Wabash National reported a sharp year-over-year increase in third-quarter revenue, alongside operating and per-share losses. The trailer and transportation-equipment maker said stronger customer orders lifted its backlog and prompted it to move planned dry-van capacity additions into the quarter.
The company expects a fourth-quarter loss, but said market conditions and financial performance are expected to improve sequentially after that.
Key details
- Revenue rose 24.8% from a year earlier to $476.4 million. Wabash attributed the increase to strong shipments in its core dry-van market and said Parts & Services also grew revenue year over year.
- Profitability remained weak. Gross margin was $15 million, or 3.1% of sales. Wabash reported a GAAP operating loss of $20 million and diluted loss per share of 51 cents.
- On an adjusted basis, the operating loss was $27 million and the loss per share was 63 cents. The adjustment removes a $7.5 million gain from selling a manufacturing facility and $0.5 million in facility-idling costs; excluding those items results in a larger operating loss than the GAAP figure.
- Backlog reached approximately $1.198 billion at September 30, up $242 million, or about 25%, from the prior quarter. Wabash said the increase outpaced typical seasonal trends.
- Fourth-quarter guidance calls for revenue of $420 million to $450 million and adjusted diluted loss per share of 55 cents to 75 cents. The revenue midpoint is $435 million, and the midpoint of the loss-per-share range is 65 cents.
- CEO Brent Yeagy said the company accelerated dry-van capacity additions into the third quarter. Those actions had been planned for the first half of 2027 and were brought forward in response to customer orders.
The increased backlog and earlier capacity investment point to a stronger order environment for Wabash’s dry-van business. But the company’s narrow gross margin and forecast fourth-quarter loss show that improved demand has not yet translated into positive earnings.