We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Wabash National Corporation | NYSE:WNC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.45 | 1.97% | 23.34 | 23.42 | 22.77 | 23.31 | 430,068 | 01:00:00 |
Net income for the second quarter of 2016 was $35.5 million, or $0.53 per diluted share, compared to the second quarter 2015 net income of $28.6 million, or $0.41 per diluted share. Second quarter 2016 non-GAAP adjusted earnings increased $13.0 million, or 55 percent, over the prior year period. Non-GAAP adjusted earnings for the second quarter of 2016 excludes a non-recurring charge of $1.7 million in connection with the Company’s segment realignment announced during the quarter and effective for reporting purposes beginning with the second quarter. Non-GAAP adjusted earnings for the second quarter of 2015 excludes $8.3 million of gains from the sale of two former branch locations and a $0.3 million charge in connection with the refinancing of the Company’s asset based lending facility.
Net sales for the second quarter decreased 8 percent to $471 million from $515 million in the prior year quarter while operating income increased 40 percent on improved pricing and operational execution to $58.9 million, compared to $42.1 million for the second quarter of 2015. Operating EBITDA, a non-GAAP measure that excludes the effects of certain recurring and non-recurring items, for the second quarter of 2016 was $72.8 million, an increase of $19.1 million, or 36 percent, compared to operating EBITDA for the prior year period. On a trailing twelve month basis, net sales totaled $2.0 billion, generating Operating EBITDA of $269.2 million, or 13.5 percent of net sales. The continued year-over-year improvement in operating performance is attributable to the successful execution of the Company’s growth and diversification strategies, strong demand within the Commercial Trailer Products segment and outstanding operational execution across the Company’s manufacturing facilities.
The following is a summary of select operating and financial results for the past five quarters:
Three Months Ended | ||||||||||||||||||||
(Dollars in thousands, except per share amounts) | June 30, | September 30, | December 31, | March 31, | June 30, | |||||||||||||||
2015 | 2015 | 2015 | 2016 | 2016 | ||||||||||||||||
Net Sales | $ | 514,831 | $ | 531,350 | $ | 543,711 | $ | 447,676 | $ | 471,438 | ||||||||||
Gross Profit Margin | 14.1 | % | 16.2 | % | 16.2 | % | 17.8 | % | 19.3 | % | ||||||||||
Income from Operations | $ | 42,054 | $ | 56,389 | $ | 54,663 | $ | 48,185 | $ | 58,872 | ||||||||||
Income from Operations Margin | 8.2 | % | 10.6 | % | 10.1 | % | 10.8 | % | 12.5 | % | ||||||||||
Net Income | $ | 28,649 | $ | 31,880 | $ | 33,286 | $ | 27,524 | $ | 35,531 | ||||||||||
Diluted EPS | $ | 0.41 | $ | 0.47 | $ | 0.50 | $ | 0.42 | $ | 0.53 | ||||||||||
Non-GAAP Measures(1): | ||||||||||||||||||||
Operating EBITDA | $ | 53,655 | $ | 68,030 | $ | 68,643 | $ | 59,819 | $ | 72,754 | ||||||||||
Operating EBITDA Margin | 10.4 | % | 12.8 | % | 12.6 | % | 13.4 | % | 15.4 | % | ||||||||||
Adjusted Earnings | $ | 23,586 | $ | 31,880 | $ | 34,138 | $ | 27,831 | $ | 36,610 | ||||||||||
Adjusted Diluted EPS | $ | 0.33 | $ | 0.47 | $ | 0.51 | $ | 0.42 | $ | 0.55 |
Notes:(1) See “Non-GAAP Measures” below for explanation of the non-GAAP results included above.
Dick Giromini, president and chief executive officer, stated, “Second quarter results represent the best performance in our Company’s history as we set records for gross profit, income from operations and operating EBITDA. In addition, we established new records for gross profit margin and operating income margin of 19.3 percent and 12.5 percent, respectively, far surpassing the previous records set in the first quarter of 2016. The record financial performances of the Company over the past several quarters further demonstrate our commitment to operational excellence leveraging our long-standing expertise in lean manufacturing and process improvements, our continued strategy to favor margin over volume in the core trailer business as well as a strong demand environment within our Commercial Trailer Products segment.”
Mr. Giromini continued, “New trailer shipments for the second quarter were approximately 15,900, in-line with our previous guidance of 15,500 to 16,500 trailers driven by strong customer pick-ups. A healthy backlog of $860 million, overall trailer market projections well above replacement levels for the remainder of 2016 and outstanding operational execution across the business, have put us on pace to deliver another record year in 2016, our fifth consecutive year of record performance. As such, we are increasing our full-year adjusted earnings guidance to $1.80 to $1.90 per diluted share, representing a year-over-year improvement of 24 percent at the midpoint of this range.”
Second Quarter Business Segment HighlightsThe table below is a summary of select segment operating and financial results prior to the elimination of intersegment sales for the second quarters of 2016 and 2015, respectively. As previously announced, the Company has realigned its reporting segments. The former Retail segment will now be reported within both Commercial Trailer Products and Diversified Products, as applicable. The decision to strategically realign the Retail segment was made to strengthen the alignment between the Company’s manufacturing businesses and its retail sales and service operations, improve profitability and capitalize on growth opportunities. Prior year periods have been restated to reflect this new segment alignment. A complete disclosure of the results by individual segment is included in the tables following this release.
(dollars in thousands) | Commercial | Diversified | ||||||||
Trailer Products | Products | |||||||||
Three months ended June 30, | ||||||||||
2016 | ||||||||||
New trailers shipped | 15,350 | 550 | ||||||||
Net sales | $ | 382,212 | $ | 92,870 | ||||||
Gross profit | $ | 69,027 | $ | 22,938 | ||||||
Gross profit margin | 18.1 | % | 24.7 | % | ||||||
Income from operations | $ | 57,135 | $ | 10,258 | ||||||
Income from operations margin | 14.9 | % | 11.0 | % | ||||||
2015 | ||||||||||
New trailers shipped | 16,100 | 800 | ||||||||
Net sales | $ | 412,664 | $ | 105,306 | ||||||
Gross profit | $ | 49,040 | $ | 23,687 | ||||||
Gross profit margin | 11.9 | % | 22.5 | % | ||||||
Income from operations | $ | 39,249 | $ | 9,769 | ||||||
Income from operations margin | 9.5 | % | 9.3 | % | ||||||
Commercial Trailer Products’ net sales decreased $30 million, or 7 percent, primarily due to a decline in new trailer shipments of 5 percent as compared to the prior year period related to the timing of customer pick-ups. Despite the lower revenues, gross profit and gross profit margin increased $20.0 million and 620 basis points, respectively, as compared to the same period last year due to continued execution of a pricing strategy committed to favoring margin over volume and operational excellence within our manufacturing facilities. Operating income increased $17.9 million, or 46 percent, from the second quarter last year to $57.1 million.
Diversified Products’ net sales decreased $12 million, or 12 percent, primarily the result of lower tank trailer shipments and lower sales of non-trailer truck mounted equipment which was partially offset by increased demand for process systems and composite products as compared with the previous year period. Gross profit and operating income were comparable to the prior year period while gross profit margin and operating margins improved 220 basis points and 170 basis points, respectively, as compared to the prior year as a result of continued strong operational execution and product mix.
Non-GAAP MeasuresIn 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 operating EBITDA, operating EBITDA margin, adjusted earnings and adjusted earnings per diluted share.
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 income, and reconciliations to GAAP financial statements should be carefully evaluated.
Operating EBITDA is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, impairment of goodwill and other intangible assets, and other non-operating income and expense. Management believes operating EBITDA provides useful information to investors regarding the Company’s results of operations. The Company provides this measure because we believe it is useful for investors to understand the Company’s performance period to period with the exclusion of the recurring and non-recurring items identified above. Management believes the presentation of operating EBITDA, when combined with the primary GAAP presentation of operating income, is beneficial to an investor’s understanding of the Company’s operating performance. A reconciliation of operating EBITDA to net income is included in the tables following this release.
Adjusted earnings and adjusted earnings per diluted share for the three- and six-month periods ending June 30, 2016 and 2015 reflect adjustments for non-recurring charges incurred in connection with the impairment of goodwill and other intangible assets, losses attributable to the Company’s extinguishment of debt as well as income recognized on sale of former retail branch locations. Management believes providing adjusted measures and excluding certain items facilitates comparisons to the Company’s prior year periods and, when combined with the primary GAAP presentation of net income and diluted net income per share, is beneficial to an investor’s understanding of the Company’s performance.
This release also contains guidance for earnings per diluted share that is estimated in accordance with the Company’s expectations of its GAAP results, as well as adjusted earnings per diluted share that excludes non-recurring charges incurred in connection with the impairment of goodwill and other and losses attributable to the Company’s extinguishment of debt. A reconciliation of adjusted earnings and adjusted earnings per diluted share to net income and diluted net income per share, and of the earnings per share guidance for both net income per diluted share and non-GAAP adjusted earnings per diluted share is included in the tables following this release
Second Quarter 2016 Conference CallWabash National will conduct a conference call to review and discuss its second quarter results on July 27, 2016, at 10:00 a.m. EDT. Access to the live webcast will be available on the Company’s website at www.wabashnational.com. For those unable to participate in the live webcast, the call will be archived at www.wabashnational.com within three hours of the conclusion of the live call and will remain available through October 19, 2016. Meeting access also will be available via conference call at 888-771-4371, participant code 42901491.
About Wabash National CorporationHeadquartered in Lafayette, Indiana, Wabash National Corporation (NYSE:WNC) is a diversified industrial manufacturer and North America’s leading producer of semi-trailers and liquid transportation systems. Established in 1985, the Company manufactures a diverse range of products including: dry freight and refrigerated trailers, platform trailers, bulk tank trailers, dry and refrigerated truck bodies, truck-mounted tanks, intermodal equipment, aircraft refueling equipment, structural composite panels and products, trailer aerodynamic solutions, and specialty food grade and pharmaceutical equipment. Its innovative products are sold under the following brand names: Wabash National®, Beall®, Benson®, Brenner® Tank, Bulk Tank International, DuraPlate®, Extract Technology®, Garsite, Progress Tank, Transcraft®, Walker Engineered Products, and Walker Transport. Visit www.wabashnational.com to learn more.
Safe Harbor StatementThis 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, the Company’s adjusted earnings guidance for 2016, statements regarding the Company’s outlook for trailer shipments, backlog, expectations regarding demand levels for trailers, non-trailer equipment and our other diversified products, pricing, profitability and earnings, cash flow and liquidity, opportunity to capture higher margin sales, new product innovations, and our growth and diversification strategies. 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 uncertain economic conditions including the possibility that customer demand may not meet our expectations, increased competition, reliance on certain customers and corporate partnerships, risks of customer pick-up delays, shortages and costs of raw materials, risks in implementing and sustaining improvements in the Company’s manufacturing capacity and cost containment, dependence on industry trends and timing and costs of indebtedness. Readers should review and consider the various disclosures made by the Company in this press release and in the Company’s reports to its stockholders and periodic reports on Forms 10-K and 10-Q.
WABASH NATIONAL CORPORATION | |||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
Net sales | $ | 471,438 | $ | 514,831 | $ | 919,114 | $ | 952,428 | |||||||||
Cost of sales | 380,374 | 442,426 | 748,524 | 822,825 | |||||||||||||
Gross profit | 91,064 | 72,405 | 170,590 | 129,603 | |||||||||||||
General and administrative expenses | 18,495 | 17,852 | 37,887 | 35,903 | |||||||||||||
Selling expenses | 7,045 | 7,184 | 14,006 | 13,754 | |||||||||||||
Amortization of intangibles | 4,989 | 5,315 | 9,978 | 10,629 | |||||||||||||
Impairment of goodwill | 1,663 | - | 1,663 | - | |||||||||||||
Income from operations | 58,872 | 42,054 | 107,056 | 69,317 | |||||||||||||
Other income (expense): | |||||||||||||||||
Interest expense | (3,937 | ) | (4,802 | ) | (8,032 | ) | (9,975 | ) | |||||||||
Other, net | (207 | ) | 8,069 | (604 | ) | 2,687 | |||||||||||
Income before income taxes | 54,728 | 45,321 | 98,420 | 62,029 | |||||||||||||
Income tax expense | 19,197 | 16,672 | 35,365 | 22,907 | |||||||||||||
Net income | $ | 35,531 | $ | 28,649 | $ | 63,055 | $ | 39,122 | |||||||||
Basic net income per share | $ | 0.55 | $ | 0.42 | $ | 0.97 | $ | 0.57 | |||||||||
Diluted net income per share | $ | 0.53 | $ | 0.41 | $ | 0.95 | $ | 0.55 | |||||||||
Comprehensive income | |||||||||||||||||
Net income | $ | 35,531 | $ | 28,649 | $ | 63,055 | $ | 39,122 | |||||||||
Foreign currency translation adjustment | (559 | ) | 56 | (656 | ) | (247 | ) | ||||||||||
Net comprehensive income | $ | 34,972 | $ | 28,705 | $ | 62,399 | $ | 38,875 | |||||||||
Basic net income per share: | |||||||||||||||||
Net income applicable to common stockholders | $ | 35,531 | $ | 28,649 | $ | 63,055 | $ | 39,122 | |||||||||
Weighted average common shares outstanding | 64,834 | 67,591 | 64,936 | 68,158 | |||||||||||||
Basic net income per share | $ | 0.55 | $ | 0.42 | $ | 0.97 | $ | 0.57 | |||||||||
Diluted net income per share: | |||||||||||||||||
Net income applicable to common stockholders | $ | 35,531 | $ | 28,649 | $ | 63,055 | $ | 39,122 | |||||||||
Weighted average common shares outstanding | 64,834 | 67,591 | 64,936 | 68,158 | |||||||||||||
Dilutive shares from assumed conversion of convertible senior notes | 1,057 | 2,047 | 529 | 1,888 | |||||||||||||
Dilutive stock options and restricted stock | 1,224 | 1,056 | 1,205 | 1,076 | |||||||||||||
Diluted weighted average common shares outstanding | 67,115 | 70,694 | 66,670 | 71,122 | |||||||||||||
Diluted net income per share | $ | 0.53 | $ | 0.41 | $ | 0.95 | $ | 0.55 |
WABASH NATIONAL CORPORATION | ||||||||||||||||
SEGMENTS AND RELATED INFORMATION | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Commercial | Diversified | Corporate and | ||||||||||||||
Three Months Ended June 30, | Trailer Products | Products | Eliminations | Consolidated | ||||||||||||
2016 | ||||||||||||||||
New trailers shipped | 15,350 | 550 | - | 15,900 | ||||||||||||
Used trailers shipped | 300 | 50 | - | 350 | ||||||||||||
New Trailers | $ | 359,763 | $ | 34,229 | $ | - | $ | 393,992 | ||||||||
Used Trailers | 3,427 | 1,093 | - | 4,520 | ||||||||||||
Components, parts and service | 14,869 | 31,958 | (3,644 | ) | 43,183 | |||||||||||
Equipment and other | 4,153 | 25,590 | - | 29,743 | ||||||||||||
Total net external sales | $ | 382,212 | $ | 92,870 | $ | (3,644 | ) | $ | 471,438 | |||||||
Gross profit | $ | 69,027 | $ | 22,938 | $ | (901 | ) | $ | 91,064 | |||||||
Income (Loss) from operations | $ | 57,135 | $ | 10,258 | $ | (8,521 | ) | $ | 58,872 | |||||||
2015 | ||||||||||||||||
New trailers shipped | 16,100 | 800 | - | 16,900 | ||||||||||||
Used trailers shipped | 600 | 50 | - | 650 | ||||||||||||
New Trailers | $ | 384,442 | $ | 51,236 | $ | - | $ | 435,678 | ||||||||
Used Trailers | 9,226 | 1,323 | - | 10,549 | ||||||||||||
Components, parts and service | 15,616 | 30,723 | (3,139 | ) | 43,200 | |||||||||||
Equipment and other | 3,380 | 22,024 | - | 25,404 | ||||||||||||
Total net external sales | $ | 412,664 | $ | 105,306 | $ | (3,139 | ) | $ | 514,831 | |||||||
Gross profit | $ | 49,040 | $ | 23,687 | $ | (322 | ) | $ | 72,405 | |||||||
Income (Loss) from operations | $ | 39,249 | $ | 9,769 | $ | (6,964 | ) | $ | 42,054 | |||||||
Six Months Ended June 30, | ||||||||||||||||
2016 | ||||||||||||||||
New trailers shipped | 29,350 | 1,050 | - | 30,400 | ||||||||||||
Used trailers shipped | 550 | 50 | - | 600 | ||||||||||||
New Trailers | $ | 701,796 | $ | 64,005 | $ | - | $ | 765,801 | ||||||||
Used Trailers | 7,279 | 1,994 | - | 9,273 | ||||||||||||
Components, parts and service | 29,070 | 59,345 | (6,297 | ) | 82,118 | |||||||||||
Equipment and other | 8,107 | 53,815 | - | 61,922 | ||||||||||||
Total net external sales | $ | 746,252 | $ | 179,159 | $ | (6,297 | ) | $ | 919,114 | |||||||
Gross profit | $ | 129,423 | $ | 43,148 | $ | (1,981 | ) | $ | 170,590 | |||||||
Income (Loss) from operations | $ | 107,392 | $ | 17,247 | $ | (17,583 | ) | $ | 107,056 | |||||||
2015 | ||||||||||||||||
New trailers shipped | 29,550 | 1,700 | - | 31,250 | ||||||||||||
Used trailers shipped | 900 | 100 | - | 1,000 | ||||||||||||
New Trailers | $ | 691,696 | $ | 105,254 | $ | - | $ | 796,950 | ||||||||
Used Trailers | 13,640 | 2,492 | - | 16,132 | ||||||||||||
Components, parts and service | 29,619 | 60,917 | (5,823 | ) | 84,713 | |||||||||||
Equipment and other | 6,898 | 47,783 | (48 | ) | 54,633 | |||||||||||
Total net external sales | $ | 741,853 | $ | 216,446 | $ | (5,871 | ) | $ | 952,428 | |||||||
Gross profit | $ | 81,312 | $ | 49,032 | $ | (741 | ) | $ | 129,603 | |||||||
Income (Loss) from operations | $ | 62,159 | $ | 21,124 | $ | (13,966 | ) | $ | 69,317 |
WABASH NATIONAL CORPORATION | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(Dollars in thousands) | ||||||||
June 30, | December 31, | |||||||
2016 | 2015 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 187,600 | $ | 178,853 | ||||
Accounts receivable | 131,951 | 152,824 | ||||||
Inventories | 213,016 | 166,982 | ||||||
Deferred income taxes | - | 22,431 | ||||||
Prepaid expenses and other | 25,328 | 8,417 | ||||||
Total current assets | $ | 557,895 | $ | 529,507 | ||||
Property, plant and equipment | 137,722 | 140,438 | ||||||
Deferred income taxes | 20,500 | 1,358 | ||||||
148,229 | 149,718 | |||||||
Intangible assets | 104,541 | 114,616 | ||||||
Other assets | 17,706 | 14,033 | ||||||
$ | 986,593 | $ | 949,670 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities | ||||||||
Current portion of long-term debt | $ | 2,457 | $ | 37,611 | ||||
Current portion of capital lease obligations | 629 | 806 | ||||||
Accounts payable | 109,388 | 79,618 | ||||||
Other accrued liabilities | 89,115 | 93,042 | ||||||
Total current liabilities | $ | 201,589 | $ | 211,077 | ||||
Long-term debt | 277,853 | 274,885 | ||||||
Capital lease obligations | 1,609 | 1,875 | ||||||
Deferred income taxes | 583 | 1,497 | ||||||
Other noncurrent liabilities | 22,719 | 20,525 | ||||||
Commitments and contingencies | - | - | ||||||
Stockholders' equity | 482,240 | 439,811 | ||||||
$ | 986,593 | $ | 949,670 |
WABASH NATIONAL CORPORATION | ||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
(Dollars in thousands) | ||||||||||||
(Unaudited) | ||||||||||||
Six Months Ended June 30, | ||||||||||||
2016 | 2015 | |||||||||||
Cash flows from operating activities | ||||||||||||
Net income | $ | 63,055 | $ | 39,122 | ||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||||||||||||
Depreciation | 8,173 | 8,305 | ||||||||||
Amortization of intangibles | 9,978 | 10,629 | ||||||||||
Net loss/(gain) on the sale of assets | 17 | (8,326 | ) | |||||||||
Deferred income taxes | 1,770 | (218 | ) | |||||||||
Excess tax benefits from stock-based compensation | (605 | ) | - | |||||||||
Loss on debt extinguishment | 487 | 5,620 | ||||||||||
Stock-based compensation | 5,702 | 4,539 | ||||||||||
Impairment of goodwill | 1,663 | - | ||||||||||
Non-cash interest expense | 1,830 | 2,262 | ||||||||||
Changes in operating assets and liabilities | ||||||||||||
Accounts receivable | 20,873 | (7,106 | ) | |||||||||
Inventories | (46,034 | ) | (66,756 | ) | ||||||||
Prepaid expenses and other | (16,911 | ) | (3,593 | ) | ||||||||
Accounts payable and accrued liabilities | 25,154 | 57,362 | ||||||||||
Other, net | 1,113 | 619 | ||||||||||
Net cash provided by operating activities | $ | 76,265 | $ | 42,459 | ||||||||
Cash flows from investing activities | ||||||||||||
Capital expenditures | (8,115 | ) | (5,350 | ) | ||||||||
Proceeds from the sale of property, plant and equipment | 17 | 13,168 | ||||||||||
Other, net | - | (10,000 | ) | |||||||||
Net cash (used in) investing activities | $ | (8,098 | ) | $ | (2,182 | ) | ||||||
Cash flows from financing activities | ||||||||||||
Proceeds from exercise of stock options | 1,397 | 1,847 | ||||||||||
Excess tax benefits from stock-based compensation | 605 | - | ||||||||||
Borrowings under revolving credit facilities | 316 | 416 | ||||||||||
Payments under revolving credit facilities | (316 | ) | (416 | ) | ||||||||
Principal payments under capital lease obligations | (443 | ) | (746 | ) | ||||||||
Proceeds from issuance of term loan credit facility | - | 192,845 | ||||||||||
Principal payments under term loan credit facility | (964 | ) | (193,327 | ) | ||||||||
Principal payments under industrial revenue bond | (256 | ) | (246 | ) | ||||||||
Debt issuance costs paid | - | (2,467 | ) | |||||||||
Stock repurchase | (17,698 | ) | (41,653 | ) | ||||||||
Convertible senior notes repurchase | (42,061 | ) | - | |||||||||
Other, net | - | (3,079 | ) | |||||||||
Net cash (used in) financing activities | $ | (59,420 | ) | $ | (46,826 | ) | ||||||
Net increase (decrease) in cash and cash equivalents | $ | 8,747 | $ | (6,549 | ) | |||||||
Cash and cash equivalents at beginning of period | 178,853 | 146,113 | ||||||||||
Cash and cash equivalents at end of period | $ | 187,600 | $ | 139,564 | ||||||||
WABASH NATIONAL CORPORATION | |||||||||||||||||||||||||||||||
RECONCILIATION OF GAAP FINANCIAL MEASURES TO | |||||||||||||||||||||||||||||||
NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||
Operating EBITDA1: | |||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||||||||||
Net income | $ | 35,531 | $ | 28,649 | $ | 63,055 | $ | 39,122 | |||||||||||||||||||||||
Income tax expense | 19,197 | 16,672 | 35,365 | 22,907 | |||||||||||||||||||||||||||
Interest expense | 3,937 | 4,802 | 8,032 | 9,975 | |||||||||||||||||||||||||||
Depreciation and amortization | 8,987 | 9,482 | 18,151 | 18,934 | |||||||||||||||||||||||||||
Stock-based compensation | 3,232 | 2,119 | 5,702 | 4,539 | |||||||||||||||||||||||||||
Impairment of goodwill | 1,663 | - | 1,663 | - | |||||||||||||||||||||||||||
Other non-operating (income) expense | 207 | (8,069 | ) | 604 | (2,687 | ) | |||||||||||||||||||||||||
Operating EBITDA | $ | 72,754 | $ | 53,655 | $ | 132,572 | $ | 92,790 | |||||||||||||||||||||||
Three Months Ended | Trailing Twelve Months | ||||||||||||||||||||||||||||||
September 30, 2015 | December 31, 2015 | March 31, 2016 | June 30, 2016 | June 30, 2016 | |||||||||||||||||||||||||||
Net income | $ | 31,880 | $ | 33,286 | $ | 27,524 | $ | 35,531 | $ | 128,221 | |||||||||||||||||||||
Income tax expense | 19,538 | 16,578 | 16,168 | 19,197 | 71,481 | ||||||||||||||||||||||||||
Interest expense | 4,784 | 4,789 | 4,095 | 3,937 | 17,605 | ||||||||||||||||||||||||||
Depreciation and amortization | 9,525 | 9,538 | 9,164 | 8,987 | 37,214 | ||||||||||||||||||||||||||
Stock-based compensation | 2,116 | 3,355 | 2,470 | 3,232 | 11,173 | ||||||||||||||||||||||||||
Impairment of goodwill | - | - | - | 1,663 | 1,663 | ||||||||||||||||||||||||||
Impairment of intangibles | - | 1,087 | - | - | 1,087 | ||||||||||||||||||||||||||
Other non-operating (income) expense | 187 | 10 | 398 | 207 | 802 | ||||||||||||||||||||||||||
Operating EBITDA | $ | 68,030 | $ | 68,643 | $ | 59,819 | $ | 72,754 | $ | 269,246 | |||||||||||||||||||||
Adjusted Earnings2: | |||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||||||||||
$ | Per Share | $ | Per Share | $ | Per Share | $ | Per Share | ||||||||||||||||||||||||
Net Income | $ | 35,531 | $ | 0.53 | $ | 28,649 | $ | 0.41 | $ | 63,055 | $ | 0.95 | $ | 39,122 | $ | 0.55 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||
Branch transactions, net of taxes | - | - | (5,274 | ) | (0.07 | ) | - | - | (5,274 | ) | (0.07 | ) | |||||||||||||||||||
Loss on debt extinguishment, net of taxes | - | - | 211 | - | 307 | - | 3,525 | 0.05 | |||||||||||||||||||||||
Impairment of goodwill, net of taxes | 1,079 | 0.02 | - | - | 1,079 | 0.02 | - | - | |||||||||||||||||||||||
Adjusted earnings | $ | 36,610 | $ | 0.55 | $ | 23,586 | $ | 0.33 | $ | 64,441 | $ | 0.97 | $ | 37,373 | $ | 0.53 | |||||||||||||||
Weighted Average # of Diluted Shares O/S | 67,115 | 70,694 | 66,670 | 71,122 | |||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||
September 30, 2015 | December 31, 2015 | March 31, 2016 | |||||||||||||||||||||||||||||
$ | Per Share | $ | Per Share | $ | Per Share | ||||||||||||||||||||||||||
Net Income | $ | 31,880 | $ | 0.47 | $ | 33,286 | $ | 0.50 | $ | 27,524 | $ | 0.42 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||
Loss on debt extinguishment, net of taxes | - | - | 126 | - | 307 | - | |||||||||||||||||||||||||
Impairment of goodwill, net of taxes | - | - | - | - | - | - | |||||||||||||||||||||||||
Impairment of intangibles, net of taxes | - | - | 726 | 0.01 | - | - | |||||||||||||||||||||||||
Branch transactions, net of taxes | - | - | - | - | - | - | |||||||||||||||||||||||||
Adjusted earnings | $ | 31,880 | $ | 0.47 | $ | 34,138 | $ | 0.51 | $ | 27,831 | $ | 0.42 | |||||||||||||||||||
Weighted Average # of Diluted Shares O/S | 68,042 | 67,218 | 66,224 | ||||||||||||||||||||||||||||
Full Year Earnings Guidance3: | |||||||||||||||||||||||||||||||
Range | |||||||||||||||||||||||||||||||
Low Estimate | High Estimate | ||||||||||||||||||||||||||||||
Estimated Full-Year Net Income per Diluted Share | 1.78 | 1.88 | |||||||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||
Loss on debt extinguishment, net of taxes | - | - | |||||||||||||||||||||||||||||
Impairment of goodwill, net of taxes | 0.02 | 0.02 | |||||||||||||||||||||||||||||
Estimated Full-Year Adjusted Earnings per Diluted Share | $ | 1.80 | $ | 1.90 | |||||||||||||||||||||||||||
1Operating EBITDA is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, other operating income and expense and other non-operating income and expense. | |||||||||||||||||||||||||||||||
2Adjusted earnings and adjusted earnings per diluted share reflect adjustments for non-recurring charges related to losses incurred in connection with the Company’s impairment of goodwill. Historically, we have also excluded income recognized on the sale of former retail branch locations, as well as charges incurred for extinguishment of debt and impairment of intangible assets. | |||||||||||||||||||||||||||||||
3Forward-looking estimates of net income per diluted share does not reflect certain future charges and/or credits that are inherently difficult to predict and estimate due to their uncertainty in timing and amount. This would include but not be limited to losses incurred for extinguishment of debt, sale or impairment of Company assets, gains or losses on transition of branch activities as well as other unknown items at the time of this release. |
Media Contact: Dana Stelsel Corporate Communications Manager (765) 771-5766 dana.stelsel@wabashnational.com Investor Relations: Mike Pettit Vice President, Finance & Investor Relations (765) 771-5581 michael.pettit@wabashnational.com
1 Year Wabash National Chart |
1 Month Wabash National Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions