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Wabash National Corporation Announces Fourth Quarter And Full Year 2013 Results

Stocks in this article: WNC

  • Record net sales of $1.64 billion for full year 2013, up 11.9 percent over prior year
  • Record operating income of $103.2 million for full year 2013, up 46.4 percent over prior year
  • Record quarterly net sales of $458 million for 4th quarter 2013, up 10.2 percent over prior year
  • Record annual gross profit and profit margins of $215.1 million and 13.2 percent, respectively

LAFAYETTE, Ind., Feb. 5, 2014 (GLOBE NEWSWIRE) -- Wabash National Corporation (NYSE:WNC) reported fourth quarter 2013 net income of $10.4 million, or $0.15 per diluted share on record quarterly net sales of $458 million compared to fourth quarter 2012 net income of $80.2 million, or $1.16 per diluted share on net sales of $416 million. The Company's fourth quarter 2013 results include the impact of an early extinguishment of debt charge totaling $0.6 million related to a $20 million term loan prepayment made in December 2013. Excluding the impact of this item, non-GAAP adjusted earnings for the fourth quarter were $10.8 million, or $0.15 per diluted share. Earnings for the quarter ended December 31, 2012 included an income tax benefit of $59.0 million, or $0.86 per diluted share, primarily related to the reversal of the Company's valuation allowance against its net deferred tax assets. Excluding the income tax benefit and other one-time charges of $0.5 million related to the acquisitions of Walker Group Holdings ("Walker") on May 8, 2012 and certain assets of Beall Corporation ("Beall") on February 4, 2013, non-GAAP adjusted earnings were $21.7 million, or $0.32 per diluted share for the fourth quarter of 2012. Furthermore, if the tax rate used in computing the fourth quarter of 2012 results was 40 percent, consistent with the tax rate in 2013, non-GAAP adjusted earnings per share for the fourth quarter of 2012 would have been reduced to $0.19 per diluted share.

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