Wabash (WNC) Sees Q1 Shipments Below Expectations; Issues non-GAAP EPS Update
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Price: $10.27 +1.48%
EPS Growth %: -10.0%
Financial Fact:
GENERAL AND ADMINISTRATIVE EXPENSES: 13.68M
Today's EPS Names:
LBIX, ESEA, ISS, More
EPS Growth %: -10.0%
Financial Fact:
GENERAL AND ADMINISTRATIVE EXPENSES: 13.68M
Today's EPS Names:
LBIX, ESEA, ISS, More
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During Wabash National (NYSE: WNC) modified its outlook for Q112. From a recent SEC filing Monday:
As an update to that guidance, quote and order activity throughout the first quarter remained healthy and in line with seasonal demand trends. As a result, backlog as of March 31, 2012 is estimated to have remained relatively consistent with the December 31, 2011 level of $587 million at approximately $580 million. Previous guidance provided for the first quarter estimated shipments at approximately 11,000 new trailers, whereas actual shipments for the quarter were approximately 10,300. While slightly below our original estimate, new trailer deliveries improved monthly throughout the quarter as customers adjusted to increasing build rates, and year-over-year consolidated revenues for the first quarter are estimated to have been higher by approximately $54 to $56 million, or 24 to 25 percent. In addition, as production for the first quarter was approximately 11,000 trailers, we anticipate the shipment shortfall to be delivered in the second quarter. Our full year guidance for new trailer shipments of 50,000 to 56,000 remains unchanged.
Operationally during the quarter, Wabash continued to experience workforce productivity improvements, as well as an improvement in the mix of backlog built and shipped in the quarter, which reflected higher pricing levels.
As a result of these factors, gross margins are expected to improve sequentially and first quarter earnings per share are expected to be in the range of $0.06 to $0.07 per diluted share on a GAAP basis, or $0.09 to $0.10 per diluted share on an adjusted non-GAAP basis after excluding the effects of an estimated $0.03 per diluted share of transaction expenses associated with the proposed Acquisition.
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As an update to that guidance, quote and order activity throughout the first quarter remained healthy and in line with seasonal demand trends. As a result, backlog as of March 31, 2012 is estimated to have remained relatively consistent with the December 31, 2011 level of $587 million at approximately $580 million. Previous guidance provided for the first quarter estimated shipments at approximately 11,000 new trailers, whereas actual shipments for the quarter were approximately 10,300. While slightly below our original estimate, new trailer deliveries improved monthly throughout the quarter as customers adjusted to increasing build rates, and year-over-year consolidated revenues for the first quarter are estimated to have been higher by approximately $54 to $56 million, or 24 to 25 percent. In addition, as production for the first quarter was approximately 11,000 trailers, we anticipate the shipment shortfall to be delivered in the second quarter. Our full year guidance for new trailer shipments of 50,000 to 56,000 remains unchanged.
Operationally during the quarter, Wabash continued to experience workforce productivity improvements, as well as an improvement in the mix of backlog built and shipped in the quarter, which reflected higher pricing levels.
As a result of these factors, gross margins are expected to improve sequentially and first quarter earnings per share are expected to be in the range of $0.06 to $0.07 per diluted share on a GAAP basis, or $0.09 to $0.10 per diluted share on an adjusted non-GAAP basis after excluding the effects of an estimated $0.03 per diluted share of transaction expenses associated with the proposed Acquisition.
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