Wabash National Corporation Announces Fourth Quarter and Full Year 2019 Results

February 12, 2020 at 6:50 AM EST
  • Full year revenue of $2.3 billion is highest in company history; operating income, net income and EPS increase vs 2018
  • Strong demand drives $579.0 million in Q4 2019 revenue
  • Q4 2019 earnings per diluted share of $0.34
  • Strong cash generation continued in 2019
  • Q4 2019 backlog shows sequential increase growing to $1.1 billion
  • 2020 EPS outlook initiated at $1.20 per diluted share; range of $1.10 to $1.30

LAFAYETTE, Ind., Feb. 12, 2020 (GLOBE NEWSWIRE) -- Wabash National Corporation (NYSE: WNC), the innovation leader of engineered solutions for the transportation, logistics and distribution industries, today reported results for the full year and quarter ended December 31, 2019.

Net sales for the fourth quarter 2019 were $579.0 million while operating income was $31.8 million or 5.5 percent of net sales. For the full year of 2019, total revenue reached a new record of $2.3 billion while generating operating income of $142.8 million or 6.2 percent of net sales.

Net income for the fourth quarter 2019 was $18.4 million, or $0.34 per diluted share. For the full year of 2019, net income was $89.6 million or earnings per diluted share of $1.62.  Operating EBITDA, a non-GAAP measure that excludes the effects of certain items, for the fourth quarter 2019 was $44.2 million, or 7.6 percent of net sales, and full year operating EBITDA of $194.2 million, or 8.4 percent of net sales.

“I’m pleased to achieve a new all-time sales record of $2.3 billion in 2019 while also generating stronger operating income, net income and EPS versus the prior year," explained Brent Yeagy, president and chief executive officer.  "Additionally, full year cash generation was strong and I’m excited to add to our streak of what is now 7 consecutive years of free cash conversion of 100% or greater.”

Outlook

For the full year ending December 31, 2020, the company has issued guidance of $2.05 to $2.15 billion in sales and  an earnings per diluted share midpoint of $1.20 with a range of $1.10 to $1.30.

Mr. Yeagy continued, “Moderating trailer demand in 2020 has been expected for some time and we've taken a proactive approach toward strengthening our balance sheet and planning to execute in such an environment.  I am confident in our team's ability to succeed in any phase of the cycle and also to continue moving forward with our strategic initiatives under the guidance of the Wabash Management System.”

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 2019 and 2018. 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,   2019   2018   2019   2018   2019   2018
    (dollars in thousands)
New trailers shipped   14,300     16,750     650     750          
Net sales   $ 399,288     $ 438,667     $ 94,661     $ 102,322     $ 92,740     $ 74,532  
Gross profit   $ 50,384     $ 45,170     $ 16,324     $ 17,420     $ 6,239     $ 7,362  
Gross profit margin   12.6 %   10.3 %   17.2 %   17.0 %   6.7 %   9.9 %
Income (loss) from operations   $ 43,135     $ 39,075     $ 5,610     $ (6,111 )   $ (5,914 )   $ (1,463 )
Income (loss) from operations margin   10.8 %   8.9 %   5.9 %   (6.0 )%   (6.4 )%   (2.0 )%

Commercial Trailer Products’ net sales for the fourth quarter totaled $399.3 million, a decrease of $39.4 million, or 9.0 percent. Gross profit margin for the fourth quarter increased 230 basis points as compared to the prior year period primarily due to successful efforts to recover cost pressures as well as product and customer mix. Operating income increased $4.1 million, or 10.4 percent, from the fourth quarter last year to $43.1 million, or 10.8 percent of net sales.

Diversified Products’ net sales for the fourth quarter were $94.7 million, a decrease of $7.7 million, or 7.5 percent, as compared to the prior year quarter, due primarily to the impact from the divestiture of a business. Gross profit margin as compared to the prior year period increased 20 basis points, primarily due to product and customer mix. Operating income in the fourth quarter of 2019 was $5.6 million, or 5.9 percent of net sales, compared to a loss of $6.1 million on a GAAP basis or income of $6.9 million on a non-GAAP Adjusted basis during the fourth quarter 2018.

Final Mile Products’ net sales for the fourth quarter totaled $92.7 million, an increase of $18.2 million or 24.4 percent. Gross profit and gross profit margin for the fourth quarter were $6.2 million and 6.7 percent, respectively. Operating loss during the fourth quarter was $5.9 million, or 6.4 percent of net sales. While the business saw continued growth, operating results were negatively impacted during the quarter by operational inefficiencies as the business encountered headwinds relating to demand fluctuations and product mix.

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, 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 and related charges, 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 Segment EBITDA, a non-GAAP financial measure, is calculated by adding back segment depreciation and amortization expense to segment operating income (loss), and excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income under GAAP, but that management would not consider important in evaluating the quality of the Company’s segment operating results as they are not indicative of each segment's core operating results or may obscure trends useful in evaluating the segment's continuing activities. Adjusted Segment EBITDA Margin is calculated by dividing Adjusted Segment EBITDA by segment total net sales.

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 income or losses recognized on the sale and/or closure of former Company locations, the losses attributable to the Company's extinguishment of debt, a non-cash impairment of assets, acquisition expenses and related charges, and tax reform and other discrete tax adjustments. 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 2019 Conference Call

Wabash National will discuss its results during its quarterly investor conference call on Wednesday, February 12th, beginning at 10:00 a.m. EST.  The call and an accompanying slide presentation will be accessible on the "Investors" section of the Company’s website www.wabashnational.com. The conference call will also be accessible by dialing 844-778-4139, participant code 5877386.  A replay of the call will be available on the site shortly after the conclusion of the presentation.

About Wabash National Corporation

As the innovation leader of engineered solutions for the transportation, logistics and distribution industries, Wabash National Corporation (NYSE:WNC) is changing how the world reaches you. Headquartered in Lafayette, Indiana, the company’s mission is to enable customers to succeed with breakthrough ideas and solutions that help them move everything from first to final mile. Wabash National designs and manufactures a diverse range of products, including: dry freight and refrigerated trailers, platform trailers, bulk tank trailers, dry and refrigerated truck bodies, 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
CONSOLIDATED BALANCE SHEETS
(Unaudited - dollars in thousands)

  December 31,
2019
  December 31,
2018
Assets      
Current assets:      
Cash and cash equivalents $ 140,516     $ 132,690  
Accounts receivable, net 172,737     181,064  
Inventories 186,914     184,404  
Prepaid expenses and other 41,222     51,261  
Total current assets 541,389     549,419  
Property, plant, and equipment, net 221,346     206,991  
Goodwill 311,026     311,084  
Intangible assets 189,898     210,328  
Other assets 40,932     26,571  
Total assets $ 1,304,591     $ 1,304,393  
Liabilities and Stockholders' Equity      
Current liabilities:      
Current portion of long-term debt $     $ 1,880  
Current portion of finance lease obligations 327     299  
Accounts payable 134,821     153,113  
Other accrued liabilities 124,230     116,384  
Total current liabilities 259,378     271,676  
Long-term debt 455,386     503,018  
Finance lease obligations 378     714  
Deferred income taxes 37,576     34,905  
Other non-current liabilities 30,885     20,231  
Total liabilities 783,603     830,544  
Commitments and contingencies      
Stockholders' equity:      
Common stock, $0.01 par value: 200,000,000 shares authorized; 53,473,620 and 55,135,788 shares outstanding, respectively 750     744  
Additional paid-in capital 638,917     629,039  
Retained earnings 221,841     150,244  
Accumulated other comprehensive loss (3,978 )   (3,343 )
Treasury stock, at cost: 21,640,109 and 19,372,735 common shares, respectively (336,542 )   (302,835 )
Total stockholders' equity 520,988     473,849  
Total liabilities and stockholders' equity $ 1,304,591     $ 1,304,393  



WABASH NATIONAL CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited - dollars in thousands, except per share amounts)

  Three Months Ended
December 31,
  Twelve Months Ended
December 31,
  2019   2018   2019   2018
Net sales $ 579,001     $ 610,196     $ 2,319,136     $ 2,267,278  
Cost of sales 506,694     541,140     2,012,754     1,983,627  
Gross profit 72,307     69,056     306,382     283,651  
General and administrative expenses 26,272     21,194     108,274     95,114  
Selling expenses 9,136     7,455     34,851     33,046  
Amortization of intangible assets 5,118     4,650     20,471     19,468  
Acquisition expenses             68  
Impairment     12,979         24,968  
Income from operations 31,781     22,778     142,786     110,987  
Other income (expense):              
Interest expense (6,517 )   (7,110 )   (27,340 )   (28,759 )
Other, net 40     1,290     2,285     13,776  
Other expense, net (6,477 )   (5,820 )   (25,055 )   (14,983 )
Income before income tax 25,304     16,958     117,731     96,004  
Income tax expense 6,929     5,374     28,156     26,583  
Net income $ 18,375     $ 11,584     $ 89,575     $ 69,421  
Net income per share:              
Basic $ 0.34     $ 0.21     $ 1.64     $ 1.22  
Diluted $ 0.34     $ 0.21     $ 1.62     $ 1.19  
Weighted average common shares outstanding (in thousands):              
Basic 53,917     55,543     54,695     56,996  
Diluted 54,613     56,290     55,290     58,430  
               
Dividends declared per share $ 0.080     $ 0.080     $ 0.320     $ 0.305  


WABASH NATIONAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited - dollars in thousands)

  Year Ended December 31,
  2019   2018
Cash flows from operating activities      
Net income $ 89,575     $ 69,421  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 21,886     21,215  
Amortization of intangibles 20,471     19,468  
Net gain on sale of property, plant and equipment (109 )   (10,148 )
Loss on debt extinguishment 165     280  
Deferred income taxes 2,671     (2,976 )
Stock-based compensation 9,036     10,169  
Non-cash interest expense 1,045     1,745  
Impairment of goodwill and other long-lived assets     24,968  
Accounts receivable 8,327     (39,539 )
Inventories (2,510 )   (18,713 )
Prepaid expenses and other (2,536 )   4,548  
Accounts payable and accrued liabilities (2,887 )   32,653  
Other, net 1,150     (620 )
Net cash provided by operating activities 146,284     112,471  
Cash flows from investing activities      
Capital expenditures (37,645 )   (34,009 )
Proceeds from sale of property, plant and equipment 785     17,776  
Acquisitions, net of cash acquired      
Other, net     3,060  
Net cash used in investing activities (36,860 )   (13,173 )
Cash flows from financing activities      
Proceeds from exercise of stock options 848     961  
Borrowings under senior notes      
Dividends paid (17,797 )   (17,768 )
Borrowings under revolving credit facilities 619     937  
Payments under revolving credit facilities (619 )   (937 )
Principal payments under finance lease obligations (308 )   (290 )
Proceeds from issuance of term loan credit facility      
Principal payments under term loan credit facility (50,470 )   (1,880 )
Principal payments under industrial revenue bond     (93 )
Debt issuance costs paid (164 )   (476 )
Convertible senior notes repurchase     (80,200 )
Stock repurchase (33,707 )   (58,383 )
Net cash (used in) provided by financing activities (101,598 )   (158,129 )
Cash and cash equivalents:      
Net increase (decrease) in cash, cash equivalents, and restricted cash 7,826     (58,831 )
Cash, cash equivalents, and restricted cash at beginning of year 132,690     191,521  
Cash, cash equivalents, and restricted cash at end of year $ 140,516     $ 132,690  


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
2019                    
New trailers shipped   14,300     650             14,950  
Used trailers shipped   25     15             40  
                     
New Trailers   $ 386,037     $ 51,222     $     $     $ 437,259  
Used Trailers   199     301             500  
Components, parts and service   9,350     24,343     2,858     (7,447 )   29,104  
Equipment and other   3,702     18,795     89,882     (241 )   112,138  
Total net external sales   $ 399,288     $ 94,661     $ 92,740     $ (7,688 )   $ 579,001  
Gross profit   $ 50,384     $ 16,324     $ 6,239     $ (640 )   $ 72,307  
Income (Loss) from operations   $ 43,135     $ 5,610     $ (5,914 )   $ (11,050 )   $ 31,781  
                     
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  


Twelve Months Ended December 31,   Commercial
Trailer Products
  Diversified
Products
  Final Mile
Products
  Corporate and
Eliminations
  Consolidated
2019                    
New trailers shipped   54,650     2,850             57,500  
Used trailers shipped   75     75             150  
                     
New Trailers   $ 1,464,636     $ 198,043     $     $     $ 1,662,679  
Used Trailers   435     2,044             2,479  
Components, parts and service   40,344     113,024     15,023     (27,902 )   140,489  
Equipment and other   16,126     71,405     426,887     (929 )   513,489  
Total net external sales   $ 1,521,541     $ 384,516     $ 441,910     $ (28,831 )   $ 2,319,136  
Gross profit   $ 177,190     $ 74,588     $ 57,815     $ (3,211 )   $ 306,382  
Income (Loss) from operations   $ 145,877     $ 29,748     $ 9,804     $ (42,643 )   $ 142,786  
                     
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  


WABASH NATIONAL CORPORATION
SEGMENT and COMPANY FINANCIAL INFORMATION
(Unaudited - dollars in thousands)

  Three Months Ended
December 31,
  Twelve Months Ended
December 31,
  2019   2018   2019   2018
Commercial Trailer Products              
Income from operations $ 43,135     $ 39,077     $ 145,877     $ 141,795  
               
Diversified Products              
Income from operations 5,610     (6,111 )   29,748     (3,033 )
Adjustments:              
Impairment     12,979         24,968  
Adjusted operating income 5,610     6,868     29,748     21,935  
               
Final Mile Products              
Income from operations (5,914 )   (1,465 )   9,804     7,907  
Adjustments:              
Acquisition expenses and related charges             751  
Adjusted operating income (5,914 )   (1,465 )   9,804     8,658  
               
Corporate              
Income from operations (11,050 )   (8,723 )   (42,643 )   (35,682 )
Adjustments:              
Acquisition expenses and related charges             68  
Executive severance     180         180  
Facility transactions     413         413  
Adjusted operating income (11,050 )   (8,130 )   (42,643 )   (35,021 )
               
Consolidated              
Income from operations 31,781     22,778     142,786     110,987  
Adjustments:              
Impairment     12,979         24,968  
Acquisition expenses and related charges             819  
Executive severance     180         180  
Facility transactions     413         413  
Adjusted operating income $ 31,781     $ 36,350     $ 142,786     $ 137,367  


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,
  2019   2018   2019   2018
Net income $ 18,375     $ 11,584     $ 89,575     $ 69,421  
Income tax expense 6,929     5,374     28,156     26,583  
Interest expense 6,517     7,110     27,340     28,759  
Depreciation and amortization 10,746     10,164     42,357     40,683  
Stock-based compensation 1,674     1,690     9,036     10,169  
Impairment     12,979         24,968  
Acquisition expenses             68  
Other non-operating income (40 )   (1,290 )   (2,285 )   (13,776 )
Operating EBITDA $ 44,201     $ 47,611     $ 194,179     $ 186,875  


Adjusted Net Income2: Three Months Ended December 31,   Twelve Months Ended December 31,
  2019   2018   2019   2018
Net income $ 18,375     $ 11,584     $ 89,575     $ 69,421  
Adjustments:              
Facility transactions3     194         (10,585 )
Loss on debt extinguishment     106         280  
Impairment     12,979         24,968  
Acquisition expenses and related charges             819  
Executive severance expense     180         180  
Tax effect of aforementioned items     (3,499 )       (4,072 )
Tax reform and other discrete tax adjustments             3,084  
Adjusted net income $ 18,375     $ 21,544     $ 89,575     $ 84,095  


Adjusted Diluted Earnings Per Share2: Three Months Ended December 31,   Twelve Months Ended December 31,
  2019   2018   2019   2018
Diluted earnings per share $ 0.34     $ 0.21     $ 1.62     $ 1.19  
Adjustments:              
Facility transactions3             (0.18 )
Loss on debt extinguishment             0.01  
Impairment     0.23         0.43  
Acquisition expenses and related charges             0.01  
Executive severance expense              
Tax effect of aforementioned items     (0.06 )       (0.07 )
Tax reform and other discrete tax adjustments             0.05  
Adjusted diluted earnings per share $ 0.34     $ 0.38     $ 1.62     $ 1.44  
               
Weighted Average # of Diluted Shares O/S 54,613     56,290     55,290     58,430  

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 2018 relate to gains and/or losses incurred for the sale or closure of former Company locations.


WABASH NATIONAL CORPORATION
RECONCILIATION OF FREE CASH FLOW AND
FREE CASH FLOW CONVERSION
(Unaudited - dollars in thousands)

  Twelve Months Ended
December 31,
  2019   2018
Net cash provided by operating activities $ 146,284     $ 112,471  
Capital expenditures (37,645 )   (34,009 )
Free cash flow1 $ 108,639     $ 78,462  
       
Free cash flow $ 108,639     $ 78,462  
Divided by: Net income $ 89,575     $ 69,421  
Free cash flow conversion2 121 %   113 %

1 Free cash flow is defined as net cash provided by operating activities minus capital expenditures.
2 Free cash flow conversion is defined as free cash flow divided by net income.


WABASH NATIONAL CORPORATION
RECONCILIATION OF ADJUSTED SEGMENT EBITDA1
AND ADJUSTED SEGMENT EBITDA MARGIN1
(Unaudited - dollars in thousands)

  Commercial Trailer Products   Diversified Products   Final Mile Products
Twelve Months Ended December 31, 2019   2018   2019   2018   2019   2018
Income (Loss) from operations $ 145,877     $ 141,795     $ 29,748     $ (3,033 )   $ 9,804     $ 7,907  
Depreciation and amortization 10,667     9,631     18,621     21,177     11,361     8,314  
Impairment             24,968          
Acquisition expenses and related charges                     751  
Adjusted Segment EBITDA $ 156,544     $ 151,426     $ 48,369     $ 43,112     $ 21,165     $ 16,972  
                       
Adjusted Segment EBITDA Margin 10.3 %   9.9 %   12.6 %   10.9 %   4.8 %   4.7 %

1 Adjusted Segment EBITDA, a non-GAAP financial measure, is calculated by adding back segment depreciation and amortization expense to segment operating income (loss), and excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income under GAAP, but that management would not consider important in evaluating the quality of the Company’s segment operating results as they are not indicative of each segment's core operating results or may obscure trends useful in evaluating the segment's continuing activities. Adjusted Segment EBITDA Margin is calculated by dividing Adjusted Segment EBITDA by segment total net sales.

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