Wabash National Corporation reported a decrease in net sales to $387.1 million, with an operating loss of $110.1 million primarily due to a goodwill impairment of $107.1 million. GAAP earnings per share was $(2.01), while non-GAAP earnings per share was $(0.04). The company's backlog remained relatively stable at $1.0 billion.
GAAP Earnings Per Share of $(2.01) or non-GAAP Adjusted Earnings Per Share of $(0.04).
First Quarter Backlog of $1.0 billion shows relative stability.
Strong liquidity position, patient debt structure with no financial covenants at present borrowing levels.
Capital allocation focused on liquidity, maintaining dividend and debt reduction.
The COVID-19 pandemic is sure to have a significant impact on the economy in 2020, though the company has been encouraged by the relative stability of backlog through this time.
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