Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - WABASH NATIONAL Corp | v402798_8k.htm |
Exhibit 99.1
Media Contact: Tom Rodak Vice President, Corporate Marketing (765) 771-5555 tom.rodak@wabashnational.com
Investor
Relations: Vice
President, Finance & Investor Relations |
 |
FOR IMMEDIATE RELEASE
Wabash National Announces Strategic Realignment of Reporting Segments
LAFAYETTE, Ind. – February 27, 2015 – Wabash National Corporation (NYSE: WNC), a diversified industrial manufacturer and North America’s leading producer of semi-trailers and liquid transportation systems, today announced a realignment of the Company’s reporting segments to better leverage operational synergies across our businesses. The realignment includes transitioning Wabash Wood Products, our wood flooring operations, from its current positioning within the Diversified Products Group to inclusion within the Commercial Trailer Products segment. Wabash National will begin reporting this realignment effective with the 2014 Form 10-K filed with the Securities Exchange.
Dick Giromini, president and chief executive officer, stated, “This strategic realignment is being implemented to leverage the critical relationship between our wood flooring operations and our van trailer business, its primary customer, within Commercial Trailer Products. This revised organizational structure will help facilitate optimal decision making and ensure exceptional service for all of our customers.”
For additional information on Wabash National’s reporting segments see table following this release for unaudited quarterly operating performances as well as the Company’s 2014 Form 10-K filed February 27, 2015.
About Wabash National Corporation
Headquartered in Lafayette, Indiana, Wabash National Corporation (NYSE: WNC) is a diversified industrial manufacturer and North America’s leading producer of semi trailers and liquid transportation systems. Established in 1985, the Company specializes in the design and production of dry freight vans, refrigerated vans, platform trailers, liquid tank trailers, intermodal equipment, engineered products, and composite products. Its innovative products are sold under the following brand names: Wabash National®, Transcraft®, Benson®, DuraPlate®, ArcticLite®, Walker Transport, Walker Defense Group, Walker Barrier Systems, Walker Engineered Products, Brenner® Tank, Beall®, Garsite, Progress Tank, TST®, Bulk Tank International and Extract Technology®. To learn more, visit www.wabashnational.com.
Safe Harbor Statement
This press release contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements convey the Company’s current expectations or forecasts of future events. All statements contained in this press release other than statements of historical fact are forward-looking statements. Any forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Readers should review and consider the various disclosures made by the Company in this press release and in the Company’s reports to its stockholders and periodic reports on Forms 10-K and 10-Q.
# # #
WABASH NATIONAL CORPORATION
SUPPLEMENTAL SEGMENT DISCLOSURES
(Dollars in thousands)
(Unaudited)
| 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Twelve Months Ended December 31, 2014 | Twelve Months Ended December 31, 2013 | Twelve Months Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial Trailer Products | Diversified Products | Retail | Corporate & Eliminations | Consolidated | Commercial Trailer Products | Diversified Products | Retail | Corporate & Eliminations | Consolidated | Commercial Trailer Products | Diversified Products | Retail | Corporate & Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||
| New Trailer Shipments | 53,550 | 3,550 | 3,450 | (3,200 | ) | 57,350 | 43,800 | 3,050 | 3,000 | (3,050 | ) | 46,800 | 43,700 | 2,000 | 2,800 | (2,900 | ) | 45,600 | ||||||||||||||||||||||||||||||||||||||||||
| Used Trailer Shipments | 3,150 | 150 | 1,550 | - | 4,850 | 4,300 | 100 | 1,300 | - | 5,700 | 3,150 | 100 | 1,550 | - | 4,800 | |||||||||||||||||||||||||||||||||||||||||||||
| Net Sales | $ | 1,294,164 | $ | 466,238 | $ | 190,080 | $ | (87,167 | ) | $ | 1,863,315 | $ | 1,082,456 | $ | 458,653 | $ | 181,486 | $ | (86,909 | ) | $ | 1,635,686 | $ | 1,064,591 | $ | 321,256 | $ | 157,646 | $ | (81,639 | ) | $ | 1,461,854 | |||||||||||||||||||||||||||
| Gross Profit | 104,800 | 103,379 | 20,728 | 3,727 | 232,634 | 84,182 | 108,627 | 20,122 | 2,192 | 215,123 | 75,252 | 72,093 | 16,757 | (279 | ) | 163,823 | ||||||||||||||||||||||||||||||||||||||||||||
| Gross Profit % | 8.1 | % | 22.2 | % | 10.9 | % | 12.5 | % | 7.8 | % | 23.7 | % | 11.1 | % | 13.2 | % | 7.1 | % | 22.4 | % | 10.6 | % | 11.2 | % | ||||||||||||||||||||||||||||||||||||
| Income (Loss) from Operations | 81,141 | 54,879 | 3,785 | (17,419 | ) | 122,386 | 57,543 | 59,126 | 2,885 | (16,363 | ) | 103,191 | 52,242 | 44,573 | 2,922 | (29,253 | ) | 70,484 | ||||||||||||||||||||||||||||||||||||||||||
| Operating Margin | 6.3 | % | 11.8 | % | 2.0 | % | 6.6 | % | 5.3 | % | 12.9 | % | 1.6 | % | 6.3 | % | 4.9 | % | 13.9 | % | 1.9 | % | 4.8 | % | ||||||||||||||||||||||||||||||||||||
| Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | Three Months Ended March 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial Trailer Products | Diversified Products | Retail | Corporate & Eliminations | Consolidated | Commercial Trailer Products | Diversified Products | Retail | Corporate & Eliminations | Consolidated | Commercial Trailer Products | Diversified Products | Retail | Corporate & Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||
| New Trailer Shipments | 9,250 | 800 | 800 | (900 | ) | 9,950 | 7,950 | 650 | 600 | (600 | ) | 8,600 | 10,350 | - | 350 | (450 | ) | 10,250 | ||||||||||||||||||||||||||||||||||||||||||
| Used Trailer Shipments | 1,700 | 50 | 400 | - | 2,150 | 650 | 50 | 300 | - | 1,000 | 600 | - | 400 | - | 1,000 | |||||||||||||||||||||||||||||||||||||||||||||
| Net Sales | $ | 227,951 | $ | 108,053 | $ | 45,636 | $ | (23,520 | ) | $ | 358,120 | $ | 198,344 | $ | 101,582 | $ | 40,843 | $ | (16,540 | ) | $ | 324,229 | $ | 243,847 | $ | 20,914 | $ | 25,120 | $ | (12,199 | ) | $ | 277,682 | |||||||||||||||||||||||||||
| Gross Profit | 14,995 | 25,754 | 5,381 | 542 | 46,672 | 12,996 | 23,949 | 4,880 | 361 | 42,186 | 12,771 | 4,632 | 2,479 | (153 | ) | 19,729 | ||||||||||||||||||||||||||||||||||||||||||||
| Gross Profit % | 6.6 | % | 23.8 | % | 11.8 | % | 13.0 | % | 6.6 | % | 23.6 | % | 11.9 | % | 13.0 | % | 5.2 | % | 22.1 | % | 9.9 | % | 7.1 | % | ||||||||||||||||||||||||||||||||||||
| Income (Loss) from Operations | 8,760 | 13,397 | 1,050 | (3,742 | ) | 19,465 | 6,461 | 11,761 | 873 | (4,239 | ) | 14,856 | 7,146 | 3,732 | (75 | ) | (5,354 | ) | 5,449 | |||||||||||||||||||||||||||||||||||||||||
| Operating Margin | 3.8 | % | 12.4 | % | 2.3 | % | 5.4 | % | 3.3 | % | 11.6 | % | 2.1 | % | 4.6 | % | 2.9 | % | 17.8 | % | -0.3 | % | 2.0 | % | ||||||||||||||||||||||||||||||||||||
| Three Months Ended June 30, 2014 | Three Months Ended June 30, 2013 | Three Months Ended June 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial Trailer Products | Diversified Products | Retail | Corporate & Eliminations | Consolidated | Commercial Trailer Products | Diversified Products | Retail | Corporate & Eliminations | Consolidated | Commercial Trailer Products | Diversified Products | Retail | Corporate & Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||
| New Trailer Shipments | 13,900 | 850 | 950 | (750 | ) | 14,950 | 10,700 | 750 | 850 | (900 | ) | 11,400 | 11,750 | 450 | 650 | (750 | ) | 12,100 | ||||||||||||||||||||||||||||||||||||||||||
| Used Trailer Shipments | 1,150 | 50 | 550 | - | 1,750 | 750 | 50 | 300 | - | 1,100 | 650 | 50 | 450 | - | 1,150 | |||||||||||||||||||||||||||||||||||||||||||||
| Net Sales | $ | 335,943 | $ | 119,344 | $ | 51,584 | $ | (20,850 | ) | $ | 486,021 | $ | 266,214 | $ | 124,416 | $ | 48,136 | $ | (25,640 | ) | $ | 413,126 | $ | 281,077 | $ | 63,470 | $ | 38,171 | $ | (20,310 | ) | $ | 362,408 | |||||||||||||||||||||||||||
| Gross Profit | 27,963 | 26,377 | 5,748 | 1,525 | 61,613 | 23,531 | 29,434 | 5,519 | 369 | 58,853 | 20,863 | 14,852 | 4,131 | (165 | ) | 39,681 | ||||||||||||||||||||||||||||||||||||||||||||
| Gross Profit % | 8.3 | % | 22.1 | % | 11.1 | % | 12.7 | % | 8.8 | % | 23.7 | % | 11.5 | % | 14.2 | % | 7.4 | % | 23.4 | % | 10.8 | % | 10.9 | % | ||||||||||||||||||||||||||||||||||||
| Income (Loss) from Operations | 22,022 | 14,175 | 1,281 | (3,623 | ) | 33,855 | 16,795 | 17,120 | 1,261 | (4,724 | ) | 30,452 | 15,512 | 7,737 | 1,027 | (15,708 | ) | 8,568 | ||||||||||||||||||||||||||||||||||||||||||
| Operating Margin | 6.6 | % | 11.9 | % | 2.5 | % | 7.0 | % | 6.3 | % | 13.8 | % | 2.6 | % | 7.4 | % | 5.5 | % | 12.2 | % | 2.7 | % | 2.4 | % | ||||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, 2014 | Three Months Ended September 30, 2013 | Three Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial Trailer Products | Diversified Products | Retail | Corporate & Eliminations | Consolidated | Commercial Trailer Products | Diversified Products | Retail | Corporate & Eliminations | Consolidated | Commercial Trailer Products | Diversified Products | Retail | Corporate & Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||
| New Trailer Shipments | 14,700 | 850 | 800 | (750 | ) | 15,600 | 11,700 | 850 | 800 | (750 | ) | 12,600 | 11,400 | 700 | 950 | (950 | ) | 12,100 | ||||||||||||||||||||||||||||||||||||||||||
| Used Trailer Shipments | 200 | 50 | 350 | - | 600 | 1,000 | 50 | 350 | - | 1,400 | 950 | 50 | 400 | - | 1,400 | |||||||||||||||||||||||||||||||||||||||||||||
| Net Sales | $ | 351,951 | $ | 115,838 | $ | 45,166 | $ | (21,258 | ) | $ | 491,697 | $ | 293,679 | $ | 121,436 | $ | 45,996 | $ | (21,134 | ) | $ | 439,977 | $ | 281,431 | $ | 101,899 | $ | 47,633 | $ | (25,046 | ) | $ | 405,917 | |||||||||||||||||||||||||||
| Gross Profit | 30,994 | 24,691 | 4,896 | 1,047 | 61,628 | 25,428 | 29,945 | 5,225 | 899 | 61,497 | 21,777 | 22,995 | 5,256 | 46 | 50,074 | |||||||||||||||||||||||||||||||||||||||||||||
| Gross Profit % | 8.8 | % | 21.3 | % | 10.8 | % | 12.5 | % | 8.7 | % | 24.7 | % | 11.4 | % | 14.0 | % | 7.7 | % | 22.6 | % | 11.0 | % | 12.3 | % | ||||||||||||||||||||||||||||||||||||
| Income (Loss) from Operations | 25,166 | 13,071 | 859 | (4,167 | ) | 34,929 | 18,934 | 17,367 | 743 | (3,214 | ) | 33,830 | 15,906 | 13,837 | 1,400 | (3,907 | ) | 27,236 | ||||||||||||||||||||||||||||||||||||||||||
| Operating Margin | 7.2 | % | 11.3 | % | 1.9 | % | 7.1 | % | 6.4 | % | 14.3 | % | 1.6 | % | 7.7 | % | 5.7 | % | 13.6 | % | 2.9 | % | 6.7 | % | ||||||||||||||||||||||||||||||||||||
| Three Months Ended December 31, 2014 | Three Months Ended December 31, 2013 | Three Months Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial Trailer Products | Diversified Products | Retail | Corporate & Eliminations | Consolidated | Commercial Trailer Products | Diversified Products | Retail | Corporate & Eliminations | Consolidated | Commercial Trailer Products | Diversified Products | Retail | Corporate & Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||
| New Trailer Shipments | 15,750 | 1,050 | 900 | (850 | ) | 16,850 | 13,450 | 800 | 750 | (800 | ) | 14,200 | 10,200 | 850 | 850 | (800 | ) | 11,100 | ||||||||||||||||||||||||||||||||||||||||||
| Used Trailer Shipments | 100 | 50 | 250 | - | 400 | 1,900 | 50 | 300 | - | 2,250 | 900 | - | 350 | - | 1,250 | |||||||||||||||||||||||||||||||||||||||||||||
| Net Sales | $ | 378,319 | $ | 123,003 | $ | 47,694 | $ | (21,539 | ) | $ | 527,477 | $ | 324,219 | $ | 111,219 | $ | 46,511 | $ | (23,595 | ) | $ | 458,354 | $ | 258,236 | $ | 134,973 | $ | 46,722 | $ | (24,084 | ) | $ | 415,847 | |||||||||||||||||||||||||||
| Gross Profit | 30,848 | 26,557 | 4,703 | 613 | 62,721 | 22,227 | 25,299 | 4,498 | 563 | 52,587 | 19,841 | 29,614 | 4,891 | (7 | ) | 54,339 | ||||||||||||||||||||||||||||||||||||||||||||
| Gross Profit % | 8.2 | % | 21.6 | % | 9.9 | % | 11.9 | % | 6.9 | % | 22.7 | % | 9.7 | % | 11.5 | % | 7.7 | % | 21.9 | % | 10.5 | % | 13.1 | % | ||||||||||||||||||||||||||||||||||||
| Income (Loss) from Operations | 25,193 | 14,236 | 595 | (5,887 | ) | 34,137 | 15,353 | 12,878 | 8 | (4,186 | ) | 24,053 | 13,678 | 19,267 | 570 | (4,284 | ) | 29,231 | ||||||||||||||||||||||||||||||||||||||||||
| Operating Margin | 6.7 | % | 11.6 | % | 1.2 | % | 6.5 | % | 4.7 | % | 11.6 | % | 0.0 | % | 5.2 | % | 5.3 | % | 14.3 | % | 1.2 | % | 7.0 | % | ||||||||||||||||||||||||||||||||||||
Note: The sum of shipments by quarter may not equal full year shipments due to rounding.