Wabash National Corporation Announces Second Quarter 2018 Results; Achieved Record Quarterly Net Sales on Continued Strong Demand

July 31, 2018 at 4:35 PM EDT
  • Achieved record quarter net sales of $613 million, a 41 percent increase from prior year
  • Gross profit and operating income increased 26 percent and 19 percent, respectively, compared to the prior year
  • Second quarter GAAP and non-GAAP earnings of $0.54 and $0.49 per diluted share, respectively
  • Backlog increased 51 percent to $1.2 billion compared to the prior year 
  • Company updates full-year 2018 guidance for new trailer shipments of 60,000 to 62,000 trailers and GAAP and non-GAAP earnings to $2.06 to $2.12 per diluted share and $1.94 to $2.00 per diluted share, respectively

LAFAYETTE, Ind., July 31, 2018 (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 ending June 30, 2018.

Net sales for the second quarter 2018 increased 41 percent to $613 million from $436 million in the prior year quarter.  This increase reflects strong top-line growth in each of the Company’s three operating segments due to a continued healthy demand environment and the favorable impact of the inclusion of the results of Supreme Industries, Inc. (“Supreme”), acquired in the third quarter of 2017.  Gross profit increased $17.6 million and profit margin decreased 160 basis points as compared to the prior year period.  The decrease in the profit margin is due primarily to increased material costs, higher labor costs attributable to attracting and retaining a skilled workforce and supplier constraints for key materials leading to production inefficiencies.  Operating income increased 19 percent to $46.0 million compared to operating income of $38.7 million for the second quarter 2017.

“We are pleased to have delivered a strong performance in the quarter, especially considering the challenging environment we faced, as we continue to execute our strategic plan to profitably grow and diversify,” stated Brent Yeagy, president and chief executive officer.  “We achieved a new record for quarterly consolidated revenue at approximately $613 million, which is 13 percent higher than the previous record from the fourth quarter of 2015.  This new record is directly attributable to the addition of the Supreme business and our Final Mile Products segment.  Needless to say, we continue to believe our Final Mile Products business will help drive future growth for Wabash National.  Overall, all three of our reporting segments continue to experience strong demand in most end markets and we expect a stronger second half of 2018.”

Mr. Yeagy continued, “Backlog totaling $1.2 billion as of June 30, 2018, remains seasonally and historically strong, increasing approximately 51 percent when compared to the prior year quarter.  Trailer and truck body demand and orders have remained strong for the past several months continuing the trend from the first quarter and supporting our belief in the growing secular demand in e-commerce and home delivery.  We continue to take steps to reduce the margin impact of U.S. tariff policy, raw material inflation, supply base disruptions and a very tight labor market on our business in 2018.  As a result, we are updating our full-year guidance for 2018 new trailer shipments to 60,000 to 62,000 units and GAAP and non-GAAP earnings to $2.06 to $2.12 per diluted share and $1.94 to $2.00 per diluted share, respectively.  With our focus on people, purpose and performance we will continue to drive ongoing productivity improvements throughout the organization and progress on our strategic initiatives.”

Net income for the second quarter 2018 was $31.9 million, or $0.54 per diluted share, compared to the second quarter 2017 net income of $22.9 million, or $0.36 per diluted share.  Second quarter 2018 non-GAAP adjusted earnings were $29.2 million, or $0.49 per diluted share, a $6.0 million increase as compared to the prior year period.  Non-GAAP adjusted earnings for the second quarter 2018 excludes net gains on sale of former facilities and acquisition and integration related activities associated with Supreme.  Non-GAAP adjusted earnings for the second quarter 2017 includes charges related to the early extinguishment of debt in connection with the Company’s repurchase of a portion of its outstanding convertible senior notes, one-time executive severance costs and losses on closure of former facilities.

Operating EBITDA, a non-GAAP measure that excludes the effects of certain items, for the second quarter 2018 was $58.9 million, an increase of $9.4 million compared to operating EBITDA for the prior year period.  On a trailing twelve month basis, net sales totaled $2.1 billion, generating operating EBITDA of $195.5 million, or 9.4 percent of net sales.

The following is a summary of select operating and financial results for the past five quarters:

Three Months Ended
(Dollars in thousands, except per
share amounts)		   June 30,   September 30,   December 31,   March 31,    June 30, 
    2017       2017       2017       2018       2018  
                     
Net Sales   $   435,903     $   425,098     $   543,444     $   491,319     $    612,690  
                     
Gross Profit Margin     15.5 %     14.3 %     13.4 %     13.1 %     13.9 %
                     
Income from Operations   $   38,668     $   26,591     $   35,293     $   25,656     $    46,041  
                     
Income from Operations Margin     8.9 %     6.3 %     6.5 %     5.2 %     7.5 %
                     
Net Income   $   22,945     $   18,947     $   49,356     $   21,272     $    31,902  
                     
Diluted EPS   $   0.36     $   0.30     $   0.80     $   0.35     $    0.54  
                     
Non-GAAP Measures(1):                    
Operating EBITDA   $   49,450     $   46,561     $   51,062     $   38,984     $    58,881  
                     
Operating EBITDA Margin     11.3 %     11.0 %     9.4 %     7.9 %     9.6 %
                     
Adjusted Earnings   $   23,189     $   21,214     $   22,250     $   16,857     $    29,186  
                     
Adjusted Diluted EPS   $   0.37     $   0.34     $   0.36     $   0.28     $    0.49  
           

Notes:

  1. See “Non-GAAP Measures” below for explanation of the non-GAAP results included above.

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 second quarter of 2018 and 2017.  Final Mile Products segment did not exist as a separate segment in the second quarter of 2017; therefore, only 2018 highlights are shown.  A complete disclosure of the results by individual segment is included in the tables following this release.

                             
(dollars in thousands)

   Commercial Trailer Products   Diversified Products   Final Mile
Products		  
                             
Three months ended June 30                      
            2018       2017       2018       2017       2018    
New trailers shipped       15,650         13,600         650         550         -    
Net sales   $    402,507     $   348,140     $    94,085     $   90,827     $    121,209    
Gross profit   $    47,513     $   50,882     $    16,692     $   17,149     $    20,923    
Gross profit margin     11.8 %     14.6 %     17.7 %     18.9 %     17.3 %  
Income from operations   $    40,784     $   42,155     $    4,395     $   5,061     $    10,258    
Income from operations margin   10.1 %     12.1 %     4.7 %     5.6 %     8.5 %  
                             

Commercial Trailer Products’ net sales for the second quarter were $403 million, an increase of $54 million, or 16 percent, as compared to the prior year.  Gross profit margin for the second quarter decreased 280 basis points as compared to the prior year period primarily due to increases in material costs due to tariff related inflation, short term labor costs required to meet current demand and supplier induced production interruptions.  Operating income decreased $1.4 million, or 3 percent, from the second quarter last year to $40.8 million, or 10.1 percent of net sales.

Diversified Products’ net sales for the second quarter were $94 million, an increase of $3 million, or 4 percent, as compared to the prior year, due primarily to the increased demand for liquid tank trailers as compared to the previous year period.  Gross profit and profit margins as compared to the prior year period decreased $0.5 million and 120 basis points, respectively, primarily due to increased material costs and short-term labor inefficiencies, including higher overtime levels in order to meet strong demand requirements.  Operating income for the second quarter 2018 was $4.4 million, or 4.7 percent of net sales, a decrease of $0.7 million compared to the prior year. 

Final Mile Products’ net sales for the second quarter totaled $121 million.  This is the highest revenue quarter in Supreme’s history and is the result of a strong demand market in the truck body industry.  Gross profit and gross profit margin for the second quarter were $20.9 million and 17.3 percent, respectively.  Operating income for the second quarter 2018 totaled $10.3 million, or 8.5 percent of net sales.

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 earnings 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, charges incurred in connection with the acquisition and integration of Supreme, 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 earnings and adjusted earnings per diluted share for the three- and six-month periods ending June 30, 2018 and 2017 reflect adjustments for charges incurred in connection with acquisition and integration of Supreme, the losses attributable to the Company’s extinguishment of debt, executive severance costs and income or losses recognized on sale of former branch locations.  Prior periods would also include adjustments related to tax benefits associated with the adjustment of the Company’s net deferred income tax liability as a result 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 adjusted earnings and adjusted earnings per diluted share to net income and net income per diluted share is included in the tables following this release.

Second Quarter 2018 Conference Call
Wabash National will conduct a conference call to review and discuss its second quarter results on August 1, 2018 at 10:00 a.m. EDT.  Access to the live webcast will be available on the Company’s website at www.wabashnational.com.  For those unable to participate in the live webcast, the call will be archived at www.wabashnational.com within three hours of the conclusion of the live call and will remain available through October 24, 2018.  Meeting access also will be available via conference call at 800-708-4539, participant code 47275547.

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, aircraft refueling 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®, Garsite, Progress Tank, 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, 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 STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
                   
      Three Months Ended
June 30,		   Six Months Ended
June 30,
        2018       2017       2018       2017  
                   
Net sales   $   612,690     $   435,903     $   1,104,009     $   798,619  
Cost of sales       527,375         368,225         954,576         671,584  
  Gross profit       85,315         67,678         149,433         127,035  
                   
General and administrative expenses       25,778         19,018         50,887         37,436  
Selling expenses       8,556         5,897         16,901         12,070  
Amortization of intangibles       4,940         4,095         9,881         8,597  
Acquisition expenses       -          -          68         -   
  Income from operations       46,041         38,668         71,696         68,932  
                   
Other income (expense):                
  Interest expense       (7,151 )       (2,888 )       (14,605 )       (5,878 )
  Other, net       4,037         325         11,953         1,657  
  Income before income taxes       42,927         36,105         69,044         64,711  
Income tax expense       11,025         13,160         15,870         21,593  
Net income    $   31,902     $   22,945     $   53,174     $   43,118  
Dividends declared per share   $   0.075     $   0.06     $   0.15     $   0.12  
Basic net income per share   $   0.55     $   0.38     $   0.92     $   0.72  
Diluted net income per share   $   0.54     $   0.36     $   0.89     $   0.68  
                   
Comprehensive income (loss):                
  Net income   $   31,902     $   22,945     $   53,174     $   43,118  
  Foreign currency translation adjustment       (600 )       294         (127 )       772  
  Unrealized holding loss on investments       (44 )       -          (109 )       -   
Net comprehensive income   $   31,258     $   23,239     $   52,938     $   43,890  
                   
                   
Basic net income per share:                
  Net income applicable to common stockholders   $   31,902     $   22,945     $   53,174     $   43,118  
  Weighted average common shares outstanding       57,879         59,902         57,836         60,022  
  Basic net income per share   $   0.55     $   0.38     $   0.92     $   0.72  
                   
Diluted net income per share:                
    Net income applicable to common stockholders   $   31,902     $   22,945     $   53,174     $   43,118  
                   
  Weighted average common shares outstanding       57,879         59,902         57,836         60,022  
  Dilutive shares from assumed conversion of convertible senior notes       435         1,831         1,073         1,762  
  Dilutive stock options and restricted stock       960         1,474         1,114         1,519  
  Diluted weighted average common shares outstanding       59,274         63,207         60,023         63,303  
  Diluted net income per share   $   0.54     $   0.36     $   0.89     $   0.68  
                                   

 

WABASH NATIONAL CORPORATION
SEGMENTS AND RELATED INFORMATION
(Dollars in thousands)
(Unaudited)
                       
      Commercial    Diversified   Final Mile   Corporate and    
Three Months Ended June 30,   Trailer Products   Products   Products   Eliminations   Consolidated
  2018                    
New trailers shipped       15,650       650       -        -          16,300
Used trailers shipped       250       50       -        -          300
                       
New Trailers   $   385,131   $   37,602   $   -    $   -      $   422,733
Used Trailers       2,499       628       -        -          3,127
Components, parts and service       9,042       31,926       2,623       (5,091 )       38,500
Equipment and other       5,835       23,929       118,586       (20 )       148,330
  Total net external sales   $   402,507   $   94,085   $   121,209   $   (5,111 )   $   612,690
                       
Gross profit   $   47,513   $   16,692   $   20,923   $   187     $   85,315
Income (Loss) from operations   $   40,784   $   4,395   $   10,258   $   (9,396 )   $   46,041
                       
  2017                    
New trailers shipped       13,600       550       -        -          14,150
Used trailers shipped       50       50       -        -          100
                       
New Trailers   $   329,405   $   33,290   $   -    $   -      $   362,695
Used Trailers       1,236       637       -        -          1,873
Components, parts and service       13,102       32,194       -        (3,064 )       42,232
Equipment and other       4,398       24,705       -        -          29,103
  Total net external sales   $   348,140   $   90,827   $   -    $   (3,064 )   $   435,903
                       
Gross profit   $   50,882   $   17,149   $   -    $   (352 )   $   67,678
Income (Loss) from operations   $   42,154   $   5,062   $   -    $   (8,548 )   $   38,668
                       
Six Months Ended June 30,                    
  2018                    
New trailers shipped       28,300       1,200       -        -          29,500
Used trailers shipped       750       50       -        -          800
                       
New Trailers   $   695,449   $   71,441   $   -    $   -      $   766,890
Used Trailers       6,906       1,714       -        -          8,620
Components, parts and service       17,690       65,894       5,036       (11,853 )       76,767
Equipment and other       9,884       50,239       191,632       (23 )       251,732
  Total net external sales   $   729,929   $   189,288   $   196,668   $   (11,876 )   $   1,104,009
                       
Gross profit   $   84,036   $   33,990   $   32,455   $   (1,047 )   $   149,434
Income (Loss) from operations   $   70,265   $   9,423   $   10,867   $   (18,859 )   $   71,696
                       
  2017                    
New trailers shipped       24,000       1,050       -        -          25,050
Used trailers shipped       150       50       -        -          200
                       
New Trailers   $   586,595   $   63,985   $   -    $   -      $   650,580
Used Trailers       2,123       1,856       -        -          3,979
Components, parts and service       25,845       65,869       -        (5,047 )       86,667
Equipment and other       8,367       49,026       -        -          57,393
  Total net external sales   $   622,929   $   180,737   $   -    $   (5,047 )   $   798,619
                       
Gross profit   $   93,008   $   34,742   $   -    $   (715 )   $   127,035
Income (Loss) from operations   $   75,546   $   9,666   $   -    $   (16,280 )   $   68,932
                                 

 

WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
             
        June 30,   December 31,
        2018   2017
        (Unaudited)    
ASSETS
Current assets        
  Cash and cash equivalents   $   119,215   $   191,521
  Accounts receivable       193,450       146,836
  Inventories       234,122       180,735
  Prepaid expenses and other       57,343       57,299
    Total current assets   $   604,130   $   576,391
             
Property, plant and equipment       195,546       195,363
             
Goodwill         315,977       317,464
             
Intangible assets       226,618       237,030
             
Other assets       26,860       25,265
        $   1,369,131   $   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       281       290
  Accounts payable       183,966       108,448
  Other accrued liabilities       122,552       128,910
    Total current liabilities   $   308,679   $   283,668
             
Long-term debt       503,576       504,091
             
Capital lease obligations       879       1,012
             
Deferred income taxes       36,808       36,955
             
Other noncurrent liabilities       19,974       19,724
             
Stockholders' equity       499,215       506,063
        $   1,369,131   $   1,351,513
                 

 

WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
 
  Six Months Ended June 30,
    2018       2017  
       
Cash flows from operating activities          
  Net income $   53,174     $   43,118  
  Adjustments to reconcile net income to net cash provided by operating activities      
  Depreciation     10,330         8,412  
    Amortization of intangibles     9,881         8,597  
    Net gain on the sale of assets         (9,743 )       (2,502 )
    Deferred income taxes     (81 )       45  
    Loss on debt extinguishment     174         764  
  Stock-based compensation     5,390         5,430  
    Non-cash interest expense     1,110         1,042  
  Changes in operating assets and liabilities      
  Accounts receivable     (46,564 )       30,656  
  Inventories     (56,057 )       (60,748 )
  Prepaid expenses and other     1,756         3,998  
  Accounts payable and accrued liabilities     72,792         35,285  
  Other, net     (1,691 )       1,147  
  Net cash provided by operating activities $   40,471     $   75,244  
                       
Cash flows from investing activities          
  Capital expenditures     (11,117 )       (10,856 )
  Proceeds from the sale of property, plant, and equipment       16,426         3,736  
  Other, net             3,060         1,220  
  Net cash provided by (used in) investing activities $   8,369     $   (5,900 )
                       
Cash flows from financing activities          
  Proceeds from exercise of stock options         910         5,630  
  Dividends paid             (9,271 )       (7,767 )
  Borrowings under revolving credit facilities       423         371  
  Payments under revolving credit facilities         (423 )       (371 )
  Principal payments under capital lease obligations       (143 )       (303 )
  Proceeds from issuance of term loan credit facility       -          189,470  
  Principal payments under term loan credit facility       (940 )       (190,418 )
  Principal payments under industrial revenue bond       (92 )       (311 )
  Debt issuance costs paid           -          (354 )
  Stock repurchase             (21,413 )       (42,794 )
  Convertible senior notes repurchase         (80,200 )       (7,331 )
  Net cash used in financing activities $   (111,149 )   $   (54,178 )
                       
Net (decrease) increase in cash, cash equivalents, and restricted cash $   (62,309 )   $   15,166  
Cash, cash equivalents, and restricted cash at beginning of period     191,521         163,467  
Cash, cash equivalents, and restricted cash at end of period $   129,212     $   178,633  
               

 

WABASH NATIONAL CORPORATION      
RECONCILIATION OF GAAP FINANCIAL MEASURES TO      
NON-GAAP FINANCIAL MEASURES      
(Dollars in thousands, except per share amounts)      
(Unaudited)      
                               
Operating EBITDA1:                              
  Three Months Ended
June 30,		   Six Months Ended
June 30,		                
    2018       2017       2018       2017                  
Net income $   31,902     $   22,945     $   53,174     $   43,118                  
Income tax expense     11,025         13,160         15,870         21,593                  
Interest expense     7,151         2,888         14,605         5,878                  
Depreciation and amortization     10,107         8,315         20,211         17,009                  
Stock-based compensation     2,733         2,467         5,390         5,430                  
Acquisition expenses      -          -          68         -                   
Other non-operating income     (4,037 )       (325 )       (11,953 )       (1,657 )                
Operating EBITDA $   58,881     $   49,450     $   97,365     $   91,371                  
                               
                               
  Three Months Ended   Trailing Twelve Months            
  September 30,
2017		   December 31,
2017		   March 31,
2018		   June 30,
2018		   June 30,
2018		            
Net income  $   18,947     $   49,356     $   21,272     $   31,902     $   121,477              
Income tax expense     10,728         (21,204 )       4,846         11,025         5,395              
Interest expense     3,187         7,335         7,454         7,151         25,127              
Depreciation and amortization     8,386         9,651         10,104         10,107         38,248              
Stock-based compensation     2,881         2,117         2,657         2,733         10,388              
Acquisition expenses      8,704         4,002         567         -                   
Other non-operating income     (6,271 )       (194 )       (7,916 )       (4,037 )       (18,418 )            
Operating EBITDA $   46,561     $   51,062     $   38,984     $   58,881     $   195,488              
                               
                               
Adjusted Earnings2:                              
  Three Months Ended June 30,   Six Months Ended June 30,
    2018       2017       2018       2017  
  $   Per Share   $   Per Share   $   Per Share   $   Per Share
                               
Net Income $   31,902     $   0.54     $   22,945     $   0.36     $   53,174     $   0.89     $   43,118     $   0.68  
                               
Adjustments:                              
Facility transactions3     (3,506 )       (0.06 )       18         -          (10,629 )       (0.18 )       (1,655 )       (0.03 )
Loss on debt extinguishment     -          -          125         -          174         -          765         0.01  
  Acquisition expenses and related charges     (164 )       -          -          -          819         0.01         -          -   
Executive severance expense     -          -          238         -          -          -          238         -   
Tax effect of aforementioned items     954         0.02         (137 )       -          2,505         0.04         235         -   
                               
Adjusted earnings $   29,186     $   0.49     $   23,189     $   0.37     $   46,043     $   0.77     $   42,701     $   0.67  
                               
Weighted Average # of Diluted Shares O/S     59,274             63,207             60,023             63,303      
                               
                               
  Three Months Ended        
  September 30, 2017   December 31, 2017   March 31, 2018        
  $   Per Share   $   Per Share   $   Per Share        
                               
Net Income $   18,947     $   0.30     $   49,356     $   0.80     $   21,272     $   0.35          
                               
Adjustments:                              
Facility transactions3     (5,165 )       (0.08 )       274         -          (7,123 )       (0.12 )        
Loss on debt extinguishment     3         -          32         -          174         -           
  Acquisition expenses and related charges     8,704         0.14         6,308         0.10         983         0.02          
Tax effect of aforementioned items     (1,275 )       (0.02 )       (2,381 )       (0.04 )       1,551         0.03          
Tax reform and other discrete tax adjustments     -          -          (31,339 )       (0.51 )       -          -           
                               
Adjusted earnings $   21,214     $   0.34     $   22,250     $   0.36     $   16,857     $   0.28          
                               
Weighted Average # of Diluted Shares O/S     62,236             61,567             60,850              
                               
1Operating EBITDA is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, acquisition expenses and related charges, and other non-operating income and expense.       
                               
2Adjusted earnings and adjusted earnings per diluted share reflect adjustments for charges incurred in connection with acquisition expense and related costs, the losses attributable to the Company's extinguishment of debt, income or losses recognized on the sale and/or closure of former Company locations, and one-time executive severance costs.      
                               
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:
Jeff Taylor
Senior Vice President, Chief Financial Officer
(765) 771-5310
jeff.taylor@wabashnational.com

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Source: Wabash National Corporation


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