Wabash National | 10-Q: FY2025 Q3 Revenue Beats Estimate at USD 381.6 M

Revenue: As of FY2025 Q3, the actual value is USD 381.6 M, beating the estimate of USD 381.52 M.

EPS: As of FY2025 Q3, the actual value is USD 0.97, beating the estimate of USD 0.3521.

EBIT: As of FY2025 Q3, the actual value is USD 62.62 M.

Transportation Solutions Segment

• Net Sales: $334.5 million for Q3 2025, a decrease of 19.5% compared to Q3 2024.
• Cost of Sales: $329.4 million for Q3 2025, a decrease of 12.4% compared to Q3 2024.
• Gross Profit: $5.1 million for Q3 2025, compared to $44.9 million for Q3 2024, a decrease of 88.7%.
• Depreciation and Amortization: $12.3 million for Q3 2025.

Parts & Services Segment

• Net Sales: $61.0 million for Q3 2025, an increase of 16.5% compared to Q3 2024.
• Cost of Sales: $50.3 million for Q3 2025, an increase of 17.6% compared to Q3 2024.
• Gross Profit: $10.6 million for Q3 2025, compared to $11.1 million for Q3 2024, a decrease of 4.0%.
• Depreciation and Amortization: $1.1 million for Q3 2025.

Cash Flow

• Operating Cash Flow: $69.1 million for the nine months ended September 30, 2025, compared to $36.4 million for the same period in 2024.
• Investing Activities: Used $74.3 million during the first nine months of 2025, compared to $59.6 million during the same period in 2024.
• Financing Activities: Used $18.6 million during the first nine months of 2025, compared to $74.2 million during the same period in 2024.

Future Outlook and Strategy

• Core Business Focus: The company plans to continue funding working capital requirements, capital expenditures, and the Trailers as a Service (TAAS) SM initiative through operating cash flows or available borrowing capacity under the Revolving Credit Agreement.
• Non-Core Business: The company is focusing on expanding its parts and services capabilities through Linq Venture Holdings LLC and Wabash Parts LLC, aiming to develop a digital marketplace for the transportation and logistics distribution industry.

Outlook

• Industry Forecast: ACT and FTR forecast a decrease in U.S. trailer production for 2025, with estimates of 188,000 and 187,000 units, respectively, representing a decrease compared to 2024.
• Strategic Positioning: The company believes it is well-positioned for both near-term and long-term success due to its strong balance sheet, liquidity profile, and diversification.