Wabash has reported first-quarter earnings that missed projections for the already-battered trailer and equipment manufacturer and sent the company’s stock plunging again.
At approximately 10:30 am EDT, Wabash (NYSE: WNC) stock was at $7.39, a decline of $2.58 or 25.85% on the day. Its intraday low was $7.07. Its 52-week high was July 16, when it hit $24.03.
Among some of the key data points in the earnings report:
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Wabash shipped 6,290 trailers in the first quarter, compared to 8,500 in the first quarter of 2025. Truck body shipments were 3,000, compared to 3,690. Sequentially, the company shipped 6,770 trailers in the fourth quarter of 2024.
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It reported an operating loss of $9.8 million in its Transportation Solutions segment, down from an operating profit of $44.25 million in the corresponding quarter of 2024.
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Gross profit – defined as net sales less the cost of sales – plunged to $19 million from $76.4 million a year earlier. Sales revenue fell to $380.9 million from $515.3 million.
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Adjusted non-GAAP earnings before interest, taxes, depreciation and amortization for Wabash as a whole was a $9.2 million loss compared to earnings of $45.6 million a year ago.
And things aren’t looking much better going forward. Wabash also disclosed a revised forecast for the year, which estimates annual revenue of roughly $1.8 billion. Its earlier forecast, released in February, called for full-year revenue of $1.9 billion to $2.1 billion. Net sales in 2024 were $1.95 billion, and were $2.5 billion a year earlier.
Wabash had forecast earnings per diluted share of 85 cents to $1.05. It now says its non-GAAP adjusted EPS guidance is for a per-share loss of 35 cents to 85 cents.
Wabash’s earnings call with analysts is scheduled for noon Wednesday.
Net income actually was positive, owing to a positive charge Wabash took due to the reduction in the size of the St. Louis-area nuclear verdict it faces. Wabash booked net income of $231 million as a result of the recent adjustment of the verdict. The adjustment was $342 million.
Net income for Wabash a year ago was $18.2 million.
President and CEO Brent Yeagy said the non-GAAP earnings per share of negative 58 cents was a result of revenue falling short of projections. He blamed macroeconomics as a key reason.
Yeagy cited a “general weakening in market conditions.” “We have since reduced direct labor to align cost with market conditions,” he said in the company’s earnings statement. “Tariff-related uncertainty has caused customers to delay equipment investment decisions.”
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