Q2 2024 Wabash National Corp Earnings Call Transcript
Key Points
- Wabash National Corp (WNC) surpassed its earnings per share outlook due to stronger margin performance.
- The company has streamlined its organization and optimized its customer portfolio, leading to higher margin and more resilient revenue opportunities.
- Wabash National Corp (WNC) is focusing on parts and services, which are more stable than transportation equipment and provide a critical stabilizing force within financial performance.
- The company has a significant backlog of $1.3 billion in orders, with $1 billion expected to be shipped in the next 12 months.
- Wabash National Corp (WNC) increased its share repurchases during the second quarter, taking advantage of a perceived compressed valuation.
- Quarterly revenue was at the lower end of the previous guidance range.
- The company reduced its full-year 2024 guidance to a midpoint of $2.1 billion in revenue and $1.55 in EPS.
- Customer capital expenditure plans have been revised downward for the balance of the year.
- The dry van segment is experiencing ongoing weakness due to the freight recession.
- Pricing for trailers is expected to be down in the second half of the year, impacting profitability.
Thank you for standing by. I am [Auguster], and I will be your conference operator today. At this time, I would like to welcome everyone to the Wabash second-quarter 2024 earnings call. (Operator Instructions)
I would now like to turn the call over to Mr. Ryan Reed, Vice President Corporate Development, Investor Relations. Please go ahead.
Thank you, and good morning, everyone. We appreciate you joining us on this call. With me today are Brent Yeagy, President and Chief Executive Officer; and Mike Pettit, Chief Financial Officer.
Before we get started, please note that this call is being recorded. I'd also like to point out that our earnings release, 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'll hand it off now to Brent.
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