Wabash National Corporation reported a significant decline in financial performance for the fiscal year ending December 31, 2024, with net sales of $1.95 billion, a decrease of 23.3% from $2.54 billion in 2023. The company experienced an operating loss of $356.1 million, largely attributed to a $450 million non-cash charge related to a product liability case. This resulted in an operating margin of -18.3%, compared to a positive margin of 12.3% in the previous year. The net loss attributable to common stockholders was $284.1 million, translating to a loss of $6.40 per share, a stark contrast to the earnings of $4.92 per share reported in 2023.
The decline in revenue was primarily driven by reduced demand in the Transportation Solutions segment, which saw sales drop by 24.9% to $1.76 billion. The number of new trailers shipped fell by 27.8% to 32,100 units, reflecting a broader softening in the freight market. The Parts & Services segment also reported a decrease in sales, down 7.2% to $205.1 million, although this was partially offset by growth in certain service areas. The company’s backlog as of December 31, 2024, was $1.17 billion, a 38% decrease from the previous year, indicating a slowdown in order placements.
Strategically, Wabash National has focused on enhancing its Parts & Services offerings and expanding its digital capabilities through joint ventures such as Wabash Parts LLC and Linq Venture Holdings LLC. These initiatives aim to create a more resilient revenue stream and improve customer engagement. The company has also invested in its manufacturing capacity, increasing dry van production capabilities by 20% in 2023 to better position itself for future demand recovery.
Operationally, Wabash National maintained a workforce of approximately 6,000 employees as of December 31, 2024. The company continues to emphasize safety and employee engagement, with a reported OSHA Total Recordable Incident Rate (TRIR) of 5.5 for the year. Looking ahead, Wabash National anticipates ongoing challenges due to economic conditions and supply chain constraints but remains committed to its long-term strategic goals of diversification and innovation. The company plans to leverage its strong balance sheet and liquidity, which stood at $421.9 million at year-end, to navigate the evolving market landscape and pursue growth opportunities.
About WABASH NATIONAL Corp
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.