The following is a summary of the Wabash National Corporation (WNC) Q1 2024 Earnings Call Transcript:
Financial Performance:
Wabash reported Q1 2024 revenue of $515 million, slightly under expectations due to slower customer pickups.
Gross margin for the quarter sat at 14.8% of sales, and operating margin at 5.7%.
Operative EBITDA of $46 million, or 8.8% of sales, was generated.
Net income attributable to common stockholders was $18.2 million, or $0.39 per diluted share.
They reiterated full year 2024 revenue guidance at $2.3 billion, and EPS midpoint at $2.25.
Wabash ended Q1 2024 with a total backlog of $1.8 billion in orders, of which $1.5 billion is to be shipped within the next 12 months.
Business Progress:
Work continues to enhance the company's presence across 78 dealer locations.
The initial version of the Wabash Marketplace was launched in Q1 2024, the aim of which is to streamline the supply chain experience by expanding the ecosystem with a wide range parts and services.
Wabash's Parts distribution JV has become mature and is hoped to fuel 2024 growth.
Amidst a weak trailer industry, the company has strategically invested in growth initiatives, maintaining a focus on fostering employee engagement and creating a working environment where everyone can succeed.
Wabash plans to invest into CapEx through their 'Trailers as a Service' program immediately, predicting at least a 1,000 unit increase in 2024.
Via their Wabash Marketplace digital platform and Parts distribution business, there is ambition to address industry challenges and become a more vocal contributor to the portfolio.
More details: Wabash National IR
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