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Mar 31, 2025
Wabash National Q1 2025 Earnings Report
Reported results for the first quarter ended March 31, 2025
Key Takeaways
Wabash reported a decrease in revenue and non-GAAP EPS for the first quarter of 2025 compared to the prior year, primarily due to weaker Transportation Solutions demand and tariff-related uncertainty. However, GAAP EPS was significantly higher due to a gain related to a reduced legal verdict. The Parts & Services segment showed revenue growth.
Quarterly revenue was $381 million, a 26.1% decrease year-over-year.
GAAP EPS was $5.36, while Non-GAAP adjusted EPS was $(0.58).
Total backlog was $1.2 billion at the end of Q1 2025, a decrease of 32% compared to Q1 2024.
The company reduced its full-year 2025 revenue and non-GAAP adjusted EPS guidance.
Revenue by Segment
Forward Guidance
Wabash reduced its full-year 2025 revenue and Non-GAAP adjusted EPS guidance due to weaker than anticipated first quarter results and a softer market outlook.
Positive Outlook
- Company's manufacturing footprint and supply base are heavily levered to the United States, avoiding direct impact from tariffs.
- Growth in the Parts & Services segment is expected to be an important longer-term source of stability.
- Demand in 2025 is projected to undercut replacement levels, potentially leading to catch-up demand in future years.
- Administration's activities to revitalize U.S. manufacturing could be meaningfully positive for trucking and trailer demand longer term.
Challenges Ahead
- 2025 revenue outlook reduced to roughly $1.8 billion.
- Non-GAAP adjusted EPS guidance reduced to a range of $(0.85) to $(0.35).
- Tariff-related uncertainty is causing customers to delay equipment investment decisions.
- Second order tariff effects have been meaningful in the short-term as customers reduced capital expenditure plans.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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