LAFAYETTE, Ind. - Wabash National Corporation (NYSE: NYSE:WNC), a leader in transportation, logistics, and distribution industry solutions, reported second-quarter earnings that surpassed analyst expectations but saw its shares fall 3.3% due to disappointing future guidance and a revenue shortfall.
The company's Q2 EPS came in at $0.64, beating the analyst estimate of $0.58. However, revenue for the quarter was $550.61 million, falling short of the consensus estimate of $602.85 million.
The company's revenue represented a 19.8% decrease compared to the same quarter last year. Wabash's operating income was $44 million, which translated to an operating margin of 7.9%.
For the full-year 2024, Wabash National adjusted its EPS guidance to a range of $1.50-$1.60, notably below the analyst consensus of $2.05. The company also revised its revenue outlook to $2.0-$2.2 billion, compared to the consensus estimate of $2.24 billion. The midpoint of the EPS guidance range, $1.55, falls below the analyst consensus, suggesting caution from the company about the future financial performance.
Brent Yeagy, president and CEO of Wabash, commented on the results, "While the demand environment has incrementally weakened during the first half of 2024, our team has executed well, as shown by second quarter EPS generation that exceeded our prior outlook range." He also noted the company's efforts to demonstrate stability through the diversity of its portfolio and improvements to its base business.
The company's total backlog stood at approximately $1.3 billion as of June 30, 2024, showing a sequential decline from the first quarter, which was attributed to a slowdown in new order activity and continued freight market weakness. Wabash emphasized the structural improvements made and the resilience built within its portfolio, despite the need to adjust full-year guidance based on customer capital expenditure plans.
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