Wabash reports Q3 non-GAAP EPS 19c vs. $1.16 last year

Reports Q3 revenue $464M vs. $632.83M last year. “During Q3, our GAAP EPS was ($7.53), primarily as a result of taking a $450M non-cash charge as the result of a legal verdict, while non-GAAP adjusted EPS was 19c,” said CEO Brent Yeagy. “We firmly believe the outcome in this case is unsupported by the facts or the law. Additionally, the jury was not permitted to hear key evidence in the case. While we wait for the court to enter a final judgement for purposes of appeal, we are evaluating all of the legal options available to us. This situation will inevitably take time to be fully resolved, though we do not expect this verdict to impact our capital allocation priorities and strategy. As customers continue to carefully manage their capital expenditure plans, we are rebalancing demand against capacity needs. As a result, we have reduced our implied guidance for Q4. That said, as we continue to negotiate orders for 2025, we believe industry volumes for dry van trailers should be reasonably similar to 2024, while we expect to see improvement in parts & services, truck body, and tank trailers. We believe Wabash (WNC) is well-positioned to capitalize on the next period of freight expansion and we are focused on continuing our progress toward achieving outsized strategic growth that is both more resilient and more profitable.”