Wabash National Corporation has reported its third quarter 2024 results, revealing a quarterly revenue of $464 million, which falls within the prior quarterly outlook range. The company also disclosed a non-cash charge of $450 million taken in connection with a legal verdict, resulting in a GAAP operating loss of $433 million. On a non-GAAP basis, the company achieved an operating income of $17.0 million for the quarter.
The company's net sales for the third quarter of 2024 were $464.0 million, a 26.7% decrease compared to the same quarter of the previous year. The company achieved consolidated gross profit of $56.0 million, equivalent to 12.1% of sales.
As of September 30, 2024, Wabash's total company backlog stood at approximately $1.0 billion, representing a decrease of 22% compared to the second quarter of 2024 as new order activity remained modest.
Wabash has reduced its revenue outlook for the full year ending December 31, 2024, to approximately $1.95 billion, with a non-GAAP adjusted EPS guidance reduced to approximately $1.25, excluding the impact of the legal charge.
The company's business segments also experienced changes, with Transportation Solutions generating net sales of $415.5 million, a decrease of 28.7% compared to the previous year, and Parts & Services' net sales for the third quarter coming in at $52.3 million, a decrease of 7.3% compared to the prior year quarter.
As a result of these announcements, the company's shares have moved -5.5% on the market, and are now trading at a price of $16.13. Check out the company's full 8-K submission here.
