• Wabash Announces First Quarter 2025 Results

    المصدر: Nasdaq GlobeNewswire / 30 أبريل 2025 06:53:00   America/New_York

    • Quarterly revenue of $381 million - lower than prior quarterly outlook range on weaker Transportation Solutions demand. Parts & Services generated positive revenue growth sequentially and year-over-year.
    • GAAP operating income of $315 million or Non-GAAP adjusted operating loss of $27.4 million; Excludes impact of $342 million gain in connection with reduced legal verdict.
    • Quarterly GAAP EPS of $5.36 or Non-GAAP adjusted EPS of $(0.58). Weaker demand fill led to inflated direct labor costs during the quarter, which have now been right-sized.
    • Total backlog of $1.2 billion ending Q1; Tariff-related uncertainty causing customers to delay equipment investment decisions.
    • 2025 revenue outlook reduced to $1.8B, Non-GAAP adjusted EPS outlook reduced to $(0.60), excluding impact of gain in connection with reduced legal verdict.

    LAFAYETTE, Ind., April 30, 2025 (GLOBE NEWSWIRE) -- Wabash (NYSE: WNC), a leader in end-to-end supply chain solutions for the transportation, logistics and infrastructure markets, today reported results for the quarter ended March 31, 2025.

    The Company's net sales for the first quarter of 2025 were $380.9 million, reflecting a 26.1% decrease compared to the same quarter of the previous year. The Company generated consolidated gross profit of $19.0 million, equivalent to 5.0% of sales. GAAP operating profit amounted to $314.6 million as the company recognized a $342 million gain in connection with the reduction of a legal verdict. Non-GAAP adjusted operating loss was $27.4 million for the quarter, representing (7.2)% of sales. First quarter GAAP diluted earnings per share was $5.36 or $(0.58) on a Non-GAAP adjusted basis.

    As of March 31, 2025, total Company backlog stood at approximately $1.2 billion, a sequential increase of 5% from year-end 2024 and a decrease of 32% compared to the first quarter of 2024 as new order activity remained modest.   

    "During the first quarter, our GAAP EPS was $5.36, primarily as a result of recognizing a $342 million gain in connection with the reduction of a legal verdict," said Brent Yeagy, president and chief executive officer. "While the reduction in this verdict was a positive development in our efforts to bring this matter to a more reasonable conclusion, there is more work to do, highlighted by our recent filing of notice of appeal. Excluding the gain, non-GAAP adjusted EPS was $(0.58) during the first quarter as revenue came in below our expectations amid a general weakening in market conditions. We have since reduced direct labor to align cost with market conditions. While tariff-related uncertainty has caused customers to delay equipment investment decisions, it's important to highlight the growth in our Parts & Services segment, which we see as an important longer-term source of stability for our portfolio."

    For the full-year ending December 31, 2025, the Company reduced its revenue outlook to roughly $1.8 billion and reduced its Non-GAAP adjusted EPS guidance to a range of $(0.85) to $(0.35).

    “Wabash's manufacturing footprint and our supply base are both heavily levered to the United States positioning us to avoid direct impact from tariffs. However, second order tariff effects have been meaningful in the short-term as customers have reduced capital expenditure plans until their own customers' have greater clarity," explained Yeagy. "As a result of the weaker than anticipated first quarter and softer outlook, we have reduced our full year guidance. As we look further forward, we believe it's important for the medium term to point out that demand in 2025 is currently projected to undercut replacement levels, resulting in an aging of the fleet which will require catch-up in coming years. Longer term, we believe the administration's activities to leverage a revitalization of U.S. manufacturing could be meaningfully positive for trucking and specifically trailer demand."

    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 first quarter of 2025 and 2024. A complete disclosure of the results by individual segment is included in the tables following this release.

      Wabash National Corporation    
    Three Months Ended March 31,  2025   2024     
    New Units Shipped        
    Trailers  6,290   8,500     
    Truck bodies  3,000   3,690     
             
      Transportation Solutions Parts & Services
    Three Months Ended March 31,  2025   2024   2025   2024 
      (Unaudited, dollars in thousands)
    Net sales $346,803  $470,428  $51,955  $49,234 
    Gross profit $8,414  $63,112  $10,589  $13,334 
    Gross profit margin  2.4%  13.4%  20.4%  27.1%
    (Loss) income from operations $(9,798) $44,255  $6,910  $10,520 
    (Loss) income from operations margin (2.8)%  9.4%  13.3%  21.4%


    During the first quarter, Transportation Solutions generated net sales of $346.8 million, a decrease of 26.3% compared to the same quarter of the previous year. Operating loss for the quarter amounted to $9.8 million, representing (2.8)% of sales.

    Parts & Services' net sales for the first quarter were $52.0 million, an increase of 5.5% compared to the prior year quarter. Operating income for the quarter amounted to $6.9 million, or 13.3% of 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 adjusted operating (loss) income, adjusted EBITDA, adjusted net (loss) income attributable to common stockholders, adjusted diluted (loss) earnings per share, free cash flow, adjusted segment EBITDA, and adjusted segment EBITDA margin. 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 (loss) income, and reconciliations to GAAP financial statements should be carefully evaluated.

    Adjusted operating (loss) 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 (loss) 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 (loss) 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 (loss) income to operating income, the most comparable GAAP financial measure, is included in the tables following this release.

    Adjusted EBITDA includes noncontrolling interest & excludes loss from unconsolidated entity and is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, the Missouri legal matter, impairment and other, net, and other non-operating income and expense. Management believes providing adjusted 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 adjusted 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 adjusted EBITDA to net income, the most comparable GAAP financial measure, is included in the tables following this release.

    Adjusted net (loss) income attributable to common stockholders and adjusted diluted (loss) earnings per share reflect an adjustment for the Missouri legal matter and the related tax effect of that adjustment. 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 net (loss) income attributable to common stockholders and adjusted diluted (loss) earnings per share to net income attributable to common stockholders and diluted earnings per share, the most comparable GAAP financial measures, are included in the tables following this release.

    Free cash flow is defined as net cash used in operating activities minus cash payments for capital expenditures minus expenditures for revenue generating assets. Management believes providing free cash flow is useful for investors to understand the Company’s performance and results of cash generation period to period with the exclusion of the item identified above. Management believes the presentation of free cash flow, when combined with the GAAP presentations of cash used in operating activities, is beneficial to an investor’s understanding of the Company’s operating performance. A reconciliation of free cash flow to cash used in operating activities, the most comparable GAAP financial measure, is included in the tables following this release.

    Adjusted segment EBITDA, a non-GAAP financial measure, includes noncontrolling interest & excludes loss from unconsolidated entity and is calculated by adding back segment depreciation and amortization expense to segment operating income, 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. A reconciliation of adjusted segment EBITDA to income from operations, the most comparable GAAP financial measure, is included in the tables following this release.

    Information reconciling any forward-looking Adjusted Operating Income, Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted EPS, Free Cash Flow, Adjusted Segment EBITDA and Adjusted Segment EBITDA Margin to GAAP financial measures is unavailable to us without unreasonable effort. We cannot provide reconciliations of the above noted forward looking non-GAAP measures to GAAP financial measures because certain items required for such reconciliations are outside of our control and/or cannot be reasonably predicted. Preparation of such reconciliations would require a forward-looking balance sheet, statement of income and statement of cash flows, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to us without unreasonable effort.

    First Quarter 2025 Conference Call

    Wabash will discuss its results during its quarterly investor conference call on Wednesday, April 30, 2025, beginning at 12:00 p.m. EDT. The call and an accompanying slide presentation will be accessible on the "Investors" section of the Company’s website at www.onewabash.com. The conference call will also be accessible by dialing (800) 715-9871, conference ID 9986205. A replay of the call will be available on the site shortly after the conclusion of the presentation.

    About

    Wabash (NYSE: WNC) is the visionary leader of connected solutions for the transportation, logistics and distribution industries that is Changing How the World Reaches You®. Headquartered in Lafayette, Indiana, the company enables customers to thrive by providing insight into tomorrow and delivering pragmatic solutions today to move everything from first to final mile. Wabash designs, manufactures, and services a diverse range of products, including: dry freight and refrigerated trailers, flatbed trailers, tank trailers, dry and refrigerated truck bodies, structural composite panels and products, trailer aerodynamic solutions, and specialty food grade processing equipment. Learn more at www.onewabash.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 risks related to the Missouri product liability action and the unfavorable jury verdict, the highly cyclical nature of our business, uncertain economic conditions including the possibility that customer demand may not meet our expectations, our backlog may not reflect future sales of our products, 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, costs of indebtedness, and our ability to execute on our long-term strategic plan. 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 BALANCE SHEETS
    (Unaudited - dollars in thousands)

     March 31,
    2025    		 December 31,
    2024
    Assets   
    Current assets:   
    Cash and cash equivalents$81,036  $115,484 
    Accounts receivable, net 171,693   143,946 
    Inventories, net 278,648   258,825 
    Prepaid expenses and other 126,191   76,233 
    Total current assets 657,568   594,488 
    Property, plant, and equipment, net 335,501   339,247 
    Goodwill 196,662   188,441 
    Deferred income taxes 8,411   94,873 
    Intangible assets, net 71,656   74,445 
    Investment in unconsolidated entities 7,250   7,250 
    Other assets 138,145   112,785 
    Total assets$1,415,193  $1,411,529 
    Liabilities and Stockholders’ Equity   
    Current liabilities:   
    Current portion of long-term debt$—  $— 
    Accounts payable 211,199   146,738 
    Other accrued liabilities 204,165   161,671 
    Total current liabilities 415,364   308,409 
    Long-term debt 417,317   397,142 
    Deferred income taxes —   — 
    Other non-current liabilities 177,420   516,152 
    Total liabilities 1,010,101   1,221,703 
    Commitments and contingencies   
    Noncontrolling interest 1,251   996 
    Wabash National Corporation stockholders’ equity:   
    Common stock 200,000,000 shares authorized, $0.01 par value, 42,147,995 and 42,882,308 shares outstanding, respectively 786   781 
    Additional paid-in capital 692,471   689,216 
    Retained earnings 333,109   105,633 
    Accumulated other comprehensive losses (2,450)  (3,229)
    Treasury stock at cost, 36,515,016 and 35,253,489 common shares, respectively (620,075)  (603,571)
    Total Wabash National Corporation stockholders' equity 403,841   188,830 
    Total liabilities, noncontrolling interest, and equity$1,415,193  $1,411,529 


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

     Three Months Ended March 31,
      2025   2024 
    Net sales$380,890  $515,276 
    Cost of sales 361,887   438,830 
    Gross profit 19,003   76,446 
    General and administrative expenses (304,685)  36,673 
    Selling expenses 6,379   7,042 
    Amortization of intangible assets 2,789   3,156 
    Impairment and other, net (31)  — 
    Income from operations 314,551   29,575 
    Other income (expense):   
    Interest expense (5,026)  (4,988)
    Other, net 1,614   1,609 
    Other expense, net (3,412)  (3,379)
    Loss from unconsolidated entity (1,842)  (1,486)
    Income before income tax expense 309,297   24,710 
    Income tax expense 78,101   6,423 
    Net income 231,196   18,287 
    Net income attributable to noncontrolling interest 255   120 
    Net income attributable to common stockholders$230,941  $18,167 
        
        
    Net income attributable to common stockholders per share:   
    Basic$5.41  $0.40 
    Diluted$5.36  $0.39 
    Weighted average common shares outstanding (in thousands):   
    Basic 42,716   45,383 
    Diluted 43,087   46,254 
        
    Dividends declared per share$0.08  $0.08 


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

     Three Months Ended March 31,
      2025   2024 
    Cash flows from operating activities   
    Net income$231,196  $18,287 
    Adjustments to reconcile net income to net cash used in operating activities   
    Depreciation 12,243   9,580 
    Amortization of intangibles 2,789   3,156 
    Net loss on sale of property, plant and equipment 33   — 
    Deferred income taxes 86,461   (3,574)
    Stock-based compensation 3,249   3,246 
    Non-cash interest expense 246   237 
    Loss from unconsolidated entity 1,842   1,486 
    Changes in operating assets and liabilities   
    Accounts receivable (27,747)  (64,690)
    Inventories (19,823)  (10,916)
    Prepaid expenses and other (15,573)  772 
    Accounts payable and accrued liabilities 73,227   22,203 
    Other, net (348,415)  2,803 
    Net cash used in operating activities (272)  (17,410)
    Cash flows from investing activities   
    Cash payments for capital expenditures (8,698)  (19,185)
    Expenditures for revenue generating assets (20,144)  — 
    Proceeds from the sale of assets 40   — 
    Acquisition, net of cash acquired (1,666)  — 
    Note receivable issued to unconsolidated entity (3,350)  — 
    Net cash used in investing activities (33,818)  (19,185)
    Cash flows from financing activities   
    Proceeds from exercise of stock options 11   7 
    Dividends paid (3,864)  (4,151)
    Borrowings under revolving credit facilities 20,414   232 
    Payments under revolving credit facilities (414)  (232)
    Debt issuance costs paid (1)  (5)
    Stock repurchases (16,504)  (22,138)
    Distribution to noncontrolling interest —   (603)
    Net cash used in financing activities (358)  (26,890)
    Cash and cash equivalents:   
    Net decrease in cash and cash equivalents (34,448)  (63,485)
    Cash and cash equivalents at beginning of period 115,484   179,271 
    Cash and cash equivalents at end of period$81,036  $115,786 
    Supplemental disclosures of cash flow information:   
    Cash paid for interest$191  $196 
    Net cash refunds received for income taxes$(193) $(40)
    Period end balance of payables for property, plant, and equipment$5,001  $11,512 


    WABASH NATIONAL CORPORATION
    SEGMENTS AND RELATED INFORMATION
    (Unaudited - dollars in thousands)

      Wabash National Corporation    
    Three Months Ended March 31,  2025   2024    
    Units Shipped        
    New trailers  6,290   8,500    
    New truck bodies  3,000   3,690    
    Used trailers  36   15    
             
    Three Months Ended March 31, Transportation Solutions Parts & Services Corporate and
    Eliminations    		 Consolidated
    2025        
    New Trailers $251,045  $— $(17,670) $233,375 
    Used Trailers  —   1,500  —   1,500 
    Components, parts and service  —   31,502  —   31,502 
    Equipment and other  95,758   18,953  (198)  114,513 
    Total net external sales $346,803  $51,955 $(17,868) $380,890 
    Gross profit $8,414  $10,589 $—  $19,003 
    (Loss) income from operations $(9,798) $6,910 $317,439  $314,551 
    Adjusted (loss) income from operations1 $(9,798) $6,910 $(24,561) $(27,449)
             
    2024        
    New Trailers $366,158  $— $(820) $365,338 
    Used Trailers  —   1,344  —   1,344 
    Components, parts and service  —   35,630  —   35,630 
    Equipment and other  104,270   12,260  (3,566)  112,964 
    Total net external sales $470,428  $49,234 $(4,386) $515,276 
    Gross profit $63,112  $13,334 $—  $76,446 
    Income (loss) from operations $44,255  $10,520 $(25,200) $29,575 
    Adjusted income (loss) from operations1 $44,255  $10,520 $(25,200) $29,575 

    1 Adjusted operating (loss) income, a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income (loss) 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 (loss) 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 (loss) income to provide investors with a better understanding of the Company’s view of our results as compared to prior periods.

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

    Adjusted Operating (Loss) Income1Three Months Ended
    March 31,
      2025   2024 
    Transportation Solutions   
    (Loss) income from operations$(9,798) $44,255 
    Adjustments:   
    N/A —   — 
    Adjusted operating (loss) income (9,798)  44,255 
        
    Parts & Services   
    Income from operations 6,910   10,520 
    Adjustments:   
    N/A —   — 
    Adjusted operating income 6,910   10,520 
        
    Corporate   
    Income (loss) from operations 317,439   (25,200)
    Adjustments:   
    Missouri legal matter (342,000)  — 
    Adjusted operating loss (24,561)  (25,200)
        
    Consolidated   
    Income from operations 314,551   29,575 
    Adjustments:   
    Missouri legal matter (342,000)  — 
    Adjusted operating (loss) income$(27,449) $29,575 

    1 Adjusted operating (loss) 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 (loss) 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 (loss) income to provide investors with a better understanding of the Company’s view of our results as compared to prior periods.

    WABASH NATIONAL CORPORATION
    RECONCILIATION OF GAAP FINANCIAL MEASURES TO
    NON-GAAP FINANCIAL MEASURES
    (Unaudited - dollars in thousands, except per share amounts)

    Adjusted EBITDA1:Three Months Ended March 31,
      2025   2024 
    Net income$231,196  $18,287 
    Income tax expense 78,101   6,423 
    Interest expense 5,026   4,988 
    Depreciation and amortization 15,032   12,736 
    Stock-based compensation 3,249   3,246 
    Missouri legal matter (342,000)  — 
    Impairment and other, net (31)  — 
    Other, net (1,614)  (1,609)
    Loss from unconsolidated entity 1,842   1,486 
    Adjusted EBITDA$(9,199) $45,557 


    Adjusted Net (Loss) Income Attributable to Common Stockholders2:Three Months Ended March 31,
      2025   2024
    Net income attributable to common stockholders$230,941  $18,167
    Adjustments:   
    Missouri legal matter (342,000)  —
    Tax effect of aforementioned items 86,253   —
    Adjusted net (loss) income attributable to common stockholders$(24,806) $18,167


    Adjusted Diluted (Loss) Earnings Per Share2:Three Months Ended March 31,
      2025   2024
    Diluted earnings per share$5.36  $0.39
    Adjustments:   
    Missouri legal matter (7.94)  —
    Tax effect of aforementioned items 2.00   —
    Adjusted diluted (loss) earnings per share$(0.58) $0.39
        
    Weighted average diluted shares outstanding (in thousands) 43,087   46,254

    1 Adjusted EBITDA includes noncontrolling interest & excludes loss from unconsolidated entity and is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, the Missouri legal matter, impairment and other, net, and other non-operating income and expense. Management believes providing adjusted 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 adjusted 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.

    2 Adjusted net (loss) income attributable to common stockholders and adjusted diluted (loss) earnings per share reflect an adjustment for the Missouri legal matter and the related tax effect of that adjustment.

    WABASH NATIONAL CORPORATION
    RECONCILIATION OF FREE CASH FLOW1
    (Unaudited - dollars in thousands)

     Three Months Ended March 31,
      2025   2024 
    Net cash used in operating activities$(272) $(17,410)
    Cash payments for capital expenditures (8,698)  (19,185)
    Expenditures for revenue generating assets (20,144)  — 
    Free cash flow1$(29,114) $(36,595)

    1 Free cash flow is defined as net cash used in operating activities minus cash payments for capital expenditures minus expenditures for revenue generating assets. Management believes providing free cash flow is useful for investors to understand the Company’s performance and results of cash generation period to period with the exclusion of the item identified above. Management believes the presentation of free cash flow, when combined with the GAAP presentations of cash used in operating activities, is beneficial to an investor’s understanding of the Company’s operating performance.

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

     Transportation Solutions Parts & Services
    Three Months Ended March 31, 2025   2024   2025   2024 
    (Loss) income from operations$(9,798) $44,255  $6,910  $10,520 
    Depreciation and amortization 12,699   11,332   1,152   547 
    Adjusted segment EBITDA$2,901  $55,587  $8,062  $11,067 
            
    Adjusted segment EBITDA margin 0.8%  11.8%  15.5%  22.5%
            

    1 Adjusted segment EBITDA, a non-GAAP financial measure, includes noncontrolling interest & excludes loss from unconsolidated entity and is calculated by adding back segment depreciation and amortization expense to segment operating income, 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, Communications
    (765) 771-5766
    dana.stelsel@onewabash.com

    Investor Relations:
    Ryan Reed
    VP, Corporate Development & IR
    (765) 490-5664
    ryan.reed@onewabash.com


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