WNC

LAFAYETTE, Ind., Aug. 19, 2026 (GLOBE NEWSWIRE) -- Wabash (NYSE: WNC) today announced that its board of directors declared a regular quarterly dividend of $0.08 per share of the company’s common stock, payable on October 29, 2026, to stockholders of record on October 8, 2026. 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 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. Investor Relations: John CummingsSr. Director, FP&A and Investor Relations(765) [email protected]

Image source: The Motley Fool. Wednesday, July 29, 2026, at 12 p.m. ET Senior Director of Financial Planning and Analysis and Investor Relations - John Cummings President and Chief Executive Officer - Brent Yeagy Chief Financial Officer - Pat Keslin Operator: Hello, everyone. Thank you for joining us and welcome to the Wabash Second Quarter 2026 Earnings Release Call. After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to John Cummings, senior director of financial planning and analysis and investor relations. John? Please go ahead. John Cummings: Thank you, and good afternoon, everyone. We appreciate you joining us on this call. With me today are Brent Yeagy, president and chief executive officer and Pat Keslin, chief financial officer. Before we get started, please note that this call is being recorded. I would also like to point out that our earnings release, the slide presentation supplementing today's call, and any non-GAAP reconciliations are available at ir.onewabash.com. Please refer to slide 2 in our earnings deck for the company's Safe Harbor disclosure addressing forward-looking statements. I will hand it off now to Brent. Brent Yeagy: Thanks, John. Good afternoon, everyone, and thank you for joining us today. I would like to start by discussing something that is fundamental to how we operate at Wabash. Safety. As we close out the second quarter, we are proud to have successfully improved our injury rate for the fourth consecutive quarter. 13% versus Q1 of 2026, 33 percent versus Q2 of 2025, And total injuries are down 15% year over year. As we look ahead to increasing dry van production, we are increasing focus on our onboarding process to elevate workplace safety and manufacturing quality. Our long-term target is an injury rate of less than one. Every day, we are moving closer to that attainment. The second quarter continued to strengthen our conviction that the freight market recovery is taking shape. We are seeing a healthier combination of supply-side forces, safety-focused federally led enforcement, and improving carrier economics. These factors are beginning to translate into better market fundamentals. Spot rates, contract rates, and tender rejection rates are moving in a direction that supports improved carrier profitability and that matters because carrier profitability is what ultimately frees up capital to support increased replacement demand expenditure. We fully opened up our order book for 2027 production in late June. That time is earlier than traditional order cycles, reflects what customers want. Which is earlier visibility and delivery windows and pricing. Our role is to help customers plan with greater confidence, And in a recovering market, those who plan early should be rewarded with better availability and greater certainty. Against that backdrop, we have continued to take proactive steps to position Wabash for the next stage of the cycle. We are controlling what we can control, aligning cost to demand, protecting liquidity, and continuing to invest in areas that differentiate Wabash with our customers. We also recently announced a convertible note offering designed to enhance balance-sheet flexibility as we prepare to ramp production for dry van. That action is consistent with our approach to managing through the cycle preserve resiliency in the near-term, maintain the ability to move decisively, and make sure we are prepared to support customers as they increase activity. Earlier this month, Wabash announced its intention to issue convertible senior notes and after the close of the quarter, secured $150 million of additional liquidity less associated expenses. Those funds strengthen our balance-sheet flexibility and are intended to be used for general corporate purposes, including repaying amounts outstanding under existing credit agreements. Just as importantly, they provide working capital as we prepare for the next phase of the market cycle. We view flexibility around net working capital as a strategic advantage. When demand begins to accelerate, companies that can respond quickly, efficiently, and with discipline are best positioned to serve customers and capture profitable growth and share. This added liquidity gives Wabash greater ability to manage that ramp without compromising our broader priorities across cost control, operating execution, and long-term value creation. As part of our broader capital strategy, we are also continuing to pursue the refinancing of a revolving credit agreement. Multiple lenders have committed to funding and extending the agreement up to $300 million. We expect to provide an additional update on this topic soon. Turning to the market. Leading indicators continue to build from what we saw earlier in the first quarter. Spot rates continued to strengthen, rising from roughly 14% above prior year levels at the end of the first quarter to approximately 40% above last year by June. Surpassing contract rates. Tender rejection rates have moved above 16%, which represents the highest level since 2018. ATA for-hire truck tonnage continues to run ahead of the prior year, and the ISM manufacturing index has been in expansionary territory for six consecutive months. And the Logistics Managers' Index reached its highest level since early 2022. We are encouraged by the direction of these data points, and we are also encouraged by what we are seeing in our own backlog. Backlog grew to $956 million at the close of Q2 2026 a 14% increase quarter-over-quarter. While continuing the double-digit growth that was experienced in the first quarter. A more important point is the pattern. This was the first time in the company's history we have experienced backlog growth in the second quarter. That tells us that the customers are beginning to move from deferral to committed demand as they work to stop three years of fleet aging. Wabash is positioned well for the return of replacement demand environment. Our U.S.-centric supply chain leading manufacturing capabilities, increased dry van capacity, and strengthened liquidity position, give us the ability to support customers as the market moves through its next growth phase. Our intent is clear and steadfast. It is to serve customers better. Win share, and convert improved volume into stronger financial performance. In conjunction with our intent to grow share through the next stage of the demand cycle, the recovering freight market is also providing the opportunity to recover, through price, costs that Wabash has absorbed during this abnormally lengthy trough. That recovery will not appear all at once. Pricing will be gained incrementally as 2026 progresses and newly quoted deals layer into existing backlog and become more impactful as we move through 2027. Industry average selling prices for trailers have fallen from prior years while underlying costs have increased. That spread is not sustainable over the long-term. And this pricing is an important part of restoring appropriate economics across the industry. We will continue to price in a way that reflects cost, capacity, customer value, and the reality of a market that is beginning to recover. there is also been meaningful progress in the antidumping and countervailing duty case brought to the International Trade Commission in late 2025. Affirmative preliminary rulings and rates have been established as follows. Countervailing duties for China at a range between approximately 82% for cooperating entities and 129% for non-cooperating entities And for Chinese antidumping duties, they are set at approximately 131%. Mexico, countervailing duties are approximately 2%, antidumping duties are expected to be announced shortly. Wabash is a champion of American manufacturing That commitment is evident in our continued investment in U.S. facilities, including the Lafayette South plant, which added 10,000 units of dry van capacity and our sourcing strategy, with approximately 95% of our materials procured from the U.S. We support actions that provide relief to the domestic industry and help level the playing field. Because a healthy domestic manufacturing base is important for customers, employees, and the long-term competitiveness of the industry. As a reminder, our foreign competition is also subject to Section 301 tariff duties that were modified in Q2 resulting in a 25% tariff rate being applied to the full customs value of an imported trailer. Section 301 tariffs, antidumping tariffs, and countervailing duty rates are stackable. Looking forward, the outlook continues to show positive signals including the atypical second quarter backlog growth to $956 million. At the same time, we continue to monitor market sentiment closely and continue to consider the ongoing potential for macro disruptors geopolitical tensions, and broader economic impacts that could influence overall market recovery. For that reason, we will continue to provide quarterly guidance while this transitionary period converts into a more stable environment. For the third quarter, we expect revenue in the range of $440 million to $460 million and adjusted earnings per share in the loss range of $0.50 to $0.40 per share. The outlook for the third quarter remains consistent with our prior qualitative guidance and reflects sequential improvement as we move through the year. While we are not providing quantitative guidance beyond Q3 at this stage, we do expect the fourth quarter to experience some top-line deterioration versus the third quarter in line with typical seasonality. While continuing to improve sequentially in earnings per share as cost recovery through pricing begins to filter into the financials and we benefit from focused cost control actions. Before I turn the call over to Patrick, I want to again recognize our employees. Their skill, experience, and commitment to execution are what allow Wabash to manage through a difficult environment while continuing to prepare for the upcycle. We have asked a great deal of our teams and they have continued to respond with discipline, resilience, and a focus on continuous improvement. And with that, I will now turn the call over to Patrick for his comments. Pat Keslin: Thanks, Brent. I will begin with a review of our second quarter results. For the second quarter of 2026, consolidated revenue was $417 million above the expectations we communicated on our first quarter earnings call. During the quarter, we shipped 8,290 new trailers and 1,380 truck bodies. Truck body volumes were in line with our expectations with the second quarter expected to represent the low point for the year. We continue to project the recovery in truck bodies to lag our traditional dry van business. We anticipate moderate sequential improvement in the second half of 2026. We were encouraged by the incremental volume we saw in the quarter, particularly within our core dry van product. While the financial profile is improving, the current market environment continues to suppress margins in the near-term. Adjusted non-GAAP gross margin was 4.1%, marking a return to positive gross margin. And adjusted non-GAAP operating margin was -5.6%. Results were impacted by higher material costs that we have been unable to fully recover through pricing. As a reminder, these adjusted results exclude costs associated with the idling of our Little Falls and Goshen facilities. Adjusted non-GAAP EBITDA for the quarter was -$9 million or -2.1%. Adjusted non-GAAP net income attributable to common shareholders -$21.6 million or -$0.53 per diluted share. EPS was within our guidance range, but was adversely impacted by the material cost versus price relationship I just mentioned. We anticipate this to be short-term in nature and not to affect our expectations for sequential profitability improvement as we move forward. Turning to our segments. Transportation Solutions generated $355 million in revenue and reported an operating loss of $12.1 million on a non-GAAP basis. The segment returned to positive gross margin supported by improved volume and better leverage of the cost base. We continue to expect sequential improvement as pricing adjusts to offset cost pressures. Parts and services delivered $63 million in revenue and $6 million in operating income on a non-GAAP basis. Segment profitability improved versus the prior quarter, reflecting a step-up in upfit business profitability. During the second quarter, we began to see the benefit of steady ramping at our new upfit sites which carried elevated startup costs with minimal initial revenue in the first quarter. In addition, we continued to make progress on the development of digital technology and AI-powered tools that will help us to better serve the parts market in the areas of parts findability and availability. Over time, we expect these capabilities to create additional revenue generation opportunities while improving mix, efficiency and margin performance across parts and services. Turning to cash flow. Operating cash flow for the quarter was $5.1 million resulting in free cash flow of $3.1 million As of June 30, total liquidity including cash and available borrowings, was $193 million, 17% up versus the prior quarter. Cash makes up just over one-third of the $193 million with the remainder being available borrowings on our existing revolving credit agreement. Throughout the ongoing market softness, we have remained focused on preserving liquidity and maintaining financial flexibility. This disciplined approach allows us to manage near-term headwinds while continuing to support our strategic priorities and longer-term initiatives. In addition, we secured $150 million of additional liquidity through the convertible senior notes issued after quarter-end. That decision was driven by a desire to strengthen our liquidity position ahead of an expected market recovery giving us the flexibility to support working capital needs manage the production ramp, and pursue value-creating opportunities without compromising financial discipline. During the second quarter, we spent approximately $2 million on traditional capital expenditure and returned $3.3 million to shareholders through our quarterly dividend. As we look ahead and prepare for market recovery, we will continue to closely monitor cash and liquidity. The convertible senior notes provide additional flexibility and optionality including the ability to pursue early payment discounts with our supply base where we see attractive financial returns as we progress through 2026. We are also nearing completion of the refinancing efforts associated with our revolving credit agreement, with $300 million already committed. We expect that to formally complete in the very near-term well ahead of it becoming current in September. Looking ahead to the third quarter, we expect revenue in the range of $440 million to $460 million an operating margin of approximately -4% adjusted earnings per share in the loss range of $0.50 to $0.40 Capital expenditure remains under close review. We remain committed to appropriately funding the organization while retaining the ability to calibrate spending to business conditions. As we communicated on our prior call, Q1 was expected to be the weakest quarter of the year and the second quarter showed meaningful financial improvement. We expect that trend to continue as we progress through the year and our expectation for positive EBITDA in the second half of 2026 remains unchanged. In summary, the second quarter represented an important step forward off the bottom. There is still work ahead but as we evaluate the growing backlog, improving sentiment in the marketplace, we remain cautiously confident in the outlook. We are focused on disciplined execution, capturing share as demand improves and positioning the business for stronger financial performance as volumes recover. The important steps taken to strengthen working capital availability reinforce our ability to respond quickly and decisively to customer needs while expanding long-term value for our stakeholders. I will now turn the call back to the operator and we will open it up for questions. Operator: Thank you very much. We will now begin the question-and-answer session. To withdraw your question, press one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Your first question comes from the line of Michael Shlisky with D.A. Davidson & Co. Michael, your line is open. Please go ahead. Michael Shlisky: Hello, and thanks for taking my questions. Let's see. I wanted to figure out some of the more recent challenges you saw in EPS this quarter and EPS in your third quarter outlook. They are a little bit more challenging than I expected, but it sounded like from your comments, and if I am wrong here, please correct me. It sounds like you are just still working through the low point of pricing in the backlog. And some maybe some ramp up inefficiencies as you are getting ready to ramp up and couple of quarters. Is that the right way to characterize it? And how much better do you think the pricing margin is in the backlog currently, the $956 million compared to what you just built the last quarter or two here. Operator: Just a reminder that if you are muted locally to please unmute your device. Was I muted, or were they muted perhaps? I think the main line might be muted at the moment. Michael Shlisky: Hello? You hear us? Operator: Yes. The main line is now unmuted. Brent Yeagy: Alright. Okay. We are in. Sorry about that. We heard you, Mike. Okay. So I will start over, Mike. Sorry about that. So it was a really good one to answer too. So yeah. So where you are heading is exactly where we are at. And if you think about just where we were in the first quarter, the uncertainties that we had, how backlog was being kind of executed in Q1 and early Q2. We were not really in a great place from a pricing standpoint. That had really changed coming into mid second quarter. But that is backlog that is really laying into the tail end of the third quarter and primarily into the fourth quarter and now technically into 2027. So we have to work our way through to where that shows up in the P&L, but we have great visibility to what that is. And we have made substantial pricing increases just in the last really, in almost three-week increments for the last 9 to 12 weeks. With this substantial amount of backlog that is flowed into the business. We do have some inefficiency costs that would have crept into the second quarter. As we began to add some additional labor and shifts in response to the demand that is come in. There will be incrementally Similar levels when we get into Q3. But remember, we are going to be ramping for the next 9 to 12 months based on the replacement cycle that we see. But I think that part would generally be in line. Patrick will talk more here in a second about the real visibility that we have in terms of pricing and why we feel comfortable and confident that, you know, we are seeing it go in the right direction at the right scale. To regain profitability. Relatively soon. Pat Keslin: Yep. So just quantitatively, Mike, we do of that $956 million in backlog, there is a big portion of that is going to convert here in the third quarter. So the profitability in the third quarter is tied in with the guidance that we gave, which at its highest level looks very similar to what we saw in Q2 from a margin standpoint. Think of it the price what we refer to as material margin. So price adjusted for your material costs, Q3 will look very similar to Q2. Now going into Q4, we expect that number to incrementally get better material margin percent by 200 to 300 basis points. And that is backed by orders that we have in the backlog right now. And then of the remaining available slots in the fourth quarter, of which there are not many at this point, We are seeing elevated pricing that more than offsets the material cost increases. We have seen this year. Which is very different than what we experienced in our second quarter results and subsequently, our third quarter backlog looks like. So positive momentum going into the fourth quarter from a margin standpoint, that we also expect to continue into 2027. Michael Shlisky: And let's talk about 2027 for a moment if you if you would not mind. Some of the big forecasters out there are saying the trailer market is 260,000 or so. Kinda back to a more what I would say would be replacement level demand or some more normalized average level of demand. Pretty big jump from 2025 and 2026 And I looked back at history, you know, I have seen Wabash make you know, between $150 million and $200 million-plus of EBITDA in years that are similar to that. Given what you just said about the price and your ability to catch up hopefully, largely by the fourth quarter or the very first part of 2027, Just want you know about what you have changed and the brand new facility that you have opened up and have not used much of the last couple of years, how do you feel about reaching a more average normalized EBITDA in 2027 if and do you do you agree with the ACTs of the world that their lines are correct? And if they get there, know, how do you feel about your profitability this time around compared to a previous times? We have we have seen a 52 or so level of shareholder demand. Pat Keslin: Yep. Yeah. I will address the profitability question. Brent can chime in on the forecast for 2027 and how we align to that. But to answer your question of if 2027 does get back to a replacement level demand, we fully anticipate that we would be back in that range of profitability. So back to a more normalized EBITDA level. With that will come certainly an increase above our current pricing levels that we are seeing in the Q2 results and the Q3 backlog. But where we are currently pricing 2027 bids at, would be enough to get back to that return to between that $150 million to $170 million of EBITDA range for 2027, assuming, like you said, that the ACT forecasts are in line with what actually happens in 2027? Brent Yeagy: Yeah. I will answer two additional points. One, I will answer your question around how do we see the market. Yeah. So, ACT, FTR, we will just call it a net 260,000 unit total trailer range. Almost all that change from 2026 to 2027 is predicated on dry vans. And, yes, we fully see both from the discussions that we are having with top tier executives with some of the largest carriers in the country, is that they are fully focused on a replacement volume level it is reflected in their words. it is reflected in their quote volumes. And their stated intent to purchase. So we feel very comfortable with the market conditions as they are. for 135,000 to 145,000 dry vans. Which would be right in that replacement level. In the way we see it. And we have got a market backdrop that supports that. And then the other piece I want to make sure we are we are clear on is that we are pricing today based on, the what I would say is the reasonable expectation of covering the inflationary costs that we have received over the last two to three years. it is a relatively straightforward conversation with our customers. And the balance pricing that we need to see in 2027 is also bridged very concisely with that walk around the inflationary pressures. It is not taking into account anything with countervailing or antidumping, you know, pricing factors at this stage as they continue to play out. And so we feel very comfortable on just the back of general market economics in terms of the pricing levels that we are able to quote, win, and achieve right now. Michael Shlisky: To follow-up there, Brent, as I look back to previous pricing, I mean, inflation's happened every quarter, every year since the beginning of time. So when I think back to what has happened on pricing the last couple of years, it is come down a bit. And when I try to look at the forward numbers in 2027 perhaps or even late 2026, would previous kinda high watermark pricing from couple years ago be the right place to look for what might happen in the future or even higher than that given several years beyond. That previous time. Brent Yeagy: Well, I mean, I do not think 2024, early 2024 is a realistic or even practical view of where the market is right now or will be in 2027. I think when you start looking at 2022 and you think about dry vans in the I do not know, say, we will say spec agnostic right now. In that $35,000 to $41,500 range. Is something that is appropriate for where the market is in terms of the cost base that we have right now. And I think that our customers are very aware of that in their own math. And how they are thinking about capital allocation going forward. And that is would be a reasonable place think about it. Pat Keslin: You know, when we are sitting at the, end of 2027. Yeah. I would agree with everything Brent just said. The 2023-2024 profitability that we saw I would not model that in repeating into the future. But 2022, would be a very good comparable to what we would expect going forward. Michael Shlisky: Got it. Got it. And then I just also wanna ask about opening the order books early. Typically, that is usually in advance of a pretty solid year. Coming up. What has been the customer reaction to that? Since you did it? And do you feel like you are getting good visibility on perhaps, I would say, better than ever biz better than ever visibility as to how to buy know, when to buy, when to produce, when to schedule, 6-plus months in advance here. Kinda just curious whether that is helped you get even more orders. Have customers been receptive to it? Or some just saying calling in, you know, November Just a sense as to what you are hearing from some from some of the fleets out there. Brent Yeagy: I mean, the reason we did it is because we had customers asking us to. So the response we have gotten is the follow through on those requests for active quoting and, we will call it, early cycle negotiations in closing. Of deals so that they can have certainty in terms of allocated capacity and slot timing. So I think it is exactly what we expected would occur based on customer feedback. Is great because, you know, theoretically, we could customers could say one thing and do another, They, you know, they carry through with what they have asked. We carry through on what we executed. And we are, working through it right now. So July orders for Wabash here, and compared to other July normally have been awfully good? Just because you had the ability to take orders. Yeah. Yeah. The price is We Think it is a carry forward what we have already said in Q2. And this is atypical in terms of, we will call it, customer acquisition and order closure. It started in June. It will carry forward into July and so forth. The dealer body has already started to come into play, which is shoot six to nine months ahead of where it is been the last two years. In terms of them being prepared for the beginning of the year. So it should be. And, you know, I will put Q2 in perspective. Just to give it scale. We talk about it being 14% up. But that is a world where typically we would have contracted $200 million in backlog, So we are really talking almost a $300 million swing in backlog under a normal February-ish type of world. Little bit <$300 million, but you know, surrounding. it is in that kind of ballpark. Of what we are experiencing right now. July will be something similar in terms of cost direction. We will need to see how August and September you know, continue to play out. But, you know, the trend is generally continuing. Do you know if the competition out there has also opened their order books early? Some about the ability to import or priced to what you have? I think there is activity going on everywhere. Domestic manufacturers right now. Alright. Well, guys, thanks very much. I will pass it along. Thanks, Mike. Thanks. Operator: Thank you very much. Our next question comes from Jeff Kauffman from Citizens Bank. Jeff, your line. Is open. Jeff Kauffman: Hey, everybody. You know, I think Mike covered almost everything. I do have some follow-ups here. As I think about kind of this journey from a 180,000 back to 300,000-plus orders at some point in 2028 or 2029. I look at the margins on transportation solutions. Right? Gross margins right now about 2%. At that level of production, we should be up in the 11%-ish, 12%-ish range. I look at what is going on in parts and service. And you are at 14% gross margins, and we should be kind of in that 25% to 27% gross margin range. So I just like to think through those businesses in terms of when business comes back, you know, we make up 800 to 1,000 basis points in gross margin in transportation solutions much of that is going to be driven by just volumes getting higher? How much of that needs to come from pricing rising, you know, 200 to 300 basis points? How much of that is going to come from mix normalizing versus where we are today? Can you just kinda help me through how we get there? Or are we just at structurally lower margins because of what has happened in the market since the last cycle? Pat Keslin: Yeah. I do not I do not have exact numbers to give you, Jeff. But I will say that the majority of it will absolutely come through price. So when we talk when I talked about a 200 to 300 basis point improvement in the fourth quarter, there is going to be more price needed in 2027 to get back to what you are referring to is the historical margin profile. And that is all related to exactly what Brent was talking about. And it is the recovering the inflationary cost fully that we have seen over the last two to three years. that is really what is what is dragging the profitability currently. But we absolutely have line of sight to get that back. And then just to there obviously will be a volume leverage play to it. Just from, you know, what our contribution margin looks like and how much fixed costs relatively. We have the fixed cost structure to be able to get to those much higher production levels. So there will certainly be a benefit in the margins related to volume leverage as well. But a lot of it is coming directly from price. Jeff Kauffman: Okay. And on the parts and service side, you know, we are we are talking about gross margins going from kind of this 14% level right now. And I know you mentioned a lot of startup costs in these upfit centers that are dragging down on that. Where can those gross margins go in the next two to three years, and how do we get it there? Brent Yeagy: Well, I think, you know, just from a general perspective, we would expect over the next couple of years to at least being back in the mid to high teens. In the way we would think about that. We have you know, what I call meaningful categories inside of our parts business that are directly influenced by the kind of state of the OEM market. Right now. There are probably components are one of those. Tank heads is one of those. And then we have a proprietary part standpoint with an aftermarket, is directly related to the state of the business or state of the industry. Those are all areas that will naturally ramp up, and they all have superior margins. Than what would flow through the P&L. So their mix contributions are substantial when they begin to ramp up, which, I would just say, generally, you would expect to begin to layer in at the end of the third quarter, beginning of the fourth. Just based off of the natural, call it, cycle when those begin to creep in. We feel there is nothing that we see that is not market centered. In terms of how we naturally mix adjust those margins up Now there is a pricing element to that as well. Because there has been absolutely inflationary pressures there that have been difficult to pass along. And those are pricing recovery actions that we have initiated in Q2 based off of a changing market dynamic that we are executing that, you know, we will lay the groundwork that volume begins to layer in. Okay. Jeff Kauffman: If I think about market share, which is a little lower now than it used to be. Yeah. Some of that was because we got out of the reefer business. You know, maybe we get back into it. This cycle. I am kinda curious about the timing of that. You know, some of it is our competitors grew with other companies that were outgrowing the market. You have made the argument, and I agree. That because of the tariffs, because of the dumping and countervailing duties, there is an opportunity for the company to recapture market share, and you have even expanded that ability to drive production in dry van. How do we get the share back? What is the longer-term plan with reefer? I know the tank market's about half of where it normally is. Right now in a cycle. Big opportunity for share. How do we go about recapturing it this cycle? Brent Yeagy: Yeah. Let's start with Tanks, you are absolutely right. That market is substantially lower. We actually have grown market share there arguably 800-plus basis points. 800, yeah, basis points. Over the last two years. It just has happened to be on fairly dismal market demand. So will we hold on to all of that when it climbs? there is some mixed aspects to it. Probably not. But we think we have made some substantial gains. We just need the market to return. On the dry van side, we are sitting at about 23% market share. As we think about 2026 right now. 23% is about where we were under most of the, call it, 2010s. As we executed a price-over-volume kind of centric way. It really grew up grew the gross margin of our trailer business. Now ultimately, I will not say ultimately. Initially, we were 25% market share is kind of the first hurdle. And we think being able to not have to manage through the cycle on kind of an allocated basis And our ability to get a larger percentage of, say, given customers split of orders is a big part of it. Another piece to it is being able to go out and prospect on a greater number of direct customers. That can now make up the portfolio because we have capacity that we can actually count on. Throughout the cycle. And our dealers can have a larger level of allocation which they had been on effectively for 15 years. Plus or minus a couple COVID years. In terms of what they had available. And we so in that, just making capacity available and sustainable is a tremendous shot in the arm in our ability to go out and win customers because they know that they can work with us through the cycle, not just at the beginning or the end. And we can do that with reasonable pricing expectations. Pricing expectations that fit. Inside of what Patrick's already laid out. And so that is the straightforward simple way that we think about it. Now there is all the differentiation and the way we take care of the customer that are precursors. But the biggest thing is that we can go out and find or hunt find, and cultivate customers with known capacity that can serve them over a cycle which they need to run their business. Jeff Kauffman: Just FYI, one of your large national customers was musing on the conference call just a few hours ago on how they needed to start buying more trailers in 2026 and 2027. So just kinda supporting your comments earlier. That is all I have. Thank you. Brent Yeagy: Thank you. Thank you. Operator: Thank you. We have reached the end of the Q&A session. I will now pass the call back to John Cummings for closing remarks. John, please go ahead. John Cummings: Thank you everybody for joining us today. We look forward to following up with you throughout the quarter, and have a wonderful rest of your day. Operator: Thank you everyone. This concludes today's call. Thank you for attending. You may now disconnect. Before you buy stock in Wabash, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Wabash wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $397,405!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,344,091!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 7, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Wabash National (WNC) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in Wabash National Corporation? Here are five stocks we like better. Wabash National reported $417 million in second-quarter revenue, but posted an adjusted net loss of $21.6 million, or $0.53 per share, and negative adjusted EBITDA of $9 million. Gross margin improved to 4.1% as the company began recovering from severe market and cost pressures. Backlog rose 14% sequentially to $956 million, signaling that customers may be shifting from delaying purchases to replacing aging fleets. Management expects dry-van demand to lead a recovery, with market conditions supporting 135,000 to 145,000 replacement-level units. Wabash strengthened its liquidity through a $150 million convertible-notes issuance and plans for a revolving credit facility of up to $300 million. It forecast third-quarter revenue of $440 million to $460 million and expects pricing actions to support improving margins and positive EBITDA in the second half of 2026. Wabash National (NYSE:WNC) reported second-quarter revenue of $417 million, above the expectations it provided on its first-quarter earnings call, as the trailer manufacturer said freight-market indicators and its order backlog pointed to an emerging recovery in replacement demand. The company posted an adjusted net loss attributable to common shareholders of $21.6 million, or $0.53 per diluted share, and adjusted EBITDA of negative $9 million. Adjusted gross margin returned to positive territory at 4.1% of sales, while adjusted operating margin was negative 5.6%. → Microsoft Just Flipped the AI Spending Narrative Overnight Chief Executive Officer Brent Yeagy said the company is seeing a combination of supply-side changes, federal safety-focused enforcement and improving carrier economics that could support increased trailer replacement spending. He cited strengthening spot and contract rates, higher tender rejection rates and improving manufacturing and logistics indicators. Wabash ended the quarter with backlog of $956 million, up 14% sequentially. Yeagy said the increase marked the first time in the company’s history that backlog grew during the second quarter, a period when backlog would typically decline. → 2 Unique Space ETFs That Could Upend the Industry “That tells us that the customers are beginning to move from deferral to committed demand as they work to stop the three years of fleet aging,” Yeagy said. The company opened its order book for 2027 production in late June, earlier than customary, in response to customer requests for greater visibility into delivery timing and pricing. Yeagy said customers have followed through with active quoting, negotiations and deal closings, while dealer activity has also begun earlier than in the past two years. → MarketBeat Week in Review – 07/27- 07/31 Management said dry-van demand is expected to be the primary driver of a broader trailer-market recovery. Yeagy said Wabash sees market conditions supporting demand for 135,000 to 145,000 dry vans, which he characterized as a replacement-level environment. During the quarter, Wabash shipped 8,292 new trailers and 1,380 truck bodies. Chief Financial Officer Pat Keslin said truck-body volumes were in line with expectations, with the second quarter expected to be the low point of the year. The company expects a moderate sequential improvement in truck-body demand during the second half, though it expects that recovery to lag the dry-van business. Management said margins remain pressured by material costs that have not yet been fully recovered through pricing. Keslin said the company’s second-quarter adjusted results excluded costs associated with idling its Little Falls and Goshen facilities. Yeagy said pricing has improved since the middle of the second quarter, but much of the higher-priced business will flow through the income statement later in the year and into 2027. He said Wabash has implemented “substantial pricing increases” at roughly three-week intervals over the past nine to 12 weeks. Keslin said third-quarter material margins, defined as price adjusted for material costs, are expected to be similar to second-quarter levels. However, he expects material margin percentage to improve by 200 to 300 basis points in the fourth quarter, supported by orders already in backlog. For 2027 business, management said current pricing is sufficient to support a return to a more normalized EBITDA range if industry demand reaches replacement levels. Keslin said the company could return to approximately $150 million to $170 million of EBITDA under that scenario. He cautioned that the profitability seen in 2023 and 2024 should not be treated as a model for future performance, while describing 2022 as a more relevant comparison. Yeagy said the company’s pricing outlook is based on recovering inflationary costs incurred over the past two to three years and does not include potential benefits from antidumping or countervailing-duty actions. Transportation Solutions generated $355 million in revenue and an adjusted operating loss of $12.1 million. The segment returned to positive gross margin, helped by higher volume and improved cost-base leverage, according to Keslin. Parts & Services reported $63 million in revenue and $6 million in adjusted operating income. Keslin said profitability improved from the prior quarter as new upfit sites began to ramp and generated better results after carrying startup costs with limited revenue in the first quarter. The company is also developing digital technology and artificial intelligence-powered tools intended to improve parts findability and availability. Keslin said these capabilities could create revenue opportunities while improving mix, efficiency and margins over time. Operating cash flow was $5.1 million in the quarter, producing free cash flow of $3.1 million. At June 30, Wabash had total liquidity of $193 million, including cash and available borrowings, up 17% from the prior quarter. After quarter-end, the company issued convertible senior notes that provided $150 million of additional liquidity, net of associated expenses. Management said the proceeds will be used for general corporate purposes, including repayment of outstanding amounts under existing credit agreements, as well as working-capital needs during an expected production ramp. Wabash also said multiple lenders have committed to extend and fund a revolving credit agreement of up to $300 million, with formal completion expected before the existing agreement becomes current in September. For the third quarter, Wabash forecast revenue of $440 million to $460 million, an operating margin of about negative 4%, and an adjusted loss of $0.50 to $0.40 per share. The company expects positive EBITDA in the second half of 2026, an outlook that Keslin said remains unchanged. Management expects fourth-quarter revenue to decline from third-quarter levels due to normal seasonality, while earnings per share improve sequentially as pricing actions begin to flow through results and cost-control measures continue. Yeagy said Wabash remains cautious about potential macroeconomic disruptions and geopolitical developments, but said the company is positioning its expanded dry-van capacity, U.S.-centric supply chain and strengthened liquidity to capture demand as the market improves. Wabash National Corporation (NYSE: WNC) is a leading designer and manufacturer of transportation equipment and supply chain solutions. The company's product portfolio includes dry freight van trailers, refrigerated vans, tank trailers, platform trailers, flatbeds and composite bodies. Wabash National also offers railcar products and modular building solutions, serving customers in a wide range of end markets such as food and beverage, chemicals, agriculture, waste management and construction. Founded in 1985 and headquartered in Lafayette, Indiana, Wabash National has built a reputation for innovation in lightweight materials, advanced manufacturing processes and telematics integration. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Wabash National Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributes the 14% sequential backlog growth to a fundamental shift in customer behavior from deferral to committed demand as fleets address three years of aging. The company is executing a strategic pricing recovery to offset inflationary costs absorbed during the trough, with newly quoted deals expected to impact financials more significantly in 2027. Operational focus has shifted toward preparing for a 9 to 12-month production ramp, supported by the addition of 10,000 units of dry van capacity at the Lafayette South plant. Management views the $150 million convertible note offering as a strategic advantage, providing the net working capital flexibility required to respond quickly to accelerating demand. The company is leveraging favorable preliminary rulings on antidumping and countervailing duties to level the playing field against foreign competition in the domestic market. Safety performance improved for the fourth consecutive quarter, which management links to manufacturing quality and more effective onboarding as production volumes begin to scale. Q3 guidance assumes sequential revenue improvement but anticipates a loss as the company works through the low-point pricing currently in the backlog. Management expects positive EBITDA in the second half of 2026, driven by cost recovery through pricing and focused cost control actions. The 2027 outlook is predicated on a return to replacement-level demand of approximately 260,000 total trailer units, primarily driven by the dry van segment. Profitability targets for 2027 aim for a return to normalized EBITDA levels between $150 million and $170 million, assuming market forecasts align with actual demand. The company expects the truck body recovery to lag behind the dry van business, with only moderate sequential improvement anticipated in the second half of 2026. Secured $150 million in additional liquidity via convertible senior notes post-quarter end to strengthen the balance sheet ahead of the production ramp. Refinancing of the revolving credit agreement is nearing completion with $300 million in commitments, intended to be finalized before the agreement becomes current in September. Adjusted results exclude specific costs associated with the idling of manufacturing facilities in Little Falls and Goshen. The company is utilizing digital technology and AI-powered tools within the Parts and Services segment to improve parts findability and long-term margin performance. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified that while Q3 margins will look similar to Q2, the Q4 material margin is expected to improve by 200 to 300 basis points based on current orders. Pricing increases have been implemented in roughly three-week increments over the last 9 to 12 weeks to offset inflationary pressures. The decision was driven by customer requests for earlier visibility into delivery windows and pricing to support their capital allocation planning. Early opening has resulted in atypical backlog growth for the second quarter and strong order activity from the dealer body, which is 6 to 9 months ahead of recent cycles. Wabash aims to reach a 25% dry van market share by offering sustainable capacity to direct customers and dealers who were previously on allocation. Management noted that having known, available capacity throughout the cycle is a primary tool for winning and cultivating long-term customer relationships.

Quarterly revenue of $417 million - Reflects strong shipments in core Dry Van market. Parts & Services generated positive revenue growth year-over-year. GAAP operating loss of $25 million or Non-GAAP adjusted operating loss of $24 million; Excludes impact of $1.8 million of facility idling costs. Quarterly GAAP EPS of $(0.56) or Non-GAAP adjusted EPS of $(0.53). Within the guidance range communicated for Q2-26. Total backlog of $956 million ending Q2. An increase of 14% versus Q1-26 and outperforming traditional seasonal trends. Q3-2026 revenue outlook midpoint of $450 million, EPS outlook $(0.45). Market conditions and financials expected to improve sequentially. LAFAYETTE, Ind., July 29, 2026 (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 June 30, 2026. The Company's net sales for the second quarter of 2026 were $417.2 million, reflecting a 9.1% decrease compared to the same quarter of the previous year. The Company generated consolidated gross margin of $15 million, equivalent to 3.7% of sales. GAAP operating loss amounted to $25 million as the company recognized $1.8 million of facility idling costs. Non-GAAP adjusted operating loss was $23.5 million for the quarter. Second quarter GAAP diluted earnings per share was $(0.56) or $(0.53) on a Non-GAAP adjusted basis. As of June 30, 2026, total Company backlog stood at approximately $956 million, an increase of $119 million over the prior quarter. For the third quarter of 2026, the Company guides its revenue to be in the range of $440 million to $460 million and Non-GAAP adjusted EPS to a range of $(0.50) to $(0.40). "The second quarter continued to strengthen our conviction that the freight market recovery is taking shape. We are seeing a healthier combination of supply-side forces, safety-focused federal led enforcement and improving carrier economics. Those factors are beginning to translate into better market fundamentals" explained Brent Yeagy, President and Chief Executive Officer. "This matters because carrier profitability is what ultimately frees up capital to support increased replacement demand expenditure." 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 second quarter of 2026 and 2025. A complete disclosure of the results by individual segment is included in the tables following this release. During the second quarter, Transportation Solutions generated net sales of $354.7 million, a decrease of 11.4% compared to the same quarter of the previous year. Operating loss for the quarter amounted to $13.9 million, representing 3.9% of sales. Parts & Services' net sales for the second quarter were $63.4 million, an increase of 6.1% compared to the prior year quarter. Operating income for the quarter amounted to $6.0 million, or 9.4% 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, adjusted EBITDA, adjusted net loss attributable to common stockholders, adjusted diluted loss 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, 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 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 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 to operating (loss) income, the most comparable GAAP financial measure, is included in the tables following this release. Adjusted EBITDA includes noncontrolling interest & excludes (income) loss from unconsolidated entity and is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, impairment and other, net, facility idling costs, purchase accounting gain, Missouri legal matter 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 (loss) income and net (loss) income, is beneficial to an investor’s understanding of the Company’s operating performance. A reconciliation of adjusted EBITDA to net (loss) income, the most comparable GAAP financial measure, is included in the tables following this release. Adjusted net loss attributable to common stockholders and adjusted diluted loss per share reflect an adjustment for the facility idling cost, purchase accounting gain, Missouri legal matter and the related tax effects of those adjustments. 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 (loss) income and diluted net (loss) income per share, is beneficial to an investor’s understanding of the Company’s performance. A reconciliation of adjusted net loss attributable to common stockholders and adjusted diluted loss per share to net (loss) income attributable to common stockholders and diluted loss per share, the most comparable GAAP financial measures, are included in the tables following this release. Free cash flow is defined as net cash provided by (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 provided by (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 provided by (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 income (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 (loss) 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 (loss) income from operations, the most comparable GAAP financial measure, is included in the tables following this release. Information reconciling any forward-looking adjusted operating loss, adjusted EBITDA, adjusted net loss attributable to common stockholders, adjusted diluted loss per share, 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. Second Quarter 2026 Conference Call Wabash will discuss its results during its quarterly investor conference call on Wednesday, July 29, 2026, beginning at 12:00 p.m. EDT. The call and an accompanying slide presentation will be accessible on the "Investors" section of Wabash's website, www.onewabash.com, under "Events & Presentations." The conference call will be accessible at the following link: https://events.q4inc.com/attendee/138395025 A replay of the call will be available 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 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. Media Contact:Heidi Murphy [email protected] Investor Relations:John Cummings Sr. Director, FP&A & IR (765) 262-2898 [email protected]

Semi trailers and liquid transportation container manufacturer Wabash (NYSE:WNC) beat Wall Street’s revenue expectations in Q2 CY2026, but sales fell by 9.1% year on year to $417.2 million. Next quarter’s revenue guidance ($450 million at the midpoint) was surprisingly good and 8.6% above what analysts were expecting, but non-GAAP EPS guidance for Q3 was below estimates. Its non-GAAP loss of $0.53 per share was 5.4% above analysts’ consensus estimates. Is now the time to buy Wabash? Find out in our full research report. Revenue: $417.2 million vs analyst estimates of $402.9 million (9.1% year-on-year decline, 3.6% beat) Adjusted EPS: -$0.53 vs analyst estimates of -$0.56 (5.4% beat) Adjusted EBITDA: -$8.76 million (-2.1% margin, 154% year-on-year decline) Revenue Guidance for Q3 CY2026 is $450 million at the midpoint, above analyst estimates of $414.3 million Non-GAAP EPS Guidance for Q3 CY2026 is -$0.45 at the midpoint, below analyst estimates of -$0.13 Adjusted EBITDA Margin: -2.1%, down from 3.6% in the same quarter last year Free Cash Flow was $3.07 million, up from -$22.06 million in the same quarter last year Backlog: $956 million at quarter end, down 4.4% year on year Market Capitalization: $541.4 million With its first trailer reportedly built on two sawhorses, Wabash (NYSE:WNC) offers semi trailers, liquid transportation containers, truck bodies, and equipment for moving goods. A company’s long-term sales performance can indicate its overall quality. Any business can experience short-term success, but top-performing ones enjoy sustained growth for years. Over the last five years, Wabash’s demand was weak and its revenue declined by 2.3% per year. This was below our standards and suggests it’s a low quality business. Long-term growth is the most important, but within industrials, a half-decade historical view may miss new industry trends or demand cycles. Wabash’s recent performance shows its demand remained suppressed as its revenue has declined by 21.2% annually over the last two years. We can dig further into the company’s revenue dynamics by analyzing its backlog, or the value of its outstanding orders that have not yet been executed or delivered. Wabash’s backlog reached $956 million in the latest quarter and averaged 24.9% year-on-year declines over the last two years. Because this number is lower than its revenue growth, we can see the company hasn’t secured enough new orders to maintain its growth rate in the future. This quarter, Wabash’s revenue fell by 9.1% year on year to $417.2 million but beat Wall Street’s estimates by 3.6%. Company management is currently guiding for a 17.9% year-on-year increase in sales next quarter. Looking further ahead, sell-side analysts expect revenue to grow 25.9% over the next 12 months, an improvement versus the last two years. This projection is eye-popping and indicates its newer products and services will catalyze better top-line performance. ALSO WORTH WATCHING: Nvidia’s Quiet Partner. Nvidia’s chips cost a hundred grand. The connectors that make them work cost even more. One company makes them all. Every AI server needs specialized infrastructure the chip companies don’t make. High-speed cables. Power connectors. Thermal sensors. This 90-year-old company built a monopoly on it. The AI boom just started. This stock is still flying under the radar. Claim The Stock Ticker Here for FREE. Wabash was profitable over the last five years but held back by its large cost base. Its average operating margin of 3.9% was weak for an industrials business. This result isn’t too surprising given its low gross margin as a starting point. Analyzing the trend in its profitability, Wabash’s operating margin decreased by 8.7 percentage points over the last five years. Wabash’s performance was poor no matter how you look at it - it shows that costs were rising and it couldn’t pass them onto its customers. This quarter, Wabash generated an operating margin profit margin of negative 6.1%, down 5 percentage points year on year. Since Wabash’s gross margin decreased more than its operating margin, we can assume its recent inefficiencies were driven more by weaker leverage on its cost of sales rather than increased marketing, R&D, and administrative overhead expenses. We track the long-term change in earnings per share (EPS) for the same reason as long-term revenue growth. Compared to revenue, however, EPS highlights whether a company’s growth is profitable. Sadly for Wabash, its EPS declined by 54.6% annually over the last five years, more than its revenue. This tells us the company struggled because its fixed cost base made it difficult to adjust to shrinking demand. We can take a deeper look into Wabash’s earnings to better understand the drivers of its performance. As we mentioned earlier, Wabash’s operating margin declined by 8.7 percentage points over the last five years. This was the most relevant factor (aside from the revenue impact) behind its lower earnings; interest expenses and taxes can also affect EPS but don’t tell us as much about a company’s fundamentals. Like with revenue, we analyze EPS over a more recent period because it can provide insight into an emerging theme or development for the business. For Wabash, its two-year annual EPS declines of 72.1% show it’s continued to underperform. These results were bad no matter how you slice the data. In Q2, Wabash reported adjusted EPS of negative $0.53, down from negative $0.15 in the same quarter last year. Despite falling year on year, this print beat analysts’ estimates by 5.4%. Over the next 12 months, Wall Street is optimistic. Analysts forecast Wabash’s full-year EPS will flip from negative $3.14 to positive $0.63. We were impressed by how significantly Wabash beat revenue expectations this quarter but are disappointed non-GAAP EPS guidance for Q3 was below analyst estimates. Zooming out, we think this was a mixed print. The stock remained flat at $13.32 immediately after reporting. Sure, Wabash had a solid quarter, but if we look at the bigger picture, is this stock a buy? If you’re making that decision, you should consider the bigger picture of valuation, business qualities, as well as the latest earnings. We cover that in our actionable full research report which you can read here, it’s free.

Semi trailers and liquid transportation container manufacturer Wabash (NYSE:WNC) will be reporting earnings this Wednesday before market open. Here’s what you need to know. Wabash missed analysts’ revenue expectations last quarter, reporting revenues of $303.2 million, down 20.4% year on year. It was a disappointing quarter for the company, with a significant miss of analysts’ EBITDA estimates and a significant miss of analysts’ EPS estimates. Is Wabash a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members. This quarter, the market is expecting Wabash’s revenue to decline 12.2% year on year, improving from the 16.7% decrease it recorded in the same quarter last year. Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Wabash has missed Wall Street’s revenue estimates multiple times over the last two years. Looking at Wabash’s peers in the heavy machinery segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Wabtec delivered year-on-year revenue growth of 17.5%, beating analysts’ expectations by 3.3%, and Greenbrier reported a revenue decline of 31.6%, falling short of estimates by 5.9%. Wabtec traded up 13.1% following the results while Greenbrier’s stock price was unchanged. Read our full analysis of Wabtec’s results here and Greenbrier’s results here. Over the last year or so, investors' attention has moved from one major market theme to the next, spanning AI disruption and surging infrastructure investment to geopolitical tensions, interest rates, and the health of the broader economy. While some of the heavy machinery stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 3.3% on average over the last month. Wabash is down 3.9% during the same time and is heading into earnings with an average analyst price target of $22.50 (compared to the current share price of $13.22). ALSO WORTH WATCHING: Nvidia’s Quiet Partner. Nvidia’s chips cost a hundred grand. The connectors that make them work cost even more. One company makes them all. Every AI server needs specialized infrastructure the chip companies don’t make. High-speed cables. Power connectors. Thermal sensors. This 90-year-old company built a monopoly on it. The AI boom just started. This stock is still flying under the radar. Claim The Stock Ticker Here for FREE.

The S&P 500 Index ($SPX) (SPY) today is down -0.15%, the Dow Jones Industrial Average ($DOWI) (DIA) is up +0.23%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.30%.  June E-mini S&P futures (ESM26) are down -0.17%, and June E-mini Nasdaq futures (NQM26) are up +0.24%. Stock indexes are mixed today, with the Dow Jones Industrials posting a new all-time high.  Strength in chipmakers is leading the overall market higher.  Stocks also garnered support on better-than-expected US economic reports on US May retail sales, a sign of resilient consumer demand, and May pending home sales.  Weakness in telecommunication and trucking stocks is limiting gains in the overall market. Rocket Lab vs. Redwire: 1 Stock Has the Stronger Growth Story for the Next Decade Dear SpaceX Stock Fans, Mark Your Calendars for June 16 Dear Western Digital Stock Fans, Mark Your Calendars for June 22 Our exclusive Barchart Brief newsletter is your FREE midday guide to what's moving stocks, sectors, and investor sentiment - delivered right when you need the info most. Subscribe today! Stocks also have carryover support from Monday after the US and Iran agreed to end their war and reopen the Strait of Hormuz, knocking crude oil prices down to a 3.5-month low and stoking risk-on sentiment in asset markets. The market’s focus will be on the conclusion of today’s 2-day FOMC meeting, the first under the leadership of new Fed Chair Kevin Warsh. While the Fed is expected to keep interest rates unchanged, the spotlight will be on how Mr. Warsh navigates the post-meeting press conference and the outlook for inflation. US MBA mortgage applications fell -3.8% in the week ended June 12, with the purchase mortgage sub-index down -3.4% and the refinancing mortgage sub-index down -4.5%.  The average 30-year fixed rate mortgage was unchanged from last week at 6.60%. US May retail sales rose +0.9% m/m, stronger than expectations of +0.6% m/m.  Also, May retail sales ex-autos rose +0.8% m/m, stronger than expectations of +0.6% m/m. US May pending home sales rose +3.8% m/m, stronger than expectations of +0.9% m/m and the biggest increase in 20 months. WTI crude oil prices (CLN26) recovered from a 3.5-month low today and are moving higher as prices consolidate following this week’s plunge.  The eventual resumption of vessel traffic through the Strait of Hormuz could lead to the release of more than 100 laden ships carrying oil from Middle Eastern countries other than Iran that are stuck in the Persian Gulf, effectively releasing stockpiles into the market.  Goldman Sachs on Tuesday cut its price forecast on Brent crude to $80 a barrel in Q4 of this year, down from $90 a barrel, and said it expects Persian Gulf crude exports to return to pre-war levels by the end of July, one month earlier than previously expected. The markets are discounting a 5% chance of a +25 bp rate hike at the conclusion of today’s FOMC meeting. Overseas stock markets are higher today.  The Euro Stoxx 50 rallied to a new record high and is up +0.62%.  China's Shanghai Composite rose to a 2.5-week high and closed up +0.40%.  Japan’s Nikkei-225 Stock Average climbed to a new all-time high and closed up +0.72%. Interest Rates September 10-year T-notes (ZNU6) today are down -3 ticks, and the 10-year T-note yield is up +1.2 bp to 4.434%.  Sep T-notes are moving lower today after US reports showed May retail sales and May pending home sales rose more than expected, a hawkish factor for Fed policy.  Also, today’s stock strength has reduced safe-haven demand for T-notes.  Losses in T-notes are limited in hopes for a less hawkish FOMC meeting today, given that oil prices should decline over time if the Strait of Hormuz reopens as expected. European government bond yields are moving lower today.  The 10-year German bund yield fell to a 1.75-month low of 2.914% and is down -0.3 bp to 2.927%.  The 10-year UK gilt yield fell to a 2-month low of 4.734% and is down -3.3 bp to 4.755%. Eurozone May core CPI was revised upward to 2.6% y/y from the previously reported 2.5% y/y, the strongest pace of increase in 13 months. ECB Governing Council member Gediminas Simkus said that the "pass-through of the increase in energy and other raw material prices to the market has already occurred," and "at least one more rate increase is certainly more likely than not." UK May CPI rose 2.8% y/y, weaker than expectations of 3.0% y/y. May core CPI rose 2.6% y/y, weaker than expectations of 2.7% y/y. Swaps are discounting a 15% chance of a +25 bp ECB rate hike at its next policy meeting on July 23. US Stock Movers Chipmakers are rebounding today, recovering some of Tuesday’s sharp losses.  Applied Materials (AMAT) is up more than +8% to lead gainers in the S&P 500 and Nasdaq 100, and ASML Holding NV (ASML), ARM Holdings Plc (ARM), and Lam Research (LRCX) are up more than +5%.  Also, Broadcom (AVGO) and Marvell Technology (MRVL) are up more than +4%, and KLA Corp (KLAC) and (INTC) are up more than +3%.  In addition, Advanced Micro Devices (AMD) is up more than +2%, and Analog Devices (ADI), Micron Technology (MU), NXP Semiconductors NV (NXPI), and Qualcomm (QCOM) are up more than +1%. The Magnificent Seven technology stocks are moving lower today, weighing on the broader market.  Meta Platforms (META) is down more than -3% to lead losers in the Nasdaq 100, and Alphabet (GOOGL) and Amazon.com (AMZN) are down more than-2%.  Also, Microsoft (MSFT) and Tesla (TSLA) are down more than -1%.  In addition, Apple (AAPL) is down -0.64% and Nvidia (NVDA) is down -0.50%. Telecommunication stocks are under pressure today, a negative factor for the overall market.  Charter Communications (CHTR), Verizon Communications (VZ), and AT&T (T) are down more than -2%.  Also, Comcast Corp (CMCSA) is down more than -1%. Trucking stocks are sliding today for a third day after Citigroup on Monday warned that the recent rally in trucking and logistics stocks had been overdone.  RXO Inc (RXO) is down more than -4%, and Old Dominion Freight Line (ODFL), ArcBest (ARCB), and XPO Inc (XPO) are down more than -3%.  Also, Knight-Swift Transportation Holdings (KNX) and FedEx Freight Holdings (FDXF) are down more than -2%. UniQure NV (QURE) is up more than +77% after saying the FDA allowed 3-year data from its Phase I/II study of AMT-130 for Huntington’s disease to be acceptable as the primary basis for an application for accelerated approval. Wabash National Corp (WNC) is up more than +21% after D.A. Davidson upgraded the stock to buy from neutral with a price target of $20. La-Z-Boy (LZB) is up more than +15% after reporting Q4 adjusted EPS of $1.26, stronger than the consensus of 83 cents. Aehr Test Systems (AEHR) is up more than +11% after saying it received a follow-on production order for a fully automated FOX-XP wafer-level burn-in (WLBI) system. Credicorp Ltd (BAP) is up more than +7% after Morgan Stanley upgraded the stock to overweight from equal weight with a price target of $480. Figma Inc (FIG) is up more than +5% after Citigroup initiated coverage on the stock with a recommendation of buy and a price target of $36. Jabil (JBL) is up more than +4% after reporting Q3 net revenue of $8.80 billion, better than the consensus of $8.54 billion, and raised its full-year net revenue forecast to $35 billion from $34 billion, stronger than the consensus of $34.24 billion. Charles River Laboratories International (CRL) is up more than +2% after Morgan Stanley upgraded the stock to overweight from equal weight with a price target of $220. Ormat Technologies (ORA) is down more than -4% after Bernstein initiated coverage on the stock with a recommendation of underperform and a price target of $115. CME Group (CME) is down more than -3% after announcing that CEO Terry Duffy is stepping down and CFO Lynne Fitzpatrick will replace him on March 1, 2027. Rexford Industrial Realty (REXR) is down more than -2% after JPMorgan Chase downgraded the stock to underweight from neutral with a price target of $25. Leidos Holdings (LDOS) is down more than -2% after Bank of America Global Research downgraded the stock to neutral from buy. ResMed (RMD) is down more than -2% after Morgan Stanley downgraded the stock to equal weight from overweight. Earnings Reports(6/17/2026) CarMax Inc (KMX), Jabil Inc (JBL), Safe Bulkers Inc (SB), Smith & Wesson Brands Inc (SWBI). On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com

As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q1. Today, we are looking at heavy transportation equipment stocks, starting with Wabash (NYSE:WNC). Heavy transportation equipment companies are investing in automated vehicles that increase efficiencies and connected machinery that collects actionable data. Some are also developing electric vehicles and mobility solutions to address customers’ concerns about carbon emissions, creating new sales opportunities. On the other hand, heavy transportation equipment companies are at the whim of economic cycles. Interest rates, for example, can greatly impact the construction and transport volumes that drive demand for these companies’ offerings. The 12 heavy transportation equipment stocks we track reported a satisfactory Q1. As a group, revenues along with next quarter’s revenue guidance were in line with analysts’ consensus estimates. While some heavy transportation equipment stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 3.5% since the latest earnings results. With its first trailer reportedly built on two sawhorses, Wabash (NYSE:WNC) offers semi trailers, liquid transportation containers, truck bodies, and equipment for moving goods. Wabash reported revenues of $303.2 million, down 20.4% year on year. This print fell short of analysts’ expectations by 5%. Overall, it was a softer quarter for the company with a significant miss of analysts’ revenue and EBITDA estimates. Unsurprisingly, the stock is down 12% since reporting and currently trades at $7.65. Read our full report on Wabash here, it’s free. Once manufacturing snowplows designed for the iconic jeep vehicle precursor, Douglas Dynamics (NYSE:PLOW) offers snow and ice equipment for the roads and sidewalks. Douglas Dynamics reported revenues of $137.8 million, up 19.8% year on year, outperforming analysts’ expectations by 3.4%. The business had an incredible quarter with a beat of analysts’ EPS and EBITDA estimates. Douglas Dynamics pulled off the highest full-year guidance raise among its peers. Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 2.5% since reporting. It currently trades at $43.46. Is now the time to buy Douglas Dynamics? Access our full analysis of the earnings results here, it’s free. Having designed the industry’s first double-decker railcar in the 1980s, Greenbrier (NYSE:GBX) supplies the freight rail transportation industry with railcars and related services. Greenbrier reported revenues of $587.5 million, down 22.9% year on year, falling short of analysts’ expectations by 11.5%. It was a disappointing quarter as it posted full-year revenue and EPS guidance missing analysts’ expectations. Greenbrier delivered the weakest performance against analyst estimates, slowest revenue growth, and weakest full-year guidance update in the group. As expected, the stock is down 3.6% since the results and currently trades at $45.95. Read our full analysis of Greenbrier’s results here. Also known as Wabtec, Westinghouse Air Brake Technologies (NYSE:WAB) provides equipment, systems, and related software for the railway industry. Wabtec reported revenues of $2.95 billion, up 13% year on year. This number met analysts’ expectations. Aside from that, it was a mixed quarter as it also logged a decent beat of analysts’ EBITDA estimates but a significant miss of analysts’ organic revenue estimates. The stock is down 1.6% since reporting and currently trades at $253.50. Read our full, actionable report on Wabtec here, it’s free. Formed from a partnership between two distinct companies, CVG (NASDAQ:CVGI) offers various components used in vehicles and systems used in warehouses. Commercial Vehicle Group reported revenues of $171.5 million, up 1% year on year. This result beat analysts’ expectations by 7.2%. Overall, it was a stunning quarter as it also logged a beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates. The stock is up 21.5% since reporting and currently trades at $5.13. Read our full, actionable report on Commercial Vehicle Group here, it’s free. Late in 2025 into early 2026, there was hand-wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure? These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability. Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Quality Compounder Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate. StockStory’s analyst team — all seasoned professional investors — uses quantitative analysis and automation to deliver market-beating insights faster and with higher quality.