Wabash National Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Wabash National Corp. filed its Q1 2024 10-Q, detailing financial performance and executive compensation.</b>

AI Summary

WABASH NATIONAL Corp (WNC) filed a Quarterly Report (10-Q) with the SEC on April 24, 2024. Wabash National Corp. filed a 10-Q report for the period ending March 31, 2024. The filing includes financial data for Q1 2024. Key executives mentioned include M. Kristin Glazner (SVP, CAO, Corp Secretary), Kevin J. Page (VP, Chief Commercial Officer), Michael N. Pettit (VP, CFO), and Dustin T. Smith (SVP, COO). The company's principal business address is 3900 McCarty Lane, Lafayette, IN 47905. The SIC code for Wabash National Corp. is 3715 (Truck Trailers).

Why It Matters

For investors and stakeholders tracking WABASH NATIONAL Corp, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial snapshot of Wabash National Corp., crucial for understanding recent performance and trends in the truck trailer manufacturing industry. The inclusion of executive compensation details offers insight into how the company incentivizes its leadership and aligns their interests with shareholder value.

Risk Assessment

Risk Level: medium — WABASH NATIONAL Corp shows moderate risk based on this filing. The company operates in the truck trailer manufacturing industry, which is cyclical and sensitive to economic conditions, potentially impacting revenue and profitability.

Analyst Insight

Monitor Wabash National Corp.'s revenue and net income trends in subsequent filings to assess its ability to navigate economic cycles and maintain profitability.

Executive Compensation

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-04-24 — Filing Date (Filed as of Date)
• 20,000.00 — Executive Compensation (M. Kristin Glazner)
• 22,261.00 — Executive Compensation (Kevin J. Page)
• 25,000.00 — Executive Compensation (Michael N. Pettit)
• 11,921.00 — Executive Compensation (Dustin T. Smith)

Key Players & Entities

• Wabash National Corp. (company) — Filer
• M. Kristin Glazner (person) — Senior Vice President, Chief Administrative Officer, Corporate Secretary
• Kevin J. Page (person) — Vice President, Chief Commercial Officer
• Michael N. Pettit (person) — Vice President, Chief Financial Officer
• Dustin T. Smith (person) — Senior Vice President, Chief Operating Officer
• Lafayette, IN (location) — Business Address
• 3715 (industry_code) — Standard Industrial Classification (Truck Trailers)
• 2024-03-31 (date) — Conformed Period of Report

FAQ

Risk Factors

• Cyclical Nature of the Truck Trailer Industry [high — market]: The demand for truck trailers is subject to economic cycles, which can significantly impact the company's sales and profitability.
• Supply Chain Disruptions [medium — operational]: Disruptions in the supply chain for raw materials and components can affect production schedules and costs.
• Interest Rate Fluctuations [medium — financial]: Changes in interest rates can affect the cost of financing and the demand for trailers from customers who rely on financing.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value WNC New York Stock Exchange

Filing Documents

• wnc-20240331.htm (10-Q) — 1223KB
• wnc-20240331xex311.htm (EX-31.1) — 9KB
• wnc-20240331xex312.htm (EX-31.2) — 9KB
• wnc-20240331xex321.htm (EX-32.1) — 6KB
• wnc-20240331_g1.jpg (GRAPHIC) — 8KB
• 0000879526-24-000016.txt (&nbsp;) — 7886KB
• wnc-20240331.xsd (EX-101.SCH) — 51KB
• wnc-20240331_cal.xml (EX-101.CAL) — 99KB
• wnc-20240331_def.xml (EX-101.DEF) — 189KB
• wnc-20240331_lab.xml (EX-101.LAB) — 636KB
• wnc-20240331_pre.xml (EX-101.PRE) — 455KB
• wnc-20240331_htm.xml (XML) — 1295KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets at March 3 1 , 202 4 and December 31, 20 23 3 Condensed Consolidated Statements of Operations for the three months ended March 31 , 202 4 and 20 23 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31 , 202 4 and 20 23 5 Condensed Consolidated Statements of Cash Flows for the three months ended March 31 , 202 4 and 20 23 6 Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 31 , 202 4 and 20 23 7 Notes to Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 38 Item 4.

Controls and Procedures

Controls and Procedures 39

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1A.

Risk Factors

Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39 Item 5. Other Information 40 Item 6. Exhibits 41

Signatures

Signatures 42 2 Table of Contents

- FINANCIAL INFORMATION

Part I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements WABASH NATIONAL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands) March 31, 2024 December 31, 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 115,786 $ 179,271 Accounts receivable, net 247,680 182,990 Inventories, net 278,551 267,635 Prepaid expenses and other 45,477 51,457 Total current assets 687,494 681,353 Property, plant, and equipment, net 335,574 325,444 Goodwill 188,407 188,409 Intangible assets, net 83,262 86,418 Investment in unconsolidated entity 161 1,647 Other assets 83,631 79,543 Total assets $ 1,378,529 $ 1,362,814 Liabilities and Stockholders' Equity Current liabilities: Current portion of long-term debt $ — $ — Accounts payable 211,819 156,608 Other accrued liabilities 156,770 195,601 Total current liabilities 368,589 352,209 Long-term debt 396,631 396,465 Deferred income taxes 13,528 17,013 Other non-current liabilities 53,575 47,028 Total liabilities 832,323 812,715 Commitments and contingencies Noncontrolling interest 120 603 Wabash National Corporation stockholders' equity: Common stock 200,000,000 shares authorized, $ 0.01 par value, 45,139,571 and 45,393,260 shares outstanding, respectively 780 774 Additional paid-in capital 681,133 677,886 Retained earnings 418,938 403,923 Accumulated other comprehensive income (loss) 32 ( 428 ) Treasury stock at cost, 32,968,560 and 32,128,755 common shares, respectively ( 554,797 ) ( 532,659 ) Total Wabash National Corporation stockholders' equity 546,086 549,496 Total liabilities, noncontrolling interest, and equity $ 1,378,529 $ 1,362,814 The accompanying notes are an integral part of these Condensed Consolidated Statements. 3 Table of Contents WABASH NATIONAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited – dollars in thousands, except per share amounts) Three Months Ended March 31, 2024 2023 Net sales $ 515,276 $ 620,952 Cost of sales 438,830 504,925

View Full Filing

View this 10-Q filing on SEC EDGAR