Wabash National (NYSE:WNC) Announces Earnings Results, Misses Estimates By $0.17 EPS

Key Points

• Wabash National missed earnings expectations: The company reported a quarterly loss of $0.63 per share, $0.17 worse than estimates, despite revenue of $476.4 million exceeding forecasts and rising 24.8% year over year.
• Dry-van demand is strengthening: Backlog increased to $1.3 billion, with 2027 dry-van volume expected at approximately 35,000–38,000 units. Improving pricing and material margins could support quarterly profitability by the second quarter of 2027.
• Near-term results remain under pressure: Production-readiness costs, truck-body weakness and manufacturing inefficiencies are expected to drive fourth-quarter adjusted EPS of negative $0.75 to negative $0.55, although liquidity improved 44% sequentially to $277 million.

Wabash National (NYSE:WNC - Get Free Report) announced its quarterly earnings data on Thursday. The company reported ($0.63) earnings per share for the quarter, missing analysts' consensus estimates of ($0.46) by ($0.17), FiscalAI reports. The business had revenue of $476.41 million for the quarter, compared to analyst estimates of $453.74 million. Wabash National had a negative return on equity of 36.59% and a negative net margin of 5.48%. The company's revenue was up 24.8% on a year-over-year basis. During the same period in the prior year, the company earned ($0.51) EPS.

Here are the key takeaways from Wabash National's conference call:

• Dry-van demand accelerated significantly, with backlog rising from more than 12,000 units for 2027 at quarter-end to nearly 20,000 by mid-October; total backlog reached $1.3 billion. Management expects Wabash’s 2027 dry-van volume to be approximately 35,000–38,000 units, with upside toward the low-40,000 range.
• Pricing and material margins are improving, with the current 2027 dry-van backlog averaging more than 600 basis points above Q2 2026. Wabash expects to reach quarterly profitability by Q2 2027 and an annualized EBITDA run rate of $150 million–$170 million as higher volumes and second-shift operations scale.
• Near-term profitability remains pressured by production-readiness costs pulled forward from 2027, continued truck-body weakness, and manufacturing inefficiencies. Wabash expects fourth-quarter revenue of $420 million–$450 million, adjusted operating margin of negative 8% to negative 5%, and adjusted EPS of negative $0.75 to negative $0.55.
• Liquidity improved 44% sequentially to $277 million following the convertible debt issuance and Goshen facility sale, while the asset-based loan currently has no balance and is available to fund working-capital needs. However, management is still evaluating options to address its high-yield bonds before October 2027.
• The recovery is expected to be uneven across the portfolio: dry vans are showing strong replacement-cycle momentum, while truck body is projected to recover roughly six to nine months later and remains dependent on broader macroeconomic conditions. Management also expects Parts & Services revenue growth of 5%–10%, with margins improving as startup costs fade.

Wabash National Stock Down 4.0%

Wabash National stock traded down $0.55 during midday trading on Thursday, hitting $13.27. 2,178,202 shares of the stock were exchanged, compared to its average volume of 836,093. Wabash National has a 1 year low of $6.63 and a 1 year high of $14.55. The firm has a market cap of $540.70 million, a P/E ratio of -6.88 and a beta of 1.48. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.31 and a quick ratio of 0.80. The company has a 50 day moving average price of $12.87 and a two-hundred day moving average price of $10.87.

Wabash National Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 29th. Investors of record on Thursday, October 8th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, October 8th. This represents a $0.32 annualized dividend and a yield of 2.4%. Wabash National's payout ratio is -16.58%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Wabash National in a report on Wednesday, August 12th. Citizens Jmp began coverage on Wabash National in a research report on Wednesday, July 15th. They set an "outperform" rating and a $25.00 price objective for the company. Wall Street Zen upgraded shares of Wabash National from a "strong sell" rating to a "sell" rating in a report on Saturday, August 1st. DA Davidson reaffirmed a "buy" rating and set a $20.00 price target on shares of Wabash National in a research note on Tuesday, September 22nd. Finally, Citigroup reiterated a "market outperform" rating on shares of Wabash National in a report on Tuesday, October 20th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Wabash National presently has an average rating of "Hold" and a consensus price target of $23.33.

Wabash National Company Profile

Wabash National Corporation is a transportation equipment and logistics solutions manufacturer headquartered in Lafayette, Indiana. The company designs and produces equipment used to move freight across North America, serving trucking, transportation, distribution, and logistics customers.

Its product portfolio includes dry and refrigerated van trailers, platform trailers, truck-mounted tanks, and other specialized transportation equipment. Wabash also provides related parts, services, and technologies intended to support trailer maintenance, fleet operations, and supply-chain efficiency.

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