Wabash Announces Fourth Quarter and Full Year 2022 Results

Wabash, the innovation leader of engineered solutions for the transportation, logistics and distribution industries, today reported results for the quarter and full year ended December 31, 2022.

For the fourth quarter of 2022, net sales were $657.4 million. Operating income was $57.7 million, or 8.8% of sales. Net income attributable to common stockholders was $41.5 million, or $0.84 per diluted share. Sales and EPS both reached record levels during the quarter. For the full year 2022, revenue totaled an annual record of $2.5 billion with operating income of $166.6 million, or 6.7% of sales. Full year net income attributable to common stockholders was $112.3 million, or $2.25 per diluted share. Full year 2022 achieved record levels for both sales and EPS.

Operating EBITDA, a non-GAAP measure that excludes the effects of certain items, for the fourth quarter of 2022 was $69.8 million, or 10.6% of net sales, and full year operating EBITDA was $224.0 million, or 9.0% of net sales.

Total Company backlog as of December 31, 2022 increased to approximately $3.4 billion as sequential new order activity substantially outpaced shipments, supported by a long-term agreement with J.B. Hunt that was executed during the fourth quarter. Backlog rose 46% compared to September 2022 and was 34% above December 2021. Backlog expected to be shipped within the following 12-months was $2.8 billion as of December 31, 2022.

“Although 2022 will go down as the most successful year of financial performance the Company has achieved so far, the groundwork to enable this execution has been in progress since 2019,” explained Brent Yeagy, President and Chief Executive Officer. “The changes to our strategy and the accompanying improvements to our organization that we’ve communicated in recent years have positioned us for this record performance, which we fully expect to expand upon in 2023.”

Outlook

For the full year ending December 31, 2023, the Company has issued guidance in the range of $2.8 to $3.0 billion in sales with a midpoint of $2.9 billion and earnings per diluted share of $2.70 to $3.00 with a midpoint of $2.85. 

Mr. Yeagy continued, “With the partnership of strategic customers like J.B. Hunt, we are jointly exercising a new level of control over our destiny. The commercial implications of this activity are clear from a total backlog of $3.4 billion, which blows away our prior backlog record by almost $1 billion and already provides significant visibility in 2024. What is less noticeable, but just as exciting, is how our Wabash team has embraced the level of change we have driven in recent years and is creating a future with more opportunity for organic growth than the Company has enjoyed at any point since its inception.”

Business Segment Highlights

Transportation Solutions’ net sales for the fourth quarter were $611.1 million, an increase of 37.9% compared to the prior year quarter, as a result of robust customer demand and strong production. During the quarter, operating income was $67.0 million, or 11.0% of sales.

Parts & Services’ net sales for the fourth quarter were $49.6 million, an increase of 30.2% compared to the prior year quarter, as a result of enhanced organizational focus and the early success of Wabash Parts, the Company’s parts distribution joint venture. Operating income was $7.9 million, or 15.9% of sales during the quarter.

For the complete press release, click here.

About Wabash

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.

Contact:

Dana Stelsel – Director, Communications – dana.stelsel@onewabash.com – (765) 771-5766

Source: Wabash National Corporation