2019 to be a strong year for Wabash National. We expect 2019 full-year revenue to be between $2.25 billion to $2.35 billion based on our current backlog and we feel it is prudent to revise our full-year earnings outlook to $1.50 to $1.70 per diluted share based on the carryover of supply disruption and cost pressures moving into 2019.”

Business Segment Highlights

The table below is a summary of select segment operating and financial results prior to the elimination of intersegment sales for the fourth quarter of 2018 and 2017. A complete disclosure of the results by individual segment is included in the tables following this release.

    Commercial Trailer Products   Diversified Products   Final Mile Products
Three Months Ended December 31,   2018   2017   2018   2017   2018   2017
    (dollars in thousands)
New trailers shipped   16,750     15,500     750     650          
Net sales   $ 438,667     $ 385,961     $ 102,322     $ 91,771     $ 74,532     $ 70,461  
Gross profit   $ 45,170     $ 47,055     $ 17,420     $ 18,040     $ 7,362     $ 8,150  
Gross profit margin   10.3 %   12.2 %   17.0 %   19.7 %   9.9 %   11.6 %
Income (loss) from operations   $ 39,075     $ 40,134     $ (6,111 )   $ 5,532     $ (1,463 )   $ (2,098 )
Income (loss) from operations margin   8.9 %   10.4 %   (6.0 )%   6.0 %   (2.0 )%   (3.0 )%

Commercial Trailer Products’ net sales for the fourth quarter increased $52.7 million, or 14 percent, to $439 million. Gross profit margin for the fourth quarter decreased 190 basis points as compared to the prior year period primarily due to the impact of supplier disruptions, as well as increased labor and material costs.  Operating income decreased $1.1 million, or 2.6 percent, from the fourth quarter last year to $39.1 million, or 8.9 percent of net sales.

Diversified Products’ net sales for the fourth quarter were $102 million, an increase of $10.6 million, or 11 percent, as compared to the prior year, due primarily to the increased demand for liquid tank trailers. Gross profit and profit margin as compared to the prior year period decreased $0.6 million and 270 basis points, respectively, primarily due to increased material and labor costs, including higher overtime levels to meet strong demand requirements and supplier induced production interruptions. Operating income in the fourth quarter of 2018, excluding a $13.0 million non-cash impairment charge, was $6.9 million, or 6.7 percent of net sales, representing an increase of $1.3 million as compared to the prior year period.

Final Mile Products’ net sales for the fourth quarter totaled $75 million. Gross profit and gross profit margin for the fourth quarter were $7.4 million and 9.9 percent, respectively. Operating loss was $1.5 million, or 2.0 percent of net sales. Operating results were negatively impacted during the quarter by chassis supply issues and other supplier shortages causing operating inefficiencies as well as higher labor costs.

Non-GAAP Measures

In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), the financial information included in this release contains non-GAAP financial measures, including operating EBITDA, operating EBITDA margin, adjusted operating income, adjusted net income and adjusted earnings per diluted share.  These non-GAAP measures should not be considered a substitute for, or superior to, financial measures and results calculated in accordance with GAAP, including net income, and reconciliations to GAAP financial statements should be carefully evaluated.

Operating EBITDA is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, acquisition expenses, impairments, and other non-operating income and expense. Management believes providing operating EBITDA is useful for investors to understand the Company’s performance and results of operations period to period with the exclusion of the items identified above. Management believes the presentation of operating EBITDA, when combined with the GAAP presentations of operating income and net income, is beneficial to an investor’s understanding of the Company’s operating performance. A reconciliation of operating EBITDA to net income is included in the tables following this release.

Adjusted operating income, a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income under U.S. GAAP, but that management would not consider important in evaluating the quality of the Company’s operating results as they are not indicative of the Company’s core operating results or may obscure trends useful in evaluating the Company’s continuing activities. Accordingly, the Company presents adjusted operating income excluding these Special Items to help investors evaluate our operating performance and trends in our business consistent with how management evaluates such performance and trends. Further, the Company presents adjusted operating income to provide investors with a better understanding of the Company’s view of our results as compared to prior periods.  A reconciliation of adjusted operating income to operating income, the most comparable GAAP financial measure, is included in the tables following this press release.

Adjusted net income and adjusted earnings per diluted share, each reflect adjustments for acquisition expenses, the losses attributable to the Company’s extinguishment of debt, impairment charges, executive severance costs, income or losses recognized on the sale and/or closure of former Company locations, adjustments related to the Company’s deferred tax assets as a result of IRS guidance on application of the Tax Cuts and Jobs Act of 2017, and reversal of reserves for uncertain tax positions. Management believes providing adjusted measures and excluding certain items facilitates comparisons to the Company’s prior year periods and, when combined with the GAAP presentation of net income and diluted net income per share, is beneficial to an investor’s understanding of the Company’s performance. A reconciliation of each of adjusted net income and adjusted earnings per diluted share to net income and net income per diluted share is included in the tables following this release.

Fourth Quarter 2018 Conference Call

Wabash National will discuss its results during its quarterly investor conference call on Wednesday, January 30th, starting at 10:00 a.m. EST.  The call and an accompanying slide presentation will be webcast on the "Investors" section of the Company’s website www.wabashnational.com. A replay of the webcast will be available in the same section of Wabash National's website shortly after the conclusion of the call and will remain available for approximately 3 months. Meeting access also will be available via conference call at 844-778-4139, participant code 1851979.

About Wabash National Corporation

Headquartered in Lafayette, Indiana, Wabash National Corporation (NYSE: WNC) is a diversified industrial manufacturer and a leading producer of semi-trailers, truck bodies and liquid transportation systems. Established in 1985, the Company manufactures a diverse range of products including: dry freight and refrigerated trailers, platform trailers, bulk tank trailers, dry and refrigerated truck bodies, truck-mounted tanks, intermodal equipment, structural composite panels and products, trailer aerodynamic solutions, and specialty food grade and pharmaceutical equipment. Its innovative products are sold under the following brand names: Wabash National®, Beall®, Benson®, Brenner® Tank, Bulk Tank International, DuraPlate®, Extract Technology®, Supreme®, Transcraft®, Walker Engineered Products, and Walker Transport. Learn more at www.wabashnational.com.

Safe Harbor Statement

This press release contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements convey the Company’s current expectations or forecasts of future events. All statements contained in this press release other than statements of historical fact are forward-looking statements. These forward-looking statements include, among other things, all statements regarding the Company’s outlook for trailer and truck body shipments, backlog, expectations regarding demand levels for trailers, truck bodies, non-trailer equipment and our other diversified product offerings, pricing, profitability and earnings, cash flow and liquidity, opportunity to capture higher margin sales, new product innovations, our growth and diversification strategies, our expectations for improved financial performance during the course of the year and our expectations with regards to capital allocation. These and the Company’s other forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Without limitation, these risks and uncertainties include the continued integration of Supreme into the Company’s business, adverse reactions to the transaction by customers, suppliers or strategic partners, uncertain economic conditions including the possibility that customer demand may not meet our expectations, increased competition, reliance on certain customers and corporate partnerships, risks of customer pick-up delays, shortages and costs of raw materials including the impact of tariffs or other international trade developments, risks in implementing and sustaining improvements in the Company’s manufacturing operations and cost containment, dependence on industry trends and timing, supplier constraints, labor costs and availability, customer acceptance of and reactions to pricing changes and costs of indebtedness. Readers should review and consider the various disclosures made by the Company in this press release and in the Company’s reports to its stockholders and periodic reports on Forms 10-K and 10-Q.

 
WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited - dollars in thousands)
 
  December 31,
2018
  December 31,
2017
Assets      
Current assets:      
Cash and cash equivalents $ 132,690     $ 191,521  
Accounts receivable, net 181,064     146,836  
Inventories 184,404     180,735  
Prepaid expenses and other 51,261     57,299  
Total current assets 549,419     576,391  
Property, plant, and equipment, net 206,991     195,363  
Deferred income taxes      
Goodwill 311,084     317,464  
Intangible assets 210,328     237,030  
Other assets 26,571     25,265  
Total assets $ 1,304,393     $ 1,351,513  
Liabilities and Stockholders' Equity      
Current liabilities:      
Current portion of long-term debt $ 1,880     $ 46,020  
Current portion of capital lease obligations 299     290  
Accounts payable 153,113     108,448  
Other accrued liabilities 116,384     128,910  
Total current liabilities 271,676     283,668  
Long-term debt 503,018     504,091  
Capital lease obligations 714     1,012  
Deferred income taxes 34,905     36,955  
Other non-current liabilities 20,231     19,724  
Total liabilities 830,544     845,450  
Commitments and contingencies      
Stockholders' equity:      
Common stock, $0.01 par value:  200,000,000 shares authorized; 55,135,788 and 57,564,493 shares outstanding, respectively 744     737  
Additional paid-in capital 629,039     653,435  
Retained earnings 150,244     98,728  
Accumulated other comprehensive loss (3,343 )   (2,385 )
Treasury stock, at cost: 19,372,735 and 16,207,740 common shares, respectively (302,835 )   (244,452 )
Total stockholders' equity 473,849     506,063  
Total liabilities and stockholders' equity $ 1,304,393     $ 1,351,513  


 
WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited - dollars in thousands, except per share amounts)
 
  Three Months Ended
December 31,
  Twelve Months Ended
December 31,
  2018   2017   2018   2017
Net sales $ 610,196     $ 543,444     $ 2,267,278     $ 1,767,161  
Cost of sales 541,140     470,568     1,983,627     1,506,286  
Gross profit 69,056     72,876     283,651     260,875  
General and administrative expenses 21,194     24,314     95,114     77,825  
Selling expenses 7,455     8,020     33,046     25,588  
Amortization of intangible assets 4,650     4,348     19,468     17,041  
Acquisition expenses     901     68     9,605  
Impairment 12,979         24,968      
Income from operations 22,778     35,293     110,987     130,816  
Other income (expense):              
Interest expense (7,110 )   (7,335 )   (28,759 )   (16,400 )
Other, net 1,290     194     13,776     8,122  
Other expense, net (5,820 )   (7,141 )   (14,983 )   (8,278 )
Income before income tax 16,958     28,152     96,004     122,538  
Income tax expense 5,374     (21,204 )   26,583     11,116  
Net income $ 11,584     $ 49,356     $ 69,421     $ 111,422  
Net income per share:              
Basic $ 0.21     $ 0.84     $ 1.22     $ 1.88  
Diluted $ 0.21     $ 0.80     $ 1.19     $ 1.78  
Weighted average common shares outstanding (in thousands):              
Basic 55,543     58,416     56,996     59,358  
Diluted 56,290     61,567     58,430     62,599  
               
Dividends declared per share $ 0.080     $ 0.075     $ 0.305     $ 0.255  


 
WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited - dollars in thousands)
 
  Year Ended December 31,
  2018   2017   2016
Cash flows from operating activities:          
Net income $ 69,421     $ 111,422     $ 119,433  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation 21,215     18,012     16,830  
Amortization of intangibles 19,468     17,041     19,940  
Net (gain) loss on sale of property, plant and equipment (10,148 )   (8,046 )   101  
Loss on debt extinguishment 280     799     1,895  
Deferred income taxes (1,984 )   (14,682 )   4,044  
Stock-based compensation 10,169     10,429     12,038  
Non-cash interest expense 1,745     2,258     3,475  
Impairment 24,968         1,663  
Changes in operating assets and liabilities          
Accounts receivable (39,539 )   31,943     (809 )
Inventories (18,713 )   (13,158 )   24,969  
Prepaid expenses and other 4,548     (2,014 )   (10,147 )
Accounts payable and accrued liabilities 32,653     (963 )   (13,002 )
Other, net (1,612 )   (8,662 )   (1,680 )
Net cash provided by operating activities 112,471     144,379     178,750  
Cash flows from investing activities:          
Capital expenditures (34,009 )   (26,056 )   (20,342 )
Proceeds from sale of property, plant and equipment 17,776     10,860     19  
Acquisitions, net of cash acquired     (323,487 )    
Other, net 3,060     6,443     3,014  
Net cash used in investing activities (13,173 )   (332,240 )   (17,309 )
Cash flows from financing activities:          
Proceeds from exercise of stock options 961     5,790     4,831  
Borrowings under senior notes     325,000      
Dividends paid (17,768 )   (15,315 )    
Borrowings under revolving credit facilities 937     713     618  
Payments under revolving credit facilities (937 )   (713 )   (618 )
Principal payments under capital lease obligations (290 )   (600 )   (779 )
Proceeds from issuance of term loan credit facility     377,519      
Principal payments under term loan credit facility (1,880 )   (386,577 )   (1,928 )
Principal payments under industrial revenue bond (93 )   (583 )   (473 )
Debt issuance costs paid (476 )   (6,783 )    
Convertible senior notes repurchase (80,200 )   (8,045 )   (98,922 )
Stock repurchase (58,383 )   (74,491 )   (79,556 )
Net cash (used in) provided by financing activities (158,129 )   215,915     (176,827 )
Cash, cash equivalents, and restricted cash:          
Net (decrease) increase for the period (58,831 )   28,054     (15,386 )
At beginning of period 191,521     163,467     178,853  
At end of period $ 132,690     $ 191,521     $ 163,467  
Supplemental disclosures of cash flow information:          
Cash paid for interest $ 16,975     $ 8,394     $ 12,656  
Cash paid for income taxes $ 24,243     $ 41,391     $ 68,870  


 
WABASH NATIONAL CORPORATION
SEGMENTS AND RELATED INFORMATION
(Unaudited - dollars in thousands)
 
Three Months Ended December 31,   Commercial
Trailer Products
  Diversified
Products
  Final Mile
Products
  Corporate and
Eliminations
  Consolidated
2018                    
New trailers shipped   16,750     750             17,500  
Used trailers shipped   100     50             150  
                     
New Trailers   $ 424,131     $ 48,950     $     $     $ 473,081  
Used Trailers   824     1,025             1,849  
Components, parts and service   9,214     27,141     2,628     (5,282 )   33,701  
Equipment and other   4,498     25,206     71,904     (43 )   101,565  
Total net external sales   $ 438,667     $ 102,322     $ 74,532     $ (5,325 )   $ 610,196  
Gross profit   $ 45,170     $ 17,420     $ 7,362     $ (896 )   $ 69,056  
Income (Loss) from operations   $ 39,075     $ (6,111 )   $ (1,463 )   $ (8,723 )   $ 22,778  
                     
2017                    
New trailers shipped   15,500     650             16,150  
Used trailers shipped   550     50             600  
                     
New Trailers   $ 367,526     $ 40,895     $     $     $ 408,421  
Used Trailers   5,352     821             6,173  
Components, parts and service   9,908     23,931     1,877     (4,749 )   30,967  
Equipment and other   3,175     26,124     68,584         97,883  
Total net external sales   $ 385,961     $ 91,771     $ 70,461     $ (4,749 )   $ 543,444  
Gross profit   $ 47,055     $ 18,040     $ 8,150     $ (369 )   $ 72,876  
Income (Loss) from operations   $ 40,134     $ 5,532     $ (2,098 )   $ (8,275 )   $ 35,293  


Twelve Months Ended December 31,   Commercial
Trailer Products
  Diversified
Products
  Final Mile
Products
  Corporate and
Eliminations
  Consolidated
2018                    
New trailers shipped   59,500     2,650             62,150  
Used trailers shipped   950     150             1,100  
                     
New Trailers   $ 1,473,583     $ 164,790     $     $     $ 1,638,373  
Used Trailers   9,618     3,514             13,132  
Components, parts and service   34,994     122,099     9,968     (21,811 )   145,250  
Equipment and other   18,743     103,568     348,281     (69 )   470,523  
Total net external sales   $ 1,536,938     $ 393,971     $ 358,249     $ (21,880 )   $ 2,267,278  
Gross profit   $ 168,343     $ 68,428     $ 48,771     $ (1,891 )   $ 283,651  
Income (Loss) from operations   $ 141,793     $ (3,033 )   $ 7,909     $ (35,682 )   $ 110,987  
                     
2017                    
New trailers shipped   52,800     2,250             55,050  
Used trailers shipped   1,050     100             1,150  
                     
New Trailers   $ 1,273,584     $ 140,105     $     $     $ 1,413,689  
Used Trailers   10,720     3,278             13,998  
Components, parts and service   48,008     117,681     1,877     (13,040 )   154,526  
Equipment and other   16,070     100,294     68,584         184,948  
Total net external sales   $ 1,348,382     $ 361,358     $ 70,461     $ (13,040 )   $ 1,767,161  
Gross profit   $ 183,912     $ 70,159     $ 8,150     $ (1,346 )   $ 260,875  
Income (Loss) from operations   $ 151,999     $ 20,376     $ (2,098 )   $ (39,461 )   $ 130,816  


 
WABASH NATIONAL CORPORATION
SEGMENT and COMPANY FINANCIAL INFORMATION
(Unaudited - dollars in thousands)
 
  Three Months Ended
December 31,
  Twelve Months Ended
December 31,
  2018   2017   2018   2017
Commercial Trailer Products              
Income from operations $ 39,075     $ 40,134     $ 141,793     $ 151,999  
               
Diversified Products              
Income from operations (6,111 )   5,532     (3,033 )   20,376  
Adjustments:              
Impairment 12,979         24,968      
Adjusted operating income 6,868     5,532     21,935     20,376  
               
Final Mile Products              
Income from operations (1,463 )   (2,098 )   7,909     (2,098 )
Adjustments:              
Acquisition expenses and related charges     5,407     751     5,407  
Adjusted operating income (1,463 )   3,309     8,660     3,309  
               
Corporate              
Income from operations (8,723 )   (8,275 )   (35,682 )   (39,461 )
Adjustments:              
Acquisition expenses and related charges     901     68     9,605  
Executive severance 180         180     238  
Facility transactions 413         413      
Adjusted operating income (8,130 )   (7,374 )   (35,021 )   (29,618 )
               
Consolidated              
Income from operations 22,778     35,293     110,987     130,816  
Adjustments:              
Impairment 12,979         24,968      
Acquisition expenses and related charges     6,308     819     15,012  
Executive severance 180         180     238  
Facility transactions 413         413      
Adjusted operating income $ 36,350     $ 41,601     $ 137,367     $ 146,066  


 
WABASH NATIONAL CORPORATION
RECONCILIATION OF GAAP FINANCIAL MEASURES TO
NON-GAAP FINANCIAL MEASURES
(Unaudited - dollars in thousands, except per share amounts)
 
Operating EBITDA1: Three Months Ended December 31,   Twelve Months Ended December 31,
  2018   2017   2018   2017
Net income $ 11,584     $ 49,356     $ 69,421     $ 111,422  
Income tax expense 5,374     (21,204 )   26,583     11,116  
Interest expense 7,110     7,335     28,759     16,400  
Depreciation and amortization 10,163     9,651     40,682     35,053  
Stock-based compensation 1,690     2,117     10,169     10,429  
Acquisition expenses     4,002     68     12,706  
Impairment 12,979         24,968      
Other non-operating income (1,289 )   (194 )   (13,775 )   (8,122 )
Operating EBITDA $ 47,611     $ 51,063     $ 186,875     $ 189,004  


Adjusted Net Income2: Three Months Ended December 31,   Twelve Months Ended December 31,
  2018   2017   2018   2017
Net income $ 11,584     $ 49,356     $ 69,421     $ 111,422  
Adjustments:              
Facility transactions3 194     274     (10,585 )   (6,546 )
Loss on debt extinguishment 106     32     280     800  
Impairment 12,979         24,968      
Acquisition expenses and related charges     6,308     819     15,012  
Executive severance expense 180         180     238  
Tax effect of aforementioned items (3,499 )   (2,381 )   (4,072 )   (3,421 )
Tax reform and other discrete tax adjustments     (31,339 )   3,084     (31,339 )
Adjusted net income $ 21,544     $ 22,250     $ 84,095     $ 86,166  


Adjusted Diluted Earnings Per Share2: Three Months Ended December 31,   Twelve Months Ended December 31,
  2018   2017   2018   2017
Diluted earnings per share $ 0.21     $ 0.80     $ 1.19     $ 1.78  
Adjustments:              
Facility transactions3     0.01     (0.18 )   (0.10 )
Loss on debt extinguishment         0.01     0.01  
Impairment 0.23         0.43      
Acquisition expenses and related charges     0.10     0.01     0.24  
Executive severance expense              
Tax effect of aforementioned items (0.06 )   (0.04 )   (0.07 )   (0.05 )
Tax reform and other discrete tax adjustments     (0.51 )   0.05     (0.50 )
Adjusted diluted earnings per share $ 0.38     $ 0.36     $ 1.44     $ 1.38  
               
Weighted Average # of Diluted Shares O/S 56,290     61,567     58,430     62,599  

1Operating EBITDA is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, acquisition expenses and related charges, impairments, and other non-operating income and expense.
2Adjusted net income and adjusted earnings per diluted share reflect adjustments for acquisition expenses, the losses attributable to the Company’s extinguishment of debt, impairment charges, executive severance costs, income or losses recognized on the sale and/or closure of former Company locations, adjustments related to the Company’s deferred tax assets as a result of IRS guidance on application of the Tax Cuts and Jobs Act of 2017, and reversal of reserves for uncertain tax positions.
3Facility transactions in 2017 and 2018 relate to gains and/or losses incurred for the sale or closure of former Company locations.

Media Contact:
Dana Stelsel
Director, Corporate Communications
(765) 771-5766
dana.stelsel@wabashnational.com

Investor Relations:
Ryan Reed
Director of Investor Relations
(765) 771-5805
ryan.reed@wabashnational.com

 

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Source: Wabash National Corporation