wabash national corp (WNC) Key Developments
Wabash National Corporation Closes Amended Revolving Credit Facility
Jun 10 15
Wabash National Corporation announced that it has completed an amendment to its credit agreement with a group of lenders that provides the company's $150.0 million, asset-based, revolving credit facility. Among other things, the amendment will extend the maturity of the facility from May, 2017, to June, 2020; provide for an increase in committed capital from the company's lenders of $25 million, to $175 million; reduce interest rate margins by 25 basis points on borrowings; and, reduce the unused line fee by 12.5 basis points to 25 basis points.
Wabash National Corp. Presents at Avondale Partners 2015 Industrials 1x1 Conference, Jun-03-2015
May 21 15
Wabash National Corp. Presents at Avondale Partners 2015 Industrials 1x1 Conference, Jun-03-2015 . Venue: Millennium Broadway Hotel, 145 West 44th Street, New York, NY 10036, United States. Speakers: Jeffery L. Taylor, Chief Financial Officer and Senior Vice President, Mike Pettit, Vice President Finance and Investor Relations.
Wabash National Corporation Announces New Five-Year Agreement with Aurora Parts & Accessories, LLC
Apr 28 15
Wabash National Corporation announced a new five-year agreement with Aurora Parts & Accessories, LLC to be the exclusive supplier of all aftermarket parts for the company's dry van, refrigerated van, and platform trailers sold under the leading brand names Wabash National, Transcraft and Benson. After careful consideration and a comprehensive evaluation of all options available, Wabash National selected Aurora as providing the best value to Wabash, Transcraft and Benson customers. With the new agreement, Wabash National and Aurora will collaborate in the day-to-day and strategic management of providing aftermarket parts to Wabash National, Transcraft and Benson dealers and customers.
Wabash National Corp. Revises Operating and Earnings Guidance for the Full Year 2015; Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015
Apr 27 15
Wabash National Corp. revised operating and earnings guidance for the full year of 2015. The company increased its full-year shipment and adjusted earnings guidance to 62,000 to 66,000 units and $1.15 to $1.25 per diluted share, respectively from 60,000 to 64,000 units and $1.10 to $1.20 per diluted share, respectively. The company expects cash from operations to increase and remain strong throughout the remainder of 2015. For the full year, the company anticipates interest expense to be about $1 million less than in 2014. Income tax rate for the full year of 2015 was approximately 37%.
The company announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported net sales of $437,597,000 against $358,120,000 a year ago. Income from operations was $27,263,000 against $19,465,000 a year ago. Income before income taxes was $16,708,000 against $13,780,000 a year ago. Net income applicable to common stockholders was $10,474,000 or $0.15 per basic and diluted share against $7,296,000 or $0.10 per diluted share a year ago. Net cash provided by operating activities was $ 4,229,000 against net cash used in operating activities of $44,055,000 a year ago. Capital expenditures were $2,975,000 against $2,078,000 a year ago. Operating EBITDA was $39,135,000 against $30,618,000 a year ago. Adjusted earnings were $13,788,000 or $0.19 per share against $8,337,000 or $0.12 per share a year ago. Operating income representing a $7.8 million or 40% increase year-over-year, largely driven by significant strides made in the Commercial Trailer Products segment, partially offset by a slight decline in Diversified Products. Operating EBITDA increased by 28% year-over-year, this is reflective of strong performance from all 3 segments and improved balance across the enterprise. Consolidated revenue decreased $90 million or approximately 17% due to a very strong fourth quarter and the normal seasonal slowdown in the first quarter. Cash from operating activities was much stronger in the first quarter than the year-ago period, as net income improved and working capital increases were moderated.
Wabash National Corp. to Report Q1, 2015 Results on Apr 27, 2015
Apr 10 15
Wabash National Corp. announced that they will report Q1, 2015 results at 5:00 PM, Eastern Standard Time on Apr 27, 2015