Wabash Announces First Quarter 2025 Results

Core Insights - Wabash reported a significant decline in net sales for Q1 2025, totaling $380.9 million, which is a 26.1$342 million gain related to a legal verdict reduction, resulting in a GAAP operating profit of $314.6 million, while the non-GAAP adjusted operating loss was$27.4 million [2][4] - Total backlog as of March 31, 2025, was approximately $1.2 billion, reflecting a 5$19.0 million, representing 5.0% of sales, a significant drop from previous periods [2][8] - GAAP diluted earnings per share (EPS) was reported at $5.36, while the non-GAAP adjusted EPS was$(0.58) [2][8] - The company has revised its full-year revenue outlook to approximately $1.8 billion and adjusted EPS guidance to a range of$(0.85) to $(0.35) [4] Business Segments - Transportation Solutions segment generated net sales of$346.8 million, a decrease of 26.3% year-over-year, with an operating loss of 9.8 million [9][10] - Parts & Services segment saw a net sales increase of 5.5% year-over-year, totaling 52.0 million, with an operating income of $6.9 million [10][9] Market Conditions - The company noted that tariff-related uncertainties have led customers to delay equipment investment decisions, impacting overall demand [5][4] - Despite the current challenges, the company anticipates a future demand catch-up due to an aging fleet that will require replacement [5] Operational Adjustments - The company has taken steps to align direct labor costs with market conditions following weaker-than-expected demand [4] - Wabash's manufacturing and supply base are primarily located in the U.S., which helps mitigate direct tariff impacts [5]